Document:

Purchase and Sale Agreement

 EXHIBIT 10.3 

PURCHASE AND SALE AGREEMENT 

by and between 

JEFFERSON-PILOT INVESTMENTS, INC. 

(“Seller”) 

and 

KVH INDUSTRIES, INC. 

(“Purchaser”) 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (“Agreement”) is entered into by and between JEFFERSON-PILOT INVESTMENTS, INC., a North
Carolina corporation (“Seller”), and KVH INDUSTRIES, INC., a Delaware corporation (“Purchaser”). 
 W I T N E
S S E T H: 
 For One Hundred and No/100 US Dollars (US $100.00) paid Seller by Purchaser, which amount is non-refundable, and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Purchaser agree as follows: 

ARTICLE I 

DEFINITIONS & CONSTRUCTION 

1.01 Definitions. For purposes of this Agreement, each of the following terms, when used with an initial capital letter, shall
have the meaning ascribed to it in this Article: 
 (i) “Affiliate” means any person or entity that owns or controls,
is owned or controlled by, or is under common ownership or control with the party in question. As used in the preceding sentence, the term “control” (and its derivatives) shall mean the possession, directly or indirectly, of the power to
direct the management and policies of an entity, whether through voting rights, by contract or otherwise. For the purposes of this Agreement, any separate account or client for which Purchaser is sponsor, managing agent, asset manager or fund
manager shall be deemed an “Affiliate” of Purchaser. 
 (ii) “Business Days” means Monday through Friday,
excluding federal holidays on which national banking associations in Greensboro, North Carolina are authorized to be closed. 

(iii) “Closing” means the closing and consummation of the purchase and sale of the Property pursuant to this Agreement.

 (iv) “Closing Date” means the date upon which Closing occurs. 

(v) “Current Tax Period” means the tax year in which the Closing occurs. 

(vi) “Deposit” shall have the meaning ascribed to it under Section 2.03. 

(vii) “Effective Date” means the latest date Seller or Purchaser executes this Agreement, as shown on the signature block set
forth below. 
 (viii) “Entity” means any person, partnership, limited partnership, joint venture, corporation,
limited liability company, trust, governmental authority or other entity. 
 (ix) “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended. 
 (x) “Escrow Agent” means First American Title Insurance
Company. 
 (xi) “Hazardous Substances” means all hazardous wastes, hazardous substances, extremely hazardous
substances, hazardous constituents, hazardous materials and toxic substances that are regulated under any Legal Requirements pertaining to the environment, including, but not limited to, (i) the

  

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Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq., (ii) the Hazardous Materials Transportation
Authorization Act of 1994, as amended, 49 U.S.C. § 5101 et seq., (iii) the Resource, Conservation and Recovery Act of 1976, as amended, 42 U.S.C. § 6901 et seq., (iv) the Clean Water Act, as amended,
33 U.S.C. § 1251 et seq., (v) the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. § 2601 et seq., (vi) the Clean Air Act, as amended, 42 U.S.C. § 7401 et seq., and
(vii) any so-called “superfund” or “superlien” law. 
 (xii) “Investigation Period” means the
period commencing on the Effective Date and expiring on thirty (30) days after the Effective Date, except that Purchaser shall have the right to extend the Investigation Period for a period of fifteen (15) days upon a showing of cause by
the Purchaser. For the purposes of this Agreement, “cause” shall mean and include any delays in the due diligence process caused by or arising out of Purchaser’s efforts to finance the purchase of the Property or Purchaser’s
reasonable determination that additional time is needed to complete Purchaser’s investigations. 
 (xiii) “Legal
Requirements” means all applicable governmental laws, statutes, codes, ordinances, rules, regulations, orders, judgments and decrees. 

(xiv) “Monetary Liens” means all liens, mortgages, deeds of trust, financing statements and other security interests
encumbering the Property. Monetary Liens shall not include the lien for unpaid Property Taxes for the Current Tax Period and subsequent years and any liens under the Permitted Exceptions that secure amounts first arising after Closing. 

(xv) “Operating Agreements” means all operating agreements related to the Property to which Seller is a party, including, but
not limited to, management, leasing, equipment rental, supply, security, maintenance, pest control, utility, and waste disposal contracts. 

(xvi) “Owner’s Title Policy” means an owner’s title insurance policy on the most recent standard ALTA form
promulgated for use in the State of Illinois issued by Escrow Agent that insures Purchaser is the owner of the Real Property, subject to the Permitted Exceptions, is in the amount of the Purchase Price, and is based on the Title Commitment.

 (xvii) “Permitted Exceptions” means: (i) Property Taxes for the Current Tax Period and subsequent years,
including, but not limited to, any lien securing the payment thereof; (ii) reservations, exceptions, covenants, conditions, restrictions, agreements, easements, setback lines and other matters of record and to which the Purchaser has not
objected pursuant to Section 3.04 hereof; (iii) zoning regulations and other governmental laws, rules, regulations, codes, orders and directives affecting the Property; (iv) unrecorded easements, discrepancies, boundary line disputes,
overlaps, shortages in area, encroachments and other matters revealed by the survey provided to Purchaser as one of the Submission Items pursuant to Section 3.02 (or any survey ordered by the Purchaser) and to which Purchaser has not objected
pursuant to Section 3.05; (v) the rights that the public and upper and lower riparian owners have in any waters present on the Real Property; and (vi) matters arising as a result of the acts or omissions of Purchaser or any of its
Affiliates, agents, employees, contractors or representatives. 
 (xviii) “Personal Property” means all equipment,
furniture, trade fixtures and other tangible personal property owned by Seller that is located on the Real Property ( list of which is included in Schedule 7.02-B attached hereto and made a part hereof). 

(xix) “Property” means the Real Property and the Personal Property. 

 

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 (xx) “Property Taxes” means the real property taxes, personal property taxes and
assessments (general and special, public and private) levied against the Real Property and the Personal Property. 
 (xxi)
“Property Manager” means Podolsky Northstar Realty Partners, LLC. 
 (xxii) “Purchase Price” shall be as set
forth in Section 2.02. 
 (xxiii) “Real Property” means real property located at 8412 W. 185
th Street, Tinley Park, IL 60477 and more particularly
described on Schedule 1.01(xxiii), including, but not limited to, the building, structures, fixtures, and other improvements located on said real property, but excluding any improvements owned by Tenant or other parties that are located on
said real property pursuant to the terms of the Permitted Exceptions. 
 (xxiv) “Required Closing Date” means the date
agreed to by Seller and Purchaser, but in all events no later than the date which is fifteen (15) days after the end of the Investigation Period. 

(xxv) “Seller’s Actual Knowledge” means the actual, affirmative knowledge of Nicholas R. Heinzelmann without any
diligence, inquiry, investigation or imputation; provided, however, there shall be no personal liability on the part of such person(s) under this Agreement or as a result of any of the representations and warranties set forth herein. Seller
represents and warrants to Purchaser that such individual is the agent of Seller most likely to have actual knowledge of the facts relating to the Property. 

(xxvi) “Submission Items” means the items described on Schedule 1.01(xxvi) to the extent the same are located in the
offices of the Seller in Greensboro, North Carolina. 
 (xxvii) “Surviving Operating Agreement” means all of the
Operating Agreements that remain in effect at the time of the Closing. 
 (xxviii) “Title Commitment” means a title
commitment for the Owner’s Title Policy, with an extended coverage endorsement over all the general title exceptions, and zoning 3.1 (modified to include parking), survey, access, location, tax parcel (PIN), subdivision and contiguity
endorsements in form and substance reasonably acceptable to Purchaser. 
 (xxix) “Transaction Documents” means this
Agreement and the documents executed by Seller and/or Purchaser at Closing. 
 (xxx) “Warranties” means all warranties
related to the Property that are in effect as of the Closing and are freely assignable by Seller, without cost or consent. 

ARTICLE II 

PURCHASE & SALE 

2.01 Purchase & Sale. Subject to and in accordance with the terms of this Agreement, Seller agrees to sell all of its
right, title and interest in the Property to Purchaser and the Purchaser agrees to purchase all of Seller’s rights, title and interest in the Property from Seller. 

2.02 Purchase Price. At Closing, Purchaser shall pay Four Million Two Hundred Eighty-Two Thousand Three hundred Fifty-Eight and
No/100 Dollars ($4,282,358.00) (the “Purchase Price”) to Seller, in immediately available funds, less any adjustments expressly provided for in Section 2.03, Section 3.05, 

 

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ARTICLE VII AND ARTICLE VIII. Purchaser shall pay the Purchase Price to Seller by wire transfer to the account specified by Seller, in writing, and Purchaser shall coordinate with Seller to
make sure Purchaser has all wiring information required for it to tender the Purchase Price to Seller at Closing. 
 2.03
Earnest Money Deposit. Within one (1) Business Day of the Effective Date, Purchaser shall deposit the sum of Two Hundred Thousand and No/100 Dollars ($200,000.00), in immediately available funds, with Escrow Agent, which amount, together
with the interest earned on thereon, is referred to in this Agreement as the “Deposit.” The Escrow Agent shall hold and retain the Deposit, in trust, and shall disburse the same in accordance with the terms and conditions of the Earnest
Money Escrow attached hereto as Schedule 2.03-A. If the Property is sold to Purchaser pursuant to this Agreement, then the Deposit shall be paid to the Seller at Closing and applied against the payment of the Purchase Price and the interest earned
thereon shall be paid to Purchaser. If this Agreement is terminated, the Deposit shall be disbursed to Seller or Purchaser, as applicable, in accordance with the terms of the Earnest Money Escrow. The Purchaser’s failure to make any deposit of
funds called for hereunder in a timely fashion shall be deemed a material default hereunder. 
 ARTICLE III 

INSPECTION 

3.01 Entry & Access. While this Agreement remains in effect, Purchaser and its agents, employees, contractors and
representatives shall have the right to enter upon the Property for purposes of performing inspections, surveys, environmental audits and other similar activities during the Investigation Period; provided (i) Purchaser shall not conduct any
environmental investigations of the Property beyond a Phase I environmental site assessment (e.g, no environmental sampling or testing) or any activities likely to cause material damage to the Property without Seller’s written consent,
(ii) Purchaser shall comply with the terms of this Agreement, the Leases, the Permitted Exceptions and Legal Requirements, and (iii) Purchaser shall not materially interfere with any tenant’s use of the Property. Before Purchaser (or
any of its agents, employees, contractors or representatives) may enter upon the Property, Purchaser shall give twenty-four (24) hours advance notice to Seller or Seller’s Property Manager. Seller may accompany, or have an employee of
Seller’s Property Manager accompany, Purchaser and its agents, employees, contractors and representatives while they are on the Property. Purchaser shall maintain commercial general liability insurance, with a combined single limit for personal
injury, death and property damage of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence and naming Seller as an additional insured. Purchaser shall provide Seller with written certificate of insurance evidencing such
liability insurance prior to Purchaser or any of its agents, employees, contractors or representatives entering on the Property. Purchaser shall repair all damage to the Property resulting from Purchaser’s exercise of its rights under this
section or caused by Purchaser (or any of its agents, employees, contractors or representatives) prior to Closing. In addition, Purchaser shall indemnify, defend and hold harmless Seller from and against all claims, demands, actions, lawsuits,
liabilities, damages, costs and expenses (including, but not limited to, court costs, litigation expenses and attorneys’ fees) arising as a result of Purchaser’s activities on the Property prior to the Closing, except to the extent the
same are directly due to the negligence or willful misconduct of Seller or any of its agents, employees, contractors or representatives. Purchaser’s obligations under this section shall survive the termination of this Agreement or the Closing,
as applicable. 
 3.02 Submission Items. Within five (5) Business Days after the Effective Date, Seller shall
deliver the Submission Items to Purchaser. Except as otherwise expressly provided in this Agreement, Purchaser acknowledges and agrees that Seller has not made and is not making any representations or warranties regarding the Submission Items, and
Purchaser relies on the Submission Items at its own risk. 
  

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 3.03 Inspection Contingencies. During the Investigation Period, Purchaser shall
conduct its due diligence and inspections with respect to the Property, including, but not limited to, its review of the Operating Agreements, the Warranties and the other Submission Items. As part of its inspections, Purchaser shall review the
Title Commitment, which Purchaser shall order within three (3) Business Days of the Effective Date, and the survey of the Real Property provided to Purchaser as one of the Submission Items. If Purchaser determines that the Property is not
satisfactory, in its sole and absolute discretion, then Purchaser may, as its sole and exclusive remedy, terminate this Agreement by giving written notice to Seller prior to 5:00 p.m. Eastern Time on the last day of the Investigation Period, in
which case the Deposit shall be immediately refunded to Purchaser. If Purchaser fails to terminate this Agreement by giving written notice to Seller prior to 5:00 p.m. Eastern Time on the last day of the Investigation Period, then (i) Purchaser
will be deemed to have waived its right to terminate this Agreement under this Section 3.03, and (ii) Purchaser shall proceed with its purchase of the Property in accordance with the terms of this Agreement, subject to satisfaction of the
Purchaser Closing Conditions (as defined in Section 7.03 below). Purchaser shall no later than the end of the Investigation Period provide Seller written notice stating whether Purchaser has elected to assume any Operating Agreement and any
Operating Agreements so elected shall be Surviving Operating Agreements. In the event Seller is not provided with such written notice, Purchaser shall be deemed to have elected to assume all Operating Agreements. 

3.04 Title Commitment. Not later than seven (7) days before the end of the Investigation Period, Purchaser shall provide
Seller with a written notice of any matters on the Title Commitment to which Purchaser objects. Within seven (7) days after Seller’s receipt of notice of Purchaser’s objections, Seller shall provide written notice to Purchaser as to
whether Seller will cure any such objections or refuse to cure the objections. Except as otherwise provided herein as to monetary liens, in no event shall Seller be obligated to cure any objections. If Seller fails to deliver notice of its election
to Purchaser, Seller shall be deemed to have elected not to cure the objections. In the event Seller elects, or is deemed to have elected, not to cure any objections, then Purchaser shall have the right to either waive the objection and proceed to
Closing, in which event the exception shall be deemed a Permitted Exception, or terminate this Agreement, in which event the Deposit shall be immediately refunded to Purchaser and the parties shall have no further rights or objections hereunder. In
the event Purchaser fails to deliver to Seller written notice of its election within seven (7) days after Seller’s notice of Seller’s election, then Purchaser shall be deemed to have elected to waive the objections and proceed to
Closing. All objections that are waived, or deemed to be waived by Purchaser shall become Permitted Exceptions. In the event Seller elects to cure any objections, Seller shall have until Closing to complete the cure of such objections to the
reasonable satisfaction of Purchaser. 
 3.05 Survey. Seller agrees that Purchaser reserves the option to cause a survey
of the Property or an update of the existing survey of the Property to be made by a surveyor acceptable to the Title Company. Purchaser agrees to make payment in full and to be solely responsible for all costs of obtaining any such survey and, in
the event of Closing, Seller agrees to reimburse Purchaser for the cost of the survey or survey update (in no event, however, shall such reimbursement exceed $2,000.00). If the survey provided to Purchaser as one of the Submission Items pursuant to
Section 3.02 (or any survey ordered by the Purchaser), shall reflect any encroachments, overlaps, unrecorded easements or similar rights in third parties, or any other adverse matters not specifically provided for in this Agreement, then not
later than seven (7) days before the end of the Investigation Period, Purchaser shall provide Seller with a written notice of any matters on such survey to which Purchaser objects. Within seven (7) days after Seller’s receipt of
notice of Purchaser’s objections, Seller shall provide written notice to Purchaser as to whether Seller will cure any such objections or refuse to cure the objections. In no event shall Seller be obligated to cure any objections. If Seller
fails to deliver notice of its election to Purchaser, Seller shall be deemed to have elected not to cure the objections. In the event Seller elects, or is deemed to have elected, not to cure any objections, then Purchaser shall have the right to
either waive the objection and proceed to Closing, in which event the exception shall be deemed a Permitted Exception, or terminate this Agreement, in which event the Deposit shall be immediately refunded to Purchaser

  

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and the parties shall have no further rights or obligations hereunder. In the event Purchaser fails to deliver to Seller written notice of its election within seven (7) days after
Seller’s notice of Seller’s election, then Purchaser shall be deemed to have elected to waive the objections and proceed to Closing. All objections that are waived, or deemed to be waived, by Purchaser shall become Permitted Exceptions. In
the event Seller elects to cure any objections, Seller shall have until Closing to complete the cure of such objections to the reasonable satisfaction of Purchaser. 

3.06 Due Diligence Materials. If this Agreement is terminated for any reason other than a default by Seller, Purchaser shall
return all of the Submission Items to Seller. The provisions of this section shall survive the termination of this Agreement. 

3.07 CC&Rs. If the Property is subject to a declaration of covenants, conditions and restrictions (“CC&Rs”)
governing the use, operation, maintenance, management or improvement of the Property, then Seller shall cooperate with Purchaser’s efforts to obtain an estoppel certificate, in form and substance reasonably acceptable to Purchaser, with respect
to the CC&Rs during the Investigation Period. Purchaser agrees not to object to any non-material qualifications or modifications made to any such estoppel certificate. If Purchaser is unable to obtain such an estoppel certificate during the
Investigation Period, Purchaser, as its sole and exclusive remedy, may terminate this Agreement pursuant to Section 3.03, by giving written notice to Seller prior to 5:00 p.m. Eastern Time on the last day of the Investigation Period.

 ARTICLE IV 

OPERATIONS PRIOR TO CLOSING 

4.01 Operating Agreements. 

(a) Operating Agreements. Except as otherwise expressly provided herein, all of the Surviving Operating Agreements shall be
assigned to and assumed by Purchaser at Closing. Seller shall terminate any other Operating Agreement at the time of the Closing, except for any municipal alarm monitoring agreements which may not be terminated. Seller agrees to use reasonable
efforts to obtain all consents, if any, necessary to allow it to assign the Surviving Operating Agreements to Purchaser at the Closing. If Seller has not obtained any consent required for Seller to validly assign any Surviving Operating Agreement to
Purchaser, then Seller (at Seller’s sole cost and expense) shall terminate such Surviving Operating Agreement and notify Purchaser of the termination thereof, in writing. 

(b) New Operating Agreements and Modifications to Existing Operating Agreements. Seller shall not enter into any new Operating
Agreement or amend, modify or extend any existing Operating Agreement, unless Seller either obtains the prior written approval of Purchaser, which approval shall not be unreasonably withheld, or such Operating Agreement may be terminated, without
additional cost to Purchaser, on thirty (30) days written notice. While this Agreement remains in effect, Seller shall not terminate any existing Operating Agreement, unless Seller is required or permitted to terminate such Operating Agreement
under the terms of Section 4.01(a). If Purchaser does not notify Seller, in writing, that it objects to any proposed Operating Agreement or any proposed amendment, modification or extension of an Operating Agreement within seven
(7) Business Days after Purchaser’s receipt of a copy thereof, then Purchaser shall be deemed to have approved the same. 

4.02 Monetary Liens. Seller shall cause all Monetary Liens to be released by the Closing excluding (i) the lien for Property
Taxes for Current Tax Period and subsequent years which are not yet due and payable, and (ii) any lien securing future assessments under the Permitted Exceptions. Seller shall be deemed to have complied with its obligations under this section
with respect to any Monetary Lien if: (i) Seller has obtained a payoff letter from the beneficiary of such Monetary Lien setting forth the amount (the “Payoff Amount”) that 

 

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must be paid to release such Monetary Lien; (ii) Seller tenders the Payoff Amount for such Monetary Lien to Escrow Agent at Closing; and (iii) the Owner’s Title Policy insures
Purchaser against loss and damage resulting from the enforcement or attempted enforcement of such Monetary Lien. 
 4.03
Operations. Notwithstanding anything in this Agreement to the contrary, from the Effective Date through the Closing Date, Seller shall continue to operate the Property in substantially the same manner as Seller has prior to the Effective
Date. 
 ARTICLE V 

REPRESENTATIONS & WARRANTIES 

5.01 Seller Representations and Warranties. Subject to the other terms hereof, Seller represents and warrants to Purchaser that as
of the Effective Date: 
 (i) (A) Seller is a corporation, duly organized, validly existing and in good standing under the laws
of the State of Indiana, (B) Seller is, to the extent required by law, duly qualified to do business in the State of Illinois, (C) Seller has all power and authority necessary for it to execute and deliver this Agreement and perform its
obligations hereunder, and (D) the execution, delivery and performance of this Agreement by Seller does not conflict with or constitute a breach of any contract, agreement or other instrument by which Seller or any Property is bound;

 (ii) the execution and delivery of this Agreement by Seller and Seller’s performance of its obligations under this
Agreement does not conflict with or result in a breach of any order, judgment, writ, injunction or decree of any court, arbiter or governmental instrumentality in any action to which Seller is a party; 

(iii) Seller is not (A) a “foreign person,” as such term is defined in Section 1445(f)(3) of the Internal Revenue
Code of 1954, as amended, or (B) a “disregarded entity” as such term is defined in Section 1.1445-2(b)(2)(iii) of the Code of Federal Regulations; 

(iv) Seller has not (A) filed any voluntary petition in bankruptcy or sought to reorganize its affairs under the Bankruptcy Code of
the United States or any other federal, state or local law related to bankruptcy, insolvency or relief for debtors, (B) been adjudicated as bankrupt or insolvent, or (C) had an involuntary petition filed against it under the Bankruptcy
Code of the United States or any other federal, state or local law related to bankruptcy, insolvency or relief for debtors; 

(v) to Seller’s Actual Knowledge, there are no pending condemnation proceedings affecting the Property, except for the matters
disclosed on Schedule 5.01-A; 
 (vi) Seller is not a party to any pending lawsuits affecting the Property, except for
the matters disclosed on Schedule 5.01-B, and (B) Seller has not received written notice from any governmental authority that the Property is in violation of Legal Requirements; 

(vii) Schedule 5.01-E contains a complete list of all Operating Agreements as of the Effective Date, and (B) to Seller’s
actual knowledge, neither Seller nor any of the other party is in material default under the Operating Agreements; 
 (viii)
Seller’s sale of the Property to Purchaser will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code with respect to any “plan assets” in Seller’s
general account, by reason of the application of Prohibited Transaction Class Exemption 95-60; 
  

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 (ix) Seller is not a person or entity with whom U.S. persons are restricted from doing
business under the regulations of the Office of Foreign Assets Control (“OFAC”) of the Department of Treasury (e.g. OFAC’s Specially Designated and Blocked Persons list), Executive Order Number 13224 on Terrorism Financing, effective
September 24, 2001 (“Executive Order 13224”), or the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (“USA Patriot Act”);

 (x) To Seller’s knowledge, the only lease affecting the Property as of the Effective Date is the Lease dated as of
January 30, 1998 with Purchaser as tenant and Seller’s predecessor in interest as landlord, as amended (collectively, the “Lease”). Seller shall not enter into any new lease affecting the Property, without obtaining the prior
written consent of Purchaser, which may be granted or withheld in Purchaser’s reasonable judgment. No commissions to any broker or leasing agent are due or will become due on account of the Lease; 

(xi) To Seller’s Actual Knowledge: (A) Seller has received no notice that the Property is in violation of any federal, state or
local law, ordinance or regulation including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act U.S.C. Section 9601 et. seq.; (B) Seller has received no notice that the Property has any adverse
geological conditions, including, without limitation, subsidence, subsurface conditions, water table, underground water reservoirs, or limitations regarding the withdrawal of water therefrom, or faulting; (C) Seller has received no notice that
the Property has any drainage or soil conditions that have caused any water damage to the building or parking facilities currently located on the Property; (D) the utility equipment, facilities and services necessary for the operation of the
Property as it is now being operated, are installed and connected pursuant to valid permits, are adequate to service the Property, and are in good operating condition and no fact or condition exists that would or could result in the termination or
impairment of the furnishing of such services; (E) there is vehicular and pedestrian access to and from the Property and a public right of way; (F) prior to the Closing Date, payment in full will have been made for all labor, materials,
machinery, fixtures or tools furnished within the 120 days immediately preceding the Closing Date in connection with construction, alteration or repair of any structure on or improvement to the Property; and (G) Seller has not received any
written notice from any governmental authority as to violation of any law, ordinance, or regulation, and Seller has not received any written notice from any person or authority with respect to any restrictive covenants burdening the Property as to a
breach of such covenants; 
 (xii) There are no employees of the Property or Seller who will become employees of Purchaser or
for which Purchaser shall be responsible in any way; 
 (xiii) Seller now has in force casualty and liability insurance relating
to the Property. Seller has received no notice from any insurance carrier, nor is Seller aware of, any defects or inadequacies in the Property that, if not corrected, would result in termination of insurance coverage or increase in the normal and
customary cost thereof; 
 (xiv) There is not now pending, and Seller agrees that it will not, without the prior written consent
of Purchaser, institute prior to the Closing Date, any proceeding or application for a reduction in the real estate tax assessment of the Property or any other relief for any tax year. There are no outstanding agreements with attorneys or
consultants with respect to the real estate taxes on the Property that will be binding on Purchaser or the Property after the Closing; and 
  

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 (xv) The sale of the Property is not subject to, and does not subject Purchaser to, any
liability under any federal, state or local withholding obligation of Purchaser under the tax laws applicable to Seller or the Property. 

Seller shall fully disclose to Purchaser, promptly following Seller’s Actual Knowledge of its occurrence, of any change in facts or
circumstances prior to the Closing Date that may materially affect the representations and warranties set forth above. Notwithstanding anything to the contrary contained herein, if any of the representations and warranties made by Seller in this
Section 5.01 are not accurate in any material respect as of the Closing for any reason other than the intentional breach of this Agreement by Seller, then Purchaser may, as its sole and exclusive remedy, either terminate this Agreement by
giving written notice to Seller, in which case the Deposit shall be immediately refunded to Purchaser, or proceed with the Closing, in which case such representations and warranties shall be deemed waived; provided (i) Purchaser shall not have
the right to terminate this Agreement pursuant to this section as a result of any casualty or condemnation affecting the Property, it being agreed that ARTICLE IX shall govern when Purchaser may terminate this Agreement as a result of the same, and
(ii) Purchaser shall not have the right to terminate this Agreement pursuant to this section as a result of any matter discovered by Purchaser during the Investigation Period or disclosed in the Submission Items delivered to Purchaser, it being
agreed that ARTICLE III shall govern when Purchaser may terminate this Agreement as a result of the same. If Purchaser is aware of any default under or breach of this Agreement or the other Transaction Documents by Seller (or the state of facts or
other matters giving rise to any such default or breach) prior to Closing, or such default or breach (or the state of facts or other matters giving rise to any such default or breach) was disclosed in the Submission Items, then Purchaser shall be
deemed to have waived such default or breach and any claims that Purchaser may have as a result such default or breach (or the state of facts or other matters giving rise to any such default or breach) should Purchaser purchase the Property pursuant
to this Agreement. 
 5.02 Purchaser Representations and Warranties. Purchaser represents and warrants to Seller as of
the Effective Date and as of the Closing: 
 (i) (A) Purchaser is a corporation, duly organized, validly existing and in good
standing under the laws of the state of its formation, (B) to the extent required by law, Purchaser is, or will be by Closing, duly qualified to do business in the State where the Property is located, (C) Purchaser has all power and
authority necessary for it to execute and deliver this Agreement and perform its obligations hereunder, and (D) the execution, delivery and performance of this Agreement by Purchaser does not conflict with or constitute a breach of any
contract, agreement or other instrument by which Purchaser is bound; 
 (ii) (A) the execution and delivery of this Agreement by
Purchaser and Purchaser’s performance of its obligations under this Agreement does not conflict with or result in a breach of any order, judgment, writ, injunction or decree of any court, arbiter or governmental instrumentality in any action to
which Purchaser is a party as of the Effective Date, and (B) this Agreement and any documents executed by Purchaser pursuant to this Agreement are binding and enforceable against Purchaser; 

(iii) Purchaser is not a party to any pending lawsuits or governmental proceedings that could have a material adverse effect on
Purchaser’s ability to perform its obligations under this Agreement; 
 (iv) Purchaser has not (A) filed any voluntary
petition in bankruptcy or sought to reorganize its affairs under the Bankruptcy Code of the United States or any other federal, state or local law related to bankruptcy, insolvency or relief for debtors, (B) been adjudicated as bankrupt or
insolvent, or (C) had an involuntary petition filed against it under the Bankruptcy Code of the United States or any other federal, state or local law related to bankruptcy, insolvency or relief for debtors; 

 

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 (v) (A) Purchaser’s purchase of the Property from Seller pursuant to this Agreement
will not involve any transaction which is subject to the prohibitions of Section 406 of ERISA and will not involve any transaction in connection with which a penalty could be imposed under Section 502(i) of ERISA or a tax could be imposed
pursuant to Section 4975 of the Internal Revenue Code, and (B) Purchaser is not and will not be at anytime prior to Closing a “party in interest” in any plan as defined under ERISA Section 3(14); 

(vi) Purchaser’s source of funds for the acquisition of the Property will not involve any amounts that violate or would be subject
to seizure under 18 U.S.C. §§1956-1957 (Laundering of Money Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 21 U.S.C. § 881 (Drug Property Seizure), Executive Order 13224, or the USA Patriot Act; and

 (vii) (A) neither Purchaser nor any of its Affiliates nor any person or entity owning an interest in either of them is a
person or entity with whom U.S. persons are restricted from doing business under legal requirements, including, without limitation, the regulations of the OFAC of the Department of Treasury (e.g. OFAC’s Specially Designated and Blocked Persons
list), Executive Order 13224 or the USA Patriot Act, and (B) prior to Closing, Purchaser will submit all information reasonably requested by Seller in order for Seller to confirm the foregoing. 

5.03 Survival. The representations and warranties of the parties in ARTICLE V shall survive the Closing or termination of
this Agreement for a period of twelve (12) months. 
 ARTICLE VI 

DISCLOSURES & DISCLAIMERS 

6.01 “As Is-Where Is” Sale. Except for the representations, warranties, guarantees and assurances expressly set forth
in the Transaction Documents, Purchaser acknowledges and agrees that Seller has not made, is not making and specifically disclaims and negates any warranties, representations, guarantees or assurances (express or implied) regarding the Property, the
Surviving Operating Agreements or the Warranties, including, but not limited to, warranties, representations, guarantees and assurances regarding (i) the existence of any Hazardous Substances on, under or about the Property, (ii) the
environmental condition of the Property, (iii) the quality, nature, adequacy or physical condition of the Property, (iv) the quality, nature, adequacy or condition of the soils and groundwater at the Property, (v) the existence,
quality, nature, adequacy or condition of any utilities at or near the Property, (vi) the current or future income or expenses of the Property, (vii) the value, profitability, habitability, suitability, merchantability, marketability or
fitness for a particular purpose of the Property, (viii) the zoning or other legal status of the Property, (ix) the existence of any pending or threatened taking of all or a portion of the Property by condemnation or eminent domain,
(x) the Property’s compliance with any Legal Requirements or any covenant, condition, restriction or other encumbrance, or (xi) the condition of title to the Property or the nature, status or extent of any easement, right of way,
encumbrance, license, reservation or other matter affecting title to the Property. Purchaser further acknowledges and agrees that it is purchasing the Property “As-Is, Where-Is” with all faults and all latent or patent defects.
Notwithstanding the foregoing, Purchaser’s disclaimer of and agreement to negate warranties, representations, guarantees and assurances regarding the Property shall not be effective with respect to such warranties, representations, guarantees
and assurances under the Lease unless and until the Purchaser and the Seller consummate the Closing. 
 Except for claims
based on Seller’s breach of the Transaction Documents, as of the Closing, Purchaser, on behalf of itself and its successors and assigns, shall be deemed to have waived, released and discharged Seller from all claims that Purchaser or its
successors or assigns has or may have against Seller relating to the Property, whether known or unknown, existing or arising in the future, 

 

 10 

 
including, not limited to, claims arising or resulting from (i) statements or opinions made by Seller or any of its agents, employees, property managers, contractors or representatives,
(ii) the physical or financial condition of the Property, or (iii) the existence of any Hazardous Substances on, under or about the Property or the environmental condition of the Property. It is expressly acknowledged and agreed that
Purchaser, on behalf of itself and its successors and assigns, is waiving, releasing and discharging all claims for contribution or indemnity that Purchaser or its successors and assigns has or may have against Seller, whether known or unknown,
existing or arising in the future, based, in whole or in part, upon the presence on or discharge from the Property of Hazardous Substances or other environmental contamination, including without limitation, claims that may arise under the
Comprehensive Environmental Response, Compensation, and Liability Act, as amended 42 U.S.C. § 9601 et seq. 

The provisions of this Section shall survive the Closing and delivery of the Deed. 

6.02 Radon Gas. Seller hereby discloses to Purchaser that: 

Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health
risks to persons who are exposed to it over time. Levels of radon that exceed Federal and State guidelines have been found in buildings in the state where the Property is located. Additional information regarding radon and radon testing may be
obtained from your county public health unit. Seller makes no representation, express or implied, as to the presence or absence of Radon Gas in the improvements or elsewhere on the Property. 

ARTICLE VII 

CLOSING 

7.01 Closing. Subject to the other terms of this Agreement, the Closing shall take place at 10:00 a.m. Eastern Time on the
Required Closing Date. The Closing shall be held through the offices of the Escrow Agent or at such other place as may be agreed upon by Purchaser and Seller, in writing. 

7.02 Closing Deliveries. At Closing, Seller shall deliver to Purchaser the following documents: 

(a) Deed. At the Closing, Seller shall convey all of Seller’s right, title and interest in the Real Property to Purchaser, by
duly executed and recordable special warranty deed in the form attached hereto as Schedule 7.02-A (the “Deed”), subject to the Permitted Exceptions. 

(b) Bill of Sale. At Closing, Seller shall convey all of Seller’s right, title and interest in the Personal Property to
Purchaser, by a duly executed bill of sale in the form attached hereto as Schedule 7.02-B. 
 (c) Assignment of
Surviving Operating Agreements. At Closing, Seller and Purchaser shall enter into an agreement, in the form attached hereto as Schedule 7.02-D, under which (i) Seller assigns all of its right, title and interest in the Surviving
Operating Agreements, if any, to Purchaser and (ii) Purchaser assumes all of Seller’s obligations under the Surviving Operating Agreements to the extent such obligations arise from and after the Closing. 

 

 11 

 (d) Assignment of Warranties. At Closing, Seller shall assign to Purchaser all of the
Warranties, by a duly executed agreement in the form attached hereto as Schedule 7.02-E. 
 (e) Owner’s
Affidavit. At Closing, Seller shall execute and deliver to Purchaser and the Escrow Agent an owner’s affidavit in the form attached hereto as Schedule 7.02-F. 

(f) 1445 Certificate. At Closing, Seller shall execute and deliver to Purchaser (i) a properly completed certificate stating
that Seller is not a “foreign person” as defined in Section 1445 of the Internal Revenue Code and the regulations thereunder, and (ii) such other documents as may be required by the Internal Revenue Code (or regulations
promulgated pursuant thereto) in connection with the sale of the Property to Purchaser. 
 (g) ERISA Certificate. At
Closing, Purchaser shall deliver to Seller an ERISA Certificate in the form attached hereto as Schedule 7.02-G. 
 (h)
Seller’s Certificate. At Closing, Seller shall deliver to Purchaser a certificate in the form attached hereto as Schedule 7.02-H, pursuant to which Seller remakes each of the representations and warranties set forth in
Section 5.01 as of the Closing Date or Seller discloses the matters that to Seller’s Actual Knowledge render such representations and warranties untrue as of the Closing. 

(i) Closing Statement. At Closing, Seller and Purchaser shall execute a written statement for the Property that sets forth the
Purchase Price, any credits against the Purchase Price provided for in this Agreement, all amounts prorated between the parties pursuant to this Agreement, and all disbursements to be made at Closing on behalf of Seller or Purchaser. 

(j) Seller shall also deliver: 

(i) All keys and access cards to, and combinations to locks and other security devices located at, the Property, if applicable, to the
extent in Seller’s possession or control. 
 (ii) If the Property is not presently one or more complete, separately
platted parcels and state or local law requires that a subdivision or resubdivision plat be filed as a condition to the conveyance of the Property, then at or before Closing, Seller shall cause a plat of subdivision or resubdivision for the Property
to be prepared by the surveyor, approved by all necessary governmental bodies and authorities, and recorded against the Property. Any such plat of subdivision or resubdivision (including, without limitation, all easements, restrictions and
encumbrances granted thereby or set forth thereon) shall be subject to Purchaser’s prior, written approval, which approval may be granted or withheld in its sole discretion. 

(iii) Such resolutions and certificates as may be reasonably required by Purchaser or the Title Company to verify Seller’s valid
and binding authority to sell the Property and otherwise consummate the transactions contemplated by this Agreement. 
 (iv)
All plans and specifications concerning the Property in Seller’s possession and control. 
 (v) Copies of receipts of the
brokers of payment of any fees due them, if any. 
 (vi) If the Property is part of a larger tax parcel, a tax division
petition in proper form for filing with the applicable authorities. 
  

 12 

 (vii) To the extent available, all original Operating Agreements. 

7.03 Conditions to Closing. 

(a) Purchaser Closing Conditions. Purchaser’s obligation to consummate the transaction contemplated by this Agreement is
contingent upon all of the following conditions (the “Purchaser Closing Conditions”) being satisfied as of the date and time the Closing is scheduled to take place under Section 7.01: 

(i) Seller not being in default under this Agreement, and all of the representations and warranties made by Seller in this Agreement
being true, accurate and complete in all material respects; and 
 (ii) Seller executing and delivering all of the documents
required under Section 7.02; and 
 (iii) There being no material adverse change in the physical condition of the Property
that occurred after the Investigation Period, excluding (A) any change caused by Purchaser or its contractors, employees, or affiliates, and (B) any damage caused by fire or other casualty or any taking by condemnation, it being agreed
that ARTICLE IX shall govern the same. 
 If any one of the Purchaser Closing Conditions is not satisfied as of the date
and time the Closing is scheduled to occur, then Purchaser may: (i) terminate this Agreement by written notice to Seller, in which case the Deposit shall be immediately refunded to Purchaser; or (ii) waive such Purchaser Closing Conditions
and proceed with the Closing. Nothing herein shall limit the remedies available to Purchaser as a result of Seller’s default under this Agreement. 

(b) Seller Closing Conditions. Seller’s obligation to consummate the transaction contemplated by this Agreement is contingent
upon all of the following conditions (the “Seller Closing Conditions”) being satisfied as of the date and time the Closing is scheduled to take place under Section 7.01: 

(i) Purchaser not being in default under this Agreement, and all of the representations and warranties made by Purchaser in this
Agreement being true, accurate and complete in all material respects; and 
 (ii) Seller’s receipt of the Purchase Price
from Purchaser, subject to the prorations, credits and adjustments expressly provided for in this Agreement; and 
 (iii)
Purchaser executing and delivering all of the documents required under Section 7.02. 
 If any one of the Seller Closing
Conditions is not satisfied as of the date and time the Closing is scheduled to occur, then Seller may: (i) terminate this Agreement by written notice to Purchaser, in which case the Deposit shall be paid to Seller pursuant to the Deposit
Escrow; or (ii) waive such Seller Closing Conditions and proceed with the Closing. Nothing herein shall limit the remedies available to Seller as a result of Purchaser’s default under this Agreement. 

7.04 Closing Costs. 

(a) Seller Closing Costs. At Closing, Seller shall pay: (i) fifty percent (50%) of the fees charged by the Escrow Agent
to hold the Deposit and coordinate the Closing; (ii) the premium for the Owner’s Title Policy, excluding the cost of extended coverage under the Owner’s Title Policy and the cost of any

  

 13 

 
endorsements to the Owner’s Title Policy requested by Purchaser or its lender; and (iii) all state and county transfer taxes, documentary stamps, intangible taxes and surtaxes due in
connection with the transfer of the Property to Purchaser. 
 (b) Purchaser Closing Costs. At Closing, Purchaser shall
pay: (i) fifty percent (50%) of any fees charged by the Escrow Agent to hold the Deposit and coordinate the Closing; (ii) the cost of obtaining extended coverage under the Owner’s Title Policy and the cost of any endorsements to
the Owner’s Title Policy requested by Purchaser or its lender; and (iii) all recording charges and other similar fees due in connection with the transfer of the Property to Purchaser and the recording of the documents described in
Section 7.02. 
 (c) Other Costs. Except as otherwise expressly provided herein, Seller and Purchaser shall each be
responsible for paying the attorneys’ fees that it incurs in connection with the transaction contemplated by this Agreement. In addition, Purchaser shall pay, prior to delinquency, all expenses incurred by Purchaser in connection with its due
diligence with respect to the Property (including, but not limited to, the cost of physical inspections, surveys, environmental assessments, zoning and permits reviews), and any financing obtained by Purchaser in connection with its acquisition of
the Property. 
 ARTICLE VIII 

PRORATIONS 

8.01 Calculation. All prorations to be made under this section “as of the Closing Date” shall be made as of 11:59 P.M.
local time on day immediately preceding the Closing Date, with the effect that Seller shall pay the portions of the expenses and receive the portions of the income to be prorated under this Agreement which are allocable to periods prior to the
Closing Date and Purchaser shall pay the portions of such expenses and receive the portions of such income which are allocable to periods from and after the Closing Date. 

8.02 Property Taxes. 

(a) Current Tax Period. Property Taxes for the Current Tax Period shall be prorated between Seller and Purchaser as of the Closing
Date and paid at Closing, if possible. If the Property Taxes for the Current Tax Period have been paid by Seller at the time of Closing, Seller shall receive a credit for Purchaser’s share of such Property Taxes. If the Property Taxes for the
Current Tax Period are not paid at or prior to Closing, then Purchaser shall receive a credit against the Purchase Price equal to Seller’s share thereof. In the event Purchaser receives a credit against the Purchase Price to cover Seller’s
share of any Property Tax, Purchaser shall be responsible for paying such Property Tax to the proper taxing authority prior to delinquency. 

(b) Contest of Prior Periods. Seller shall have the right to all refunds or rebates resulting from contests or appeals of any
Property Taxes with respect to the years prior to the Current Tax Period, subject to Seller’s obligation to reimburse Tenants for any rebates or refunds to which Tenants may be entitled under the Leases. Seller may, at its option, contest or
appeal any portion of the Property Taxes for the Current Tax Year, and the parties agree to prorate all refunds or rebates received on account thereof, based upon each parties’ period of ownership of such Property during the Current Tax Year.
Purchaser agrees to cooperate and assist with any contest or appeal by Seller of the Property Taxes, so long as Purchaser is not required to incur any costs or expenses in connection therewith. 

8.03 Utilities. Seller shall pay, when due, all charges for utilities furnished to the Property prior to the Closing under any
account maintained in Seller’s name, and Seller shall be entitled to retain any utility deposits made by Seller which are refundable. Purchaser shall be responsible for making arrangements for the continuation of such utilities to the Property
on the Closing Date or within three (3) Business Days thereof. 
  

 14 

 8.04 Operating Agreements. Seller shall be responsible for paying all amounts that it
owes under the Operating Agreements, except amounts Seller owes under the Surviving Operating Agreements shall be prorated between Seller and Purchaser as of the Closing Date. 

8.05 Unknown Amounts. In the event any amount to be prorated between the parties or credited to either of the parties under the
terms of this ARTICLE VIII is not known with certainty as of the Closing, the parties shall use an estimate of such amount at the Closing. If more current information is not available, such estimates shall be based upon the prior operating
history of the Property and the most recent prior bills. As such estimated amounts become finally known, Seller and Purchaser shall make any payments necessary to cause Seller and Purchaser to pay the amounts it is responsible for under this
ARTICLE VIII, but no more. Seller and Purchaser agree to cooperate and use reasonable efforts to finalize the prorations or adjustments required under this ARTICLE VIII that cannot be completed as of the Closing no later than sixty
(60) days after the Closing, if possible. 
 8.06 Survival. The provisions of this ARTICLE VIII shall
survive the Closing. 
 ARTICLE IX 

DAMAGE AND CONDEMNATION 

9.01 Casualty. 

(a) Until Closing, Seller agrees to maintain its existing property insurance covering the Property (the “Property Insurance”).
If the Property is damaged by fire or other casualty which is not caused by the Purchaser or its agents prior to Closing and the cost to repair such damage exceeds Three Hundred Thousand and No/100 Dollars ($300,000.00), then Purchaser may terminate
this Agreement by giving written notice to Seller within thirty (30) days after the fire or casualty, in which event the Deposit shall be immediately refunded to Purchaser. 

(b) Unless this agreement is terminated pursuant to Section 3.03 or Section 9.01(a), if the Property is damaged by fire or
other casualty prior to Closing, then Seller may, at its option, either: (i) repair the damaged areas, excluding damage to be repaired by tenants under the terms of the Leases, and the Closing shall be postponed until the date that is five
(5) business days after such restoration is completed; or (ii) proceed with the Closing without a reduction in the Purchase Price, in which case Seller shall pay Purchaser, at Closing, an amount equal to insurance proceeds received by
Seller on account of such damage under the Property Insurance, assign to Purchaser all insurance proceeds payable (but not yet paid) to Seller as a result of such casualty loss under the Property Insurance, and credit to Purchaser an amount equal to
the deductible (if any) under the Property Insurance. Seller shall be entitled to retain all proceeds paid as a result of any damage to the Property under Seller’s rental loss insurance and business interruption insurance. Seller shall bear the
risk of loss or damage to the Property until the Closing. 
 9.02 Condemnation. If there is an actual or pending taking
of the Property by condemnation or eminent domain prior to Closing (a “Taking”) that will prevent or materially impair the operation of the Property, as presently operated, then Purchaser may terminate this Agreement by giving written
notice to Seller prior to Closing, in which event the Deposit shall be immediately refunded to Purchaser. If there is a Taking prior to Closing and this Agreement is not so terminated, then, at Closing, Seller shall pay Purchaser any condemnation
awards received by Seller on account of such Taking except condemnation awards payable to the Tenants under the Leases, and Seller shall assign all of its interest in any unpaid condemnation awards due

  

 15 

 
as a result of such Taking to Purchaser. Seller shall not reach any settlement or agreement related to any Taking after the Effective Date, unless Purchaser consents thereto, in writing, which
consent shall not be unreasonably withheld, qualified or delayed. In no event shall the Purchase Price be reduced as a result of any Taking. 

ARTICLE X 

DEFAULT 

10.01 Failure to Sell. If Seller breaches this Agreement by failing to sell the Property to Purchaser and Seller does not cure
such breach within five (5) days after it is notified of the same by Purchaser, in writing, then Purchaser may, as its sole and exclusive remedy, either: (i) obtain specific performance of this Agreement; or (ii) terminate this
Agreement, receive a return of the Deposit, and recover an amount equal to the out-of-pocket expenses incurred by Purchaser in connection with its inspection of the Property, not to exceed Seventy Five Thousand and No/100 US Dollars (US
$75,000.00). In the event Purchaser desires to bring an action for specific performance of this Agreement, Purchaser must commence such action within sixty (60) days after the date the Closing was supposed to occur. Purchaser’s failure to
commence an action for specific performance within the period required under this section shall constitute an irrevocable waiver of its right to bring the same. 

10.02 Failure to Purchase. If Purchaser breaches this Agreement by failing to purchase the Property and Purchaser does not cure
such breach within five (5) days after it is notified of the same by Seller, in writing, then Seller may, as its sole and exclusive remedy, terminate this Agreement and receive the Deposit as full and agreed upon liquidated damages. Purchaser
and Seller agree that said liquidated damages are reasonable given the circumstances now existing, including, but not limited to, the range of harm to Seller that is reasonably foreseeable and the anticipation that proof of Seller’s actual
damages would be costly, impractical and inconvenient. 
 10.03 Other Defaults. Except as otherwise provided in Sections
10.01 and 10.02, if Seller or Purchaser breaches any of the terms of this Agreement and does not cure such breach within thirty (30) days after it is notified of the same by the non-breaching party, in writing, then the non-breaching party
shall have the right to obtain any remedy available at law or in equity, including, but not limited to, the right to recover the damages that it suffers or incurs on account of the breach. Notwithstanding anything to the contrary, in no event shall
either party be liable for consequential, incidental, exemplary or punitive damages as a result of its breach of this Agreement. Seller shall have no liability to Purchaser as a result of any default by Seller under this Agreement in excess of
Seventy-five Thousand Dollars ($75,000.00). Purchaser agrees to first seek available recovery from other sources (including, without limitation, insurance policies, service contracts, estoppels certificates and the Leases) prior to seeking recovery
from Seller, and Seller shall not be liable to Purchaser if Purchaser’s claim is satisfied from such other sources. The remedies expressly set forth in this section shall be the only remedies available to Purchaser as a result of Seller’s
default under or breach of any of the Transaction Documents. 
 ARTICLE XI 

MISCELLANEOUS 

11.01 Notices. All notices, consents, approvals, deliveries and other communications (collectively, “Notices”) which may
be or are required to be given by either Seller or Purchaser under this Agreement shall be properly given only if made in writing and sent by hand delivery, U.S. Certified Mail, Return Receipt Requested, facsimile, or nationally recognized overnight
delivery service (such as Federal Express or UPS), with all delivery charges paid by the sender and addressed to the Purchaser or Seller, as applicable, as follows: 
  

			
	If to Seller:	  	 Jefferson-Pilot Investments, Inc.

100 North Greene Street
 Greensboro, NC 27401

 Attn: Nicholas Heinzelman
 Telephone:
(336) 691-4316
 (E-mail for reference only:
Nicholas.Heinzelmann@lfg.com)

  

 16 

			
	with copy to:	  	 Daniel J. Minor
 Vorys,
Sater, Seymour and Pease LLP
 52 East Gay Street

P.O. Box 1008
 Columbus, OH 43216-1008

(E-mail for reference only: djminor@vorys.com)

		
	If to Purchaser:	  	 KVH Industries, Inc.
 50
Enterprise Drive
 Middletown, RI 02842-5279

Attn: Felise Feingold
 Telephone: (401) 845-8148

 Email for reference only: ffeingold@kvh.com)

		
	with copy to:	  	 Jay A. Gitles
 Seyfarth Shaw
LLP
 131 South Dearborn Street, Suite 2400

Chicago, IL 60603
 Telephone: (312)
460-5937
 Facsimile: (312) 460-7937

(Email for reference only: jgitles@seyfarth.com)

		
	If to Escrow Agent:	  	 First American Title Insurance Company

30 North LaSalle Street, Suite 2700
 Chicago, IL
60602
 Telephone: 312-917-7246

Facsimile: 888-279-8547

Either party may change its address for Notices by giving written notice to the other party in accordance with this provision. Notices
shall be deemed received: (i) if delivered by hand, on the date of delivery; (ii) if sent by U.S. Mail or overnight delivery service, on the date the same is deposited with the applicable carrier; and (iii) if sent facsimile, on the
date of transmission with computer confirmation of successful delivery without errors. 
 11.02 Brokers. Except for
Podolsky Northstar Realty Partners, LLC (“Seller’s Broker”) and CB Richard Ellis, Inc. who shall share equally a commission equal to 5% of the purchase price pursuant to a 

 

 17 

 
separate agreement, Seller and Purchaser each represents and warrants to the other that it has not dealt with any broker, brokerage firm, listing agent or finder in connection with the
transaction contemplated by this Agreement, and each party hereto agrees to indemnify, defend and hold harmless the other party from and against any claims for a commission or other compensation made by a broker, brokerage firm, listing agent or
finder with whom it has dealt or allegedly dealt. Purchaser acknowledges that Seller’s Broker is exclusively representing Seller and has no duties to Purchaser in connection with the transaction contemplated by this Agreement. The provisions of
this section shall survive the termination of this Agreement or the Closing, as applicable. 
 11.03 Assignment &
Successors. Purchaser may assign this Agreement to an Affiliate of Purchaser, without obtaining Seller’s consent or approval; provided, however, Purchaser shall remain primarily responsible for the satisfaction of its obligations and
liabilities under this Agreement and such responsibility shall not be limited, affected, diminished or discharged by any event. Except as otherwise expressly provided herein, Purchaser shall not have the right to assign this Agreement, unless it
obtains the prior written consent of Seller; provided no such assignment shall release Purchaser from its obligations and liabilities hereunder. The terms of this Agreement shall be binding on Seller, Purchaser and their respective
successors-in-interest. An assignment of this Agreement by Purchaser shall be deemed to have occurred if in a single transaction or in a series of transactions the ownership interests (whether stock, partnership interests, membership interests or
other) of Purchaser are transferred, diluted, reduced or otherwise affected with the result that the present owners have less than a 51% ownership interest in Purchaser or cease to control the management and operation of Purchaser. If Purchaser
assigns this Agreement to any Entity, Purchaser shall cause such Entity to assume all of Purchaser’s obligations and liabilities under this Agreement for the benefit of Seller, by a duly executed assignment and assumption agreement in form and
substance reasonably acceptable to Seller, which agreement must be provided to Seller at least five (5) Business Days prior to the Closing. 

11.04 Entire Agreement. This Agreement contains the final, complete and entire agreement of Seller and Purchaser with respect to
the matters contained herein, and no prior agreement or understanding pertaining to such matters shall be effective for any purpose. This Agreement may only be amended by a written instrument signed by Purchaser and Seller. 

11.05 No Offer. The submission of this Agreement by Seller shall not constitute an offer, and this Agreement shall become
effective and binding only after it is executed and delivered by both Seller and Purchaser. Furthermore, copies of this Agreement that have not been executed and delivered by both Seller and Purchaser shall not serve as a memorandum or other writing
evidencing an agreement between the parties. 
 11.06 Interpretation. FOR PURPOSES OF THIS AGREEMENT, TIME SHALL BE
CONSIDERED OF THE ESSENCE. The titles, captions and section headings in this Agreement are for convenience only and shall not define, limit or expand the scope of any provision hereof. Seller and Purchaser have agreed to the particular language of
this Agreement, and any question regarding its meaning shall not be resolved by any rule providing for interpretation against the party who caused the uncertainty to exist or against the draftsman. In the event any words or phrases in this Agreement
are stricken out or otherwise eliminated, whether or not any other words or phrases are added in their place, this Agreement shall be construed as though such words or phrases were never included herein and no inference shall be drawn therefrom.
Unless the context indicates otherwise, (i) the terms “hereof”, “hereunder” and “herein” refer to this Agreement as a whole, (ii) the singular includes the plural and the masculine gender includes the feminine
and neuter, and (iii) all references to articles, sections and subsections refer to the articles, sections and subsections of this Agreement. 
  

 18 

 11.07 Counterparts. This Agreement may be executed in separate counterparts. It shall
be fully executed when each party whose signature is required has signed at least one (1) counterpart even though no one (1) counterpart contains the signatures of all of the parties to this Agreement. 

11.08 Delivery. Seller and Purchaser agree that executed copies of this Agreement may be delivered by facsimile or email (in PDF
format), and the same shall have the same validity as if they were delivered in person. 
 11.09 Non-waiver. No waiver of
any provision of this Agreement shall be deemed to have been made unless it is expressed in writing and signed by the party charged with making the waiver. No delay or omission in the exercise of any right or remedy accruing upon a breach of this
Agreement shall impair such right or remedy or be construed as a waiver of such breach. The waiver of any breach of this Agreement shall not be deemed to be a waiver of any other breach hereof. 

11.10 Severability. This Agreement is intended to be performed in accordance with and only to the extent permitted by applicable
law. If any provision of this Agreement is invalid or unenforceable, the remainder of this Agreement shall not be affected thereby. 

11.11 Schedules/Exhibits. Purchaser and Seller acknowledge and agree that all schedules and exhibits referenced in this Agreement
are attached hereto and incorporated herein by reference. 
 11.12 Attorneys’ Fees. The prevailing party in any
legal proceeding related to this Agreement shall be entitled to recover the reasonable court costs, litigation expenses and attorneys’ fees that it incurs in connection with such legal proceeding from the non-prevailing party therein.

 11.13 Business Days. If any date specified in this Agreement for the performance of an obligation, the delivery of an
item, the giving of a notice or the expiration of a time period falls on a day other than a Business Day, then this Agreement shall be automatically revised so that such date falls on the next occurring Business Day. 

11.14 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Illinois. 

11.15 Waiver of Jury Trial. Seller and Purchaser hereby expressly waive their right to a trial by jury of any claim
(i) arising under the Transaction Documents, or (ii) connected with or related to the transaction contemplated by this Agreement, whether now existing or hereafter arising. Seller or Purchaser may file an original or a copy of this section
with any court as written evidence of the foregoing waiver. 
 11.16 Venue. Proper venue for any action arising under or
relating to any of the Transaction Documents or the transaction contemplated therein shall be in the federal and state courts having jurisdiction over Tinley Park, Illinois. Seller and Purchaser consent to such courts having personal jurisdiction
and waive whatever rights they have to be sued elsewhere. 
 11.17 Period for Actions. To the maximum extent permitted
under Legal Requirements, all claims and causes of action arising under any of the Transaction Documents or in connection with the transaction contemplated herein shall be brought prior to the earlier of the expiration of the applicable statute of
limitations or two (2) years after the Closing Date; except claims and causes of action based on a breach of any of the representations and warranties set forth in ARTICLE V, which must be commenced within the period provided therein and
an action for specific performance under Section 10.01, which must be commenced within the time period provided therein. 
  

 19 

 [remainder of page intentionally left blank] 

 

 20 

 IN WITNESS WHEREOF, Seller and Purchaser have executed this Purchase and Sale Agreement as
of the date appearing below their signatures on this page. 
  

					
	SELLER:
	
	JEFFERSON-PILOT INVESTMENTS, INC., a North Carolina corporation
			
		 	By:	 	 /s/ Nicholas R. Heinzelmann

		 	Name:	 	 Nicholas R. Heinzelmann

		 	Title:	 	 Assistant Vice President

		
	Date:	 	August     . 2010

					
		
	Tax Identification Number:	 	  

 

			
	PURCHASER:
	
	KVH INDUSTRIES, INC., a Delaware corporation
		
	By:	 	 /s/ Patrick Spratt

	Name:	 	 Patrick Spratt

	Title:	 	 Chief Financial and Accounting Officer

		
	Date:	 	August     . 2010

			
		
	Tax Identification Number:	 	  

 SCHEDULE 1.01(xxiii) 

DESCRIPTION OF THE PROPERTY 

PARCEL 1 
 LOT 14 IN
TINLEY CROSSINGS CORPORATE CENTER UNIT 1, BEING A SUBDIVISION OF PART OF THE NORTH
 1/2 OF SECTION 2, TOWNSHIP 35 NORTH, RANGE 12
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED OCTOBER 16, 1998, AS DOCUMENT NUMBER R98-122885, IN WILL COUNTY, ILLINOIS. 

PARCEL 2 
 EASEMENT FOR THE BENEFIT OF
PARCEL 1 FOR INGRESS AND EGRESS OF PEDESTRIAN AND VEHICULAR TRAFFIC OVER AND ACROSS THE EAST 15 FEET OF LOT 13A IN AFORESAID SUBDIVISION AS CREATED BY DECLARATION OF EASEMENT DATED APRIL 13, 2005 AND RECORDED AS DOCUMENT R2005060765 IN WILL COUNTY,
ILLINOIS. 

 SCHEDULE 1.01(xxvi) 

SUBMISSION ITEMS 
 To the extent
that such items are in Seller’s possession and control, Seller shall deliver to Purchaser in accordance with Section 3.02, the following: 

1. Any as-built surveys of the Real Property. 

2. Any existing Warranties. 

3. Existing Title Policies for the Real Property. 

4. Environmental and physical inspection reports relating to the Property (for informational purposes only). 

5. Operating Agreements, including any property management agreement. 

6. Pleadings and other documents relating to any litigation, condemnation or other proceedings affecting the Property to which Seller is a
party. 
 7. Plans (including site plans, building plans and specifications concerning the Property). 

8. Permits (including certificates of occupancy), approvals, and licenses concerning the Property. 

9. Tenant common area maintenance reconciliation documents for 2010 concerning the Property. 

10. Real estate tax bills for 2008 and 2009. 

 SCHEDULE 5.01-A 

LIST OF PENDING CONDEMNATION ACTIONS 

NONE 

 SCHEDULE 5.01-B 

LIST OF PENDING LITIGATION 

NONE 

 SCHEDULE 5.01-E 

LIST OF OPERATING AGREEMENTS 
  

	1.	Work Authorization dated March 19, 2010 between Podolsky Northstar Realty Partners, L.L.C. and The Brickman Group, LTD for lanscape maintenance from April 1,
2010 to November 30, 2010. 

  

	2.	Wireless Fire Alarm Equipment Lease and Signal Monitoring Agreement between Randy D. Podolsky, as Receiver, and the Village of Tinley Park, Illinois.

 SCHEDULE 7.02-A 

DEED 
  

							
	This instrument prepared by:	 		 		 	
				
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
				
	After recording, return to:	 		 		 	
				
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
				
	Future taxes to:	 		 		 	
				
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	

 JEFFERSON-PILOT INVESTMENTS, INC., a North Carolina corporation (“Grantor”), for and in consideration of
One Dollar and other good and valuable consideration, the receipt of which is hereby acknowledged, REMISES and CONVEYS to KVH INDUSTRIES, INC., a Delaware corporation (“Grantee”), all interest in the real estate situated in the County of
Will, State of Illinois and further described on Exhibit A attached hereto and made a part hereof by this reference. 
 Permanent Index Nos.:
                                         
                                         
                   
 Address of Real Property: 8412
W. 185th Street, Tinley Park, IL 60477 
 Grantor does covenant, promise and agree to and with Grantee, and successors, that it has not done or
suffered to be done, anything whereby the said premises hereby granted are, or may be, in any manner encumbered or charged by its actions, except as herein recited; and that it will warrant and defend, the said premises against all persons lawfully
claiming, or to claim the same, by, through and under it. 
 Dated this      day of
                    , 2010. 
  

					
	 JEFFERSON-PILOT INVESTMENTS, INC., a North Carolina corporation

			
		 	By:	 	  

		 	Name:	 	Nicholas R. Heinzelmann
		 	Title:	 	Assistant Vice President

					
	STATE OF	 	  
	 	)

					
		 		 	)
	COUNTY OF	 	  
	 	)

 I, the undersigned, a Notary Public, in and for said
County, in the State aforesaid, DO HEREBY CERTIFY that Nicholas R. Heinzelmann, known to me to be a duly authorized officer on behalf of Jefferson-Pilot Investments, Inc., a North Carolina corporation, appeared before me this day in person and
acknowledged that he signed and delivered the said instrument of writing as a duly authorized officer of said corporation, and caused the seal of the corporation to be thereunto affixed, pursuant to authority given by the Board of Directors of said
corporation, as his free and voluntary act and as the free and voluntary act and deed of said corporation for the uses and purposes therein set forth. 

GIVEN under my hand and official seal, this      day of
                    , 2010. 
  

	
	  

	Notary Public

 SCHEDULE 7.02-B 

BILL OF SALE 

THIS BILL OF SALE (the “Bill of Sale”) is executed and delivered as of the      day of
                    , 2010 (the “Effective Date”), by JEFFERSON-PILOT INVESTMENTS, INC., a North Carolina corporation
(“Seller”), to and in favor of KVH INDUSTRIES, INC., a Delaware corporation (“Purchaser”). 
 WITNESSETH:

 WHEREAS, Seller and Purchaser previously entered into that certain Purchase and Sale Agreement dated
                     (the “Sale Agreement”); and 

WHEREAS, simultaneously with the execution of this Bill of Sale, Seller and Purchaser are consummating the transaction contemplated by
the Sale Agreement; and 
 WHEREAS, Seller is required to enter into this Bill of Sale at Closing. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 1. Defined Terms. For purposes of this Bill of Sale, including, but not limited to, the foregoing
recitals, all capitalized terms not defined herein shall have the meaning ascribed to them in the Sale Agreement. 
 2.
Transfer. Seller hereby sells, transfers and conveys the Personal Property to Purchaser. Except as otherwise expressly provided in the Sale Agreement, the Personal Property is being conveyed to Purchaser “AS-IS, WHERE-IS”, with all
faults and without any representations, warranties, guaranties or assurances whatsoever, express or implied. Accordingly, the provisions of Section 6.01 of the Sale Agreement are incorporated into and shall be a part of this Bill of Sale.

 3. Governing Law. This Bill of Sale shall be governed by the laws of the State of iLLINOIS. 

4. Binding Effect. This Bill of Sale shall be binding on Purchaser and its successors and assigns and shall inure to the benefit
of Purchaser and its successors and assigns. 
 5. Exhibits. All exhibits referenced in this Bill of Sale are
incorporated herein by reference. 

 IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed as of the day and
year first above written. 
  

			
	SELLER:
	
	 JEFFERSON-PILOT INVESTMENTS, INC., a

North Carolina corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	PURCHASER:
	
	 KVH INDUSTRIES, INC., a Delaware corporation

 

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 SCHEDULE 7.02-D 

ASSIGNMENT OF SURVIVING OPERATING AGREEMENTS 

THIS ASSIGNMENT (the “Assignment”) is made and entered into as of the         
day of                         , 2010 (the “Effective Date”), by and between JEFFERSON-PILOT INVESTMENTS, INC.,
a North Carolina corporation (“Assignor”) and KVH INDUSTRIES, INC., a Delaware corporation (“Assignee”). 

WITNESSETH: 

WHEREAS, Assignor and Assignee previously entered into that certain Purchase and Sale Agreement dated
                     (the “Sale Agreement”); and 

WHEREAS, simultaneously with the execution of this Assignment, Assignor and Assignee are consummating the transaction contemplated by the
Sale Agreement; and 
 WHEREAS, Assignor and Assignee are required to enter into this Assignment at Closing. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 1. Defined Terms. For purposes of this Assignment, including, but not limited to, the foregoing
recitals, all capitalized terms not defined herein shall have the meaning ascribed to them in the Sale Agreement. 
 2.
Transfer. Assignor hereby assigns to Assignee, its successors and assigns, all right, title and interest of Assignor in, to and under the Surviving Operating Agreements, which are described on Exhibit A. 

3. Assumption. Assignee hereby assumes all of the obligations and duties of Assignor under the Surviving Operating Agreements to
the extent such obligations and duties first arise after Effective Date, and Assignee agrees to comply with all of the terms of the Surviving Operating Agreements from and after the Effective Date. 

4. Indemnity. Assignor agrees to indemnify, defend (with counsel reasonably satisfactory to Assignee) and hold harmless Assignee
for, from and against all third party claims and associated lawsuits, damages, costs and expenses arising out of any uncured default by Assignor under the Surviving Operating Agreements that occurred prior to the Effective Date. Assignee agrees to
indemnify, defend (with counsel reasonably acceptable to Assignor) and hold harmless Assignor from and against all third party claims and associated lawsuits, damages, costs and expenses arising out of Assignee’s failure to satisfy any of its
obligations under or otherwise comply with Section 3 of this Assignment. 
 5. Governing Law. This Assignment shall
be governed by the laws of the State of Illinois. 
 6. Binding Effect. This Assignment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. 

 7. Exhibits. The parties acknowledge and agree that all exhibits referenced in this
Assignment are attached hereto and incorporated herein by reference. 
 IN WITNESS WHEREOF, the parties have executed this
Assignment as of the day and year first above written. 
  

			
	 ASSIGNOR:

	
	 JEFFERSON-PILOT INVESTMENTS, INC., a

North Carolina corporation

	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 ASSIGNEE:

	
	 KVH INDUSTRIES, INC., a Delaware

corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 SCHEDULE 7.02-E 

ASSIGNMENT OF WARRANTIES 

THIS ASSIGNMENT OF WARRANTIES (the “Assignment”) is made and entered into as of the
         day of                         , 2010 (the “Effective
Date”), JEFFERSON-PILOT INVESTMENTS, INC., a North Carolina corporation (“Assignor”), for the benefit of KVH INDUSTRIES, INC., a Delaware corporation (“Assignee”). 

WITNESSETH: 

WHEREAS, Assignor and Assignee previously entered into that certain Purchase and Sale Agreement dated
                     (the “Sale Agreement”); and 

WHEREAS, simultaneously with the execution of this Assignment, Assignor and Assignee are consummating the transaction contemplated by the
Sale Agreement; and 
 WHEREAS, Assignor is are required to enter into this Assignment at Closing under the terms of the Sale
Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 
 8. Defined Terms. For purposes of this Assignment, including, but not limited to,
the foregoing recitals, all capitalized terms not defined herein shall have the meaning ascribed to them in the Sale Agreement. 

9. Transfer. Assignor hereby assigns all of its right, title and interest in the Warranties listed on Exhibit A to
Purchaser, but only to the extent the same are assignable. Except as otherwise expressly provided in the Sale Agreement, such Warranties are being conveyed to Purchaser “AS-IS, WHERE-IS”, with all faults and without any representations,
warranties, guaranties or assurances whatsoever, express or implied. Accordingly, the provisions of Section 6.01 of the Sale Agreement are incorporated into and shall be a part of this Assignment. 

10. Governing Law. This Assignment shall be governed by the laws of the State of
                . 
 11. Binding
Effect. This Assignment shall be binding on Purchaser and its successors and assigns and shall inure to the benefit of Purchaser and its successors and assigns. 

12. Exhibits. All exhibits referenced in this Assignment are incorporated herein by reference. 

 IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the day and year
first above written. 
  

			
	 ASSIGNOR:

	
	 JEFFERSON-PILOT INVESTMENTS, INC., a

North Carolina corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 SCHEDULE 7.02-F 

OWNER’S AFFIDAVIT 

THIS OWNER’S AFFIDAVIT (the “Affidavit”) is entered into as of the         
day of                     , 2010 (the “Effective Date”), by JEFFERSON-PILOT INVESTMENTS, INC., a North Carolina corporation (the
“Owner”), for the benefit of [INSERT NAME OF TITLE COMPANY] (the “Title Company”). 
 WITNESSETH: 

WHEREAS, Title Company issued that certain commitment (File No.
            , Dated             ) for an owner’s policy of title insurance (the “Commitment”) to
                         (the “Buyer”); and 

WHEREAS, Owner has agreed to execute this Affidavit in order to cause the Title Company to delete certain exceptions to coverage from the
Commitment. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Owner agrees as follows: 
 13. With respect to that certain real property located in
                 and more particularly described on Exhibit A (the “Property”), Owner certifies to the Title Company that, as of the Effective
Date: 
 (a) There are no tenants or other occupants of the Property claiming by, through or under Owner, except for tenants and
occupants described in the Commitment or under the leases, licenses and other agreements described on Exhibit B (collectively, the “Leases”). 

(b) Owner will cause any mechanic’s or materialmen’s lien filed against the Property to be released, either by posting a bond
or by other means, if such lien is due to Owner’s failure to pay for work, services or materials furnished at Owner’s request. 

(c) Owner has not filed any pending action seeking to reorganize its affairs or have itself declared bankrupt or insolvent under the
Bankruptcy Code of the United States or any other federal, state or local law related to bankruptcy, insolvency or relief for debtors. 

(d) Owner has not entered into any outstanding contract(s) of sale affecting the Property, except the Purchase and Sale Agreement between
Owner and Buyer, the Leases, and matters described in the Commitment or on Exhibit C. 
 14. For purposes of this
Affidavit, the term “actual knowledge” with respect to Owner shall mean the actual knowledge of
                        , who shall have no duty to conduct any investigation. 

 

			
	 OWNER:

	  

		
	By:	 	  

	Title:	 	  

 SCHEDULE 7.02-G 

ERISA CERTIFICATE 

KVH INDUSTRIES, INC., a Delaware corporation (“Purchaser”) hereby represents and warrants to JEFFERSON-PILOT INVESTMENTS, INC.
(the “Seller”) that the assets that Purchaser is using to purchase the Property are not “plan assets” within the meaning of Department of Labor Regulations Section 2510.3-101. The representations and warranties contained in
this ERISA Certificate shall survive Closing. As used herein, “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, an all rules regulations and rulings promulgated pursuant to ERISA and “Code” means the
Internal Revenue Code of 1986, as amended. Any capitalized terms used and not defined in this ERISA Certificate shall have the meaning ascribed to them in the Sale Agreement entered into by Purchaser and Seller, dated January
    , 2008. This Certificate shall be binding upon the Purchaser and its successors and assigns and shall inure to the benefit of Seller and its successors and assigns. 

Executed as of the          day of
                    , 2010. 
  

			
	 PURCHASER:

	
	 KVH INDUSTRIES, INC., a Delaware corporation

	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	 Tax Identification
 Number/SSN:

	 	  

 SCHEDULE 7.02-H 

SELLER’S CLOSING CERTIFICATE 

The undersigned JEFFERSON-PILOT INVESTMENTS, INC. (“Seller”) hereby certifies to KVH INDUSTRIES, INC., a Delaware corporation
(“Purchaser”), as of the _______________ (the “Closing Date”), that the representations and warranties of Seller contained in Section ____ of the Purchase and Sale Agreement between Seller and Purchaser, dated as of ____________
(the “Sale Agreement”), are true and correct in all material respects as of the date hereof except as follows:_________________________________________. 

IN WITNESS WHEREOF, the Seller has executed this Seller’s Closing Certificate as of the Effective Date. 

 

					
	 JEFFERSON-PILOT INVESTMENTS, INC.

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:EMPLOYMENT AGREEMENT

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is effective as of the 9th day of February, 2009, by and between Nadine Teixeira
(“Employee”) and CAI International, Inc., a Delaware corporation (the “Company”). In consideration of the mutual covenants herein contained, and in consideration of the continued employment of Employee by the Company, the parties
agree as follows: 
 1. Duties and Scope of Employment. 

(a) Position. The Company agrees to employ the Employee for the term of her employment under this Agreement in the position of
Director of International Legal Affairs on the terms and conditions set forth in this Agreement. In this position Employee is a corporate attorney with extensive international experience who shall assume the role of the Company’s counsel in
regards to the Company’s international legal matters related to the Company’s core business, including but not limited to drafting, revising and where appropriate negotiating (from a legal perspective): (i) container management
agreements, master lease agreements, precautionary assignment of leases, step-in-right agreements and other documents related to the purchase, sale and management of shipping containers; and (ii) manufacturing agreements with foreign container
manufacturers. In addition, Employee shall interface and work with the Company’s outside counsel in connection with matters of foreign law and international mergers and acquisitions. It is understood and agreed, however, that Employee is not
the Company’s general counsel. Accordingly, unless specifically directed by the Company’s executive officers or Board of Directors, Employee shall not have responsibility for advising the Board of Directors, setting legal policy, managing
litigation, hiring, firing or directing the work of outside counsel, or other matters that are customarily the purview of the chief legal officer of a company. 

(b) Flexible Hours. Employee’s normal work schedule shall be at the offices of the Company from 9:30 AM – 4:30 PM each
Monday, Wednesday and Friday and 9:00 AM – 2:00 PM on Tuesdays and Thursdays. It is understood that Employee is an “exempt” employee (for purposes of overtime compensation) and Employee’s responsibilities are not limited to
normal working hours. When she is not working from the Company’s office, Employee shall be reasonably available to assist on projects as needed, through remote internet connection and through her cellular telephone. Notwithstanding anything to
the contrary contained herein, Employee understands and agrees that her job duties may require that she work more than 40 hours per week from time to time, which may include some travel. 

(c) Reporting. As such counsel, Employee shall report directly to Mr. Victor Garcia, the Company’s Chief Financial
Officer, and shall be responsible for such legal and other matters as may be assigned to her by Mr. Garcia or by the Company’s Chief Executive Officer or Executive Chairman. 

(d) Obligations. During the term of her employment under this Agreement, the Employee shall be responsible for such legal matters
as are assigned to her from time to time, and shall perform and discharge well and faithfully her duties and shall devote her full business efforts and time to the Company. The foregoing, however, shall not preclude the Employee from engaging in
appropriate civic or charitable activities or from serving on the boards of directors of other noncommercial entities, as long as such activities and service do not interfere or conflict with her responsibilities to the Company. 

 2. Salary and Bonus. 

(a) Base Salary. During her employment under this Agreement, the Company agrees to pay to the Employee as compensation for
her services, effective February 9, 2009 (the “Effective Date”), a base salary (“Base Salary”) at an initial annual rate of $204,000, payable in twenty-four (24) equal bi-monthly installments. 

(b) Bonus. Employee shall also be eligible for a discretionary annual cash bonus, not to exceed forty percent (40%) of
Base Salary. Any amounts due to the Employee as a cash bonus shall be paid not later than the one hundred and twentieth (120th) day of the calendar year immediately following the fiscal year to which such bonus relates. 

3. Employee Benefits. 

(a) General. During the term of her employment under this Agreement, the Employee and her spouse and children shall be eligible to
participate in the employee benefit plans made available by the Company to its Vice Presidents generally, including (without limitation) any of the following plans if and when adopted and made available by the Board of Directors: health, vision and
dental insurance, pension plans, savings plans, deferred compensation plans, life, disability, accident and other insurance programs, and similar plans or programs subject in each case to the generally applicable terms and conditions of the plan in
question and to the determination of any committee administering such plan or program. 
 (b) Death and Disability.
Subject to the Employee’s insurability, the Company will enroll Employee in (a) the Company’s policy of long-term disability insurance, with the Employee named as the direct beneficiary and (b) the Company’s term life
insurance policy (currently providing a benefit of $500,000 upon death of a covered employee) with an annual premium not to exceed Four Thousand Dollar ($4,000) annual. 

(c) Vacation. The Employee shall be entitled to paid vacation accruing at the rate of sixteen (16) business days per year.
Unused vacation for any year shall not carry over into subsequent years. 
 (d) Visa and Green Card Expenses. The Company
will reimburse Employee for the cost of transfer of Employee’s current H1B Visa and for Employee’s Green Card. The Company will also reimburse the cost of Visa expense for Employee’s immediate family, to permit her immediate family to
permanently reside in the United States. Employee may select the counsel to handle the Visa and Green Card legal work, which counsel shall be reasonably acceptable to the Company and shall be directly retained by the Company for this purpose. The
aggregate cost of Visa and Green Card expenses for Employee and her family shall not exceed Twenty Thousand Dollars ($20,000). 
  

 -2- 

 (e) Bar Dues. Company will reimburse Employee for her annual California State Bar
dues, as well as the cost of annual membership in the American Bar Association. 
 (f) Parking. The Company will provide
Employee with a parking space near the Company’s place of business in San Francisco, which, if available, shall be in One Embarcadero Center. 

4. Term of Employment. 

(a) Basic Rule. Unless Employee’s employment terminates at an earlier date pursuant to the provisions of this Agreement, the
Company agrees to continue Employee’s employment on the terms set forth herein, and Employee agrees to remain in the employ of the Company, beginning on the Effective Date until February 9, 2011. Notwithstanding the foregoing, Employee and
the Company agree that the Employee is an employee at will, and Employee’s employment may be terminated by the Employee or the Company at any time for any reason (or for no reason at all). However, except for termination for “Cause”
(as hereinafter defined), the Company shall provide Employee with at least thirty (30) days prior notice of any termination. 

(b) Severance Benefits on a Change of Control or if Termination is without “Cause”. Notwithstanding the foregoing, if
Employee elects to terminate her employment within thirty (30) days following a “Change of Control” (as hereinafter defined) or the Company terminates Employee without “Cause” (as hereinafter defined), Employee shall be
entitled to the following severance benefits 
 (i) Severance Payment. The Company shall pay the Employee an amount equal
to 100% of Employee’s base salary as in effect on the date of termination for a period of six (6) months, to be paid within 30 days after the date of termination or Change of Control; . 

(ii) Continuation of Insurance. The Company will reimburse Employee for a continuation of health, vision and dental insurance
benefits for herself and her immediate family for a period of up to six (6) months as provided to Employee immediately prior to termination; provided that if Employee opts to return to Brazil, the Company shall not be obligated to continue to
reimburse the cost of these benefits for the period after Employee leaves the United States. 
 (iii) Relocation Expense.
If: (i) termination occurs prior to issuance of a Green Card to Employee; and (ii) Employee opts to return to Brazil within the severance period, the Company shall reimburse Employee for up to Twenty Five Thousand Dollars ($25,000) of
relocation expense for the cost of relocating Employee and her family to Brazil. 
 (iv) No Duty to Mitigate. Employee
shall not be required to mitigate the amount of any payment contemplated under this Section 4(b), whether Employee seeks new employment or in any other manner, nor shall any payment under this Section 4(b) be reduced by any earnings that
Employee may receive from any other source. 
  

 -3- 

 (c) Definitions of “Change of Control” and “Cause”

 (i) Change of Control. For purposes of this Agreement, “Change of Control” shall have the following meaning:
(i) merger or consolidation of the Company with or into any other company or other entity, other than for the sole purpose of changing the Company’s state of incorporation); (ii) a sale in one transaction or a series of transactions
undertaken with a common purpose of all or a majority of the Company’s outstanding voting securities or such amount of the Company’s outstanding voting securities as would enable the purchaser to obtain the right to appoint a majority of
the Company’s Board of Directors; and (iii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions undertaken with a common purpose of all or substantially all of the Company’s assets.
Notwithstanding the foregoing, a transaction in which Mr. Hiromitsu Ogawa (and his affiliates) gain a majority of the Company’s voting stock or the ability to appoint a majority of the Company’s board of directors shall not constitute
a Change of Control. 
 (ii) Cause. For purposes of this Agreement, “Cause” shall mean: 

(A) A failure by the Employee to substantially perform her duties hereunder which is not cured within thirty
(30) days after notice from the Company; 
 (B) An act by the Employee of dishonesty, fraud,
misrepresentation, or other act(s) of moral turpitude; 
 (C) An intentional act by the Employee (other than one
constituting a legal judgment that was reasonable at the time), or a clear lack of reasonable care by the Employee, or gross misconduct by the Employee, which (in each case) is seriously injurious to the Company; 

(D) A material breach by the Employee of this Agreement which is not cured within thirty (30) days after notice from
the Company; or 
 (E) A material or willful violation of a federal or state law or regulation applicable to the
business of the Company; or 
 (F) Employee, due to lack of a proper Visa or work permit, or for any other
reason, is unable to legally be employed in the State of California. 
 (d) Benefits Payable Upon Constructive
Termination 
 The severance benefits listed under Sections 4(b) (i) and (ii) shall also be paid by
the Company to Employee in the event Employee terminates her employment under circumstances which constitutes a “Constructive Termination.” For purposes of this Agreement, “Constructive Termination shall mean any of the following
events: 
 (A) any material breach by the Company of this Agreement; 

 

 -4- 

 (B) without the Employee’s written consent, a material change in the
geographic location at which Employee must perform her duties under this Agreement, except for office relocation within the San Francisco Bay area; provided that Employee hereby acknowledges and agrees that she may be required to travel in
connection with the performance of her duties under this Agreement and that any such travel requirement will not constitute a material change in the geographic location at which Employee must perform her duties under this Agreement.; 

(C) without Employee’s consent, any material and adverse change to the Employee’s job
description under Section 1(a) above. 
 Notwithstanding any provision in this Agreement to the contrary,
termination of Employee’s employment will not constitute a Constructive Termination unless (i) Employee notifies the Company in writing of the existence of the condition which Employee believes constitutes Constructive Termination within
ninety (90) days of the initial existence of such condition (which notice specifically identifies such condition), (ii) the Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice
(the “Remedial Period”), and (iii) Employee actually terminates employment within thirty (30) days after the expiration of the Remedial Period and before the Company remedies such condition. If Employee terminates employment
before the expiration of the Remedial Period or after the Company remedies the condition (even if after the end of the Remedial Period), then Employee’s termination will not be considered a Constructive Termination. Notwithstanding the
foregoing, if at the time Employee terminates her employment with the Company under the circumstances described above in this Section 4(d) and any of the circumstances described in Section 4(c)(ii) then exist, then Employee’s
employment shall be deemed to have been terminated by the Company pursuant to Section 4(e) rather than pursuant to this Section 4(d) for all purposes of this Agreement. 

(e) Benefits Payable Upon Other Terminations. In the event Employee’s employment is terminated (or deemed terminated)
by the Company for Cause or Employee terminates her employment other than pursuant to Section 4(b) or Section 4(d), Employee shall be entitled to all accrued compensation and all other accrued benefits through the effective date of
termination, but shall not be entitled to any other compensation or benefits, and shall not be entitled to any bonus under Section 2(b) for the fiscal year in which the termination occurs. All accrued compensation and all other accrued benefits
shall be paid to Employee within thirty (30) days after the date on which Employee’s employment with the Company terminates. 

5. Proprietary Information. 

The Employee agrees, during and after the term of her employment by the Company, to comply fully with the Company’s policies relating
to non-disclosure of the Company’s trade secrets and proprietary information and processes and hereby acknowledges and re-affirms her obligations to the Company pursuant to the Employment, Confidential Information and Intellectual Property
Assignment Agreement executed by the Employee with the Company. 
  

 -5- 

 6. Section 280G 

(a) Notwithstanding anything to the contrary herein, Section 6(b) shall apply in the event that the Company
satisfies the requirement of Section 280G(b)(5)(A)(ii)(I) of the Code. In the event that the Company does not satisfy such requirement, Section 6(c), not Section 6(b), shall apply. 

(b) Prior to any change described in Section 280G(b)(2)(A)(i) of the Code (a “Section 280G Transaction”) and in
accordance with the requirements of Section 280G(b)(5)(B) of the Code, the Company shall seek, but shall not be required to obtain, approval by its shareholders of any payments, options, awards or benefits (including, without limitation, the
monetary value of any non-cash benefits and the accelerated vesting of stock options) under this Agreement or under any other plan, agreement or arrangement with the Company, any person whose actions result in a Section 280G Transaction or any
person affiliated with the Company or such person (collectively, the “Payments”), that may separately or in the aggregate constitute “parachute payments” within the meaning of Section 280G (collectively, the “Potential
Parachute Payments”). In the event that the shareholders of the Company do not approve the Employee’s Potential Parachute Payments in accordance with Section 280G(b)(5)(B) of the Code, the Employee will have no right or entitlement to
receive or retain, as the case may be, that portion of her Potential Parachute Payments that would otherwise cause any portion of any of her Potential Parachute Payments to be treated as an “excess parachute payment” (within the meaning of
Section 280G). 
 (c) In the event that the Employee becomes entitled to receive or receives any Payments and it is
determined that, but for this Section 6(c), any of the Payments will be subject to any excise tax pursuant to Section 4999 of the Code or any similar or successor provision (the “Excise Tax”), the Company shall pay to the
Employee either (i) the full amount of the Payments or (ii) an amount equal to the Payments, reduced by the minimum amount necessary to prevent any portion of the Payments from being an “excess parachute payment” (within the
meaning of Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by the Employee, on an after-tax basis, of the greatest amount of Payments notwithstanding that all or some portion of the
Payments may be subject to the Excise Tax. For purposes of determining whether an Employee would receive a greater after-tax benefit from the Capped Payments than from receipt of the full amount of the Payments, (i) there shall be taken into
account any Excise Tax and all applicable federal, state and local taxes required to be paid by the Employee in respect of the receipt of such payments and (ii) such payments shall be deemed to be subject to federal income taxes at the highest
rate of federal income taxation applicable to individuals that is in effect for the calendar year in which the benefits are to be paid, and state and local income taxes at the highest rate of taxation applicable to individuals in the state and
locality of the Employee’s residence on the effective date of the Section 280G Transaction, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes (as determined by
assuming that such deduction is subject to the maximum limitation applicable to itemized deductions under Section 68 of the Code and any other limitations applicable to the deduction of state and local income taxes under the Code). 

 

 -6- 

 (d) All calculations and determinations under this Section 6, including application and
interpretation of the Code and related regulatory, administrative and judicial authorities, shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the “Tax Advisor”). All determinations made by
the Tax Advisor under this Section 6 shall be conclusive and binding on both the Company and the Employee, and the Company shall cause the Tax Advisor to provide its determinations and any supporting calculations with respect to the Employee to
the Company and the Employee. The Company shall bear all fees and expenses charged by the Tax Advisor in connection with its services. For purposes of making the calculations and determinations under this Section 6, after taking into account
the information provided by the Company and the Employee, the Tax Advisor may make reasonable, good faith assumptions and approximations concerning the application of Sections 280G and 4999 of the Code. The Company and the Employee shall
furnish the Tax Advisor with such information and documents as the Tax Advisor may reasonably request to assist the Tax Advisor in making calculations and determinations under this Section 6. In the event that Section 6(c) applies and
a reduction is required to be applied to the Payments thereunder, the Payments shall be reduced by the Company in its reasonable discretion in the following order: (i) reduction of any Payments that are subject to Section 409A of the Code
on a pro-rata basis or such other manner that complies with Code Section 409A, as determined by the Company, and (ii) reduction of any Payments that are exempt from Code Section 409A. 

(e) Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(i) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury regulations promulgated thereunder.

 (ii) “Section 280G” shall mean Section 280G of the Code and the Treasury regulations promulgated thereunder or
any similar or successor provision. 
  

 -7- 

 7. Section 409A 

The Company makes no representations or warranties to Employee with respect to any tax, economic or legal consequences of this Agreement or any payments
or other benefits provided hereunder, including without limitation under Section 409A of the Code, and no provision of the Agreement shall be interpreted or construed to transfer any liability for failure to comply with Code Section 409A
or any other legal requirements from Employee or any other individual to the Company or any of its affiliates. Employee, by executing this Agreement, shall be deemed to have waived any claim against the Company and its affiliates with respect to any
such tax, economic and legal consequences. However, the parties intend that this Agreement and the payments and other benefits provided hereunder be exempt from the requirements of Code Section 409A to the maximum extent possible, whether
pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent
Code Section 409A is applicable to this Agreement (and such payments and benefits), the parties intend that this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed under
Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the
foregoing, and notwithstanding any other provision of this Agreement to the contrary, with respect to any payments and benefits under this Agreement to which Code Section 409A applies, all references in this Agreement to the termination of
Employee’s employment are intended to mean Employee’s “separation from service,” within the meaning of Code Section 409A(a)(2)(A)(i). In addition, if Employee is a “specified employee,” within the meaning of Code
Section 409A(a)(2)(B)(i), then to the extent necessary to avoid subjecting Employee to the imposition of any additional tax under Code Section 409A, amounts that would otherwise be payable under this Agreement during the six-month period
immediately following Employee’s “separation from service,” within the meaning of Section 409A(a)(2)(A)(i) of the Code, shall not be paid to Employee during such period, but shall instead be accumulated and paid to Employee (or,
in the event of Employee’s death, Employee’s estate) in a lump sum on the first business day following the earlier of (a) the date that is six months after Employee’s separation from service or (b) Employee’s death.

 8. Successors. 

(a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume this Agreement and agree expressly to perform this Agreement in the same manner and to the same extent as the Company
would be required to perform it in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption
agreement described in this subsection (a) or which becomes bound by this Agreement by operation of law. 
  

 -8- 

 (b) Employee’s Successors. This Agreement and all rights of the Employee
hereunder shall inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. 

9. Notice. 
 Notices and
all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In
the case of the Employee, mailed notices shall be addressed to him at the home address which he most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and
all notices shall be directed to the attention of its Secretary. 
 10. Miscellaneous Provisions. 

(a) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by the Employee and by authorized officer of the Company (other than the Employee). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (b)
Whole Agreement. No agreements, representations or understanding (whether oral or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the
subject matter hereof. 
 (c) Choice of Law. The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the State of California. 
 (d) Severability. The invalidity or enforceability of any
provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(e) No Assignment of Benefits. The rights of any person to payments or benefits under this Agreement shall not be made subject to
option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this subsection
(e) shall be void. 
 (f) Limitation of Remedies. If the Employee’s employment hereunder terminates for any
reason, the Employee shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement. 
  

 -9- 

 (g) Withholding. The Company shall be entitled to deduct and withhold from any
amounts payable under this Agreement such amounts as the Company is required to deduct or withhold therefrom under the Code or under any other applicable law. 

(h) Captions. Captions contained herein are inserted only as a matter of convenience and in no way define, limit or extend the
scope or intent of any provision hereof. 
 (i) Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together will constitute one and the same instrument. 
 (j)
Arbitration. Any dispute or claim arising under or relating to this Agreement (including without limitation the validity or scope of this Agreement or of any provision hereof or of this Section 10(j)) shall be determined exclusively by
arbitration before a single arbitrator in accordance with the commercial arbitration rules of the American Arbitration Association. In the event the parties cannot agree on an arbitrator within 10 days after either party makes a written call for
arbitration hereunder, the arbitrator shall be appointed by the Executive Director of the Northern California office of the American Arbitration Association. 
  

 -10- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

			
	 CAI
 INTERNATIONAL,
INC.

		
	By:	 	  

	Name:	 	Victor Garcia
	Title:	 	Chief Financial Officer
	
	  

	Nadine Teixeira

  

 -11-

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