Document:

Exhibit 10(c)

FORM OF

AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT

OF

TIAA-CREF USREF I REIT, LLC

(a Delaware limited liability company)

____________, 2007

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 1

	
 

	
DEFINITIONS

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 2

	
 

	
ORGANIZATION

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.1

	
 

	
 

	
Formation

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.2

	
 

	
 

	
Name

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.3

	
 

	
 

	
Certificate

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.4

	
 

	
 

	
Principal
  Place of Business

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.5

	
 

	
 

	
Registered
  Office and Registered Agent

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.6

	
 

	
 

	
Term

	
 

	
6

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.7

	
 

	
 

	
Purposes and
  Powers

	
 

	
6

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.8

	
 

	
 

	
Effectiveness
  of this Agreement

	
 

	
8

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
2.9

	
 

	
 

	
Qualification
  as a Real Estate Investment Trust

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 3

	
 

	
CAPITAL

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.1

	
 

	
 

	
Interests in
  the REIT

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3.2

	
 

	
 

	
Issuance of
  Interests in the REIT

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 4

	
 

	
DISTRIBUTIONS

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.1

	
 

	
 

	
Cash
  Distributions

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4.2

	
 

	
 

	
Withholding

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 5

	
 

	
MEMBERS

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.1

	
 

	
 

	
Limitation
  of Liability

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
5.2

	
 

	
 

	
No
  Termination

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 6

	
 

	
EXCESS SHARE PROVISIONS

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.1

	
 

	
 

	
Definitions

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.2

	
 

	
 

	
Ownership
  Limitation

	
 

	
13

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.3

	
 

	
 

	
Excess
  Shares

	
 

	
14

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.4

	
 

	
 

	
Prevention
  of Transfer

	
 

	
15

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.5

	
 

	
 

	
Notice

	
 

	
15

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.6

	
 

	
 

	
Information
  for the REIT

	
 

	
15

	
 

-i-

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.7

	
 

	
 

	
Other Action
  by Manager

	
 

	
15

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.8

	
 

	
 

	
Ambiguities

	
 

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.9

	
 

	
 

	
Modification
  of Existing Holder Limits

	
 

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.10

	
 

	
 

	
Increase or
  Decrease in Ownership Limit

	
 

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.11

	
 

	
 

	
Limitations on
  Changes in Existing Holder and Ownership Limits

	
 

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.12

	
 

	
 

	
Waivers by
  Manager

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.13

	
 

	
 

	
Severability

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.14

	
 

	
 

	
Trust for
  Excess Shares

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.15

	
 

	
 

	
Distributions
  on Excess Shares

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.16

	
 

	
 

	
Voting of
  Excess Shares

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.17

	
 

	
 

	
Non-Transferability
  of Excess Shares

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
6.18

	
 

	
 

	
Call by the
  REIT on Excess Shares

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 7

	
 

	
TRANSFERS

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
7.1

	
 

	
 

	
Transfer of
  Interests in the REIT

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 8

	
 

	
MANAGER

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.1

	
 

	
 

	
Appointment
  of the Manager

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.2

	
 

	
 

	
Rights,
  Duties and Powers of the Manager

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.3

	
 

	
 

	
Limitation
  on Manager’s Authority

	
 

	
21

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.4

	
 

	
 

	
Other
  Activities

	
 

	
21

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.5

	
 

	
 

	
Limitation
  on Liability

	
 

	
22

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
8.6

	
 

	
 

	
Indemnification

	
 

	
22

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 9

	
 

	
DISSOLUTION AND TERMINATION

	
 

	
24

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.1

	
 

	
 

	
Events of
  Dissolution

	
 

	
24

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.2

	
 

	
 

	
Application
  of Assets

	
 

	
25

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
9.3

	
 

	
 

	
Procedural
  and Other Matters

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 10

	
 

	
APPOINTMENT OF ATTORNEY-IN-FACT

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
10.1

	
 

	
 

	
Appointment
  and Powers

	
 

	
26

	
 

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TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
10.2

	
 

	
 

	
Presumption
  of Authority

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 11

	
 

	
MISCELLANEOUS PROVISIONS

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1

	
 

	
 

	
Notices

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.2

	
 

	
 

	
Access to
  Information; Books and Records

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.3

	
 

	
 

	
Word
  Meanings

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.4

	
 

	
 

	
Successors

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.5

	
 

	
 

	
Amendments

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.6

	
 

	
 

	
Waiver

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.7

	
 

	
 

	
Applicable
  Law

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.8

	
 

	
 

	
Title to
  REIT Assets

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.9

	
 

	
 

	
Severability
  of Provisions

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.10

	
 

	
 

	
Headings

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.11

	
 

	
 

	
Further
  Assurances

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.12

	
 

	
 

	
Counterparts

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.13

	
 

	
 

	
Entire
  Agreement

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
11.14

	
 

	
 

	
Jurisdiction;
  Venue

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EXHIBIT A

	
 

	
Members of
  the REIT 

	
 

	
 

	
 

-iii-

FORM
OF

AMENDED AND RESTATED

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

TIAA-CREF USREF I REIT, LLC

(a Delaware limited liability company)

          THIS
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of TIAA-CREF USREF I
REIT, LLC, a Delaware limited liability company (the “REIT”), dated and
effective as of ________, 2007, is entered into by and among TIAA-CREF U.S.
Real Estate Fund I, L.P., a Delaware limited partnership (the “Fund”), and
those other Persons who have executed this Agreement or a counterpart hereof, or
who become parties hereto pursuant to the terms of this Agreement.

W I T N E S S E T H

          WHEREAS,
the REIT was formed on February 2, 2007, at which time the Certificate was
filed with the Secretary of State of Delaware;

          WHEREAS,
the Fund is the Manager and a Member of the REIT;

          WHEREAS,
the Fund, in its capacity as the sole Member as of such date, adopted a Limited
Liability Company Agreement of the REIT, dated as of February 2, 2007;

          WHEREAS,
the REIT will elect to be taxed as a real estate investment trust under
Sections 856-860 of the Code; and

          WHEREAS,
this Agreement shall constitute the “limited liability company agreement”
(within the meaning of the Act) of the REIT, and shall be binding upon all
Persons now or at any time hereafter that are Members.

          NOW,
THEREFORE, in consideration of the mutual
covenants and obligations set forth in this Agreement, and of other good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto, intending legally to be bound, hereby agree as follows:

ARTICLE 1

DEFINITIONS

          Capitalized
terms used in this Agreement (including exhibits, schedules and amendments)
shall have the meanings set forth below or in the Section of this Agreement
referred to below, except as otherwise expressly indicated or limited by the
context in which they appear in this Agreement. All terms defined in this
Agreement in the singular

have the same
meanings when used in the plural and vice versa. Accounting terms used but not
otherwise defined shall have the meanings given to them under generally
accepted accounting principles. References to Sections, Articles and Exhibits
refer to the sections and articles of, and the exhibits to, this Agreement,
unless the context requires otherwise.

          “Act”
means the Delaware Limited Liability Company Act, as amended.

          “Affiliate”
means, when used with reference to a specified Person, (i) any Person that
directly or indirectly through one or more intermediaries controls or is
controlled by or is under common control with the specified Person, (ii) any
Person who is an officer, partner, member or trustee of, or serves in a similar
capacity with respect to, the specified Person or of which the specified Person
is an officer, partner, member or trustee, or with respect to which the
specified Person serves in a similar capacity, (iii) any Person who, directly
or indirectly, is the beneficial owner of 10% or more of any class of voting
securities of, or otherwise has a substantial beneficial interest in, the
specified Person or of which the specified Person is directly or indirectly the
owner of 10% or more of any class of voting securities or in which the
specified Person has a substantial beneficial interest, and (iv) any relative
or spouse of the specified Person. Affiliate of the Fund or the General Partner
does not include a Person who is a partner in a partnership or joint venture
with the Fund or with any Affiliate of the Fund, which Person is not otherwise
an Affiliate of the Fund or the General Partner.

          “Agreement”
means this Amended and Restated Limited Liability Company Agreement, as it may
be amended, restated, supplemented or otherwise modified from time to time as
herein provided.

          “Asset
Management Agreement” means that certain Asset Management Agreement entered
into by and among the Fund, the General Partner and the Asset Manager, as
amended from time to time in accordance with the terms thereof.

          “Asset
Manager” means Teachers Advisors, Inc., a Delaware corporation, in its capacity
as the asset and investment manager of the Fund, or any successor thereto.

          “Capital
Contribution” means the amount of cash contributed to the REIT by a Member as
set forth on Exhibit A. 

          “Certificate”
means the “Certificate of Formation” of the REIT, as originally filed with the
office of the Secretary of State of the State of Delaware on February 2, 2007,
as amended, restated, supplemented or otherwise modified from time to time as
herein provided.

          “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any
subsequent federal law of similar import, and, to the extent applicable, any
Treasury Regulations promulgated thereunder.

2

          “Entity”
means any general partnership, limited liability company, proprietorship,
corporation, joint venture, joint-stock company, limited partnership, limited
liability partnership, business trust, firm, trust, estate, governmental
entity, cooperative, association or other foreign or domestic enterprise.

          “Fund”
has the meaning ascribed thereto in the first paragraph of this Agreement, in
its capacity as the Manager and a Member of the REIT, including, without
limitation, any successor or assign of the Fund.

          “Fund
Agreement” means that Amended and Restated Agreement of Limited Partnership of
the Fund, dated as of __________, 200_, as such Agreement may be amended,
supplemented, restated or otherwise modified from time to time. 

          “Fund
General Partner” means TIAA-CREF USREF I GP, LLC, a Delaware limited liability
company, as the general partner of the Fund, and any Person admitted as a
successor or additional general partner of the Fund in accordance with the Fund
Agreement.

          “Indemnified
Parties” has the meaning ascribed thereto in Section 8.5(a).

          “Liquidator”
has the meaning ascribed thereto in Section 9.2.

          “Manager”
means the Fund or any other manager or managers of the REIT designated from
time to time in accordance with Section 8.1, each which shall be deemed to be a
“manager” within the meaning of the Act. 

          “Members”
means all Persons, including, without limitation, any successor or assign of an
existing Member in accordance with the terms of this Agreement, holding
interests in the REIT whose Capital Contributions have been accepted by the
REIT so long as such Persons’ capital is invested in the REIT, and including
each Person admitted as an additional Member of the REIT, as listed from time to
time on Exhibit A, in such Persons’ capacities as “members” of the REIT within
the meaning of the Act. 

          “Net
Cash Flow” means, for any period, all cash revenues and other funds received by
the REIT during such period (other than Capital Contributions), plus amounts
released from reserves, less all sums paid to lenders and all cash expenses,
costs and capital expenditures made during such period from such sources and
after setting aside appropriate reserves, as determined by the Manager in its
sole discretion.

          “Percentage
Interest” means, as to each Member, its interest in the REIT as determined by
dividing the number of REIT Units owned by such Member by the total number of
REIT Units then issued and outstanding and as set forth on Exhibit A, as
such exhibit may be amended from time to time.

3

          “Person”
means any individual or Entity, and the heirs, executors, administrators, legal
representatives, successors, and assigns of such Person where the context so
admits.

          “Portfolio
Company” means a company (whether a real estate investment trust, corporation,
commingled fund or other Entity) with interests in Real Estate Assets, or that
is otherwise involved in the ownership, operation, management or development of
Real Estate Assets or in other real estate-related businesses or assets in
which the REIT owns a direct or indirect minority or non-controlling ownership
interest.

          “Preferred
Units” has the meaning ascribed thereto in Section 3.1(b).

          “Real
Estate Assets” means all interests in Real Property Investments and all other
real estate-related assets (including, without limitation, mortgages,
participating and convertible mortgages, options, leases, and equity and debt
interests in Portfolio Companies).

          “Real
Property Investment” means real property in which the REIT, directly or
indirectly through a subsidiary, acquires a controlling interest in whole or in
part, with the proceeds of Capital Contributions or through reinvestment of Net
Cash Flow (or funds that, except for such reinvestment, would be Net Cash
Flow), together with all improvements on such real property and all repairs,
replacements or renewals thereof and all personal property acquired, directly
or indirectly, and located thereon or used in connection therewith, and in the
case of any controlling interest in real property that is owned by a
partnership, joint venture or other joint ownership arrangement, the term “Real
Property Investment” includes any real property so owned or such controlling
interest, as the context may allow.

          “REIT”
has the meaning ascribed thereto in the recitals to this Agreement.

          “REIT
Asset” means the interest of the REIT in any Portfolio Company or other Entity
or security (whether in corporate securities, equity, debt or hybrid
securities, partnership or joint venture interests, other contractual rights or
otherwise), any Real Estate Asset or other asset owned, directly or indirectly,
by the REIT, as determined by the Manager.

          “REIT
Units” means the limited liability company interests in the REIT designated as
such with the rights, powers and duties set forth herein, and expressed in the
number set forth on Exhibit A, as such exhibit may be amended from time
to time.

          “Securities
Act” means the Securities Act of 1933, or any successor thereto, as amended
from time to time.

          “TIAA”
means Teachers Insurance and Annuity Association of America, a New York
corporation, and any successor or assign thereof.

4

          “Transfer”
means to give, sell, assign, pledge, hypothecate, devise, bequeath, or
otherwise dispose of, transfer, or permit to be transferred, during life or at
death. The word “Transfer,” when used as a noun, shall mean any Transfer
transaction.

          “Treasury
Regulations” means the U.S. federal income tax regulations, including any
temporary or proposed regulations, promulgated under the Code, as such Treasury
Regulations may be amended from time to time (it being understood that all
references herein to specific sections of the Treasury Regulations shall be
deemed also to refer to any corresponding provisions of succeeding Treasury
Regulations).

          “Units”
means the limited liability company interests in the REIT, whether REIT Units
or Preferred Units.

ARTICLE 2

ORGANIZATION

          2.1
Formation. The parties hereto hereby ratify the formation of the limited
liability company known as TIAA-CREF USREF I REIT, LLC as a limited liability
company under the provisions of the Act.

          2.2
Name. The name of the REIT shall be “TIAA-CREF USREF I REIT, LLC”. The
business of the REIT shall be conducted under such name or such other names as
the Manager may from time to time designate.

          2.3
Certificate. The Manager, and any other Person designated by the
Manager, is hereby authorized to execute, file and record all such certificates
and documents, including amendments to the Certificate, and to do such other
acts as may be appropriate to comply with all requirements for the formation,
continuation and operation of a limited liability company, the ownership of
property and the conduct of business under the laws of the State of Delaware
and any other jurisdiction in which the REIT may own property or conduct
business.

          2.4
Principal Place of Business. The principal place of business shall be
located at 730 Third Avenue, New York, New York 10017-3206, or at such other
location as may be designated by the Manager.

          2.5
Registered Office and Registered Agent. The address of the registered
office of the REIT in the State of Delaware shall be 1209 Orange Street,
Wilmington, Delaware 19805, or such other place as may be designated from time
to time by the Manager. The name of the registered agent for service of process
on the REIT in the State of Delaware at such address shall be The Corporation
Trust Company, or such other Person as may be designated from time to time by
the Manager.

5

          2.6
Term. The term of the REIT commenced on the date of the filing of the
Certificate and shall continue until dissolved pursuant to the provisions of Article
9. 

          2.7
Purposes and Powers. The REIT is organized for the object and purpose of
making investments in Real Estate Assets, owning, managing, supervising and
disposing of such investments, sharing the profits and losses therefrom and
engaging in such activities necessary, incidental or ancillary thereto and to
engage in any other lawful act or activity for which limited liability
companies may be organized under the Act in furtherance of the foregoing.
Notwithstanding any other provision of this Agreement, the REIT, and the
Manager on behalf of the REIT, may execute, deliver and perform such agreements
and documents as the Manager determines are necessary or desirable for the
formation and organization of the REIT. Any provision herein regarding the
purpose and powers of the REIT and the authorization of actions hereunder shall
also apply to, and may be done through, a direct or indirect subsidiary of the
REIT. In furtherance of this purpose, the REIT shall have all powers necessary,
suitable or convenient for the accomplishment of the aforesaid purpose, subject
to the limitations and restrictions set forth in this Agreement and, to the
extent applicable to the REIT, in the Partnership Agreement, as principal or
agent, including, without limitation, all of the powers that may be exercised
by the Manager on behalf of and, except as specifically provided herein, at the
expense of the REIT pursuant to this Agreement or the Act, and further
including, without limitation, the following: 

                                        (i)
to engage in investment activities as the Manager may determine, including,
without limitation, to purchase, sell, exchange, make, receive, invest and
reinvest in, and otherwise trade, directly or indirectly, in and with (x) Real
Estate Assets, (y) capital stock, preorganization certificates and
subscriptions, warrants, trust receipts, bonds, notes, convertible debt, bank
loans and any other evidences of indebtedness (in each case, whether senior or
subordinated or secured or unsecured), and other restricted or marketable,
equity, debt, or equity- or debt-related securities, obligations or interests,
including any combination of the foregoing and including direct or indirect
interests or participations therein or other similar securities, obligations or
interests, including shares of beneficial interest, warrants, rights or options
to purchase equity, debt or equity- or debt-related securities, obligations or
interests, limited and general partnership interests, trade credits or
obligations, or debt-related securities, obligations or interests issued, in
each case, in connection with, or otherwise related to, Real Estate Assets and
(z) other REIT Assets; 

                                        (ii)
to act as general or limited partner, member, joint venturer, manager or
shareholder of any Entity and to exercise all of the powers, duties, rights and
responsibilities associated therewith; 

                                        (iii)
to borrow money, encumber assets and otherwise incur recourse and non-recourse
indebtedness (including, without limitation, the issuance of 

6

guarantees of
the payment or performance obligations by any Person) in connection with or in
furtherance of the acquisition of or the financing of a REIT Asset; 

                                        (iv)
to improve, develop, redevelop, construct, reconstruct, maintain, renovate,
rehabilitate, reposition, manage, lease, mortgage and otherwise deal with the
assets and/or businesses constituting the REIT Assets; 

                                        (v)
to alter or restructure the REIT’s investment in any REIT Asset at any time
during the term of the REIT without any precondition that the Manager make any
distributions to the Members in connection therewith; 

                                        (vi)
to enter into, perform and carry out contracts of any kind with any Person
(including, without limitation, the Manager), necessary to, in connection with,
or incidental to the accomplishment of the purposes of the REIT; 

                                        (vii)
to, subsequent to the REIT’s initial investment in any REIT Asset, make
additional investments in such REIT Asset (including, without limitation,
additional investments made to finance acquisitions by any Portfolio Companies
or any capital improvements, tenant improvements or other improvements or
alterations to any property constituting a REIT Asset or otherwise to protect
the REIT’s investment in any REIT Asset or to provide working capital for any
REIT Asset); 

                                        (viii)
to pay the commissions, fees or other charges to Persons that may be applicable
in connection with any transactions entered into by or on behalf of the REIT; 

                                        (ix)
to, either by itself or by contract with others, including, without limitation,
a Person whose stockholders, owners, partners, officers or employees are
stockholders, owners, partners, officers or employees of the Manager or an
Affiliate thereof, have and maintain one or more offices within or without the
State of Delaware and in connection therewith to rent, lease or purchase office
space, facilities and equipment, to engage and pay personnel and do such other
acts and things and incur such other expenses on its behalf as may be necessary
or advisable in connection with the maintenance of such office or offices and
the conduct of the business of the REIT; 

                                        (x)
to open, maintain and close accounts with brokers; 

                                        (xi)
to open, maintain and close bank accounts and draw checks and other orders for
the payment of moneys; 

                                        (xii)
to enter into, make and perform all contracts, agreements and other
undertakings as may be necessary or advisable or incident to carrying out its
purpose; 

7

                                        (xiii)
to sue and be sued, to prosecute, arbitrate, settle or compromise all claims of
or against third parties, to compromise, arbitrate, settle or accept judgment
with respect to claims of or against the REIT and to execute all documents and
make all representations, admissions and waivers in connection therewith; 

                                        (xiv)
to register or qualify the REIT under any applicable federal or state laws, or
to obtain exemptions under such laws, if such registration, qualification or
exemption is deemed necessary or desirable by the Manager; 

                                        (xv)
to form one or more corporations or partnerships or other Entities, to register
or qualify such Entities and to utilize such corporations, partnerships or
other Entities as vehicles for making investments and to otherwise carry out
the business of the REIT and to cause such partnerships, corporations or other
Entities to take any action which the Manager would have the authority to take
on behalf of the REIT; 

                                        (xvi)
to make any and all elections and filings for federal, state, and local tax
purposes; 

                                        (xvii)
to enter into and perform the terms of any credit facility, whether with TIAA,
an Affiliate thereof or any other Entity, as borrower or guarantor and to cause
any of its subsidiaries to enter into and perform the terms of any such credit
facility as borrower, including, without limitation, repaying borrowings under
any such credit facility on behalf of the REIT; 

                                        (xviii)
to create, and admit as a Member, any Entity that may be necessary, convenient
or incidental to the accomplishment of the purpose of the REIT; 

                                        (xix)
to purchase or repurchase any or all interests in the REIT from any Person for
such consideration as the Manager may determine in its reasonable discretion
(whether more or less than the original issuance price of such interests in the
REIT or the then market value of such interest); and 

                                        (xx)
to do such other things and engage in such other activities as may be
necessary, convenient or advisable with respect to the conduct of the business
of the REIT, and have and exercise all of the powers and rights conferred upon
limited liability companies formed pursuant to the Act. 

          2.8
Effectiveness of this Agreement. This Agreement shall govern the
operations of the REIT and the rights and restrictions applicable to the
Members, to the extent permitted by law. Pursuant to Section 18-101(7) of the
Act, all Persons who become holders of Units shall be bound by the provisions
of this Agreement. The execution by a Person of this Agreement and acceptance
thereof by the Manager in accordance with the terms of this Agreement or the
receipt of Units as a Member or as a successor or assign of an existing Member
in accordance with the terms of this Agreement shall be deemed to constitute a
request that the records of the REIT reflect 

8

such
admission, and shall be deemed to be a sufficient act to comply with the
requirements of Section 18-101(7) of the Act and to so cause that Person to
become a Member as of the date of acceptance of its Capital Contribution by the
REIT, or as of the date of acceptance by the Manager of such successor or
assign as a substitute Member, and to bind that Person to the terms and
conditions of this Agreement (and to entitle that Person to the rights of a
Member hereunder). 

          2.9
Qualification as a Real Estate Investment Trust. The Manager shall use
commercially reasonable efforts to cause the REIT to qualify for U.S. federal
income tax treatment as a real estate investment trust under Sections 856
through 860 of the Code. The REIT shall not be a financial institution referred
to in Section 582(c)(2) of the Code nor any insurance company to which
subchapter L of the Code applies. In furtherance of the foregoing, the Manager
shall use its reasonable best efforts to take such actions from time to time as
are necessary, and is authorized to take such actions as in its sole judgment
and discretion are desirable, to preserve the status of the REIT as a real
estate investment trust; provided, however, that if the Manager determines that
it is no longer in the best interests of the REIT to continue to have the REIT
qualify as a real estate investment trust, the Manager may revoke or otherwise
terminate the REIT’s real estate investment trust election pursuant to
applicable U.S. federal income tax law and may elect to treat the REIT
thereafter as a C corporation, partnership or other type of Entity as it
determines in accordance with applicable tax law.  

ARTICLE 3

CAPITAL

          3.1
Interests in the REIT. 

                    (a)
REIT Units. Each REIT Unit shall have the rights and be governed by the
provisions set forth in this Agreement; and none of such REIT Units shall have
any preemptive rights, or give the holders thereof any cumulative voting
rights. REIT Units shall be evidenced by entries on Exhibit A.
Certificates representing REIT Units shall not be issued; provided, however,
that the Manager may provide that some or all of the REIT Units shall be
certificated. 

                    (b)
Other Interests in the REIT. Subject to Article 6, the Manager
may cause the REIT to issue additional interests in the REIT (in addition to
REIT Units) in one or more classes, or one or more series of any of such
classes, with such designations, preferences and relative, participating,
optional or other special rights, powers and duties as the Manager may deem
advisable, including rights, powers and duties senior to the REIT Units,
including, without limitation, with respect to the rights of the REIT Units to
share in distributions and to be entitled (or not entitled) to vote on any REIT
matters (collectively “Preferred Units”). Preferred Units may include rights,
options, warrants or convertible or exchangeable securities containing the
right to subscribe for or purchase such additional interests in the REIT. If
the Manager determines that it is necessary or 

9

desirable to
amend this Agreement or make any filings under the Act or otherwise in order to
reference the existence or creation of a class or series of additional
interests in the REIT, the Manager may amend this Agreement or cause such
filings to be made (which filings may take the form of amendments to the
Certificate). 

          3.2
Issuance of Interests in the REIT. Subject to Article 6, the
Manager may accept Capital Contributions from additional Members and additional
Capital Contributions from existing Members at any time. Each such additional
Member shall be admitted as a Member as of the date of acceptance of its Capital
Contribution by the Manager, at which time the Manager shall cause the REIT to
issue to such Person such number of REIT Units or Preferred Units, as
determined by the Manager in its sole discretion. Upon the Manager’s acceptance
of a Capital Contribution from any Person, such Person shall become a party to
this Agreement and a Member of the REIT and the obligations contained herein
shall continue for so long as such Person is a Member. The Manager shall amend Exhibit
A to reflect the admission of additional Members and, if applicable, the
increase in Capital Contributions from existing Members, and the Manager shall
take any other appropriate action in connection therewith. Each Member hereby
consents to any and all admissions of such additional Members and the
acceptance of any and all such additional contributions. The Capital
Contribution of any such additional Members shall be specified by the Manager
at the time of admission of such additional Members. No Member shall be
entitled to any interest or compensation by reason of its Capital Contributions
or by reason of serving as a Member. 

ARTICLE 4

DISTRIBUTIONS

          4.1
Cash Distributions. Net Cash Flow shall be distributed as determined by
the Manager in its sole discretion (provided that such determination may take
into account the REIT’s ongoing expenses (including debt payments), anticipated
investments or capital expenditures and reserves) to the holders of the REIT
Units in proportion to their respective Percentage Interests, subject to any distributions
required to be made to any holders of Preferred Units. Notwithstanding anything
to the contrary in this Agreement, the Manager shall make distributions of Net
Cash Flow as shall be necessary for the REIT to qualify as a real estate
investment trust under the Code (so long as such qualification is, in the
opinion of the Manager, in the best interests of the REIT). 

          4.2
Withholding. Notwithstanding any other provision of this Agreement, the
Manager shall take any action that it determines to be necessary or appropriate
to cause the REIT to comply with any withholding requirements established under
any federal, state or local tax law, including, without limitation, withholding
amounts from any distribution to be made to any Member. Any amounts required to
be withheld under any such law by reason of the status of, or any action or
failure to act (other than an action or failure to act pursuant to this
Agreement) by, any Member shall be withheld from 

10

distributions
otherwise to be made to such Member, and, to the extent such amounts exceed
such distributions, such Member shall pay the amount of such excess to the REIT
in the manner and at the time or times required by the Manager. For purposes of
this Agreement, any amount withheld from a distribution to a Member and paid to
a governmental body shall be treated as if distributed to such Member. 

ARTICLE 5

MEMBERS

          5.1
Limitation of Liability. Except as expressly provided in this Agreement
or under the Act, the Members shall have no liability under this Agreement, and
the debts, obligations and liabilities of the REIT, whether arising in
contract, tort or otherwise, shall be solely the debts, obligations and
liabilities of the REIT, and the Members shall not be obligated personally for
any such debt, obligation or liability of the REIT solely by reason of being a
Member. The Members shall not be required to lend any funds to the REIT. Each
of the Members shall be liable to make payment of his, her or its respective
contributions as and when due hereunder and other payments as expressly
provided in this Agreement. If and to the extent a Member’s contributions shall
be fully paid, such Member shall not, except as required by the express
provisions of the Act regarding repayment of sums wrongfully distributed to
Members or its subscription document, be required to make any further
contributions. 

          5.2
No Termination. The death, retirement, resignation, expulsion,
bankruptcy, dissolution or any other event that terminates the existence of a
Member shall not affect the existence of the REIT, and the REIT shall continue
for the term of this Agreement until its existence is terminated as provided
herein. 

ARTICLE 6

EXCESS SHARE PROVISIONS

          6.1
Definitions. For purposes of this Article 6, the following terms
shall have the following meanings: 

          “Beneficial
Ownership” shall mean ownership of Units by a Person who would be treated
as an owner of such Units either directly or constructively through the
application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of
the Code. The terms “Beneficial Owner,” “Beneficially Owns,” “Beneficially Own”
and “Beneficially Owned” shall have correlative meanings. 

          “Charitable
Beneficiary” shall mean an organization or organizations described in
Sections 170(b)(1)(A) and 170(c) of the Code and identified by the Manager as
the beneficiary or beneficiaries of the Excess Share Trust. 

11

          “Excess
Shares” shall have the meaning ascribed thereto in Section 6.3(a). 

          “Excess
Share Trust” shall mean the trust created pursuant to Section 6.14. 

          “Excess
Share Trustee” shall mean a Person, who shall be unaffiliated with the
Fund, any Purported Beneficial Transferee and any Purported Record Transferee,
identified by the Manager as the trustee of the Excess Share Trust. 

          “Existing
Holder” shall mean (a) the Fund and (b) any Person to whom an Existing
Holder Transfers, subject to the limitations provided in this Agreement,
Beneficial Ownership of Units causing such transferee to Beneficially Own Units
in excess of the Ownership Limit. 

          “Existing
Holder Limit” (a) for the Fund shall mean, initially, 100% of the Units,
and, after any adjustment pursuant to Section 6.9, shall mean such
percentage of the outstanding Units, as the case may be, as so adjusted, and
(b) for any Existing Holder who becomes an Existing Holder by virtue of clause
(b) of the definition thereof, shall mean, initially, the percentage of the
outstanding Units Beneficially Owned by such Existing Holder at the time that
such Existing Holder becomes an Existing Holder, but in no event shall such
percentage be greater than the Existing Holder Limit for the Existing Holder
who Transferred Beneficial Ownership of such Units or, in the case of more than
one transferor, in no event shall such percentage be greater than the smallest
Existing Holder Limit of any transferring Existing Holder, and, after any
adjustment pursuant to Section 6.9, shall mean such percentage of the
outstanding Units as so adjusted. 

          “Market
Price” shall mean the market price of such class of Units on the relevant
date as determined in good faith by the Manager. 

          “Ownership
Limit” shall initially mean 9.8% in number of the Units or value of the
outstanding Units, and after any adjustment as set forth in Section 6.10,
shall mean such greater percentage of the outstanding Units as so adjusted. The
number and value of the outstanding Units of the Fund shall be determined by
the Manager in good faith, which determination shall be conclusive for all
purposes hereof. 

          “Person”
shall mean an individual, corporation, partnership, estate, trust (including,
without limitation, a trust qualified under Section 401(a) or 501(c)(17) of the
Code), portion of a trust permanently set aside for or to be used exclusively
for the purposes described in Section 642(c) of the Code, association, private
foundation within the meaning of Section 509(a) of the Code, joint stock
company or other Entity. 

          “Prohibited
Owner Event” has the meaning provided in Section 6.3(c). 

          “Purported
Beneficial Transferee” shall mean, with respect to any purported Transfer
which results in Excess Shares, the beneficial holder of the Units, if such
Transfer had been valid under Section 6.2. 

12

          “Purported
Record Transferee” shall mean, with respect to any purported Transfer which
results in Excess Shares, the record holder of the Units, if such Transfer had
been valid under Section 6.2. 

          “Redemption
Price” shall have the meaning ascribed thereto in Section 6.18. 

          “Restriction
Termination Date” shall mean the first day on which the Manager determines
that it is no longer in the best interests of the REIT to attempt to, or
continue to, qualify as a real estate investment trust under the Code. 

          6.2
Ownership Limitation. 

                    (a)
Except as provided in Section 6.12, until the Restriction Termination
Date, no Person (other than an Existing Holder) shall Beneficially Own Units in
excess of the Ownership Limit and no Existing Holder shall Beneficially Own
Units in excess of the Existing Holder Limit for such Existing Holder. 

                    (b)
Except as provided in Section 6.12, until the Restriction Termination
Date, any Transfer that, if effective, would result in any Person (other than
an Existing Holder) Beneficially Owning Units in excess of the Ownership Limit
shall be void ab initio as to the
Transfer of the Units which would otherwise be Beneficially Owned by such
Person in excess of the Ownership Limit; and the intended transferee shall
acquire no rights in such Units. 

                    (c)
Except as provided in Sections 6.9 and 6.12, until the
Restriction Termination Date, any Transfer that, if effective, would result in
any Existing Holder Beneficially Owning Units in excess of the applicable
Existing Holder Limit shall be void ab
initio as to the Transfer of the Units which would be otherwise
Beneficially Owned by such Existing Holder in excess of the applicable Existing
Holder Limit; and such Existing Holder shall acquire no rights in such Units. 

                    (d)
Until the Restriction Termination Date, any Transfer that, if effective, would
result in the Units being beneficially owned (as provided in Section 856(a) of
the Code) by less than 100 Persons (determined without reference to any rules
of attribution) shall be void ab initio
as to the Transfer of Units which would be otherwise beneficially owned (as
provided in Section 856(a) of the Code) by the transferee; and the intended
transferee shall acquire no rights in such Units. 

                    (e)
Until the Restriction Termination Date, any Transfer that, if effective, would
result in the REIT being “closely held” within the meaning of Section 856(h) of
the Code shall be void ab initio
as to the Transfer of the Units which would cause the REIT to be “closely held”
within the meaning of Section 856(h) of the Code; and the intended transferee
shall acquire no rights in such Units. 

13

                    (f)
Until the Restriction Termination Date, any Transfer that, if effective, would
result in the REIT otherwise failing to qualify as a real estate investment
trust under the Code shall be void ab initio as to the Transfer of Units that would result in
the REIT failing to qualify as a real estate investment trust under the Code;
and the intended transferee shall acquire no rights in such Units.

          6.3
Excess Shares.

                    (a)
If, notwithstanding the other provisions contained in this Article 6, at
any time, until the Restriction Termination Date, there is a purported Transfer
or other change in the capital structure of the REIT such that any Person would
Beneficially Own Units in excess of the applicable Ownership Limit or Existing
Holder Limit (as applicable), then, except as otherwise provided in Sections
6.9 and 6.12, the Units Beneficially Owned in excess of such
Ownership Limit or Existing Holder Limit (rounded up to the nearest whole Unit)
shall constitute “Excess Shares” and shall be treated as provided in this Article
6. Such designation and treatment shall be effective as of the close of
business on the business day prior to the date of the purported Transfer or
change in capital structure.

                    (b)
If, notwithstanding the other provisions contained in this Article 6, at
any time, until the Restriction Termination Date, there is a purported Transfer
or other change in the capital structure of the REIT (as a result of a direct
or indirect Transfer or otherwise) which, if effective, would cause the REIT to
(i) be beneficially owned (as provided in Section 856(a) of the Code) by less
than 100 Persons, (ii) become “closely held” within the meaning of Section
856(h) of the Code, or (iii) otherwise fail to qualify as real estate
investment trust under the Code, then the Units that are the subject of such
Transfer or other event which would cause the REIT to fail such requirement
shall constitute “Excess Shares” and shall be treated as provided in this Article
6. Such designation and treatment shall be effective as of the close of
business on the business day prior to the date of the purported Transfer or
change in capital structure. 

                    (c)
If, at any time prior to the Restriction Termination Date, notwithstanding the
other provisions contained in this Article 6, there is an event (a
“Prohibited Owner Event”) which would result in the disqualification of the
REIT as a real estate investment trust under the Code by virtue of actual,
Beneficial or constructive ownership of Units, then Units which result in such
disqualification shall be automatically exchanged for an equal number of Excess
Shares to the extent necessary to avoid such disqualification. Such exchange
shall be effective as of the close of business on the business day prior to the
date of the Prohibited Owner Event. In determining which Units are exchanged,
Units owned directly or indirectly by any Person who caused the Prohibited
Owner Event to occur shall be
exchanged before any Units not so held are exchanged. If similarly situated
Persons exist, such exchange shall be pro
rata. If the REIT is still so disqualified as a real estate
investment trust under the Code, Units owned directly or indirectly by Persons
who did not cause the Prohibited Owner Event to occur  

14

 shall be chosen by random
lot and exchanged for Excess Shares until the REIT is no longer so disqualified
as a real estate investment trust under the Code.

          6.4
Prevention of Transfer. If the Manager or its designee shall at any time
determine in good faith that a Transfer has taken place in violation of Section
6.2 or that a Person intends to acquire or has attempted to acquire
beneficial ownership (determined without reference to any rules of attribution)
or Beneficial Ownership of any Units in violation of Section 6.2, the
Manager or its designee shall take such action as it deems advisable to refuse
to give effect to or to prevent such Transfer, including, without limitation,
refusing to give effect to such Transfer on the books of the REIT or
instituting proceedings to enjoin such Transfer; provided, however, that any Transfers
or attempted Transfers in violation of paragraph (b), (c), (d), (e) or (f) of Section
6.2 shall automatically result in the designation and treatment described
in Section 6.3, irrespective of any action (or non-action) by the
Manager.

          6.5
Notice. Any Person who acquires or attempts to acquire Units in
violation of Section 6.2, or any Person who is a transferee such that
Excess Shares result under Section 6.3, shall immediately give written
notice or, in the event of a proposed or attempted Transfer, shall give at
least fifteen (15) days prior written notice to the REIT of such event and
shall provide to the REIT such other information as the REIT may request in
order to determine the effect, if any, of such Transfer or attempted Transfer
on the REIT’s status as a real estate investment trust under the Code.

          6.6
Information for the REIT. Until the Restriction Termination Date:

                    (a)
Every Beneficial Owner of more than 1⁄2 of 1% of the number or value of
outstanding Units shall, within thirty (30) days after January 1 of each year,
give written notice to the REIT stating the name and address of such Beneficial
Owner, the number of Units Beneficially Owned, and a description of how such
Units are held. Each such Beneficial Owner shall provide to the REIT such
additional information as the REIT may reasonably request in order to determine
the effect, if any, of such Beneficial Ownership on the REIT’s status as a real
estate investment trust under the Code.

                    (b)
Each Person who is a Beneficial Owner of Units and each Person who is holding
Units for a Beneficial Owner shall provide to the REIT in writing such
information with respect to direct, indirect and constructive ownership of
Units as the Manager deems reasonably necessary to comply with the provisions
of the Code applicable to a real estate investment trust, to determine the
REIT’s status as a real estate investment trust under the Code, to comply with
the requirements of any taxing authority or governmental agency or to determine
any such compliance.

          6.7
Other Action by Manager. Nothing contained in this Article 6
shall limit the authority of the Manager to take such other action as it deems
necessary or advisable to protect the REIT and the interests of its Members by
preservation of the REIT’s status as a real estate investment trust under the
Code.

15

          6.8
Ambiguities. In the case of an ambiguity in the application of any of
the provisions of this Article 6, including, without limitation, any
definition contained in Section 6.1, the Manager shall have the power to
interpret and determine the application of the provisions of this Article 6 with
respect to any situation based on the facts known to the Manager.

          6.9
Modification of Existing Holder Limits. The Existing Holder Limits may
be modified as follows:

                    (a)
Subject to the limitations provided in Section 6.11, the Manager may
grant options which result in Beneficial Ownership of Units by an Existing
Holder pursuant to an option plan approved by the Manager. Any such grant shall
increase the Existing Holder Limit for the affected Existing Holder to the
maximum extent possible under Section 6.11 to permit the Beneficial
Ownership of the Units issuable upon the exercise of such option.

                    (b)
The Manager shall reduce the Existing Holder Limit for any Existing Holder
after any Transfer permitted in this Article 6 by such Existing Holder
by the percentage of the outstanding Units so Transferred or after the lapse
(without exercise) of an option described in paragraph (a) of this Section 6.9
by the percentage of the Units that the option, if exercised, would have
represented, but in either case no Existing Holder Limit shall be reduced to a
percentage which is less than the Ownership Limit. 

          6.10
Increase or Decrease in Ownership Limit. Subject to the limitations provided
in Section 6.11, the Manager may from time to time increase or decrease
the Ownership Limit; provided, however, that any decrease
may only be made prospectively as to subsequent holders (other than a decrease
as a result of a retroactive change in existing law that would require a
decrease to retain the REIT’s status as a real estate investment trust under
the Code, in which case such decrease shall be effective immediately).

          6.11
Limitations on Changes in Existing Holder and Ownership Limits.

                    (a)
Neither the Ownership Limit nor any Existing Holder Limit may be increased (nor
may any additional Existing Holder Limit be created) if, after giving effect to
such increase (or creation), five (5) Beneficial Owners of Units (including,
without limitation, all of the then Existing Holders) could Beneficially Own,
in the aggregate, more than 49.9% in number or value of the outstanding Units.

                    (b)
Prior to the modification of any Existing Holder Limit or Ownership Limit
pursuant to Sections 6.9 or 6.10, the Manager may require such
opinions of counsel, affidavits, undertakings or agreements as it may deem
necessary or advisable in order to determine or ensure the REIT’s status as a
real estate investment trust under the Code.

16

                    (c)
No Existing Holder Limit shall be reduced to a percentage which is less than
the Ownership Limit.

          6.12
Waivers by Manager. The Manager, upon receipt of a ruling from the
Internal Revenue Service or an opinion of counsel or other evidence
satisfactory to the Manager and upon at least fifteen (15) days written notice
from a transferee prior to the proposed Transfer which, if consummated, would
result in the intended transferee owning Units in excess of the Ownership Limit
or the Existing Holder Limit, as the case may be, and upon such other
conditions as the Manager may direct, may waive the Ownership Limit or the
Existing Holder Limit, as the case may be, with respect to such transferee.

          6.13
Severability. If any provision of this Article 6 or any application of
any such provision is determined to be void, invalid or unenforceable by any
court having jurisdiction over the issue, the validity and enforceability of
the remaining provisions shall be affected only to the extent necessary to
comply with the determination of such court. 

          6.14
Trust for Excess Shares. Upon any purported Transfer that results in
Excess Shares pursuant to Section 6.3, such Excess Shares shall be
deemed to have been transferred to the Excess Share Trustee, as trustee of the
Excess Share Trust for the exclusive benefit of the Charitable Beneficiary.
Excess Shares so held in trust shall be issued and outstanding Units of the
REIT. The Purported Beneficial Transferee shall have no rights in such Excess
Shares except as provided in Section 6.17.

          6.15
Distributions on Excess Shares. Any distributions (whether as dividends,
distributions upon liquidation, dissolution or winding up or otherwise) on
Excess Shares shall be paid to the Excess Share Trust for the benefit of the
Charitable Beneficiary. Upon liquidation, dissolution or winding up, the
Purported Record Transferee shall receive the lesser of (a) the amount of any
distribution made upon liquidation, dissolution or winding up or (b) the price
paid by the Purported Record Transferee for the Units, or if the Purported
Record Transferee did not give value for the Units, the Market Price of the
Units on the day of the event causing the Units to be held in trust. Any such
dividend paid or distribution paid to the Purported Record Transferee in excess
of the amount provided in the preceding sentence prior to the discovery by the
REIT that the Units with respect to which the dividend or distribution was made
had been exchanged for Excess Shares shall be repaid by the Purported Record
Transferee to the Excess Share Trust for the benefit of the Charitable
Beneficiary.

          6.16
Voting of Excess Shares. The Excess Share Trustee shall be entitled to
vote the Excess Shares for the benefit of the Charitable Beneficiary on any
matter. Subject to Delaware law, any vote taken by a Purported Record
Transferee prior to the discovery by the REIT that the Excess Shares were held
in trust shall be rescinded ab initio. The owner of the Excess Shares shall be deemed to
have given an irrevocable 

17

proxy to the
Excess Share Trustee to vote the Excess Shares for the benefit of the
Charitable Beneficiary.

          6.17
Non-Transferability of Excess Shares. Excess Shares shall be transferable
only as provided in this Section 6.17. At the direction of the REIT, the
Excess Share Trustee shall Transfer the Units held in the Excess Share Trust to
a Person whose ownership of the Units will not violate the Ownership Limit or
Existing Holder Limit and for whom such Transfer would not be wholly or
partially void pursuant to Section 6.2. Such transfer shall be made
within sixty (60) days after the later of (x) the date of the Transfer
which resulted in such Excess Shares and (y) the date the Manager
determines in good faith that a Transfer resulting in Excess Shares has
occurred, if the REIT does not receive a notice of such Transfer pursuant to Section
6.5. If such a Transfer is made, the interest of the Charitable Beneficiary
shall terminate and proceeds of the sale shall be payable to the Purported
Record Transferee and to the Charitable Beneficiary. The Purported Record
Transferee shall receive the lesser of the price paid by the Purported Record
Transferee for the Units or, if the Purported Record Transferee did not give
value for the Units, the Market Price of the Units on the day of the event
causing the Units to be held in trust, and the price received by the Excess
Share Trust from the sale or other disposition of the Units. Any proceeds in excess
of the amount payable to the Purported Record Transferee shall be paid to the
Charitable Beneficiary. Prior to any Transfer of any Excess Shares by the
Excess Share Trustee, the REIT must have waived in writing its purchase rights
under Section 6.18. It is expressly understood that the Purported Record
Transferee may enforce the provisions of this Section 6.17 against the
Charitable Beneficiary.

          If
any of the foregoing restrictions on transfer of Excess Shares is determined to
be void, invalid or unenforceable by any court of competent jurisdiction, then
the Purported Record Transferee may be deemed, at the option of the REIT, to
have acted as an agent of the REIT in acquiring such Excess Shares and to hold
such Excess Shares on behalf of the REIT.

          6.18
Call by the REIT on Excess Shares. Excess Shares shall be deemed to have
been offered for sale to the REIT, or its designee, at a price per Unit equal
to the lesser of the price per Unit in the transaction that created such Excess
Shares (or, in the case of a devise, gift or other transaction in which no
value was given for such Excess Shares, the Market Price at the time of such
devise, gift or other transaction) and the Market Price of the Units to which
such Excess Shares relates on the date the REIT, or its designee, accepts such
offer (the “Redemption Price”). The REIT shall have the right to accept such
offer for a period of ninety (90) days after the later of (x) the date of the
Transfer which resulted in such Excess Shares and (y) the date the Manager
determines in good faith that a Transfer resulting in Excess Shares has
occurred, if the REIT does not receive a notice of such Transfer pursuant to Section
6.5 but in no event later than a permitted Transfer pursuant to and in compliance
with the terms of Section 6.17. Unless the Manager determines that it is
in the interests of the REIT to make earlier payments of 

18

all of the
amount determined as the Redemption Price per Unit in accordance with the
preceding sentence, the Redemption Price may be payable at the option of the
Manager at any time up to but not later than one year after the date the REIT
accepts the offer to purchase the Excess Shares. In no event shall the REIT
have an obligation to pay interest to the Purported Record Transferee.

ARTICLE 7

TRANSFERS

          7.1
Transfer of Interests in the REIT.

                    (a)
A Member may only Transfer all or any of its Units (or any economic interest
therein) subject to the conditions and limitations set forth in Article 6
and this Article 7. Any Transfer by a Member of any Units (or any
economic interest therein) that the Manager determines, based upon the advice
of counsel, would operate to disqualify the REIT as a real estate investment
trust under the Code shall be null and void ab initio as provided in Article 6.
In addition, any Transfer of any Units (or any economic interest therein) that
would or may (i) violate, or require registration or qualification under,
applicable federal, state or foreign securities laws, or (ii) result in
noncompliance with Regulation S under the Securities Act (to the extent
Regulation S is being relied upon) shall be null and void ab initio and the purported
transferee shall acquire no rights or interests in any such Units.

                    (b)
Any substituted Member admitted to the REIT shall succeed to all rights and be
subject to all the obligations of the transferring Member with respect to the
interest to which such Member was substituted. Any transferee of an interest in
the REIT who is not admitted as a substituted Member shall have the right to
receive distributions pursuant to Article 4, but shall have no other
rights hereunder.

                    (c)
The transferor and transferee of a Member’s interest shall be jointly and severally
obligated to reimburse the REIT and the Manager for all expenses (including,
without limitation, attorneys’ fees and expenses) incurred by or on behalf of
the REIT and the Manager in connection with any Transfer. If, under applicable
law, a Transfer of an interest in the REIT that does not comply with this Section
7.1 is nevertheless legally effective, the transferor and transferee shall
be jointly and severally liable to the REIT and the Manager for, and shall
indemnify and hold harmless the REIT and the Manager against, any losses,
damages or expenses (including, without limitation, attorneys’ fees and
expenses, judgments, fines and amounts paid in settlement) actually and
reasonably incurred by them in connection with such Transfer.

                    (d)
To the fullest extent permitted under applicable law, each Member shall
indemnify and hold harmless the REIT, the Manager and all other Members who
were or are parties, or are threatened to be made parties, to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or 

19

investigative,
by reason of or arising from any actual or alleged misrepresentation,
misstatement of facts or omission to state facts made (or omitted to be made),
noncompliance with any agreement or failure to perform any covenant by any such
Member in connection with any Transfer of all or any portion of such Member’s
interest (or any economic interest therein) in the REIT, against any losses,
damages or expenses (including, without limitation, attorneys’ fees, judgments,
fines and amounts paid in settlement) actually and reasonably incurred by it or
them in connection with such action, suit or proceeding and for which it or
they have not otherwise been reimbursed.

ARTICLE 8

MANAGER

          8.1
Appointment of the Manager. The Members delegate all their power and
authority to the Manager. Notwithstanding anything to the contrary in this
Agreement, the Manager shall have continuing exclusive authority over the
management of the REIT and the conduct of the REIT’s affairs. The Fund shall
have the sole right to appoint, replace and remove the Manager and the sole
right to appoint a substitute Manager. The Fund shall also have the sole right
to appoint, replace and remove one or more supplemental Managers with such
management rights as the Fund shall indicate.

          8.2
Rights, Duties and Powers of the Manager.

                    (a)
The Manager in its sole discretion shall have full, complete and exclusive
right, power and authority to exercise all the powers of the REIT set forth in Section
2.7 and Section 2.9 and to do all things necessary to effectuate the
purpose of the REIT as set forth in Section 2.7. The Manager shall
exercise on behalf of the REIT complete discretionary authority for the
management and the conduct of the affairs of the REIT. No Member shall have any
right to participate in, or exercise control or management power over, the
business and affairs of the REIT, it being understood that said limitation
shall not affect any rights of a Member other than its rights as a “member”
(within the meaning of the Act).

                    (b)
The Manager shall have the power and authority, on behalf of the REIT, to
delegate to the Asset Manager or one or more other Persons its rights and
powers to manage and control the affairs of the REIT. Such delegation shall be
pursuant to the Asset Management Agreement or other agreement and such
delegation shall not cause the Manager to cease to be a “manager” (within the
meaning of the Act). The Manager may cause the REIT to pay such fees and
reimbursements to the Asset Manager (or other Person) pursuant to the Asset
Management Agreement (or otherwise) as the Manager shall deem appropriate.

                    (c)
In dealing with the Manager acting for or on behalf of the REIT, no Person
shall be required to inquire into, and Persons dealing with the REIT are
entitled to rely conclusively on, the right, power and authority of the Manager
to bind the REIT.

20

                    (d)
The Manager and its Affiliates shall not be obligated to do or perform any act
or thing in connection with the business of the REIT not expressly set forth in
this Agreement.

          8.3
Limitation on Manager’s Authority. The Manager, in its capacity as such,
or in its capacity a direct or indirect manager or general partner of any
subsidiary of the REIT that may hold title to any REIT Asset, shall not do, or
cause the REIT or any such subsidiary to do, any act that would not be
permitted under the Fund Agreement to be done by the Fund General Partner if
title to such REIT Asset were held directly by the Fund, and shall, in general,
act and cause the REIT to act, in such capacity in the same manner as if title
to such REIT Asset were held directly by the Fund.

          8.4
Other Activities. Nothing herein contained shall prevent or prohibit the
Manager, the Fund General Partner, the Asset Manager, TIAA, any of their
respective Affiliates, or any of their respective trustees, officers,
directors, members, partners, employees or shareholders from acquiring,
developing, investing in, managing, leasing or otherwise dealing in real
property of any kind or nature for its own account or that of any of its or
their Affiliates or any third parties or from entering into or engaging in any
business venture of every kind or nature, either independently or with others,
or conducting any other activity or performing for a fee any service
(including, without limitation, engaging in any business dealing with real
property of any type or location, acting as a director, officer or employee of
any corporation, as a trustee of any trust, as a general partner of any
partnership, as a member of any limited liability company or as an
administrative official of any other Entity, or receiving compensation for
services to, or participating in profits derived from the investments of any
such corporation, trust, partnership, limited liability company or other
Entity, regardless of whether such activities are competitive with the REIT). Nothing
in this Agreement shall prohibit the Manager, the Fund General Partner, the
Asset Manager, TIAA, any of their respective Affiliates or any of their
respective trustees, officers, directors, members, partners, employees or
shareholders from dealing, or otherwise engaging in business with, Persons
transacting business with the REIT or from providing services relating to the
purchase, sale, management, development or operation of real property and
receiving compensation therefor, not involving any rebate or reciprocal
arrangement which would have the effect of circumventing any restriction upon
dealing with Affiliates of the Fund General Partner pursuant to the Fund
Agreement or otherwise. Neither the REIT nor any Member shall have any right by
virtue of this Agreement or the relationship created hereby in or to such other
ventures or activities or to the income or proceeds derived therefrom, and the
pursuit of such ventures or activities, even if competitive with the REIT,
shall not be deemed wrongful or improper. Neither the Manager, the Fund General
Partner, the Asset Manager, TIAA, any of their respective Affiliates or any of
their respective trustees, officers, directors, members, partners, employees or
shareholders shall be obligated to present any particular investment
opportunity to the REIT, and the fact that the Manager, the Fund General
Partner, the Asset Manager or any such other Persons may encounter
opportunities to purchase, otherwise acquire, lease, sell or otherwise dispose
of real or

21

personal
property and may take advantage of such opportunities themselves or introduce
such opportunities to other Persons in which it or they have or have not any
interest, shall not subject the Manager, the Fund General Partner, the Asset
Manager or any such other Persons to liability to the REIT or any of the
Members on account of the lost opportunity, even if any such activity is in
competition with the REIT.

          8.5
Limitation on Liability. 

               (a)
Exculpation. Neither the Manager, the Fund General Partner, the Asset
Manager, any of their respective Affiliates or any of their respective
trustees, officers, directors, members, partners or employees performing
services on behalf of the REIT (collectively, the “Indemnified Parties”) shall
be liable, responsible or accountable to the REIT or any Member for any act or
omission performed or omitted by such Indemnified Party pursuant to the
authority granted by this Agreement or by law if the Manager, Fund General
Partner, Asset Manager or their Affiliates have determined, in good faith, that
the act or omission that caused the loss or liability was in the best interests
of the REIT and such loss or liability was not the result of misconduct or
negligence.

               (b)
No Retroactive Repeal. Any repeal or modification of this Section 8.5
shall not adversely affect any right or protection of Indemnified Party
existing at the time of such repeal or modification.

          8.6
Indemnification. 

               (a)
Advancement of Expenses. In the event that any Indemnified Party becomes
involved in any threatened, pending or completed action, proceeding, suit or
claim (each, a “Legal Action”), whether civil, criminal, administrative
or investigative, by reason of the fact that it, he or she is or was the
Manager, the Fund General Partner, the Asset Manager or other Indemnified
Party, or is or was authorized to act hereunder or in connection herewith, or
otherwise failed to act in connection with the business or affairs of the REIT
or one of its direct or indirect subsidiaries, the REIT will, or will cause the
appropriate subsidiary to, periodically advance or reimburse such Indemnified
Party for its attorneys’ fees and expenses and other related expenses
(including the costs of any investigation and preparation) incurred in
connection with such involvement, provided that (i) the Legal Action relates to
acts or omissions with respect to the performance of duties or services on
behalf of the REIT or any such subsidiary, (ii) the Legal Action is initiated
by a third party who is not a limited partner of the Manager or, if the Legal
Action is initiated by a limited partner of the Manager, a court of competent
jurisdiction approves such advancement or reimbursement, and (iii) such
Indemnified Party undertakes to repay the advanced or reimbursed funds to the
REIT or such subsidiary in a case in which such Indemnified Party is not
entitled to indemnification under Section 8.6(b). 

22

               (b)
The REIT shall indemnify and hold harmless each Indemnified Party from and
against any loss or liability suffered or sustained by it, him or her by reason
of any act, omission or alleged act or omission arising out of its, his or her
activities on behalf of the REIT or in furtherance of the interests of the REIT,
including, but not limited to, any judgment, award, settlement, reasonable
attorneys’ fees and other costs or expenses incurred in connection with the
defense of any Legal Action and including any payments made by the Manager, the
Fund General Partner or the Asset Manager to any of its officers, directors,
members or partners who are Affiliates pursuant to an indemnification agreement
no broader than this Section 8.6(b); provided that the Manager, the Fund
General Partner, Asset Manager or such Affiliate has determined, in good faith,
that the act or omission which caused the loss or liability was in the best
interests of the REIT and such loss or liability was not the result of
misconduct or negligence by such Indemnified Party. The satisfaction of any
indemnification and any saving harmless shall be from and limited to REIT
Assets, and no Member shall have any personal liability on account thereof.

               (c)
Notwithstanding anything to the contrary contained in Section 8.6(b)
above, neither any Indemnified Party nor any Person acting as a broker-dealer
with respect to the Units shall be indemnified from any losses, claims, costs,
damages or liability incurred by them arising due to an alleged violation of
federal or state securities laws unless (i) there has been a successful
adjudication on the merits of each count involving alleged securities law
violations as to the particular Indemnified Party, or (ii) such claims have
been dismissed with prejudice on the merits by a court of competent jurisdiction
as to the particular Indemnified Party, or (iii) a court of competent
jurisdiction approves a settlement of the claims against the particular
Indemnified Party and finds that indemnification of the settlement and related
costs should be made. Prior to seeking a court approval for indemnification,
the Fund General Partner shall undertake to cause the party seeking
indemnification to apprise the court of the position of the Securities and
Exchange Commission and any state securities regulatory authority in a
jurisdiction in which the plaintiffs claim they were sold Units as to
indemnification for violations of securities laws. 

               (d)
Successors. The reimbursement or advancement and the indemnification
obligations of the REIT under this Section 8.6 shall be binding upon and
inure to the benefit of any successors, assigns, heirs, and personal
representatives of the Manager, the Fund General Partner, the Asset Manager and
any other Indemnified Party. The foregoing provisions shall survive any termination
of this Agreement, and any amendment to such provisions shall not reduce the
REIT’s obligations under this Section 8.6 with respect to any act or
omission occurring prior to the date of such amendment.

               (e)
Exclusivity. The indemnification provided by this Section 8.6
shall not be deemed to be exclusive of any other rights to which an Indemnified
Person may be entitled under any agreement or as a matter of law and shall
continue as to an Indemnified Party who has ceased to have an official capacity
for acts or omissions 

23

during such
official capacity or otherwise when acting at the request of the REIT or any of
its direct or indirect subsidiaries and shall inure to the benefit of the
heirs, successors and administrators of such Indemnified Party. 

               (f)
Insurance. The REIT shall not incur the cost of the portion of any
insurance which insures any party against any liability as to which such party
is prohibited from being indemnified as set forth above, provided, however,
that nothing contained herein shall preclude the REIT from purchasing and
paying for such types of insurance, including extended coverage liability and
casualty, as would be customary for any Person owning comparable assets and
engaged in a similar business, or from naming the Manager, the Fund General
Partner, the Asset Manager and any of their Affiliates as additional insured
parties thereunder, as long as such addition does not add to the premiums
payable by the REIT.

               (g)
Consultation. An Indemnified Party may consult with counsel, accountants
and other experts reasonably selected by or on behalf of the REIT or such
Indemnified Party, and any opinion of any independent counsel, accountant or
expert retained with reasonable care shall be full and complete protection in
respect of any action taken or suffered or omitted by the Indemnified Party
hereunder in good faith and in accordance with such opinion.

ARTICLE 9

DISSOLUTION AND TERMINATION

          9.1
Events of Dissolution.

               (a)
In accordance with Section 18-801 of the Act, and the provisions therein
permitting this Agreement to specify the events of the REIT’s dissolution, the
REIT shall be dissolved and the affairs of the REIT wound up upon the
occurrence of any of the following events:

                    (i)
“bankruptcy” (as defined in Section 18-304 of the Act) or insolvency or
dissolution of the Manager, absent the decision of the Member(s) owning a
majority in interest of the REIT Units to continue the REIT within ninety (90)
days following such event;

                    (ii)
the dissolution of the Fund pursuant to the terms of the Fund Agreement without
an election to continue the business of the Fund; and

                    (iii)
the entry of a decree of judicial dissolution under Section 18-802 of the Act.

                    (iv)
the election by the Manager, in its sole discretion, to dissolve the REIT.

24

          Each
Member hereby irrevocably waives any and all rights it may have to obtain a
dissolution of the REIT in any way other than as specified above.

               (b)
Dissolution of the REIT shall be effective on the day on which the event occurs
which gives rise to the dissolution, but the REIT shall not terminate until the
assets of the REIT shall have been distributed as provided herein and a
certificate of cancellation has been filed with the Secretary of State of the
State of Delaware.

          9.2
Application of Assets.

               (a)
Except as otherwise provided in Section 9.1(a)(i), upon dissolution of
the REIT, the business and affairs of the REIT shall be wound up as provided in
this Section 9.2. The Manager shall act as the “Liquidator;” provided, that if the REIT has
been dissolved pursuant to Section 9.1(a)(i) without a decision to continue
the REIT, the Liquidator shall be the same Person approved as the “Liquidator”
under the Fund Agreement. The Liquidator shall wind up the affairs of the REIT,
shall dispose of such REIT Assets as it deems necessary or appropriate, shall
set aside such reserves for the payment of any contingent claims or liabilities
as the Liquidator deems appropriate, including, in the discretion of the
Liquidator, through the establishment of a liquidating trust, and shall pay and
distribute the remaining assets of the REIT, including, without limitation, the
proceeds of any such disposition, as follows:

                    (i)
first, to creditors, including, without limitation, Members who are creditors,
to the extent otherwise permitted by law, in satisfaction of liabilities of the
REIT (whether by payment or by establishment of reserves as determined by the
Liquidator in its sole discretion), other than distributions to Members
pursuant to Article 4, and

                    (ii)
second, to the Members in accordance with Section
4.1.

               (b)
The Liquidator shall, in its sole discretion, determine whether to sell any
REIT Assets, including, without limitation, Real Estate Assets, and if so,
whether at a public or private sale, for what price and on what terms. If the
Liquidator determines to sell or otherwise dispose of any REIT Asset or any
interest therein, the Liquidator shall not be required to do so promptly but
shall have full right and discretion to determine the time and manner of such
sale or sales giving due regard to the activity and condition of the relevant
market and general financial and economic conditions. If the Liquidator
determines not to sell or otherwise dispose of any REIT Asset or any interest
therein, the Liquidator shall not be required to distribute the same to the
Members promptly but shall have full right and discretion to determine the time
and manner of such distributions giving due regard to the interests of the
Members.

               (c)
Each Member shall look solely to the assets of the REIT for all distributions
with respect to the REIT and shall have no recourse therefor (upon 

25

dissolution or
otherwise) against the Manager, the Liquidator or any other Member (or any of
their Affiliates).

          9.3
Procedural and Other Matters.

               (a)
Upon dissolution of the REIT and until the filing of a certificate of
cancellation, the Liquidator may, in the name of, and for and on behalf of, the
REIT, prosecute and defend suits, whether civil, criminal or administrative,
settle and close the business of the REIT, dispose of and convey the property
of the REIT, discharge or make reasonable provision for the liabilities of the
REIT, and distribute to the Members any remaining assets of the REIT, in
accordance with this Article 9 and all without affecting the liability
of Members or the Manager and without imposing liability on the Liquidator or
any liquidating trustee.

               (b)
The Certificate may be canceled upon the dissolution and the completion of
winding up of the REIT, by any Person authorized to cause such cancellation in
connection with such dissolution and winding up.

ARTICLE 10

APPOINTMENT OF ATTORNEY-IN-FACT

          10.1
Appointment and Powers.

               (a)
Each Member hereby irrevocably constitutes and appoints the Manager, with full
power of substitution, as his, her or its true and lawful attorney-in-fact,
with full power and authority in his, her or its name, place and stead to
execute, acknowledge, deliver, swear to, file and record at the appropriate
public offices such documents, instruments and conveyances as may be necessary
or appropriate to carry out the provisions or purposes of this Agreement.

               (b)
The authority granted by this Section 10.1 is a special power of
attorney coupled with an interest, is irrevocable, and shall not be affected by
the subsequent incapacity or disability of a Member, may be exercised by a
signature for each Member or by a single signature of any such Person acting as
attorney-in-fact for all of Members, and shall survive the Transfer by a Member
of the whole or any portion of his, her or its interest in the REIT.

          10.2
Presumption of Authority. Any Person dealing with the REIT may
conclusively presume and rely upon the fact that any instrument referred to
above, executed by such Person acting as attorney-in-fact, is authorized,
regular and binding, without further inquiry.

26

ARTICLE 11

MISCELLANEOUS PROVISIONS

          11.1
Notices.

               (a)
Any notice, request, demand or other communication shall be in writing and
shall be deemed to have been duly given if personally delivered or sent by
certified, registered or overnight mail or courier or by e-mail or facsimile
transmission confirmed by letter, and shall be deemed received, unless earlier
received, (i) if sent by U.S. mail, postage prepaid, on the third business
day after being deposited in the mail, (ii) if sent by overnight mail or
courier, on the next business day after being sent, (iii) if sent by
e-mail or facsimile transmission, on the date sent (provided that confirmed
receipt is obtained), and (iv) if delivered by hand, on the date of
receipt.

               (b)
All such notices, demands and requests shall be addressed as follows: (i) if to
the REIT or the Manager, to the address set forth in Section 2.4 and
(ii) if to a Member, to the address of such Member listed in the records of the
REIT.

               (c)
By giving to the other parties written notice thereof, the parties hereto and
their respective successors and assigns shall have the right from time to time
and at any time during the term of this Agreement to change their respective
addresses effective upon receipt by the other parties of such notice and each
shall have the right to specify as its address any other address.

          11.2
Access to Information; Books and Records. A Member may, subject to such
reasonable standards as may be established from time to time by the Manager,
obtain from the Manager, from time to time upon reasonable demand for any
purpose reasonably related to such Member’s interest in the REIT in its
capacity as a Member, such information (including, without limitation, that
specified in Section 18-305 of the Act) regarding the affairs of the REIT as is
just and reasonable. The books and records of the REIT shall be maintained by
the REIT at its principal place of business and shall be available upon
reasonable notice for inspection by the Members at reasonable hours during any
business day.

          11.3
Word Meanings. The words such as “herein,” “hereinafter,” “hereof” and
“hereunder” refer to this Agreement as a whole and not merely to the
subdivision in which such words appear unless the context otherwise requires.
The singular shall include the plural and the masculine gender shall include the
feminine and neuter, and vice versa, unless the context otherwise requires. As
used herein, the word “or” shall not be exclusive, and the terms “includes” and
“including” and words of similar import shall be deemed to be followed by the
words “without limitation” to the extent such words do not already follow any
such term.

27

          11.4
Successors. The covenants and agreements contained herein shall be
binding upon, and inure to the benefit of, the heirs, legal representatives,
successors and permitted assigns of the respective parties hereto.

          11.5
Amendments. This Agreement may be amended from time to time by the
Manager acting alone, without the necessity of any approval or consent of any
of the Members. The Manager shall provide promptly the Members with a copy of
any material amendment to this Agreement made pursuant to this Section 11.5.

          11.6
Waiver. The waiver by any party hereto of a breach of any provisions
contained herein shall be in writing, signed by the waiving party, and shall in
no way be construed as a waiver of any succeeding breach of such provision or
the waiver of the provision itself.

          11.7
Applicable Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware, without regard to such
state’s laws concerning conflicts of laws. In the event of a conflict between
any provisions of this Agreement and any nonmandatory provisions of the Act,
the provisions of this Agreement shall control and take precedence.

          11.8
Title to REIT Assets. All assets of the REIT shall be deemed to be owned
by the REIT as an entity, and no Member, individually or collectively, shall
have any ownership interest therein. Each Member hereby irrevocably waives any
and all rights that it may have to maintain an action for partition of any of
the REIT Assets. Legal title to any or all REIT Assets may be held in the name
of the REIT, the Manager or one or more nominees or direct or indirect
subsidiaries of any of them, as the Manager shall determine. The Manager hereby
declares and warrants that any REIT Assets for which legal title is held in the
name of the Manager shall be held in trust by the Manager for the use and
benefit of the REIT in accordance with the provisions of this Agreement. All
assets of the REIT shall be recorded as owned by the REIT on the REIT’s books
and records, irrespective of the name in which legal title to such assets is
held.

          11.9
Severability of Provisions. Each provision of this Agreement shall be deemed
severable, and if any part of any provision is held to be illegal, void,
voidable, invalid, nonbinding or unenforceable in its entirety or partially or
as to any party, for any reason, such provision may be changed, consistent with
the intent of the parties hereto, to the extent reasonably necessary to make
the provision, as so changed, legal, valid, binding and enforceable. If any
provision of this Agreement is held to be illegal, void, voidable, invalid,
nonbinding or unenforceable in its entirety or partially or as to any party,
for any reason, and if such provision cannot be changed consistent with the
intent of the parties hereto to make it fully legal, valid, binding and
enforceable, then such provision shall be stricken from this Agreement, and the
remaining provisions of this Agreement shall not in any way be affected or
impaired, but shall remain in full force and effect.

28

          11.10
Headings. The headings contained in this Agreement have been inserted
for the convenience of reference only, and neither such headings nor the
placement of any term hereof under any particular heading shall in any way
restrict or modify any of the terms or provisions hereof.

          11.11
Further Assurances. The parties hereto shall execute and deliver all documents,
provide all information and do or refrain from doing all such further acts and
things as may be required to carry out the intent and purposes of this
Agreement.

          11.12
Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument.

          11.13
Entire Agreement. This Agreement (including, without limitation, all
exhibits and schedules hereto) and any subscription agreement for Units
constitute the entire agreement between the parties hereto with respect to the
transactions contemplated herein, and supersedes all prior understandings or
agreements, oral or written, among the parties.

          11.14
Jurisdiction; Venue. Any action or proceeding against the parties
relating in any way to this Agreement may be brought and enforced, in the
courts of the State of New York to the extent subject matter jurisdiction
exists therefor or the United States District Court for the Southern District
of New York, and the parties irrevocably submit to the jurisdiction of both
such courts in respect of any such action or proceeding. The parties
irrevocably waive, to the fullest extent permitted by law, any objection that they
may now or hereafter have to the laying of venue of any such action or
proceeding in the courts of the State of New York or the United States District
Court for the Southern District of New York and any claim that any such action
or proceeding brought in any such court has been brought in any inconvenient
forum.

*   *   *   *   *

29

          IN
WITNESS WHEREOF, the parties hereto have executed and
delivered this Amended and Restated Limited Liability Fund Agreement as of the
day and year first above written.

	
 

	
 

	
 

	
MANAGER: 

	
 

	
 

	
 

	
TIAA-CREF
 U.S. REAL ESTATE FUND I, L.P., a Delaware limited partnership

	
 

	
 

	
 

	
By: TIAA-CREF USREF I GP, LLC, a
 Delaware limited liability company, its general partner

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Its: 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
MEMBER:

	
 

	
 

	
 

	
TIAA-CREF
 U.S. REAL ESTATE FUND I, L.P., a Delaware limited partnership

	
 

	
 

	
 

	
By:
 TIAA-CREF USREF I GP, LLC, a Delaware limited liability company, its general
 partner

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Its:

	
 

	
 

	
 

	

EXHIBIT A

MEMBERS OF THE REIT

 (as of __________, 2007)

	
 

	
 

	
 

	
Name and Address

	
REIT Units

	
Percentage Interest

	
 

	
 

	
 

	
TIAA-CREF
 U.S. Real Estate Fund I, L.P.

	
___

	
100%

	
730 Third
 Avenue

	
 

	
 

	
New York,
 New York 10017-3206

	

	
 

A-1exv10w30

 

Exhibit 10.30

 

 

STOCK PURCHASE AGREEMENT

dated as of September 3, 2007

by and among

ANTIGEN LABORATORIES, INC.,

SYLVIA W. WILLOUGHBY TRUST,

WILLIAM THOMAS WILLOUGHBY,

AND

PLANET TECHNOLOGIES, INC.

 

 

 

 

STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT, dated as of September 3, 2007, (this “Agreement”), by
and among Planet Technologies, Inc., a California corporation (“Planet”), the Sylvia W.
Willoughby Trust (the “Trust”), Mr. William Thomas Willoughby (“Mr. Willoughby”
and together with the Trust, the “Sellers”), and Antigen Laboratories, Inc., a Missouri
corporation (“Antigen”) is made with respect to the acquisition of all of the outstanding
stock of Antigen from the Sellers.

RECITALS

     WHEREAS, the Sellers own all of the issued and outstanding capital stock (the “Stock”)
of Antigen;

     WHEREAS, Antigen is engaged in the business of the development, manufacturing, sale, and
distribution of allergy immunotherapy testing and treatment products (“Business” or
“Antigen Business”);

     WHEREAS, Planet is engaged in the business of selling and distributing consumer products for
use by allergy sufferers, including, without limitation, air filters, bedding and similar products
(the “Planet Business”); and

     WHEREAS, Sellers desire to sell, and Planet desires to purchase the Stock pursuant to this
Agreement.

AGREEMENT

     NOW, THEREFORE, in reliance on the representations and warranties and agreements and subject
to the terms and conditions hereinafter set forth, the parties hereby agree as follows:

     1. Definitions. Attached as Schedule 1 is a Schedule of Defined Terms used in this
Agreement.

     2. Purchase and Sale of Stock. Subject to the terms and conditions contained herein,
Planet agrees to purchase, and Sellers agree to sell, the Stock at the Closing for an aggregate
amount of $10,000,000 in cash, plus the payment and forgiveness of certain debts (collectively the
“Purchase Price”), payable as provided herein. The “Purchase Price” shall be subject to
adjustment as set forth in Section 5 of this Agreement.

     3. Intentionally Omitted.

     4. Payment of Purchase Price and Closing. In full consideration for the Stock and the
other agreements contained in this Agreement, Planet shall pay the Purchase Price as follows:

 

 

     (a) Consideration.

     (i) $9,000,000.00 to the Sellers in cash at the Closing (the “Closing Cash
Payment”), pro rata in accordance with the relative percentage of the Stock
owned by each Seller;

     (ii) Conversion of the $200,000 (plus the amount of accrued interest set forth
on Schedule 4(a)(ii)) debt owed to Sylvia Willoughby (the “Sylvia Willoughby
Debt”) into common stock of Planet to be issued to the Trust in accordance with
subsection (c) below;

     (iii) Forgiveness of the $150,000 debt (plus accrued interest) owed by Mr.
Willoughby to Antigen;

     (iv) Planet shall contribute such funds to Antigen and shall cause Antigen to
pay in full all of Sellers’ and Antigen’s approximately $300,000 debt owed to Platte
Valley Bank; and

     (v) Promise to pay to Sellers $1,000,000.00 in cash, pro rata in accordance
with the relative percentage of the Stock owned by each Seller, on the date 12
months following the Closing, subject to adjustment and delay as hereinafter
provided (“Cash Holdback”).

     (b) Closing. Upon the terms and subject to the conditions set forth in this
Agreement, the closing of the sale and purchase of the Stock (the “Closing”) shall
take place on the date (the “Acquisition Date”) as soon as reasonably practicable
following satisfaction of the conditions to Closing set forth in Section 10 to this
Agreement (other than such conditions as may, by their terms, only be satisfied at the
Closing or on the Closing Date). The Closing shall be effectuated by exchanging copies of
the Closing documents and deliveries, and as applicable, the signature pages thereto, by
facsimile or other appropriate electronic means, the receipt of which will be confirmed by
telephone.

     (c) Debt Conversion Price. The formula for determining the per share value of
the stock utilized for the Sylvia Willoughby Debt shall be based upon the average closing
price of Planet’s common stock for the ten (10) trading days preceding the Closing, but in
no event shall the price be less than $1.40 or exceed $2.50

     5. Post-Acquisition Purchase Consideration Adjustment.

     (a) Indemnity Obligations. If any party is required to indemnify any other
party pursuant to Sections 13, 14 or 15 of this Agreement, the Purchase Price will be
adjusted as provided in this Section 5 of this Agreement.

     (b) Dispute Resolution. In the event that any party disagrees with any demand
for indemnification by any other party, such party shall give written notice of its
objections thereto within forty-five (45) days of any claim for indemnification
(“Dispute Notice”). If a party does not timely deliver a Dispute Notice, the claim
for indemnity will be final and binding on the parties. If a party timely delivers a
Dispute Notice, then during the

2

 

30-day period following such delivery, the respective Seller and Planet shall attempt
to resolve any differences which they may have with respect to any matters specified in the
Dispute Notice (which resolution, if any, shall be final and binding on all parties). If,
at the end of such 30-day period such Seller and Planet shall have failed to reach written
agreement with respect to all such matters, then all such matters specified in the Dispute
Notice with respect to which an agreement has not been reached (the “Disputed
Matters”) shall be submitted to and arbitrated by an independent certified public
accounting firm to be agreed upon by the parties (the “Arbitrator”). The Arbitrator
shall consider only the Disputed Matters. The Arbitrator shall act promptly, and the
Arbitrator’s decision with respect to all Disputed Matters shall be final and binding upon
the parties hereto. The prevailing party in the arbitration shall be entitled to the
reimbursement from the non-prevailing party of the prevailing party’s reasonable attorney’s
and accountant’s fees and costs incurred in connection with the arbitration. The fees and
expenses of the Arbitrator incurred in connection with its review and determination of any
Disputed Matters shall also be borne by the non-prevailing party as determined by the
Arbitrator. If Planet is asserting the claim for indemnity, the Cash Holdback shall not be
paid or delivered to the respective Seller until resolution of the Disputed Matters.

     (c) Adjustment to Purchase Price. The Cash Holdback shall be subdivided
between the Sellers in accordance with the relative percentage of the Stock owned by the
Trust (the “Trust Holdback”) on the one hand and Mr. Willoughby (the “Willoughby
Holdback”) on the other hand. If the Trust is the Indemnifying Party, the Trust shall,
in accordance with the dispute resolution procedures in subsection (b), be deemed to have
surrendered to Planet a portion of the Trust Holdback equal to the dollar amount of the
Trust’s indemnity obligation, but in no event more than the Trust Holdback (it being
understood and agreed that, other than the Trust Tax Indemnification which shall not be
capped, the maximum aggregate amount of indemnifiable Damages that may be recovered from the
Trust pursuant to Section 14 shall be limited to the Trust Holdback). If Mr. Willoughby is
the Indemnifying Party, Mr. Willoughby shall, in accordance with the dispute resolution
procedures in subsection (b), be deemed to have surrendered to Planet a portion of the
Willoughby Holdback equal to the dollar amount of Mr. Willoughby’s indemnity obligation, but
in no event more than the Willoughby Holdback (it being understood and agreed that, other
than the Willoughby Tax Indemnification which shall not be capped, the maximum aggregate
amount of indemnifiable Damages that may be recovered from Mr. Willoughby pursuant to
Section 13 shall be limited to the Willoughby Holdback plus an additional $510,000). If
Planet is the Indemnifying Party, Planet shall cause to be issued to Sellers cash, but in no
event for more than a $1 million indemnity obligation (unless the indemnification is
pursuant to Section 15(D), for which no such limitation shall apply).

     6. Representations and Warranties of Mr. Willoughby. In order to induce Planet to
enter into this Agreement, as of the Acquisition Date, except as set forth in the Disclosure
Schedules attached hereto, Mr. Willoughby represents and warrants to Planet as follows:

     (a) Legal Authority, Binding Effect. Mr. Willoughby has the full capacity,
power and authority to execute and deliver this Agreement and to transfer his Stock as
contemplated herein (subject to the Liens set forth in Schedule 6(c)). Mr. Willoughby

3

 

has full capacity, right, power and authority to execute, deliver and perform his
obligations under this Agreement and all other agreements, certificates and documents
(collectively, the “Willoughby Documents”) executed or delivered or to be executed
or delivered by Mr. Willoughby in connection herewith. This Agreement and the other
Willoughby Documents constitute legal, valid and binding obligations of Mr. Willoughby,
enforceable in accordance with their respective terms. Except as contemplated in Section
10(a)(i), no third party consent or authorization is required for delivery and execution of
the Willoughby Documents to Planet.

     (b) Organization, Good Standing. Antigen is a corporation duly organized,
validly existing and in good standing under the laws of the State of Missouri, and has full
power and authority to own, lease and operate its assets and properties and to conduct its
business as it is now being conducted. Antigen is duly qualified or licensed to do business
and is in good standing as a foreign company under the laws of those jurisdictions in which
the conduct of its business or the ownership or leasing of its assets requires such
qualification, except where the failure to be so qualified or licensed or in good standing
would not have a Material Adverse Effect. The copies of Antigen’s Articles of
Incorporation, as amended (certified by the Secretary of State), and Bylaws which have been
previously delivered to Planet or its representative are correct and complete.

     (c) Capitalization. Except as set forth on Schedule 6(c), Mr. Willoughby owns
and holds one hundred percent (100%) of his Stock free and clear of all Liens. To the
Knowledge of Mr. Willoughby, no Person other than the Trust owns any capital stock of
Antigen. There are no existing options, warrants, convertible securities, commitments or
other agreements requiring the issuance or sale of any additional securities of or equity
interests in Antigen. Antigen has no Subsidiaries or equity in any corporation,
partnership, joint venture or other entity.

     (d) Financial Statements.

     (i) Antigen has delivered to Planet its unaudited balance sheet as of June 30,
2007 (the “Reference Balance Sheet”) and income statement for the period
ended June 30, 2007 (“Interim Financial Statements”), and the unaudited
consolidated balance sheet of Antigen as of the preceding two (2) fiscal years and
income statement for the preceding two (2) fiscal years (collectively with the
Interim Financial Statements, the “Financial Statements”), copies of which
are attached hereto as Schedule 6(d)(i) and certified by the chief financial
officer of Antigen, to his Knowledge, as true and correct in all material respects.

     (ii) In each case in all material respects, the Financial Statements are
complete, are in accordance with Antigen’s books and records regularly maintained by
management, have been prepared in accordance with GAAP, consistently applied by
Antigen, and present fairly the financial position and results of operations of
Antigen as of the dates and for the periods indicated.

4

 

     (iii) There are no liabilities, debts, obligations or claims against the
Business or the Assets of any nature, absolute or contingent, which in the aggregate
exceeds $10,000, except (a) as and to the extent reflected or reserved against on
the Reference Balance Sheet, (b) specifically described and identified as an
exception to this paragraph in any of the Schedules delivered to Planet pursuant to
this Agreement, (c) incurred since the Reference Balance Sheet date, in the ordinary
course of business consistent with prior practice and Section 6(f) hereof, or (d)
open purchase or sales orders or agreements for delivery of goods and services in
the ordinary course of business consistent with prior practice.

     (e) Intentionally Omitted.

     (f) No Adverse Change. Except as noted in Schedule 6(f), since January 1,
2005, Antigen has operated the Business only in the ordinary course of business as
theretofore conducted, and there has been no: (i) Material Adverse Effect, or any event or
development which, individually or together with other such events, could reasonably be
expected to result in a Material Adverse Effect; (ii) suffered any damage or destruction
resulting in a loss or cost to Antigen of more than $10,000 in the aggregate, whether or not
covered by insurance; (iii) amendment of its Articles of Incorporation or Bylaws; (iv)
issuance of any additional Antigen securities or issuance, sale or grant of any option or
right to acquire or otherwise dispose of any of its authorized but unissued Antigen
securities; (v) repurchase or redemption of shares or other Antigen securities; (vi)
entering into of any employment agreement with, or becoming liable for any bonus,
profit-sharing or incentive payment to, or increasing of the compensation or benefits of,
any of its officers, directors or employees, other than in the ordinary course of business;
(vii) sale, transfer or acquisition of any properties or assets, tangible or intangible,
other than in the ordinary course of business; (viii) modification, amendment or
cancellation of any of its existing leases or entering into any contracts, agreements,
leases or understandings other than in the ordinary course of business or entering into of
any loan agreements; (ix) investments other than in certificates of deposit or short-term
commercial paper; (x) capital expenditure or addition or commitment to make a capital
expenditure or addition, when considered as a whole is in excess of an aggregate of $10,000;
(xi) Liens or restrictions on any of the Business or the Assets; (xii) commencement of any
litigation, action or proceeding before any court, governmental or regulatory body or
arbitrational tribunal relating to the Business or the Assets; or (xiii) changes in respect
of any election concerning Taxes or Tax Returns, adoption or change of any accounting
method, filed any amended Tax Return, entering into any closing agreement with respect to
Taxes, settling of any Tax claim or assessment or surrendering of any right to claim a
refund of Taxes or obtaining or entering into of any Tax ruling, agreement, contract,
understanding, arrangement or plan.

     (g) Taxes. Except as disclosed in Schedule 6(g), (i) Antigen has filed within
the time prescribed by law, all Tax Returns required to be filed by it with respect to the
income, business or operations of Antigen with the appropriate Governmental Authority in all
jurisdictions in which such Tax Returns are required by law to be filed and such Tax Returns
were complete and accurate in all material respects, and (ii) Antigen has paid in full all
Taxes due on or in respect of all such Tax Returns. Except as disclosed in

5

 

Schedule 6(g), Antigen is not the subject of any pending or threatened tax examination
nor is it a party to any proceeding or inquiry by any governmental authority for the
assessment or the proposed assessment or for the collection of Taxes nor has any claim for
the assessment or proposed assessment or for the collection of Taxes been asserted against
Antigen. There are no Liens for Taxes that are due and unpaid on any of the Assets or the
Stock. All amounts required to be withheld by Antigen in connection with its business or
operations from customers with respect to the sale of goods, or from or on behalf of
employees for income, social security and unemployment insurance taxes, have been collected
or withheld and either paid to the appropriate governmental agency or set aside and, to the
extent required by the Code or other Applicable Law, held in accounts for such purpose.

     (h) Food and Drug Administration (“FDA”). Antigen has filed within the time
prescribed by law, all FDA filings required to be filed by it with respect to Antigen and
its products with the appropriate Governmental Authority in all jurisdictions where required
by law to be filed and such filings were complete and accurate in all material respects.
Antigen is not the subject of any pending or, to the Knowledge of Mr. Willoughby, threatened
inspection or action nor is it a party to any proceeding or inquiry by any governmental
authority for any actions or proposed action nor has any action or proposed action been
asserted against Antigen. Except as listed in Schedule 6(h), there are no 483 actions or
activities due or overdue. All records in the possession of Antigen relating to all FDA
inspections and actions since January 1, 2005 have been made available to Planet.

     (i) Title to Property; Condition; All Assets. Except as set forth on Schedule
6(i), Antigen has good and marketable title to (or a valid leasehold interest in) all of the
assets, properties, real or personal, and rights of every nature, kind and description,
tangible and intangible, whether or not reflected on the Reference Balance Sheet, used or
useable in Business and owned by or leased by Antigen (the “Assets”). Without
limiting the generality of the preceding sentence, the Assets as of the Reference Date
include all of Antigen’s right, title and interest in the following:

     (i) Inventory, wherever located, used or useable in the Business (the
“Inventory”) consisting of inventory, merchandise, goods and other personal
property that are held by or on behalf of Antigen for sale or lease or are furnished
or are to be furnished under a contract of service, or that constitute raw
materials, work in process, finished goods, returned goods, or materials or supplies
of any kind, nature or description used or consumed or to be used or consumed in the
Business or in the processing, production, packaging, promotion, delivery or
shipping of the same, including all supplies and including without limitation the
Inventory listed on Schedule 6(i)(i) to the extent not sold in the ordinary course
of business prior to Closing;

     (ii) Physical assets, wherever located, used or useable in the Business
consisting of Equipment, fixtures, supplies and packaging materials, including
without limitation the physical assets as of the Reference Date, listed on Schedule
6(i)(ii)(A); provided that the parties agree that the assets listed on

6

 

Schedule 6(i)(ii)(B) shall be excluded from the Business and be the sole property of the
Sellers;

     (iii) All Patents, Copyrights and Trademarks used or useable in the Business,
and all agreements of any nature whatsoever with respect to any of the foregoing
(the “Intangible Property”), including, without limitation, the rights to
all brand names, Patents, patent applications, Copyrights and Trademarks listed on
Schedule 6(i)(iii);

     (iv) All inventions, discoveries, improvements, computer software, data, skill,
expertise, procedures and processes used or useable in the Business and all
agreements of any nature whatsoever with respect thereto (the “Know-how”);

     (v) All other trade secrets and proprietary information relating to the
Business, including customer lists, market surveys and all agreements of any nature
whatsoever with respect thereto (the “Proprietary Information”);

     (vi) All right, title and interest of Antigen in and to Licenses, transferable
permits, exemptions, approvals, franchises and privileges relating to the Business
to the extent transferable under Applicable Law, including without limitation, those
listed on Schedule 6(i)(vi);

     (vii) All claims and rights under all leases, contracts, agreements, and
purchase and sales orders, whether written or oral, relating in any manner
including, without limitation, those set forth on Schedule 6(i)(vii) hereto
(collectively, the “Contracts”);

     (viii) All prepaid items, security deposits, advance payments, letters of
credit and other similar assets relating to the Business;

     (ix) All interests in partnerships, joint ventures and other business
associations relating to the Business;

     (x) All rights under express or implied warranties from the suppliers with
respect to the Assets to the extent transferable under Applicable Law;

     (xi) All proceeds under insurance policies of the Business;

     (xii) All claims and causes of action against others relating to the Business;
and

     (xiii) All goodwill associated with the Business or Assets.

     The Assets are free and clear of all Liens except as described in the Financial
Statements or Schedule 6(i). Such Assets are in reasonable order and working condition,
subject to ordinary wear and tear. The Assets constitute all of the properties and assets
necessary to conduct the Business in all material respects as it is presently conducted.

7

 

     (j) Real Property. Schedule 6(j) hereto contains a list and brief description
of all real property owned or leased by Antigen. All buildings and other structures on such
property (whether leased or owned) are in reasonable operating condition and repair, subject
to ordinary wear and tear. All leases are valid, binding and enforceable in accordance with
their terms and are in full force and effect. No event or condition exists, or to the
Knowledge of Mr. Willoughby, is alleged by any of the other parties thereto to exist, which
constitutes, or with giving of notice or lapse of time or both would constitute, a material
default under, or a basis for termination of, any such lease. No brokerage commissions are
owed with respect to any such leased space. Antigen has made available to Planet prior to
the execution of this Agreement, true and complete copies of all such leases (including any
amendments and renewal letters).

     (k) Patents, Trademarks and Copyrights. Antigen has interests in or the right
to use the Intangible Property, the Know-how and the Proprietary Information (collectively,
the “Intellectual Property”) as to which they have all right, title and interest in
or valid and binding rights under contract to use, and the use thereof in the operation of
the Business does not and will not infringe the rights of any other Person. No other
Intellectual Property is necessary in the conduct of the Business. Except as disclosed in
Schedule 6(k), with respect to the Intellectual Property: (i) Antigen has the exclusive
right to use its Intellectual Property, (ii) all registrations with and applications to any
Governmental Authority in respect of the Intellectual Property are valid and in full force
and effect and, to the Knowledge of Mr. Willoughby, are not subject to the payment of any
Taxes or maintenance fees or the taking of any other actions by Antigen to maintain their
validity or effectiveness, (iii) there are no restrictions on the direct or indirect
transfer of any contract, or any interest therein, held by Antigen in respect of its
Intellectual Property, (iv) Antigen has delivered to Planet prior to the execution of this
Agreement documentation with respect to any invention, process, design, computer program or
other know-how or trade secret included in its Intellectual Property, which documentation is
accurate in all material respects and reasonably sufficient in detail and content to
identify and explain such invention, process, design, computer program or other know-how or
trade secret and to facilitate its full and proper use without reliance on the special
knowledge or memory of any person, (v) Antigen has taken reasonable security measures to
protect the secrecy, confidentiality and value of its trade secrets, (vi) Antigen has not
received any notice that it is in default (or with the giving of notice or lapse of time or
both, would be in default) under any contract to use the Intellectual Property, (vii) to the
knowledge of Mr. Willoughby, no Intellectual Property is being infringed by any other Person
and (viii) Antigen does not pay any royalty to a third party with respect to its use of any
Intellectual Property.

     Except as set forth on Schedule 6(k), Antigen has not received notice, either verbally
or in writing, that it is infringing any Intellectual Property of any other Person in
connection with the conduct of the Business and no claim is pending or has been made in
writing to such effect. Mr. Willoughby has no Knowledge that Antigen is infringing on the
intellectual property rights of any other Person.

     (l) Contracts and Commitments. Schedule 6(i)(vii) contains a list of all
material leases, contracts and agreements relating to the Business and to which Antigen is a
party

8

 

or by which any of the Assets is bound. True and complete copies of the foregoing have
been made available to Planet. Except as set forth on Schedule 6(l), all Contracts are in
full force and effect and constitute legal, valid and binding obligations of Antigen. No
default, or event which with notice or lapse of time or both would constitute a default,
exists in respect of the Contracts on the part of Antigen. Except as set forth on Schedule
6(l), no consent of any Person is required in connection with the transfer of the Stock to
Planet under this Agreement. Except as set forth on Schedule 6(l), Antigen has no
contracts, agreements or arrangements (a) providing for the payment of any bonus or
commission based on sales or earnings, or (b) with any officer, member, director, consultant
(other than fee agreements with Antigen’s accountants and attorneys), agent or Affiliate of
Antigen, or (c) relating to employment or severance or termination benefits (other than
employment arrangements terminable at will without liability on the part of Antigen and
other than for severance or termination benefits required by statute or regulation).

     (m) Intentionally Omitted.

     (n) Compliance with Laws; Restrictions; Permits.

     (i) Except as set forth on Schedule 6(n)(i), to the Knowledge of Mr.
Willoughby, Antigen is conducting the Business, and all of its properties and assets
are, in compliance with Applicable Law and regulations, policies and orders or any
Governmental Authority, including, without limitation the FDA.

     (ii) Except as set forth on Schedule 6(n)(ii), to the Knowledge of Mr.
Willoughby, Antigen has not received any written notification of any present or past
(since January 1, 2005) failure to comply or of any past (since January 1, 2005) or
present events, activities or practices of Antigen or incidents or actions of
Antigen or plans of Antigen which may be construed to indicate interference with or
prevention of continued compliance with Applicable Law or which may give rise to any
common law or statutory liability, or otherwise form the basis of any claim, action,
suit, proceeding, hearing or investigation.

     (iii) Set forth on Schedule 6(n)(iii) is a list of all approvals,
authorizations, certificates, consents, licenses, orders and permits or other
similar authorizations of any Governmental Authority obtained by Antigen for the
operation of the Business as currently operated. To the Knowledge of Mr.
Willoughby, no other governmental or other registration, filing, application,
permit, notice, transfer, consent, approval, order, qualification or waiver
(collectively, a “Permit”) is required under Applicable Law to be obtained
by Antigen.

     (o) Compensation of and Indebtedness to and from Employees.

     (i) Schedule 6(o)(i) sets forth a true and complete list of the names of and
positions held by each employee of Antigen (“Employees”) and the current

9

 

compensation of each such employee, including salary, bonus, other incentive
compensation and other perquisites and benefits.

     (ii) Except as set forth in Schedule 6(o)(ii), Antigen has no financial
obligation and are not otherwise indebted to any person who is an officer, director,
member or employee of Antigen, or to any relative of any such person or to any
entity controlled directly or indirectly by, or otherwise affiliated with, such
person, in any amount whatsoever other than for compensation for services rendered
since the start of the current pay period and for normal and customary business
expenses, nor is any officer, director, member or employee or any relative of such
person or any entity controlled directly or indirectly by, or otherwise affiliated
with, such person, indebted to Antigen except for normal and customary business
reimbursement advances made in the ordinary course of business.

     (p) Employee Benefit Plans.

     (i) All benefit and compensation plans, contracts, policies or arrangements
covering current or former employees of Antigen and current or former directors of
Antigen, including, but not limited to, “employee benefit plans” within the meaning
of Section 3(3) of ERISA, and all deferred compensation, stock option, stock
purchase, stock appreciation rights, stock based, incentive and bonus plans (the
“Benefit Plans”), are set forth in Schedule 6(p). True and complete copies
of all Benefit Plans including, but not limited to, any trust instruments and
insurance contracts forming a part of any Benefit Plans and all amendments thereto
have been provided or made available to Planet.

     (ii) All Benefits Plans, to the extent subject to ERISA, are in substantial
compliance with ERISA. No Benefit Plan which is an “employee pension benefit plan”
within the meaning of Section 3(2) of ERISA (“Pension Plan”) is intended to
be qualified under Section 401(a) of the Code. There is no material pending or, to
the Knowledge of Mr. Willoughby, threatened litigation relating to the Benefits
Plans. Antigen has not engaged in a transaction with respect to any Benefit Plan or
Pension Plan that, assuming the taxable period of such transaction expired as of the
date hereof, could subject Antigen to a tax or penalty imposed by either Section
4975 of the Code or Section 502(i) of ERISA in an amount which would be material.

     (iii) No liability under Subtitle C or D of Title IV of ERISA has been or is
expected to be incurred by Antigen with respect to any ongoing, frozen or terminated
“single-employer plan”, within the meaning of Section 4001(a)(15) of ERISA,
currently or formerly maintained by it, or the single-employer plan of any entity
which is considered one employer with Antigen under Section 4001 of ERISA or Section
414 of the Code (an “ERISA Affiliate”). Antigen has not incurred, and does
not expect to incur, any withdrawal liability with respect to a multiemployer plan
under Subtitle E of Title IV of ERISA (regardless of whether

10

 

based on contributions
of an ERISA Affiliate). No notice of a “reportable event,” within the meaning of Section 4043 of ERISA for which the 30-day reporting
requirement has not been waived, has been required to be filed for any Pension Plan
or by any ERISA Affiliate within the 12-month period ending on the date hereof or
will be required to be filed in connection with the transactions contemplated by
this Agreement.

     (iv) All contributions required to be made under the terms of any Benefit Plan
have been timely made. Neither any Pension Plan nor any single-employer plan of an
ERISA Affiliate has an “accumulated funding deficiency” (whether or not waived)
within the meaning of Section 412 of the Code or Section 302 of ERISA and no ERISA
Affiliate has an outstanding funding waiver. Antigen has not provided, and is not
required to provide, security to any Pension Plan or to any single-employer plan of
an ERISA Affiliate pursuant to Section 401(a)(29) of the Code.

     (v) Antigen does not have any obligations for retiree health and life benefits
under any Benefit Plan and may amend or terminate any such Benefit Plan at any time
without incurring any liability thereunder.

     (vi) Neither the execution of this Agreement nor the consummation of the
transactions contemplated by this Agreement will (A) entitle any employees of
Antigen to severance pay or any increase in severance pay upon any termination of
employment after the date hereof, (B) accelerate the time of payment or vesting or
trigger any payment or funding (through a grantor trust or otherwise) of
compensation or benefits under, increase the amount payable or trigger any other
material obligation pursuant to, any of the Benefit Plans, (C) result in any breach
or violation of, or a default under, any of the Benefit Plans or (D) result in any
payment that would be a “parachute payment” to a “disqualified individual” as those
terms are defined in Section 280G of the Code, without regard to whether such
payment is reasonable compensation for personal services performed or to be
performed in the future.

     (q) Labor Matters. Antigen is neither a party to nor bound by any collective
bargaining agreement, contract or other agreement or understanding with a labor union or
labor organization, nor is it the subject of a proceeding asserting that it has committed an
unfair labor practice (within the meaning of the National Labor Relations Act) or seeking to
compel Antigen to bargain with any labor organization as to wages or conditions of
employment, nor is there any strike or other labor dispute involving it or, to the Knowledge
of Mr. Willoughby, threatened, nor to the Knowledge of Mr. Willoughby does any activity
exist involving its employees seeking to certify a collective bargaining unit or engaging in
other organizational activity.

     (r) Insurance. Schedule 6(r) hereto lists all insurance policies covering
Antigen and any aspect of the Business, indicating the type of coverage, name of insured,
the insurer, the amount of coverage, the premium and the expiration date of each policy.
The insurance coverage provided by any of the policies described above will not terminate or

11

 

lapse by reason of the transactions contemplated by this Agreement. Each policy listed is
valid and binding and in full force and effect, no premiums due thereunder have not been paid, and Antigen has not received any notice of cancellation or termination in respect
of any such policy or notice that any insured is in default thereunder.

     (s) Litigation. Except as set forth in Schedule 6(s), there are presently no,
and since June 30, 2004 there have been no, actions, suits, disputes, claims, proceedings or
investigations pending or, to the Knowledge of Mr. Willoughby, threatened against or
affecting Sellers, Antigen, the Business, the Stock or the Assets, at law or in equity,
before or by any court, agency, or other governmental authority, including, without
limitation, litigation with competitors, customers or with contractors or suppliers who have
performed work on or supplied equipment or materials relating to the Business or the
properties of Antigen. There is no outstanding order, injunction or decree of any court,
governmental authority or arbitration tribunal against Sellers, Antigen, the Business, Stock
or the Assets.

     (t) Environmental Matters.

     (i) Antigen’s business, assets and properties are and have been operated and
maintained in compliance in all material respects with all environmental protection
laws and regulations of any Applicable Law (the “Environmental Laws”). No
event has occurred since January 1, 2005 which, with or without the passage of time
or the giving of notice, or both, would constitute non-compliance with, or a
violation of, the Environmental Laws.

     (ii) Except as set forth on Schedule 6(t)(ii), no real property leased,
occupied or used in the Business contains any underground storage tanks. Antigen
has not caused or permitted to exist, as a result of an intentional or unintentional
act or omission, a disposal, discharge or release of Hazardous Substances
originating on or from any site which currently is or formerly was owned, leased,
occupied or used in connection with the Business, except where such disposal,
discharge or release was pursuant to and in compliance with the conditions of a
permit issued by the appropriate Governmental Authority. There are no properties
owned, leased, occupied or used by Antigen in connection with the Business which are
listed, or proposed for listing, on the National Priorities List pursuant to the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
Sections 9601 et seq., or on a registry of inactive hazardous waste sites maintained
by any state (i) which currently is or formerly was owned, leased, occupied or used
and (ii) with respect to which Antigen has received notice that it is considered to
be a potentially responsible person.

     (u) Customers and Suppliers. Schedule 6(u) sets forth a list of the twenty
largest, by dollar volume, customers and ten largest suppliers of Antigen for the six months
ending June 30, 2007. Since January 1, 2005, no supplier or customer of the Business has
cancelled or otherwise terminated, or, to the Knowledge of Mr. Willoughby, made any written
threat to Antigen to cancel or otherwise terminate, for any reason, including the
consummation of the transactions contemplated hereby, its relationship with the

12

 

Business, in
each case if and only to the extent that such cancellation, termination or threat, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. To the Knowledge of Mr. Willoughby, no supplier or customer
intends to cancel or otherwise terminate or decrease materially its services or supplies to
the Business or its usage of the services or products of the Business, as the case may be,
in each case if and only to the extent that such cancellation, termination or reduction,
individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

     (v) Products.

     (i) Schedule 6(v)(i) sets forth a list of each product currently sold by
Antigen. No claims have been asserted or threatened at any time since January 1,
2005 against the Business in respect of personal injury, wrongful death or property
damage alleged to have resulted from products provided by the Business.

     (ii) The Business has not experienced any product recall or warranty claims,
other than warranty claims less than $1,000.00 since the year ended January 1, 2005.

     (w) Disclosure. No representation or warranty contained in Section 6 of this
Agreement, and no statement contained in the Schedules to Section 6 of this Agreement or in
any certificate furnished by Mr. Willoughby to Planet pursuant to any provision of this
Agreement, contains any untrue statement of a material fact, or when taken as a whole, omits
to state a material fact necessary in order to make the statements herein or therein, in the
light of the circumstances under which they were made, not misleading. Mr. Willoughby has
no Knowledge of any fact that has or could reasonably be deemed to have a Material Adverse
Effect on the Business, which has not been set forth in this Agreement, including without
limitation any Schedules or Exhibits hereto, the Financial Statements or certificate
delivered in accordance with the terms hereof or any document or statement in writing which
has been supplied by or on behalf of Antigen in connection with the transactions
contemplated by this Agreement.

     (x) No Other Representations or Warranties. Except as and to the extent set
forth in Section 6 of this Agreement, Mr. Willoughby makes no representations or warranties
whatsoever to Planet (whether express, implied or statutory) and hereby disclaims all
liability and responsibility for any representation, warranty, statement, or information
made, communicated, or furnished (orally or in writing) to Planet or any of its Affiliates
or representatives, other than and to the extent set forth in Section 6 of this Agreement.
Mr. Willoughby makes no representations or warranties to Planet regarding the probable
success or profitability of the Business.

     7. Representations and Warranties of the Trust. In order to induce Planet to enter
into this Agreement, as of the Acquisition Date, except as set forth in the Disclosure Schedules
attached hereto, the Trust represents and warrants to Planet as follows:

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     (a) Legal Authority, Binding Effect. The Trust has the full capacity, power
and authority to execute and deliver this Agreement and to transfer its Stock as
contemplated herein (subject to the Liens set forth in Schedule 7(b)). The Trust has full capacity,
right, power and authority to execute, deliver and perform its obligations under this
Agreement and all other agreements, certificates and documents (collectively, the “Trust
Documents”) executed or delivered or to be executed or delivered on behalf of the Trust in
connection herewith. This Agreement and the other Trust Documents constitute legal, valid
and binding obligations of The Trust, enforceable in accordance with their respective terms.

     (b) Title to Stock. Except as set forth on Schedule 7(b), the Trust owns and
holds one hundred percent (100%) of its Stock free and clear of all Liens.

     (c) Disclosure. No representation or warranty contained in Section 7 of this
Agreement, and no statement contained in the Schedules to Section 7 of this Agreement or in
any certificate furnished by the Trust to Planet pursuant to any provision of this
Agreement, contains any untrue statement of a material fact, or when taken as a whole, omits
to state a material fact necessary in order to make the statements herein or therein, in the
light of the circumstances under which they were made, not misleading.

     (d) No Other Representations or Warranties. Except as and to the extent set
forth in Section 7 of this Agreement, the Trust makes no representations or warranties
whatsoever to Planet (whether express, implied or statutory) and hereby disclaims all
liability and responsibility for any representation, warranty, statement, or information
made, communicated, or furnished (orally or in writing) to Planet or any of its Affiliates
or representatives, other than and to the extent set forth in Section 7 of this Agreement.
The Trust makes no representations or warranties to Planet regarding the probable success or
profitability of the Business.

     8. Representations and Warranties of Planet. As an inducement for Sellers to enter
into this Agreement and to consummate the transactions contemplated hereby, Planet represents and
warrants to Sellers that:

     (a) Organization and Good Standing. Planet is a corporation duly organized,
validly existing and in good standing under the laws of the State of California. Sellers
are aware that Planet is in the process of reincorporating in the State of Delaware and at
the Closing may be either a corporation valid and existing in the State of Delaware or the
State of California.

     (b) Execution and Effect of Agreement. Planet has the full right, power and
authority to enter into and perform this Agreement and all other agreements, certificates
and documents executed or delivered or to be executed or delivered by Planet in connection
herewith (collectively, with this Agreement, “Planet’s Documents”). The execution,
delivery and performance by Planet of Planet’s Documents have been duly authorized by all
necessary corporate action of Planet. This Agreement has been duly executed and delivered
by Planet, and Planet’s Documents are (or when executed and

14

 

delivered by Planet will be) legal, valid and binding obligations of Planet (to
the extent it is a party thereto), enforceable in accordance with their respective terms.

     (c) Restrictions. The authorization, execution, delivery and performance of
Planet’s Documents and the consummation of the transactions contemplated hereby and thereby
do not and will not (i) violate any of the provisions of the charter or bylaws of Planet,
(ii) violate, conflict with, result in a breach of or constitute a default under, require
any notice or consent under, give rise to a right of termination of, or accelerate the
performance required by, any terms or provisions of any agreement, instrument or writing of
any nature to which Planet is a party or is bound or any of its assets or business is
subject, or (iii) violate, conflict with or result in a breach of, or require any notice,
filing or consent under, any statute, rule, regulation or other provision of law, or any
order, judgment or other direction of a court or other tribunal, or any other governmental
requirement, permit, registration, license or authorization applicable to Planet.

     (d) Intentionally Omitted.

     (e) Public Filings. To the best knowledge of Planet’s Chief Executive Officer
and Chief Financial Officer, Planet has filed all required forms, reports and documents
(“Planet SEC Reports”) with the SEC since January 1, 2005, each of which has
complied in all material respects with all applicable requirements of the Securities Act and
the Exchange Act, each as in effect on the dates such forms, reports and documents were
filed. None of such Planet SEC Reports, including, without limitation, any financial
statements or schedules included or incorporated by reference therein, contained when filed
any untrue statement of a material fact or omitted to state a material fact required to be
stated or incorporated by reference therein or necessary in order to make the statements
therein in light of the circumstances under which they were made not misleading. The
financial statements included in the Planet SEC Reports (collectively, the “Planet
Financial Statements”) have been prepared in accordance with GAAP applied on a
consistent basis by Planet (except as may be indicated in the notes thereto), and fairly
present in all material respects the consolidated financial position of Planet as of the
dates thereof and their consolidated results of operations and changes in financial position
for the periods then ended, except, in the case of unaudited interim financial statements,
for normal year-end audit adjustments and the fact that certain information and notes have
been condensed or omitted in accordance with the applicable rules of the SEC.

     (f) Intentionally omitted.

     (g) Compliance with Laws; Permits.

     (i) Planet is conducting the Planet Business, and all of its properties and
assets are, in compliance with Applicable Law.

     (ii) Planet is not aware and has not received any written or verbal
notification of any present or past failure so to comply or of any past or present
events, activities or practices of Planet or incidents or actions of Planet or plans
of

15

 

Planet which may be construed to indicate interference with or prevention of
continued compliance with Applicable Law or which may give rise to any common law or
statutory liability, or otherwise form the basis of any claim, action, suit,
proceeding, hearing or investigation.

     (iii) No Permit is required under Applicable Law to be obtained by Planet by
virtue of the execution and delivery of this Agreement or the consummation of the
transactions contemplated hereby or to avoid the loss of any Permit.

     (h) Due Diligence. Planet has (i) completed its own independent investigation,
analysis and evaluation of the Business and Antigen, (ii) made all such reviews and
inspections of the books and records, business, assets, results of operations, condition
(financial or otherwise) and prospects of the Business and Antigen as it has deemed
necessary or appropriate, and (iii) in making its decision to enter into this Agreement and
to consummate the transactions contemplated hereby, has relied solely on its own independent
investigation, analysis, and evaluation of the Business, Antigen and the representations
made by the Sellers in this Agreement. Planet has been afforded the opportunity to ask all
questions, and it has received all answers to its satisfaction, regarding the Business and
Antigen.

     (i) Disclosure. No representation or warranty contained in Section 8 of this
Agreement, and no statement contained in the Schedules to Section 8 of this Agreement or in
any certificate furnished by Planet pursuant to any provision of this Agreement, contains
any untrue statement of a material fact, or when taken as a whole, omits to state a material
fact necessary in order to make the statements herein or therein, in the light of the
circumstances under which they were made, not misleading. There is no fact known to Planet
that Planet believes has or could have a Material Adverse Effect on Planet’s Business, which
has not been set forth in this Agreement, including without limitation any Schedules or
Exhibits hereto, the Planet Financial Statements or certificate delivered in accordance with
the terms hereof or any document or statement in writing which has been supplied by or on
behalf of Planet in connection with the transactions contemplated by this Agreement.

     (j) No Other Representations or Warranties. Except as and to the extent set
forth in Section 8 of this Agreement, Planet makes no representations or warranties
whatsoever to Sellers (whether express, implied or statutory) and hereby disclaims all
liability and responsibility for any representation, warranty, statement, or information
made, communicated, or furnished (orally or in writing) to Sellers or any of their
representatives, other than and to the extent set forth in Section 8 of this Agreement.
Planet makes no representations or warranties to Sellers regarding the probable success or
profitability of the Planet Business.

     9. Covenants of the Parties.

     (a) Except with the prior written consent of Planet, Mr. Willoughby will not, during
the term of his employment with Planet and for a period of five (5) years

16

 

thereafter, engage in competition with the business of Antigen, either directly or
indirectly, in any manner or capacity, as adviser, principal, agent, affiliate, promoter,
partner, officer, director, employee, stockholder, owner, co-owner, consultant, or member of
any association or otherwise, in any phase of the business of developing, manufacturing and
marketing of products or services which compete with the products or services or proposed
products or services of the business of Antigen; provided, however, Mr. Willoughby’s
activities described in Exhibit B to the Employment Agreement shall not be deemed to be a
violation of this Section 9(a). Mr. Willoughby’s ownership, as a passive investment, of
less than two percent (2%) of the outstanding shares of capital stock of any corporation
with one or more classes of its capital stock listed on a national securities exchange or
publicly traded on the Nasdaq Stock Market or in the over-the-counter market shall not
constitute a breach of this Section 9(a).

     (b) Forbearances of Antigen. From the date hereof until the Closing, except as
expressly contemplated by this Agreement, without the prior written consent of Planet, Mr.
Willoughby will use commercially reasonable efforts to cause Antigen not to:

     (i) Ordinary Course. Conduct the Business other than in the ordinary
and usual course or fail to use its commercially reasonable efforts to preserve
intact its business organizations and assets and maintain its rights, franchises and
existing relations with customers, suppliers, employees and business associates,
knowingly take any action that would adversely affect or delay the ability of Planet
to perform any of its obligations on a timely basis under this Agreement, or
knowingly take any action that would have a Material Adverse Effect on Antigen,
including, without limitation, selling to customers more than a normal periodic
supply of products and/or purchasing or failing to purchase raw materials, or
producing or failing to produce products, outside of their historical practice.

     (ii) Compensation; Employment Agreements; Etc. Enter into or amend or
renew any employment, consulting, severance or similar agreements or arrangements
with any employee listed on Schedule 6(o)(i) or grant any salary or wage increase or
increase any employee benefit (including incentive or bonus payments), except (i)
for normal individual increases in compensation to employees in the ordinary course
of business consistent with past practice, provided that no such increase shall
result in an annual adjustment of more than 5%, (ii) for other changes that are
required by applicable law, (iii) to satisfy contractual obligations existing as of
the date hereof.

     (iii) Dispositions. Sell, transfer, mortgage, encumber or otherwise
dispose of or discontinue any of the Assets, except Inventory in the ordinary course
of business.

     (iv) Capital Expenditures. Make any capital expenditures relating to
the Business other than capital expenditures in the ordinary course of business
consistent with past practice in amounts not exceeding $20,000 individually or
$100,000 in the aggregate.

17

 

     (v) Accounting Methods. Implement or adopt any change in accounting
principles, practices or methods, other than as may be required by GAAP.

     (vi) Contracts. Enter into, renew or terminate, or make any payment
not then required under, any contract or agreement that calls for aggregate annual
payments of $50,000 or more and which is not terminable at will or with 60 days or
less notice without payment of a premium or penalty.

     (c) Employment of Key Employees. Sellers will use commercially reasonable
efforts to cause Antigen to cause the Key Employees listed on Schedule 9(c) to remain
employed with Antigen through the Closing. As of the Closing, all directors of Antigen
shall resign.

     (d) Employment of Other Employees. From and after the Closing, Planet will
continue the employment of all employees of Antigen on terms substantially equivalent to the
salary and benefits provided to such employees prior to the date hereof, including the
implementation of a stock option plan to be agreed upon and described on Schedule 9(d)
hereto prior to Closing. Any such employees shall be at-will employees terminable at any
time with or without cause, subject to normal termination policies considering the length of
employment of such employee.

     (e) Intentionally omitted.

     (f) Sales and Taxes. All sales and other transfer taxes relating to or arising
from the sale of the Stock pursuant to the terms hereof shall be paid by Sellers.

     (g) Change of Name. On and after the Acquisition Date, no Seller shall use the
name or any name confusingly similar to “Antigen” or “Antigen Laboratories” in relation to
any business activity.

     (h) Commercially Reasonable Efforts. Subject to the terms and conditions of
this Agreement, Sellers and Planet each agree to use their respective commercially
reasonable efforts in good faith to take, or cause to be taken, all actions, and to do, or
cause to be done, all things necessary, proper or desirable, or advisable under applicable
laws, so as to permit consummation of the transactions contemplated hereby, including the
satisfaction of the conditions set forth in Article 10 hereof, and shall cooperate fully
with the other party hereto to that end.

     (i) Access; Information. Mr. Willoughby agrees that upon reasonable notice and
subject to applicable laws relating to the exchange of information, he shall afford and
cause Antigen to afford Planet and Planet’s officers, employees, counsel, accountants and
other authorized representatives such access during normal business hours throughout the
period prior to the Acquisition Date to the books, records (including, without limitation,
Tax Returns and work papers of independent auditors), properties and personnel and to such
other information as Planet may reasonably request and, during such period, it shall furnish
promptly to Planet all information concerning its business, properties and personnel as
Planet may reasonably request.

18

 

     (j) Regulatory Applications. Planet and Antigen shall cooperate and use their
respective commercially reasonable efforts to prepare all documentation, to effect all
filings and to obtain all permits, consents, approvals and authorizations of all
Governmental Authorities necessary to consummate the transactions contemplated by this
Agreement. Each party shall have the right to review in advance, and to the extent
practicable each shall consult with the other, in each case subject to applicable laws
relating to the exchange of information, with respect to all material written information
submitted to any Governmental Authority in connection with the transactions contemplated by
this Agreement.

     (k) Notification of Certain Matters. Antigen, Sellers, and Planet shall each
give prompt notice to the others of any fact, event or circumstance known to it that (i) is
reasonably likely, individually or taken together with all other facts, events and
circumstances known to it, to result in any Material Adverse Effect with respect to it or
(ii) would cause or constitute a material breach of any of its respective representations,
warranties, covenants or agreements contained herein.

     (l) Assistance with Third-Party Agreements. Sellers and Antigen shall
cooperate with and use all commercially reasonable efforts to assist Planet in (a) gaining
access to and obtaining any required consents from all of Antigen’s third-party vendors,
landlords of all of their leased properties and other parties to material agreements,
promptly after the date of this Agreement, and (b) obtaining the cooperation of such third
parties in a smooth transition in accordance with Planet’s timetable at or after the
Closing. Without limiting anything in the preceding sentence, Antigen shall use
commercially reasonable efforts to provide data processing and other processing support to
assist Planet in performing all tasks reasonably required to result in a successful
conversion of data and other files and records to Planet’s production environment, or vice
versa at the election of Planet, when requested by Planet and sufficient to ensure that a
successful conversion can occur at such time as Planet requests at or after the Closing.
Among other things, Antigen shall:

     (i) cooperate with Planet to establish a mutually agreeable project plan to
effectuate the conversion; and

     (ii) use commercially reasonable efforts to have Antigen’s personnel or outside
contractors continue to support both the conversion effort and its needs until the
conversion can be established,

     (m) Financing. Planet shall use its best good faith efforts to obtain equity
and/or debt financing in an amount not less than $10,000,000 on or prior to the Closing on
terms and conditions reasonable and customary for similar transactions of the size and scope
of the transactions contemplated by this Agreement.

     10. Conditions.

     (a) Conditions to Each Parties Obligations. The respective obligation of each
of the parties hereto to consummate the Acquisition is subject to the fulfillment or written

19

 

waiver by the parties hereto prior to the Acquisition Date of each of the following
conditions:

     (i) Regulatory Matters. All Permits of any Governmental Authority
required to be obtained or made shall have been obtained or made, including without
limitation any FDA approval and issuance of FDA license.

     (ii) Employment Agreement. Mr. Willoughby and Planet shall have
entered into an employment agreement in the form attached hereto as Exhibit A (the
“Employment Agreement”).

     (iii) No Injunction. No Governmental Authority of competent
jurisdiction shall have enacted, issued, promulgated, enforced or entered any
statute, rule, regulation, judgment, decree, injunction or other order (whether
temporary, preliminary or permanent) which is in effect and prohibits consummation
of the transactions contemplated by this Agreement.

     (iv) Arbitrator. The parties shall have agreed upon the firm to serve
as the Arbitrator.

     (b) The obligation of Sellers to consummate the Acquisition is also subject to the
fulfillment or written waiver prior to the Acquisition Date of each of the following
additional conditions:

     (i) Representations and Warranties. The representations and warranties
of Planet set forth in this Agreement shall be true and correct in all material
respects as of the date of this Agreement and as of the Acquisition Date as though
made on and as of the Acquisition Date (except that representations and warranties
that by their terms speak as of the date of this Agreement or some other date shall
be true and correct as of such date). For purposes of this paragraph, such
representations and warranties shall be deemed to be true and correct in all
material respects unless the failure or failures of such representations and
warranties to be true and correct in all material respects, either individually or
in the aggregate, and without giving effect to any materiality, material adverse
effect or similar qualifications set forth in such representations and warranties,
will have or would reasonably be expected to have a Material Adverse Effect on
Planet. The Sellers shall have received a certificate, dated the Acquisition Date,
signed on behalf of Planet by the Chief Executive Officer and the Chief Financial
Officer of Planet to such effect.

     (ii) Satisfaction of Covenants. Planet shall have satisfied each
obligation of Planet to be performed by Planet at or prior to the Acquisition Date.
The Sellers shall have received a certificate, dated the Acquisition Date, signed on
behalf of Planet by the Chief Executive Officer and the Chief Financial Officer of
Planet to such effect.

20

 

     (iii) Personal Guarantees. All personal guarantees and related liens
of the Sellers (and Sylvia Willoughby as an individual) with respect to the Business
shall have been released.

     (c) The obligation of Planet to consummate the Acquisition is also subject to the
fulfillment or written waiver prior to the Acquisition Date of each of the following
additional conditions:

     (i) Representations and Warranties. The respective representations and
warranties of each Seller set forth in this Agreement shall be true and correct in
all material respects as of the date of this Agreement and as of the Acquisition
Date as though made on and as of the Acquisition Date (except that representations
and warranties that by their terms speak as of the date of this Agreement or some
other date shall be true and correct as of such date). For purposes of this
paragraph, such representations and warranties shall be deemed to be true and
correct in all material respects unless the failure or failures of such
representations and warranties to be true and correct in all material respects,
either individually or in the aggregate, and without giving effect to any
materiality, material adverse effect or similar qualifications set forth in such
representations and warranties, will have or would reasonably be expected to have a
Material Adverse Effect on Antigen. Planet shall have received a certificate, dated
the Acquisition Date, signed on behalf of each Seller with regard to their
respective representations and warranties.

     (ii) Performance of Obligations of Seller and Antigen. Sellers and
Antigen shall have performed in all material respects all obligations required to be
performed by them, respectively, under this Agreement at or prior to the Acquisition
Date, and Planet shall have received a certificate, dated the Acquisition Date,
signed on behalf of each Seller with regard to their respective obligations
hereunder.

     (iii) Financing. Planet shall have obtained equity and/or debt
financing in an amount not less than $10,000,000.

     (iv) Environmental Condition of Real Property. Planet shall have
satisfied itself with the results of a Phase I environmental report for the Real
Property and if deemed reasonably prudent by Planet, Planet may conduct Phase II
testing on the Real Property and shall have satisfied itself with the results of the
Phase II environmental report.

     (d) If Conditions Not Satisfied. If any of the conditions set forth in this
Article 10 are not satisfied, and the parties nevertheless consummate the transactions
contemplated by this Agreement, the parties shall be deemed to have waived any claim for
damages or other relief arising from or in connection with such non-satisfaction.

21

 

     11. Termination.

     (a) This Agreement may be terminated:

     (i) Mutual Consent. At any time prior to the Acquisition Date, by the
mutual consent of Planet, Sellers and Antigen.

     (ii) Breach. At any time prior to the Acquisition Date, by Planet or
either Seller in the event of a breach of any representation, warranty, covenant or
obligation contained herein by a Seller or Antigen, in the case of termination by
Planet, or by Planet, in the case of termination by a Seller, which breach cannot be
or has not been cured within thirty (30) days after the giving of written notice to
the breaching party or parties of such breach provided that such breach would be
reasonably likely, individually or in the aggregate with other breaches, to result
in a Material Adverse Effect with respect to Planet or Antigen, as the case may be.

     (iii) Delay. By Planet or a Seller in the event that the Acquisition
is not consummated by December 15, 2007, except that Planet or a Seller, as the case
may be, shall not have the right to terminate pursuant to this Section 11(a)(iii) to
the extent that the failure to close arises out of or results from the knowing
action or inaction of the party seeking to terminate pursuant to this Section
11(a)(iii), which action or inaction is in violation of its obligations under this
Agreement.

     (iv) Financing. By Planet or a Seller, if at or prior to December 15,
2007, Planet is not able to obtain commitments from financial investors to provide
debt and/or equity financing, subject to customary conditions to provide the capital
necessary to complete the transactions contemplated by this Agreement on terms
acceptable to Planet’s board of directors, and Planet notifies Antigen that it has
decided not to pursue the transaction contemplated by this Agreement.

     (b) Effect of Termination. In the event of termination of this Agreement
pursuant to this Section 11, no party to this Agreement shall have any liability or
obligation to any other party hereunder provided that termination will not relieve a
breaching party from any liability for any willful breach of any covenant, agreement,
representation or warranty in this Agreement giving rise to such termination.

     12. Deliveries. Upon the terms and subject to the conditions set forth in this
Agreement, at the Closing, the parties shall make the following deliveries:

     (a) Instruments of Conveyance. Each Seller is delivering to Planet the
certificate or certificates representing his or her Stock together with such other
instruments of transfer, assignment and conveyance, and other instruments as the parties and
their respective counsel shall deem reasonably necessary or appropriate, to convey, transfer
and assign to Planet and effectively vest in Planet all right, title and interest in and to,
and good and marketable title to, his or her Stock.

22

 

     (b) Purchase Price. Planet shall deliver to Sellers by wire transfer the
Closing Cash Payment and Planet shall make the other Purchase Price deliveries in accordance
with Section 4(a).

     (c) Possession. Sellers shall cause to be transferred and delivered to Planet
on the Acquisition Date such keys, passwords, codes, lock and safe combinations and other
similar items as Planet shall require to obtain immediate and full possession and control of
Antigen and the Assets, and shall also make available to Planet at their then existing
locations the originals of all documents in Sellers’ possession that are required to be
transferred to Planet by this Agreement.

     (d) Tax Clearance Certificates. Antigen shall deliver to Planet tax clearance
certificates from each taxing authority in each jurisdiction as reasonably requested by
Buyer.

     (e) Other Deliveries. The delivery by each party of any certificate or other
document called for in this Agreement or reasonably requested by the other party and
customarily provided in like transactions.

     13. Indemnification by Mr. Willoughby. Subject to the limitations hereinafter set
forth, Mr. Willoughby shall indemnify, defend and save Planet and its officers, directors and
shareholders (collectively, the “Planet Indemnitees”), harmless from, against, for and in
respect of any and all Damages suffered, sustained, incurred or required to be paid by any Planet
Indemnitee caused by, resulting from or arising out of (A) the claims of any broker or finder
engaged by Mr. Willoughby or Antigen, (B) the untruth, inaccuracy or breach of any representation
or warranty of Mr. Willoughby contained in this Agreement, (C) the breach of any agreement or
covenant of Mr. Willoughby contained in this Agreement, (D) any failure of Antigen to pay, perform
or discharge any Taxes for any period prior to the Acquisition Date (other than (i) income or
property Taxes for the current period and (ii) Taxes that would not be a breach of Sections
6(d)(iii)(a) or (c)) (the “Willoughby Tax Indemnification”), (E) warranty and product
liability claims arising from sales of product prior to the Acquisition Date, and (F) employment
claims by any employee, agent or independent contractor prior to the Acquisition Date.

     14. Indemnification by the Trust. Subject to the limitations hereinafter set forth,
the Trust shall indemnify, defend and save the Planet Indemnitees harmless from, against, for and
in respect of any and all Damages suffered, sustained, incurred or required to be paid by any
Planet Indemnitee caused by, resulting from or arising out of (A) the claims of any broker or
finder engaged by the Trust, (B) the untruth, inaccuracy or breach of any representation or
warranty of the Trust contained in this Agreement, (C) the breach of any agreement or covenant of
the Trust contained in this Agreement, and (D) any failure of Antigen to pay, perform or discharge
any Taxes for any period prior to the Acquisition Date (other than (i) income or property Taxes for
the current period and (ii) Taxes that would not be a breach of Sections 6(d)(iii)(a) or (c)) (the
“Trust Tax Indemnification”).

     15. Indemnification by Planet. Subject to the limitations hereinafter set forth,
Planet shall indemnify, defend and save Mr. Willoughby and the Trust, and its past, present and
future

23

 

trustees and beneficiaries (collectively, the “Seller Indemnitees”) harmless from,
against, for and in respect of any and all Damages suffered, sustained, incurred or required to be
paid by any Seller Indemnitee because of (A) the claims of any broker or finder engaged by Planet,
(B) the untruth, inaccuracy or breach of any representation, warranty, agreement or covenant of
Planet contained in this Agreement, (C) the breach of any agreement or covenant of Planet contained
in this Agreement, and (D) any Liability arising out of the operation of Antigen after the
Acquisition Date, except to the extent the foregoing is otherwise subject to indemnification by
either Seller under this Agreement.

     16. Further Provisions Regarding Indemnification.

     (a) Survival.

     (i) All representations and warranties, and all covenants, agreements and
obligations to be performed prior to Closing, of each Seller, Antigen and Planet in
this Agreement and all claims of an Indemnified Party (as defined below) in respect
of any breach of any representation, warranty, covenant, agreement or obligation of
any Indemnifying Party (as defined below) contained in this Agreement, shall survive
the consummation of the transactions contemplated herein and shall expire on the
first (1st) anniversary of the Acquisition Date, other than the Willoughby Tax
Indemnification and the Trust Tax Indemnification which shall survive the
consummation of the transactions contemplated herein and shall not expire until all
applicable statute of limitations periods run on such claims.

     (ii) Notwithstanding anything herein to the contrary, indemnification for
claims for which written notice as provided in Section 16(b) has been given prior to
the expiration of the representation, warranty, covenant, agreement or obligation
upon which such claim is based shall not expire, and claims for indemnification may
be pursued, until the final resolution of such claim.

     (iii) Nothing in this Section 16(a) shall modify in any respect any covenant,
agreement or obligation to be performed by any party after the Closing pursuant to
the provisions of this Agreement.

     (iv) Nothing contained in this Agreement or otherwise shall in any way limit
any claim, suit, cause of action or remedy that may be available to any party based
on Fraud.

     (b) Defense of Claims. Whenever any claim shall arise for indemnification
hereunder, the party entitled to indemnification (the “Indemnified Party”) shall
promptly notify the other party (the “Indemnifying Party”) in writing of the claim
and, when known, the facts constituting the basis for such claim. The Indemnifying Party
may, upon written notice to the Indemnified Party within 30 calendar days of receipt of the
notice specified in the first sentence of this paragraph, assume the defense of any such
claim if the Indemnifying Party acknowledges to the Indemnified Party the Indemnified
Party’s right to indemnity pursuant hereto in respect of the entirety of such claim. If the

24

 

Indemnifying Party assumes the defense of any such claim, the Indemnifying Party shall
select counsel reasonably acceptable to the Indemnified Party to conduct the defense of such
claim, shall take all steps reasonably necessary in the defense or settlement thereof and
shall at all times use commercially reasonable efforts to diligently and promptly pursue the
resolution thereof. If the Indemnifying Party shall have assumed the defense of any claim
in accordance with this Section 16(b), the Indemnifying Party shall be authorized to consent
to a settlement of, or the entry of any judgment arising from, any such claim, without the
prior written consent of the Indemnified Party; provided, however, that (i) the Indemnifying
Party shall pay or cause to be paid all amounts arising out of such settlement or judgment
concurrently with the effectiveness thereof; (ii) the Indemnifying Party shall not be
authorized to encumber any of the assets of the Indemnified Party or to agree to any
restriction that would apply to the Indemnified Party or to its conduct of business; and
(iii) a condition to any such settlement shall be a complete release of the Indemnified
Party with respect to such claim which contains no admission of liability on the part of the
Indemnified Party. The Indemnified Party shall be entitled to participate in the defense of
any such action, with its own counsel and at its own expense. The Indemnified Party shall,
and shall cause each of its Affiliates, officers, employees, consultants and agents to,
cooperate fully with the Indemnifying Party in the defense of any claim or Proceeding being
defended by the Indemnifying Party pursuant to this Section 16(b). If the Indemnifying
Party does not assume the defense of any claim resulting therefrom in accordance with the
terms of this Section 16(b), the Indemnified Party may defend against such claim in such
manner as it may deem appropriate, including settling such claim after giving notice of the
same to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate.

     (c) Indemnification Threshold for Sellers. Other than the Willoughby Tax
Indemnification and the Trust Tax Indemnification, no claim for indemnification will be made
by any Planet Indemnitee against either Seller unless the aggregate of all Damages incurred
by the Planet Indemnitees exceeds $100,000, in which case the Planet Indemnitee’s claim for
Damages may include the initial $100,000.

     (d) Indemnification Threshold for Planet. No claim for indemnification will be
made by any Seller Indemnitee against Planet unless the aggregate of all Damages incurred by
the Seller Indemnitees exceeds $100,000, in which case the Seller Indemnitee’s claim for
Damages may include the initial $100,000.

     (e) Exclusive Remedy. Other than any Damages resulting from actual Fraud which
Damages shall not be capped,, Sections 13, 14 and 15 (together with Section 5(c)) set forth
the exclusive remedy for monetary damages owing from each Seller to the Planet Indemnitees
and from Planet to the Seller Indemnitees that arise from the matters described therein.
Each of the parties hereby waives any claim or cause of action for monetary damages that it
might assert against the other, with respect to the matters described in such Sections,
whether under any statute, common law, regulation or other law.

     (f) Miscellaneous. No party shall have any obligation to indemnify any
Indemnified Party for: (i) any Consequential Damages (except arising pursuant to a third-

25

 

party claim); or (ii) any other Damages that are: (A) recovered or recoverable by the
Indemnified Party from any other Person (including insurers); or (B) offset by Tax savings
realized on account of such Damages by the Indemnified Party or any of its Affiliates.

     (g) Tax Indemnification. The parties agree that any indemnification pursuant
to Sections 13(D) or 14(D) shall be (i) allocated and paid by the Sellers pro rata in
accordance with the relative percentage of the Stock owned by each Seller, and (ii) net of
any Tax refunds to which Antigen is entitled with regard to any period prior to the
Acquisition Date.

     17. General Provisions.

     (a) Further Assurances. The parties shall cooperate and take such actions, and
execute such other documents subsequent to the Acquisition Date as either may reasonably
request in order to carry out the provisions or purpose of this Agreement.

     (b) Notices. All notices or other communications in connection with this
Agreement shall be in writing and shall be deemed given (a) if personally delivered, when
delivered, (b) if mailed, two Business Days after having been sent by registered or
certified mail, postage prepaid, return receipt requested, or (c) if sent through an
overnight delivery service in circumstances to which such service guarantees next-day
delivery, the next day, to be sent as follows:

	 	(i)	 	If to a Seller or Antigen, to both:
	 
	 	 	 	Mr. Tom Willoughby

13405 NE 120th Street

Kearney, MO 64060
	 
	 	 	 	Ms. Sylvia Willoughby

713 Bristol Court

Liberty, MO 64068

With a copy to:

Polsinelli Shalton Flanigan Suelthaus PC

Attn: William W. Mahood

700 West 47th Street, Suite 1000

Kansas City, MO 64112

	 	(ii)	 	If to Planet:

Planet Technologies, Inc.

Attn: President/CEO

96 Danbury Road

Ridgefield, CT 06877

26

 

	 	 	 	With a copy to:

	 
	 	 	 	Blanchard, Krasner & French

Attn: Robert W. Blanchard

800 Silverado Street, Second Floor

La Jolla, CA 92037

     (c) Entire Agreement; Amendment; No Waiver. This Agreement (which includes the
Schedules and Exhibits hereto) sets forth the parties’ final and entire agreement with
respect to its subject matter and supersedes any and all prior understandings and
agreements. This Agreement can be amended or supplemented, and any provision hereof can be
waived, only by a written instrument making specific reference to this Agreement, in the
case of amendment or supplement, signed by all the parties hereto, or in the case of a
waiver, signed by the party against whom enforcement of such waiver is sought. No waiver by
a party of any default, misrepresentation or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default,
misrepresentation or breach of warranty or covenant hereunder or affect in any way any
rights arising by virtue of any prior or subsequent occurrence. No failure or delay by a
party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

     (d) Public Announcements. The parties agree that they will not make any public
announcement, including any announcement to the employees of the Business, or otherwise
cause to be publicized in any manner by way of press interviews, responses to press
questions or inquiries, press releases or otherwise in any manner designed for release to
the general or trade press, any aspect or proposed aspect of this transaction (including but
not limited to the price paid and other terms of the transaction) without the mutual
agreement of all of the parties hereto.

     (e) Successors; Assignment. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs, executors,
administrators, personal representatives, successors and assigns. This Agreement or any of
the rights, interests or obligations hereunder may not be assigned or transferred (other
than as part of a distribution pursuant to the Trust instrument) by any party without the
prior written consent of the other party. Any assignment or transfer in violation of this
section shall be null and void.

     (f) Captions. The section and paragraph headings in this Agreement and in the
Schedules hereto are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement.

     (g) Fees and Expenses. Whether or not the transactions contemplated hereby are
consummated, the parties hereto shall pay their own respective expenses, provided legal

27

 

expenses incurred by Sellers in connection with or related to the transactions
contemplated by this Agreement shall be paid by Antigen.

     (h) Severability; Construction. If any provision of this Agreement shall be
held by any court of competent jurisdiction to be illegal, invalid, unenforceable or void,
such provision shall be construed and enforced as if it had been more narrowly drawn so as
not to be illegal, invalid, unenforceable or void, and such illegality, invalidity or
unenforceability shall have no affect upon and shall not impair the enforceability of any
other provision of this Agreement. The parties hereto intend that each representation,
warranty and covenant contained herein will have independent significance. If any party has
breached any representation, warranty or covenant contained herein in any respect, the fact
that there exists another representation, warranty or covenant relating to the same subject
matter (regardless of the relative levels of specificity) that the party has not breached
will not detract from or mitigate the fact that the party is in breach of the first
representation, warranty or covenant.

     (i) Governing Law; Exclusive Jurisdiction. This Agreement shall be governed by
and construed and interpreted in accordance with the internal law of the State of Delaware.

     (j) Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument.

     (k) Interpretation. When a reference is made in this Agreement to a Section or
Article such reference shall be to a Section or Article of this Agreement unless otherwise
indicated. The word “including” and words of similar import when used in this Agreement
will mean “including, without limitation,” unless otherwise specified.

     (l) Submission to Jurisdiction. Each of the parties irrevocably agrees that
any legal action or proceeding arising out of or relating to this Agreement or for
recognition and enforcement of any judgment in respect hereof brought by the other party or
its successors or assigns may be brought and determined (i) in any Missouri court sitting in
Clay County Missouri or the Western District of Missouri federal court, if brought by
Planet, and (ii) in any Connecticut or District of Connecticut federal court, if brought by
a Seller or Antigen, and each of the parties hereby irrevocably submits to the exclusive
jurisdiction of the aforesaid courts for itself and with respect to its property, generally
and unconditionally, with regard to any such action or proceeding arising out of or relating
to this Agreement and the transactions contemplated hereby (and agrees not to commence any
action, suit or proceeding relating thereto except in such courts). Each of the parties
further agrees to accept service of process in any manner permitted by such courts. Each of
the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way
of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim
that it is not personally subject to the jurisdiction of the above-named courts for any
reason other than the failure lawfully to serve process, (b) that it or its property is
exempt or immune from jurisdiction of any such court or from any legal process

28

 

commenced in such courts (whether through service of notice, attachment prior to
judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (c) to the fullest extent permitted by law, that (i) the suit, action or proceeding in
any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or
proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be
enforced in or by such courts.

     (m) The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. Accordingly, each of the parties shall be entitled to specific
performance of the terms hereof, including an injunction or injunctions to prevent breaches
of this Agreement and to enforce specifically the terms and provisions of this Agreement (in
the courts as set forth above), this being in addition to any other remedy to which they are
entitled at law or in equity. Each of the parties further hereby waives (a) any defense in
any action for specific performance that a remedy at law would be adequate and (b) any
requirement under any law to post security as a prerequisite to obtaining equitable relief.

     (n) Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     (o) Facsimile Signature. This Agreement may be executed by facsimile signature
and a facsimile signature shall constitute an original for all purposes

     (p) Time of Essence. Time is of the essence with regard to all dates and time
periods set forth or referred to in this Agreement.

[The remainder of this page is intentionally left blank]

29

 

     IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above
written.

	 	 	 	 	 
	 	PLANET TECHNOLOGIES, INC.

 	 
	 	By:  	 	 
	 	 	Edward Steube 	 
	 	 	President/CEO 	 
	 

	 	 	 	 	 
	 	ANTIGEN LABORATORIES, INC.

 	 
	 	By:  	 	 
	 	 	William Thomas Willoughby 	 
	 	 	President 	 
	 
	 	 	 
	 	 	 
	 	William Thomas Willoughby 	 
	 	 	 
	 
	 	Sylvia W. Willoughby Trust

 	 
	 	By:  	 	 
	 	 	Sylvia W. Willoughby, Trustee 	 
	 	 	 	 

 

 

	 	 	 	 	 

Schedule 1

Defined Terms

     “Acquisition” shall mean the transaction contemplated by this Agreement.

     “Acquisition Date” will have the meaning ascribed to such term in Section 4(b).

     “Affiliate” means, with respect to any Person, a Person directly or indirectly
controlling, controlled by or under common control with the Person, through the ownership of all or
part of the Person.

     “Agreement” will have the meaning ascribed to such term in the Preamble.

     “Antigen” means Antigen Laboratories, Inc.

     “Applicable Law” means any domestic or foreign, federal, state or local statute, law,
common law, ordinance, policy, guidance, rule, administrative interpretation, regulation, order,
writ, injunction, directive, judgment, decree, permit or other requirement of any Governmental
Authority.

     “Arbitrator” will have the meaning ascribed to such term in Section 5(b).

     “Assets” will have the meaning ascribed to such term in Section 6(i).

     “Business” will have the meaning ascribed to such term in the recitals of this
Agreement.

     “Business Day” means a day of the week (but not a Saturday, Sunday, or holiday) on
which banking institutions in Kansas City, Missouri are open. All references to “days” in this
Agreement will be to calendar days unless specifically referenced as a Business Day.

     “Cash Holdback” means the amount set forth in Section 4(a)(v).

     “Closing” will have the meaning ascribed to such term in Section 4(b).

     “Closing Cash Payment” will have the meaning ascribed to such term in Section 4(a)(i).

     “Code” means the Internal Revenue Code of 1986 as amended.

     “Consequential Damages” means Losses arising out of any interruption of business, loss of
profits, loss of use of facilities, claims of customers, loss of goodwill or other indirect,
incidental, special or punitive damages.

     “Contracts” will have the meaning ascribed to such term in Section 6(i)(vii).

     “Copyrights” means all of the following: (i) all copyrights, all registrations and
recordings thereof, and all applications in connection therewith, including all registrations,
recordings and applications in the United States Copyright Office or in any similar office or

 

 

agency of the United States, any State or territory thereof, or any other country or any
political subdivision thereof, and (ii) all reissues, extensions or renewals thereof.

     “Damages” means all demands, claims, actions or causes of action, assessments, losses,
damages, costs, expenses, liabilities, judgments, awards, fines, sanctions, penalties, charges and
amounts paid in settlement, including (i) interest on cash disbursements in respect of any of the
foregoing at a rate of five percent (5%) per annum from the date each such cash disbursement is
made until the Person incurring the same is indemnified in respect thereof, and (ii) reasonable
costs, fees and expenses of attorneys, accountants and other agents of the Person reasonably
incurred with respect to the foregoing.

     “Employment Agreement” will have the meaning ascribed to such term in Section
10(a)(ii).

     “Environmental Laws” will have the meaning ascribed to such term in Section 6(t)(i).

     “Equipment” means all machinery and equipment, including processing equipment,
conveyors, machine tools, tools, tooling, data processing and computer equipment, including
embedded software and peripheral equipment and all engineering, processing and manufacturing
equipment, office machinery, furniture, materials handling equipment, tools, attachments,
accessories, automotive equipment, trailers, trucks, forklifts, molds, dies, stamps, motor
vehicles, rolling stock and other equipment of every kind and nature, trade fixtures and fixtures
not forming a part of real property, together with all additions and accessions thereto,
replacements therefor, all parts therefor, all substitutes for any of the foregoing, fuel therefor,
and all manuals, drawings, instructions, warranties and rights with respect thereto, and all
products and proceeds thereof and condemnation awards and insurance proceeds with respect thereto
of the Antigen Business.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “FDA” means the Food and Drug Administration.

     “Financial Statements” will have the meaning ascribed to such term in Section 6(d)(i).

     “Fraud” means any fraud, intentional misrepresentation, theft, or embezzlement.

     “GAAP” means generally accepted accounting principles as applied on a consistent
basis.

     “Governmental Authority” means any foreign or domestic, federal, territorial, state or
local governmental authority, instrumentality, court, government commission, tribunal or
organization, or any regulatory, administrative or other agency, including the FDA, or any
political or other subdivision, department or branch of any of the foregoing.

     “Hazardous Substances” means any substance, material or waste that is regulated by any
Governmental Authority, including, without limitation, (i) petroleum; (ii) asbestos; and (iii) any
material or substance that is defined as a “hazardous waste,” “hazardous material,” “hazardous
substance,” “extremely hazardous waste,” or “restricted hazardous waste” under any provision of any
Applicable Law, including, without limitation, Section 307 and Section 311 of the Clean

 

 

Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. §§ 1317, 1321), Section 1004 of the Resource
Conservation and Recovery Act, 42 U.S.C. § 6901 et seq. (42 U.S.C. § 6903), and Section 101 of the
Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq. (42
U.S.C. § 9601).

     “Indemnified Party” will have the meaning ascribed to such term in Section 16(b).

     “Indemnifying Party” will have the meaning ascribed to such term in Section 16(b).

     “Intangible Property” will have the meaning ascribed to such term in Section
6(i)(iii).

     “Intellectual Property” will have the meaning ascribed to such term in Section 6(k).

     “Interim Financial Statements” will have the meaning ascribed to such term in Section
6(d)(i).

     “Inventory” will have the meaning ascribed to such term in Section 6(i)(i).

     “IRS” means the Internal Revenue Service.

     “Know-how” will have the meaning ascribed to such term in Section 6(i)(iv).

     “Knowledge” means actual present knowledge.

     “Liability” or “Liabilities” means, with respect to any Person, any liability
or obligation of any kind, character or description, whether known or unknown, absolute or
contingent, accrued or unaccrued, liquidated or unliquidated, secured or unsecured, joint or
several, due or to become due, vested or unvested, executory, determined, determinable or otherwise
and whether or not the same is required to be accrued on the financial statements of the Person or
is disclosed on any Schedule hereto.

     “License” means any rights under any written agreement owned or acquired by a party
granting any right (i) to use any Copyright or Copyright registration; (ii) any right with respect
to any invention on which a Patent is in existence; (iii) to use any Trademark; or (iv) any other
license of rights or interests held or acquired by such party.

     “Liens” means any security interests, liens, pledges, charges, options, rights of
first refusal, encumbrances, claims or other third party rights of any kind.

     “Material Adverse Effect” means a change in, or effect on, the operations, affairs,
condition (financial or otherwise), results of operations, assets, properties, Liabilities,
earnings, prospects, reserves or any other aspect of the Business or the Planet Business, as the
context requires, that results in a material adverse effect on, or a material adverse change in the
Assets of the Business or the Planet Business, as the context requires, taken as a whole; provided,
however, to the extent such effect results from any of the following, such effect shall not be
considered a Material Adverse Effect: (x) general conditions applicable to the economy of the
United States or elsewhere, including changes in interest rates and changes in the stock or other
financial markets; (y) conditions generally affecting the allergy immunotherapy testing and

 

 

treatment product industry without any disproportionate impact on Antigen or Planet; or (z)
conditions or effects resulting from or relating to the announcement, the existence, or the terms
of this Agreement or the consummation of the transactions contemplated hereby.

     “Patents” means all of the following in which Antigen holds any interest: (i) all
letters patent of the United States or of any other country, all registrations and recordings
thereof, and all applications for letters patent of the United States or of any other country,
including registrations, recordings and applications in the United States Patent and Trademark
Office or in any similar office or agency of the United States, any State or territory thereof, or
any other country, and (ii) all reissues, continuations, continuations-in-part or extensions
thereof.

     “Permit” will have the meaning ascribed to such term in Section 6(n)(iii).

     “Person” means an individual, corporation, partnership, joint venture, trust, limited
liability company or other business entity.

     “Proceeding” or “Proceedings” means any lawsuit, claim, hearing, arbitration,
proceeding (public or private), governmental investigation, or legal, administrative or other
action.

     “Proprietary Information” will have the meaning ascribed to such term in Section
6(i)(v).

     “Planet” will have the meaning ascribed to such term in the Preamble.

     “Planet Indemnitees” will have the meaning ascribed to such term in Section 13.

     “Planet Financial Statements” will have the meaning ascribed to such term in Section
8(e).

     “Planet’s Documents” will have the meaning ascribed to such term in Section 8(b).

     “Planet SEC Reports” will have the meaning ascribed to such term in Section 8(e).

     “Reference Date” shall mean the date of this Agreement set forth on page 1 hereof.

     “Reference Balance Sheet” will have the meaning ascribed to such term in Section
6(d)(i).

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Seller Indemnitees” will have the meaning ascribed to such term in Section 15.

     “Sellers” will have the meaning ascribed to such term in the Preamble.

     “Stock” will have the meaning ascribed to such term in the recitals to this Agreement.

     “Subsidiary” means, with respect to any Person, (i) any corporation in which such
Person, then owns stock possessing more than fifty percent (50%) of the total combined voting

 

 

power of all classes of stock, (ii) any partnership in which such Person is a general partner
or (iii) any limited liability company, partnership or other entity in which such Person possesses
a fifty percent (50%) or greater interest in the total capital or total income of such limited
liability company, partnership or other entity.

     “Tax” or “Taxes” means any taxes, fees, levies, duties, tariffs, imposts, and
governmental impositions or charges of any kind in the nature of (or similar to) taxes, payable to
any taxing authority, including any Governmental Authority and any taxing agency thereof,
including, without limitation, (i) any federal, state, local or foreign net income tax, alternative
or add-on minimum tax, profits or excess profits tax, franchise tax, gross income, adjusted gross
income or gross receipts tax, employment related tax (including employee withholding or employer
payroll tax, FICA or FUTA), real or personal property tax or ad valorem tax, sales and use tax,
excise tax, stamp tax or duty, any withholding or back up withholding tax, value added tax,
severance tax, prohibited transaction tax, premiums tax, environmental tax, intangibles tax,
occupation tax, net worth tax, estimated tax, transfer and gains tax, (ii) any interest or any
penalty, addition to tax or additional amount imposed by any Governmental Authority responsible for
the imposition of any such tax, and (iii) any liability with respect to the foregoing as a result
of being a member of any affiliated, consolidated, combined, unitary, or similar group, as a result
of any transferee liability in respect of the foregoing, as a result of any agreement or otherwise
by operation of law.

     “Tax Returns” mean any return, report, form or other information filed or required to
be filed with the IRS or any other federal, foreign, state, local, provincial taxing authority with
respect to any Tax, including any claim for refund of Taxes and any amendments or supplements of
any of the foregoing.

     “Trademarks” means all of the following owned by Antigen: (i) all trademarks, trade
names, corporate names, business names, trade styles, service marks, logos, other source or
business identifiers, prints and labels on which any of the foregoing have appeared or appear,
designs and general intangibles of like nature (whether registered or unregistered), all
registrations and recordings thereof, and all applications in connection therewith, including
registrations, recordings and applications in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any state or territory thereof, or any other
country or any political subdivision thereof; (ii) all reissues, extensions or renewals thereof;
and (c) all goodwill associated with or symbolized by any of the foregoing.

     “Trust Tax Indemnification” will have the meaning ascribed to such term in Section 14.

     “Willoughby Tax Indemnification” will have the meaning ascribed to such term in
Section 13.

 

 

Exhibit A

Employment Agreement

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