Document:

Amended and Restated Occupational Medicine Center Management and Consulting Agr.

 Exhibit 10.2 
  
 AMENDED AND RESTATED 
  
 OCCUPATIONAL MEDICINE CENTER 
 MANAGEMENT AND
CONSULTING AGREEMENT 
  
 BY AND BETWEEN 
  
 CONCENTRA HEALTH SERVICES, INC. 
 A Nevada Corporation 
  
 AND 
  
 OCCUPATIONAL HEALTH CENTERS OF THE SOUTHWEST, 
 P.A. 
 A Texas Professional Association 
  
 July 30, 2003 

 Exhibit 10.2 
  
 AMENDED AND RESTATED 
 OCCUPATIONAL MEDICINE CENTER 
 MANAGEMENT AND CONSULTING AGREEMENT 
  
 This Occupational Medicine Center Management and Consulting Agreement (the
“Agreement”) is made and entered into effective as of this the date set forth on the signature page hereto (the “Effective Date”) by and between CONCENTRA HEALTH SERVICES, INC., a Nevada corporation (the
“Corporation”), and OCCUPATIONAL HEALTH CENTERS OF THE SOUTHWEST, P.A., a Texas professional association (the “Association”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Association is a professional association formed for the purpose of providing medical services; and 
  
 WHEREAS, the Corporation is a corporation formed for the purpose of
developing and operating occupational medicine centers that provide occupational medicine services through various locations (whether one or more hereinafter individually and collectively referred to as the “Centers”); and 
  
 WHEREAS, the Association intends to practice occupational medicine at
various Centers operated by the Corporation; and 
  
 WHEREAS,
the Association desires to engage the Corporation to manage the Association’s practice of occupational medicine at the Centers, and the Corporation is willing to accept such engagement, both subject to the terms and conditions set forth
below; 
  
 NOW, THEREFORE, in consideration of the
foregoing, and in accordance with the terms and conditions set forth below, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 ENGAGEMENT AND SERVICES 
  
 1.1 Engagement. The Association hereby engages the Corporation to serve as the Association’s manager and administrator of non-medical functions and non-physician services related to the Association’s practice in the
Centers and to perform the functions and to provide the services described in this Agreement, and the Corporation hereby accepts the engagement under the terms and conditions set forth in this Agreement. 

 1.2 Authority and Responsibilities of the Corporation. 
  
 (a) General. Subject to the limitations and conditions set
forth in this Agreement, the Corporation, as manager of the Centers, shall have the authority and responsibility to conduct, supervise and manage the day-to-day non-medical operations of the Centers and provide all developmental, management and
administrative services attendant to the Association’s practice. In the absence of oral or written directions by the Association or written policies of the Association, the Corporation shall be expected to exercise reasonable judgment in its
management activities. The Corporation shall have responsibility and commensurate authority, subject to the direction of the Association and the written policies of the Association, for all activities described in the foregoing including, but not
limited to, the following: 
  

	 	(1)	 	Bookkeeping and Accounting. The Corporation will provide the Association with all bookkeeping and accounting services necessary or appropriate as the Association shall
determine to support the Association’s medical practice including, without limitation, maintenance, custody and supervision of all of the Association’s business records, papers, documents, ledgers, journals and reports, and the
preparation, distribution and recordation of all bills and statements for professional services rendered by the Association, including the billing and completion of reports and forms required by insurance companies, governmental agencies, or other
third-party payors; provided, however, it is understood that all such business records, papers and documents will be available for inspection by the Association at all times. 

  

	 	(2)	 	General Administrative Services. The Corporation will provide the Association with overall supervision and management (including maintenance and repair) of all facilities,
and all furniture, fixtures, furnishings, equipment and leasehold improvements located in or upon all of the Centers. 

  

	 	(3)	 	Non-Physician Personnel. The Corporation will hire, employ, train, compensate and provide to the Association all non-medical personnel (other than physical therapists, who
shall be employed by the Association) including, but not limited to, all non-physician technical personnel, receptionists, secretaries, clerks, purchasing and marketing personnel, janitorial and maintenance personnel, and non-physician supervisory
personnel, who are now or may hereafter be needed to effectively and efficiently operate the Association’s medical practice at the Centers. All personnel whom the Corporation provides to work with the Association shall not be the employees of
the Association, and the Association shall not be responsible for the payment to all such persons of all compensation, including salary, fringe benefits, bonuses, health and disability insurance, workers compensation insurance, and any other
benefits that may be made available to such employees. The Association shall have no responsibility for hiring, discharging or supervising the non-medical functions of all non-medical personnel who are provided to work with the Association pursuant
to this Agreement; provided, however, that the Association shall be solely responsible for the 

  

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supervision of all such personnel in connection with any medical functions and responsibilities performed by such personnel. 

  

	 	(4)	 	Supplies. Subject to the Association approval, the Corporation will acquire and supply to the Association all medical and non-medical supplies of every kind, name or nature,
that the Association may require in order to conduct and operate its medical practice at the Centers. 

  

	 	(5)	 	Security and Maintenance. Subject to the Association approval, the Corporation will provide the Association with all services and personnel necessary to provide the
Association with proper security, maintenance and cleanliness of the Centers, and the furniture, fixtures, furnishings and equipment located at such facilities. Additionally, the Corporation will furnish to, or obtain for, the Association all
laundry, linen, uniforms, printing, stationery, forms, telephones, postage, duplication services, and any and all other supplies and services of a similar nature that are necessary, in the Association’s opinion, in connection with the
day-to-day operation of the Association’s medical practice at the Centers. 

  

	 	(6)	 	Insurance. The Corporation will obtain and maintain in full force and effect during the term of this Agreement, and all extensions and renewals thereof, all general liability
and casualty insurance of every kind, name and nature that the parties agree is appropriate to protect them against loss in the nature of fire, other catastrophe, theft, public liability and non-medical negligence, in such amounts as the parties
shall mutually determine is appropriate. The Association shall, at its expense, maintain general and professional liability insurance with an endorsement naming the Corporation (as agent for the Association) as an additional insured thereunder. The
Corporation is authorized to obtain such general and professional liability insurance on the Association’s behalf. 

  

	 	(7)	 	Billing, Collection and Patient Scheduling. The Corporation will, as the Association’s agent, prepare, mail and collect all bills and statements for all professional
medical services rendered by the Association, and shall be responsible for all patient scheduling at the Centers. All fees for professional services rendered by the Association shall be billed by the Corporation in the name of the Association and
shall be payable to the Association. All collections made and received by the Corporation for or on account of medical professional services rendered by the Association shall be held by the Corporation for the Association’s benefit and
deposited in one or more accounts in the name of the Association, subject to the compensation provisions contained in Section 6.1 below. 

  

	 	(8)	 	Marketing. The Corporation will assist the Association in the marketing and distribution of the health care services provided by the Association at the Centers; and in this
respect, shall hire, employ and train marketing personnel sufficient to accomplish this task as well as produce and distribute such written descriptive 

  

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materials concerning the Association’s professional services as may be necessary or appropriate to the conduct of the Association’s medical
practice; provided, however, that all of such marketing and services shall be conducted strictly in accordance with law and the rules, regulations and guidelines of all affected governmental and quasi-governmental agencies.

  

	 	(9)	 	Management and Planning Reports. The Corporation will supply to the Association on a regular, periodic basis such internal reports as may be necessary or appropriate for the
parties to assist each other in evaluating the non-medical aspects of the performance and productivity of their respective employees as well as in evaluating the efficiency and effectiveness of the rendition of their respective management and
medical services. 

  

	 	(10)	 	Payment of Accounts and Indebtedness. 

  

	 	(i)	 	General. The Corporation shall be responsible for effecting the payment of payroll, trade accounts, amounts due on short-term and long-term indebtedness, taxes and all other
obligations of the Association from the Association’s accounts; provided, however, that the Corporation’s responsibility shall be limited to the exercise of reasonable diligence and care to apply the Association’s
funds collected to the Association’s obligations in a timely and prudent manner. The Corporation shall have no separate liability with respect to any obligation of the Association. The Association shall authorize the Corporation to draw checks
on the Association’s accounts as necessary to perform its obligations under this Agreement. 

  

	 	(ii)	 	Payroll. The Corporation shall have the authority to utilize a payroll agent for the Association, should the Corporation determine the use of such an agent to be desirable.

  

	 	(iii)	 	The Corporation Funds. In no event shall the Corporation have any obligation to supply out of its own funds working capital for the Association or its operations.

  

	 	(iv)	 	Accounting and Financial Records. Subject to the written policies of the Association, and at the expense of the Association, the Corporation shall cause to be prepared and
presented to the Association the following financial reports: 

  

	 	(a)	 	Within thirty (30) days after the end of each calendar month, a balance sheet dated as of the last day of that month, and a statement showing the income and expenses of the
Association for that month and for the fiscal year to date; 

  

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	 	(b)	 	Within ninety (90) days after the end of each fiscal year of the Association, a balance sheet, dated as of the last day of that fiscal year, and a statement of the income and
expenses of the Association for the fiscal year then ended; and 

  

	 	(c)	 	Such other reports as the Corporation considers appropriate to keep the Association informed as to its status and condition. 

  

	 	(11)	 	Patient Charges. The Corporation and the Association recognize the importance of maintaining patient charges that will enable the Association to meet its obligations while
containing the cost of health care. The Association, in consultation with the Corporation, shall establish schedules of patient charges for medical services and supplies provided by the Association that takes into account the financial obligations
of the Association, the level of patient charges at other clinics, centers or nearby hospitals for similar services and the importance of providing quality health care at a reasonable cost. 

  

	 	(12)	 	Ancillary and Other Arrangements. The Corporation shall, at the Association’s expense, make, install, or cause to be made or installed, all necessary and proper repairs,
replacements, additions and improvements in and to the property and equipment used in connection with the Association’s practice, in order to keep and maintain the Centers in good repair, working order and condition, and outfitted and equipped
for operation consistent with the goals and objectives set forth in this Agreement. The Corporation shall negotiate and enter into such agreements as it may deem necessary or advisable for the furnishing of utilities, services and supplies for the
maintenance and operation of the Association’s practice. 

  

	 	(13)	 	Centers. The Corporation shall provide professional office space to operate the Centers. 

  
 (b) Reliance. In furtherance of the objectives of this Agreement, the Corporation shall be entitled to rely
upon formal action taken by the Association as reflected and recorded in the records of the Association or, in the absence thereof, upon instructions received from the Association, or such representative of the Association as the Association may
designate, as to any and all acts to be performed by the Corporation. 
  
 (c) Construction. The grant of express authority to the Corporation with regard to specific matters by this Agreement is not intended by the Association to be narrowly construed for the purpose of restricting the authority of
the Corporation. 
  
 1.3 Relationship of Parties.
The Association shall at all times exercise control over the medical services rendered at the Centers, and the Corporation shall perform its functions to manage the Centers as described in this Agreement. By entering into this Agreement, the
Association does not delegate to the Corporation any of the powers, duties and responsibilities vested in the Association by law. The Association may, consistent with the terms of this 
  

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Agreement, direct the Corporation to implement existing policies and may adopt policy recommendations or proposals made by the Corporation. The Corporation
and the Association each expressly disclaim any intent to form a partnership, association, or any other entity, or to become joint venturers in the operation of the Centers by virtue of the execution of this Agreement, and shall not be agents of
each other except with respect to agency for billing and collections. 
  
 1.4 Medical and Professional Matters. Under no circumstances shall the Corporation be responsible for any medical matters. The Corporation may, however, consult with the Association and make recommendations concerning such
matters. The Association shall be responsible for maintaining all medical records. 
  
 ARTICLE II 
  
 FISCAL MATTERS 
  
 2.1 Accounting
Records. The Corporation shall supervise, direct and maintain at the Association’s expense, a suitable accounting system on the accrual method of accounting and shall furnish monthly compilations to the Association. 
  
 2.2 Budgets. 
  
 (a) Duties of the Corporation. If requested by the Board of
Directors of the Association, the Corporation shall submit to the Association, not less than forty-five (45) days prior to the end of the fiscal year, the following budgets covering the Association’s next fiscal year. These budgets, and any
material changes in these budgets during the fiscal year, shall only become effective upon approval of the Association’s Board of Directors and shall be subject to any written policies of the Association. 
  

	 	(1)	 	Capital Expenditures Budget. A capital expenditure budget setting forth a program of capital expenditures for the Corporation Centers for the next fiscal year;

  

	 	(2)	 	Operating Budget. A budget setting forth an estimate of the Association’s operating revenues and expenses for the coming fiscal year, together with an explanation of
anticipated changes in the Association’s utilization and any changes in services offered by the Association to patients, charges to patients, payroll rates and positions, non-wage cost increases, and all other factors differing significantly
from the current year; 

  

	 	(3)	 	Cash-Flow Projection. A projection of the Association’s cash receipts and disbursements based upon the proposed operating and capital budgets, together with
recommendations as to the use of projected cash-flow in excess of short-term operating requirements and as to the sources and 

  

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amounts of additional cash-flow that may be required to meet the Association’s and the Corporation’s operating requirements and capital
requirements. 

  
 (b) Duties of the
Association. The Association shall take action to approve or disapprove the budgets proposed by the Corporation not later than twenty-one (21) days after submission of the budgets to the Association. Notice of the action by the Association
with regard to the budgets shall be delivered to the Corporation and Concentra if all aspects of the budgets as proposed by the Corporation are not approved by the Association. If such notice of disapproval is not delivered to the Corporation and
Concentra within fourteen (14) days prior to the commencement of the Association’s fiscal year, the budgets shall be deemed to be approved by the Association as proposed by the Corporation. 
  
 ARTICLE III 
  
 LICENSE 
  
 3.1. Grant of License. During the term of this Agreement, and
all renewals and extensions hereof, the Corporation hereby grants a non-exclusive license to the Association to use the “Concentra” trade name and related trademarks or service marks (collectively, the “Trade Names”) and
Confidential Information (as hereinafter defined) lawfully owned and used by the Corporation in connection with the Association’s medical practice conducted at the Centers, while and so long as the Association is in full compliance with all the
terms, covenants and conditions of this Agreement, and any lease or sublease that the Association has with the Corporation in connection with such facilities. Because the license granted to the Association is not exclusive, the Corporation retains
the right to license the Trade Names and any and all other trade names and/or service marks and Confidential Information (as hereinafter defined) lawfully owned and used by the Corporation to others or to use any such names, marks and Confidential
Information (as hereinafter defined) itself. Upon termination of this Agreement, or upon termination of this license because of the Association’s breach of this Agreement, the Association shall immediately cease and discontinue the use of any
and all trade names, trademarks, service marks and Confidential Information (as hereinafter defined) then lawfully used and/or owned by the Corporation. 
  
 3.2. Trade Secrets, Proprietary and Confidential Information. It is understood that during the course of this engagement, the Corporation
will have access to and become familiar with certain management information systems and other trade secrets and proprietary and confidential information of the Association (the “Confidential Information”) that includes, by way of
illustration, and not by way of limitation, (i) lists containing the names of past, present and prospective accounts, customers, employees, principals and suppliers; (ii) the past, present and prospective methods, procedures and techniques utilized
in identifying prospective referral sources, patients, customers and suppliers and in soliciting the business thereof; (iii) the past, present and prospective methods, procedures and techniques used in the operation of the Association’s
occupational health products and services, including the methods, procedures and 
  

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techniques utilized in marketing, pricing, applying and delivering the Association’s occupational health products and services; and (iv) compilations of
information, records and processes that are owned by the Association and/or that are used in the operation of the business of the Corporation or the Association, including, without limitation, computer software programs. Confidential Information
shall be used only in furtherance of the business of the Corporation and not for any other purpose unless authorized in writing by the Association. 
  
 ARTICLE IV 
  
 MAINTENANCE OF STANDARDS 
  
 4.1. Consultants. The Corporation shall be the non-medical consultant for the Association and shall use its administrative and managerial
experience and expertise to carry out this Agreement. If other non-medical consultants are needed, the Corporation may employ such non-medical consultants at its expense. 
  
 4.2. Government Regulations. The Corporation and the Association shall each use their respective best efforts
to assure that the Centers comply with the requirements of any statute, ordinance, law, rule, regulation, or order of any governmental or regulatory body having jurisdiction respecting the Centers. 
  
 4.3. Licenses and Permits. On behalf of the Association, the
Corporation shall apply for, and use its best efforts to obtain and maintain, in the name of and at the expense of the Association, all licenses and permits required in connection with the management and operation of the Centers. The Association
shall cooperate with the Corporation and use its best efforts in applying for, obtaining and maintaining such licenses and permits. 
  
 4.4. Confidentiality of Records. The Corporation shall use its best efforts to protect the confidentiality of the records of the Association
and shall comply with all applicable federal, state and local laws and regulations relating to the medical and financial records of the Association. 
  
 4.5. Medical Services. From time to time and as appropriate, the Corporation may make written recommendations to the Association concerning
changes in the medical services offered by the Centers. Prior to instituting any proposed changes, the Corporation shall obtain the written approval of the Association. 
  
 ARTICLE V 
  
 ASSOCIATION MEDICAL PERSONNEL 
  
 5.1. General. The Association shall retain responsibility for all decisions related to the employment of all medical personnel including
hiring, promotion, discharge, compensation, 
  

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training and professional assignments. The Corporation shall review all personnel matters and make recommendations to the Association on appropriate actions
or policies. Consistent with the directions of the Association, the Corporation shall recruit medical personnel, including physicians and physician assistants, for employment by the Association. All such medical personnel shall be the employees of,
and shall be carried on, the payroll of the Association and shall not be the employees of the Corporation. The Association shall be solely liable to such medical personnel for their wages, compensation and benefits, if any. For purposes of this
Section 5.1, the term “benefits” shall include the Association’s employer contribution to FICA, unemployment compensation and any other employment taxes, workers’ compensation, pension plan contributions, group life and
accident and health insurance premiums, retirement, disability and other similar benefits. 
  
 5.2. Pay Scales and Personnel Policies. The Corporation shall review and make recommendations to the Association regarding the pay scales of the Association’s employees and the number of physicians
required for the Association’s operations. With the approval of the Association, the Corporation shall institute and implement any changes or recommendations so approved 
  
 5.3. The Association’s Rights. The Association shall have the right to demand by written notice delivered
to the Corporation that any employee of the Corporation be terminated, but only if the termination is reasonably and legally supportable in the opinion of the Corporation as a termination for cause. Otherwise, the termination of an employee at the
instance of the Association shall only be completed upon the Association’s agreement to indemnify the Corporation with respect to any liability for such termination, including but not limited to, unemployment insurance taxes, and such indemnity
shall be in a form and under terms satisfactory to the Corporation. 
  
 ARTICLE VI 
  
 MANAGEMENT FEES

  
 6.1. Compensation to the Corporation. As
compensation to the Corporation for its management services hereunder, the Association shall pay the Corporation the amounts set forth on Schedule I attached hereto. 
  
 6.2. Reasonable Value. Payment of amounts to the Corporation is not intended to be and shall not be
interpreted or applied as permitting the Corporation to share in the Association’s fees for medical services, but is acknowledged as the parties’ negotiated agreement as to the reasonable fair market value of the Corporation’s
services hereunder, considering the nature and volume of the services required and the risks assumed by the Corporation. 
  
 6.3. Audit of the Corporation’s Records. The Association shall have a right, upon reasonable prior written notice to the Corporation
and at the Association’s cost, to audit the Corporation’s records with respect to its costs of providing management services hereunder. 
  

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 ARTICLE VII 
  
 PROTECTIVE COVENANTS 
  

7.1. General. The Association expressly acknowledges that the Association and the Association’s employees will be given access to,
and be provided with, business methods, trade secrets and other proprietary information in connection with the Corporation’s business and the Association’s practice of occupational medicine. the Association expressly acknowledges and
agrees that the Confidential Information (as defined in Section 3.2), is proprietary and confidential and if any of the Confidential Information was imparted to or became known by any persons, including the Association and its employees, engaging in
a business in any way competitive with that of the Corporation’s and/or the Association’s, such disclosure would result in hardship, loss, irreparable injury and damage to the Corporation, the measurement of that would be difficult, if not
impossible, to determine. Accordingly, the Association expressly agrees that the Corporation has a legitimate interest in protecting the Confidential Information and its business goodwill, that it is necessary for the Corporation to protect its
business from such hardship, loss, irreparable injury and damage, that the following covenants are a reasonable means by which to accomplish those purposes, and that violation of any of the protective covenants contained herein shall constitute a
breach of trust and is grounds for immediate termination of this Agreement and for appropriate legal action for damages, enforcement and/or injunction. 
  
 7.2. Noncompetition by the Association. The Association covenants that, during the term of this Agreement and for a period of two (2) years
immediately thereafter, irrespective of which party terminates this Agreement and whether such termination is for cause or otherwise, it will not directly or indirectly, either as an employee, employer, consultant, agent, principal, partner,
stockholder (other than ownership of securities of publicly held the Corporations of which the Association owns less than one percent (1%) of any class of outstanding securities), corporate officer, director, investor or financier or in any other
individual or representative capacity, engage or participate in any business within the Prohibited Area (as hereinafter defined) that is in competition in any manner whatsoever with the Corporation businesses and the products or services offered by
the Corporation in such areas, including, without limitation, the operation or staffing of any occupational medicine center or clinic, without the prior written consent of the Corporation. Notwithstanding the foregoing, in the event of the
termination of this Agreement for whatever reason, the Association may engage in such activities solely for the purpose of providing such services to its members and/or physician employees. For purposes of this subsection, the term “Prohibited
Area” means within twenty (20) miles of any Clinic owned, operated or managed by the Corporation at the time of such termination. The Association further agrees that the Association will require all professional employees to execute employment
agreements containing provisions substantially similar to this Article VII protecting the Corporation and the Association from competition by such employees. 
  
 7.3. Restrictions on Soliciting Employees of the Corporation. The Association covenants that, during the term
of this Agreement and for a period of two (2) years immediately 
  

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thereafter, irrespective of which party terminates this Agreement, and whether such termination is for cause, the Association and the Association’s
members, directors, employees, agents and representatives will not, either for itself or for any other person, firm, the Corporation or other entity, either directly or indirectly: (i) induce, or attempt to induce, any employee of the Corporation
(whether leased or otherwise) to terminate his or her employment or hire away or attempt to hire away, any employee of the Corporation; (ii) induce, or attempt to induce, any present or future supply or service resource (including investment and
other financing resources) to withdraw, curtail or cancel the furnishing of supplies or services (including investment and other financing resources) to the Corporation; or (iii) engage in any act or activity that would interfere with or harm any
business relationship the Corporation may have with any employee, principal or supplier. 
  
 7.4. Further Covenants. The Association acknowledges that the Confidential Information gives the Corporation an advantage over its competitors, and that the same is not available to or known by the
Corporation’s competitors or the general public. The Association further acknowledges that the Corporation has devoted substantial time, money and effort in the development of the Confidential Information and in maintaining the proprietary and
confidential nature thereof. The Association further acknowledges its relationship with the Corporation involves the highest trust and confidence by reason of the Association’s knowledge of, access to, and contact with the Confidential
Information. The Association agrees to use its best efforts and exercise utmost diligence to protect and safeguard the Confidential Information. The Association covenants that, during the term of this Agreement and for a period of two (2) years
immediately thereafter, regardless of which party terminates this Agreement and whether such termination is for cause, the Association will not disclose, disseminate or distribute to another, nor induce any other person to disclose, disseminate or
distribute, any Confidential Information of the Corporation, directly or indirectly, either for the Association’s own benefit or for the benefit of another, whether or not acquired, learned, obtained or developed by the Association alone or in
conjunction with others, nor will the Association use or cause to be used any Confidential Information in any way except as is required in the course of the Association’s performance pursuant to the terms of this Agreement. The Association
acknowledges and covenants that all Confidential Information relating to the business of the Corporation, whether prepared by the Association or otherwise coming into its possession, shall remain the exclusive property of the Corporation, shall not
be copied or otherwise reproduced in whole or in part, and shall not be removed from the premises of the Corporation under any circumstances whatsoever without the prior written consent of the Corporation. The Association further covenants that all
memoranda, notes, records, drawings or other documents made, compiled, acquired or received by the Association during the term of this Agreement, concerning any business activity, including, but not limited to, management techniques, names of
referral sources, names of customers, marketing and sales techniques, and the pricing of products and services, shall, together with all copies, be delivered, in good condition, to the Corporation, immediately upon termination of this Agreement by
either party, or at any time, upon the Corporation’s request. 
  
 7.5. Consideration for Protective Covenants. The license granted in Article III of this Agreement is hereby allocated as separate and additional consideration to the Association for its adherence to these protective
covenants. The Association acknowledges and agrees that the 
  

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license would not be granted were it not agreeing to the protective covenants referenced in this Article VII. 
  
 7.6. Survival of Protective Covenants. Each covenant herein on
the part of the Association shall be construed as an agreement independent of any other provision of this Agreement, unless otherwise indicated herein, and shall survive the termination of this Agreement, and the existence of any claim or cause of
action of the Association against the Corporation, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Corporation of such covenant. 
  
 7.7. Extension of Restrictive Periods. If the Association
violates the protective covenants hereunder and the Corporation brings legal action for injunctive or other relief hereunder, the Corporation shall not, as a result of the time involved in obtaining the relief, be deprived of the benefit of the full
restrictive periods of the protective covenants contained in this Article VII. Accordingly, such restrictive periods for the purposes of this Article VII shall be deemed to have a duration of the respective time periods stated in this
Article VII, computed from the date relief is granted, but reduced by the time between the period when the restriction began to run and the date of the first violation of the covenant by the Association. 
  
 ARTICLE VIII 
  
 TERM AND TERMINATION 
  
 8.1. Term. This Agreement shall commence on the Effective Date
and shall continue until terminated upon the earliest of (i) the date for termination for cause pursuant to Section 8.2 below; (ii) written agreement of the parties to this Agreement; (iii) forty (40) years from the Effective Date; or (iv) at
the election of the Corporation upon, or at any time after, the termination of that certain Administrative Services Agreement, of even date herewith, between the Corporation and Concentra. 
  
 8.2. Termination for Cause. This Agreement may be terminated
prior to the expiration of the term described in Section 8.1 as follows: 
  
 (a) If a party shall apply for, or consent to, the appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, file a voluntary petition in bankruptcy, make a general assignment for
the benefit of creditors, file a petition or an answer seeking reorganization or arrangement with creditors or to take advantage of any insolvency law, or if a final order, judgment or decree shall be entered by a court of competent jurisdiction, on
the application of a creditor, adjudicating such party a bankrupt or insolvent or approving a petition seeking reorganization of such party or appointing a receiver, trustee or liquidator of such party of all or a substantial part of its assets, the
other party may terminate this Agreement immediately upon notice to such party; 
  

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 (b) Either party may terminate this Agreement immediately upon notice to the other party in the event of
such other party’s breach of a material provision of this Agreement, which breach remains uncured for a period of thirty (30) days following receipt of notice specifying the breach complained of; or 
  
 (c) Upon receipt by either party of a final order of any governmental agency
or court of competent jurisdiction concerning the business, affairs, or practices of either of the parties that requires such termination, this Agreement shall terminate. 
  
 8.3. Rights Cumulative. The various rights and remedies herein provided for shall be cumulative and in
addition to any other rights and remedies the parties may be entitled to pursue under the law. The exercise of one or more of such rights or remedies shall not prejudice the rights or remedies of either party to exercise any other right or remedy at
law or in equity or pursuant to this Agreement. 
  
 8.4.
Obligations Not Excused. Termination of this Agreement shall not release or discharge either party from any obligation, debt or liability that shall have previously accrued and remained to be performed upon the date of
termination. 
  
 8.5. Remedies Upon
Termination. Upon termination of this Agreement, the Association shall remove from any Center all property of the Association, and neither party shall have any further obligations under this Agreement except pursuant to Article III,
Article VII, and Section 9.2 (which provisions shall survive the termination of this Agreement). The Corporation shall be entitled to receive payment of all amounts unpaid but earned up to the date of termination, which payment shall
be due on the date on which the Association vacates the Corporation’s premises and relinquishes to the Corporation sole possession of any and all property of the Corporation, including, but not limited to, financial records and all other
documents necessary for or related to its business. 
  
 8.6.
Property Due on Termination. On the termination of this Agreement, each party shall immediately deliver or cause its employees or agents to deliver in good condition all property in its possession that belongs to the other party,
ordinary wear and tear and damage by any cause beyond the reasonable control of either party excepted. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 9.1. Assignment. This Agreement may not be assigned by either party without the prior written consent of the other party. 
  
 9.2. Indemnification. The Association shall protect, indemnify and save the Corporation and the directors, officers, shareholders and
employees of the Corporation harmless from and against any and all liability and expense of any kind, arising from injuries or damages 
  

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to persons or property in connection with the practice of medicine at any Center, unless such liability results solely from the willful misconduct of the
Corporation and/or its directors, officers, shareholders and employees in the management of the Centers. Anything herein to the contrary notwithstanding, however, in no event shall the Corporation’s stockholders or directors have any liability
pursuant to this Section 9.2 other than in the event of their willful misconduct. 
  
 9.3. Changes in Applicable Law. The Corporation and the Association understand that the federal, state and local laws and regulations applicable to this Agreement may be amended from time to time and
agree to execute any amendments to this Agreement necessary to maintain compliance with those laws and regulations. 
  
 9.4. Notices. Any notice or other communication under this Agreement shall be in writing and shall be delivered in person or sent by
pre-paid certified or registered mail, receipted overnight messenger service receipted hand delivery or telecopier (with electronic confirmation), as follows: 
  

	 If to the Association:
	  	Occupational Health Centers of the Southwest, P.A.	  	 
	 	  	5080 Spectrum Drive, Suite 400 West	  	 
	 	  	Addison, Texas 75001	  	 
	 	  	Attn: W. Tom Fogarty, M.D.	  	 
	 	  	Facsimile No.: (972) 387-0019	  	 
			
	 If to the Corporation
	  	Concentra Health Services, Inc.	  	 
	 	  	5080 Spectrum Drive, Suite 400 West	  	 
	 	  	Addison, Texas 75001	  	 
	 	  	Attn:    General Counsel	  	 
	 	  	Facsimile No.: (972) 387-1938	  	 

  
 Each such notice or other
communication shall be considered to have been given when received if delivered in person, three (3) days after being mailed if sent by certified or registered mail, one (1) day after being given to the overnight messenger service if sent by that
means, or on the date of transmission if sent by telecopier. For these purposes, Saturdays, Sundays and federal legal holidays shall be excluded. Any party may change its address for purposes of this Agreement by notice in accordance with this
Section 9.4. 
  
 9.5. Entire Agreement; Modification and
Change. This Agreement contains the entire agreement between the parties to this Agreement and supersedes any and all prior agreements, arrangements, or understandings between the parties relating to the subject matter of this Agreement.
This Agreement, and any provision or time period specified in this Agreement, cannot be changed or modified except by another agreement in writing executed by both parties. 
  
 9.6. Warranties. The parties warrant that each has the legal capacity to enter into this Agreement, that the
execution has been duly approved by their respective board of directors, and that their respective obligations do not violate any statute, ordinance, ruling of any administrative body, or any agreement to which either the Association or the
Corporation is a party. 
  

 14 

 9.7. Headings. The headings contained in this Agreement are for convenience of reference
only and are not intended to define, limit or proscribe the scope or intent of any provision of this Agreement. 
  
 9.8. Severability. If any provision of this Agreement or its application to any person or circumstance shall be invalid or unenforceable to
any extent, the remainder of this Agreement and application of its provisions to other persons or circumstances shall not be affected and shall be enforced to the greatest extent permitted by law. 
  
 9.9. Governing Law. This Agreement shall be deemed to have been
made under, and shall be construed and interpreted in accordance with, the laws of the State of Texas. 
  
 9.10. Rights Cumulative; No Waiver. No right or remedy in this Agreement conferred upon or reserved to either party is intended to be
exclusive or any other right or remedy, and each right and remedy shall be cumulative and in addition to any other right or remedy given under this Agreement, or now or hereafter legally existing upon the occurrence of an event of default under this
Agreement. The failure of either party to insist at any time upon the strict observance or performance of any of the provisions of this Agreement or to exercise any right or remedy as provided in this Agreement shall not impair the right or remedy
to be construed as a waiver or other relinquishment of it with respect to subsequent defaults. 
  
 9.11. Counterparts. This Agreement may be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
  
 [The remainder of this page is intentionally
blank.] 
  

 15 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
officers, effective as of the 30th day of July, 2003. 
  

	 THE ASSOCIATION:

	
	 OCCUPATIONAL HEALTH CENTERS OF THE SOUTHWEST, P.A.,

	 a Texas professional association

		
	 By:
	 	 /s/ W. Tom Fogarty, M.D.

	 	 	 W. Tom Fogarty, M.D.

	 	 	 President

	
	 THE CORPORATION:

	
	 CONCENTRA HEALTH SERVICES, INC.,

	 a Nevada corporation

		
	 By:
	 	 /s/ Richard A. Parr II

	 	 	 Richard A. Parr II

	 	 	 Executive Vice President, General Counsel
 and Secretary

  

 16 

 SCHEDULE I 
  
 As compensation to the Corporation for its services hereunder, the Association shall pay the Corporation: 
  
 (a) A billing and collection fee of nine percent (9%) of the
Association’s Net Revenues (as hereinafter defined); 
  
 (b)
Reimbursement of actual expenses for all services provided by the Association hereunder; and 
  
 (c) An annual fee of Thirteen Million Five Thousand Three Hundred and Twenty-Four Dollars ($13,005,324). 
  
 The Association shall make the foregoing payments to Corporation on a periodic basis, but in no event less frequently than quarterly. For the purposes of
this Schedule I, Net Revenues shall be calculated as follows: 
  

	 	(i)	 	All the Association’s collections for medical services, ancillary charges, facility charges and supplies; 

  

	 	(ii)	 	Less amounts required by the Association to pay: (a) physicians, physician assistants, and other medical personnel who are employed by or under contract to the Association;
(b) all benefits provided to such physicians, physician assistants, and other medical personnel including, but not limited to, FICA, unemployment taxes and any other employment taxes, group life, accidental and health insurance premiums and other
similar benefits; (c) professional liability insurance covering the Association and its professional personnel; (d) license/certification fees, professional organization dues and professional publication subscriptions; (e) additional compensation to
the Association’s employees pursuant to any bonus or incentive arrangement between the Association and its employees; and (f) such other amounts as agreed upon by the Association and the Corporation; and 

  

	 	(iii)	 	Less compensation paid to the Corporation for its billing and collection services, as set forth above. 

  

 17Form of Dealer Manager Agreement

 Exhibit 4.1 
  
 Form of Dealer Manager Agreement 
  
 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
  
 Up to 100,000,000 Shares of Preferred Stock 
  
 DEALER MANAGER AGREEMENT 
  
                  , 2003 
  
 Wells Investment Securities, Inc. 
 6200 The Corners Parkway 
 Suite 250 
 Norcross, Georgia 30092 
  
 Ladies and Gentlemen: 
  
 Wells Real Estate Investment Trust III, Inc., a Maryland corporation (the “Company”), has registered for public
sale up to 100,000,000 shares of its preferred stock, $0.01 par value per share (the “Shares”), of which 10,000,000 are intended to be offered pursuant to the Company’s dividend reinvestment plan. The Company desires for Wells
Investment Securities, Inc. (the “Dealer Manager”) to act as its agent in connection with the sale of the Shares. Except as described in the Prospectus, the Shares are to be sold for a per Share cash price of $10.00. In connection
therewith, the Company hereby agrees with you, the Dealer Manager, as follows: 
  

	 	1.	 	Representations and Warranties 

  

	 	A.	 	The Company 

  
 As an inducement to the Dealer Manager to enter into this Agreement, the Company represents and warrants to the Dealer Manager and each
dealer with whom the Dealer Manager has entered into or will enter into a Selected Dealer Agreement in the form attached to this Agreement as Exhibit A (said dealers being hereinafter referred to as the “Dealers”) that: 
  
 1.1 The Company has prepared and filed a registration
statement (Registration No. 333-           ) which has become effective for the registration of the Shares under the Securities Act of 1933, as amended (the “Securities Act”),
and the applicable rules and regulations (the “Rules and Regulations”) of the Securities and Exchange Commission (the “SEC”) promulgated thereunder. Copies of such registration statement and each amendment thereto have been or
will be delivered to the Dealer Manager. The registration statement and the prospectus contained therein, as finally amended at the effective date of the registration statement (the “Effective Date”), are respectively hereinafter referred

 
to as the “Registration Statement” and the “Prospectus,” except that if the Company shall file a prospectus pursuant to Rule 424(b) under
the Securities Act that differs from the Prospectus, the term “Prospectus” shall mean the prospectus filed pursuant to Rule 424(b). 
  
 1.2 On the Effective Date and on the date of the Prospectus, the Registration Statement and the Prospectus, including the financial
statements contained therein, complied with the Securities Act and the Rules and Regulations. On the Effective Date, the Registration Statement did not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein not misleading, and on the date of the Prospectus, the Prospectus did not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the foregoing provisions of this Section 1.2 will not extend to such statements
contained in or omitted from the Registration Statement or the Prospectus as are primarily within the knowledge of the Dealer Manager or any of the Dealers and are based upon information furnished by the Dealer Manager in writing to the Company
specifically for inclusion therein. 
  
 1.3 No
order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for that purpose are pending, threatened, or, to the knowledge of the Company, contemplated by the SEC; and to the knowledge of
the Company, no order suspending the offering of the Shares in any jurisdiction has been issued and no proceedings for that purpose have been instituted or threatened or are contemplated. 
  
 1.4 The Company has not distributed any offering material in
connection with the offering or sale of the Shares. 
  
 1.5 The Company intends to use the funds received from the sale of the Shares as set forth in the Prospectus. 
  
 1.6 The Company has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated
hereby, and the Company has duly authorized, executed and delivered this Agreement. 
  
 1.7 The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the
terms of this Agreement by the Company will not conflict with or constitute a default or violation under any charter, by-law, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government,
governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company, except to the extent that the enforceability of the indemnity 

  

 2 

 
and contribution provisions contained in Section 4 of this Agreement may be limited under applicable securities laws. 
  
 1.8 No consent, approval, authorization or other order of
any governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the issuance and sale by the Company of the Shares, except such as may be required under the securities laws of certain states,
if any, which we have identified to you. 
  
 1.9
The Shares have been duly authorized and, upon payment therefor as provided in this Agreement, will be validly issued, fully paid and nonassessable and will conform to the description thereof contained in the Prospectus. 
  
 1.10 Each of the common stock, $.01 par value per share, and
the preferred stock, $.01 par value per share, of the Company is registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 500,000 shares of common stock have been approved for listing
on the Pacific Stock Exchange, subject to notice of issuance. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the common stock or the preferred stock under the Exchange Act or delisting
the above-referenced shares of common stock from the Pacific Stock Exchange, nor has the Company received any notification that the SEC or the Pacific Stock Exchange is contemplating terminating such registrations or listing. 
  

	 	B.	 	The Dealer Manager 

  
 As an inducement to the Company to enter into this Agreement, the Dealer Manager represents and warrants to the Company that: 

 
 1.11 The Dealer Manager is a member of the National
Association of Securities Dealers, Inc. (the “NASD”) in good standing and a broker-dealer registered as such under the Exchange Act and under the securities laws of the states in which the Shares are to be offered and sold. The Dealer
Manager and its employees and representatives have all required licenses and registrations to act under this Agreement. 
  
 1.12 The Dealer Manager has full legal right, power and authority to enter into this Agreement and to perform the transactions
contemplated hereby, and the Dealer Manager has duly authorized, executed and delivered this Agreement. 
  
 1.13 The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the
terms of this Agreement by the Dealer Manager will not conflict with or constitute a default or violation under any charter, by-law, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government,

  

 3 

 
governmental instrumentality or court, domestic or foreign, having jurisdiction over the Dealer Manager, except to the extent that the enforceability of the
indemnity and contribution provisions contained in Section 4 of this Agreement may be limited under applicable securities laws. 
  
 1.14 No consent, approval, authorization or other order of any governmental authority is required in connection with the execution,
delivery or performance by the Dealer Manager of this Agreement. 
  
 1.15 The Dealer Manager represents and warrants to the Company and each person that signs the Registration Statement that the information under the caption “Plan of Distribution” in the Prospectus and all
other information furnished to the Company by the Dealer Manager in writing expressly for use in the Registration Statement, the Prospectus, or any amendment or supplement thereto does not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading. 
  

	 	2.	 	Covenants 

  

	 	A.	 	The Company 

  
 The Company covenants and agrees with the Dealer Manager that: 
  
 2.1 It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Registration
Statement, including all amendments and exhibits thereto, as the Dealer Manager may reasonably request. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies as the Dealer Manager may reasonably
request in connection with the offering of the Shares of: (a) the Prospectus and every form of supplemental or amended prospectus; (b) this Agreement; and (c) any other printed sales literature or other materials (provided that the use of said sales
literature and other materials has been first approved for use by the Company and all appropriate regulatory agencies). 
  
 2.2 It will furnish such proper information and execute and file such documents, if any as may be necessary for the Company to qualify the
Shares for offer and sale under the securities laws of such jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year any such statements and reports as may be required. The Company will furnish to the Dealer
Manager a copy of any such papers filed by the Company in connection with any such qualification. 
  
 2.3 It will: (a) furnish copies of any proposed amendment or supplement of the Registration Statement or Prospectus to the Dealer Manager;
(b) file every amendment or supplement to the Registration Statement or the 

  

 4 

 
Prospectus that may be required by the SEC, any state securities administration or the Pacific Stock Exchange; and (c) if at any time the SEC shall issue any
stop order suspending the effectiveness of the Registration Statement, any state securities administration shall issue any order or take other action to suspend or enjoin the sale of the Shares or the Pacific Stock Exchange shall threaten to delist
the shares of common stock, it will promptly notify the Dealer Manager and will use its best efforts to obtain the lifting of such order or to prevent such other action or delisting at the earliest possible time. 
  
 2.4 If at any time when a Prospectus is required to be
delivered under the Securities Act any event occurs as a result of which, in the opinion of either the Company or the Dealer Manager, the Prospectus or any other prospectus then in effect would include an untrue statement of a material fact or, in
view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been
received from the Dealer Manager) and will effect the preparation of an amended or supplemental prospectus which will correct such statement or omission. The Company will then promptly prepare such amended or supplemental prospectus or prospectuses
as may be necessary to comply with the requirements of Section 10 of the Securities Act. 
  
 2.5 It will comply with all requirements imposed upon it by the Securities Act and the Exchange Act, by the rules and regulations of the
SEC promulgated thereunder as from time to time in effect, by the rules and regulations of the Pacific Stock Exchange as from time to time in effect, and by all state securities laws and regulations of those states in which an exemption has been
obtained or qualification of the Shares has been effected, to permit the continuance of offers and sales of the Shares in accordance with the provisions hereof and of the Prospectus. 
  
 2.6 It will pay all expenses incident to the performance of its obligations under this Agreement, including
(a) the preparation, filing and printing of the Registration Statement as originally filed and of each amendment thereto, (b) the preparation, printing and delivery to the Dealer Manager of this Agreement, the Selected Dealer Agreement and such
other documents as may be required in connection with the offering, sale, issuance and delivery of the Shares, (c) the fees and disbursements of the Company’s counsel, accountants and other advisors, (d) the fees and expenses related to the
review of the terms and fairness of the Offering by the NASD; (e) the fees and expenses related to any required qualification of the Shares under securities laws in accordance with the provisions of Section 2.2 hereof, including the fees and
disbursements of counsel in connection with the preparation of any Blue Sky Survey and any supplement thereto, (f) the printing and delivery to the Dealer Manager of copies of the Prospectus and any amendments or supplements thereto, (g) all fees,
costs and expenses incident to listing the shares of common stock on the Pacific Stock 

  

 5 

 
Exchange, (h) the fees and expenses of any registrar, transfer agent or paying agent in connection with the Shares and (i) the costs and expenses of the
Company relating to investor presentations undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the production of slides and graphics, fees and expenses of any consultants
engaged in connection with presentations with the prior approval of the Company, and travel and lodging expenses of the representatives of the Company and any such consultants. 
  

	 	B.	 	The Dealer Manager 

  
 The Dealer Manager covenants and agrees with the Company that: 
  

2.7 In connection with the offer and sale of the Shares, the Dealer Manager will comply with all requirements imposed upon it by the
Securities Act and the Exchange Act, by the rules and regulations of the SEC promulgated thereunder or other federal regulations applicable to the Offering, the sale of Shares or its activities, as from time to time in effect, by all applicable
state securities laws and regulations and by this Agreement. The Dealer Manager will not offer the Shares for sale in any jurisdiction unless and until it has been advised that the Shares are either registered in accordance with, or exempt from, the
securities and other laws applicable thereto. 
  
 2.8 The Dealer Manager will make no representations concerning the Offering except as set forth in the Prospectus, as supplemented or amended from time to time. 
  
 2.9 The Dealer Manager will provide the Company with such information relating to the offer and sale of the
Shares by it as the Company may from time to time reasonably request or as may be requested to enable the Company to prepare such reports of sale as may be required to be filed under applicable state securities laws. 
  

	 	3.	 	Obligations and Compensation of Dealer Manager 

  
 3.1 The Company hereby appoints the Dealer Manager as its agent and principal distributor for the purpose of selling the Shares for cash,
pursuant to the Prospectus as amended or supplemented from time to time, through the Dealers, all of whom shall be members of the NASD. The Dealer Manager may also sell Shares for cash directly to its own clients and customers at the public offering
price and subject to the terms and conditions stated in the Prospectus. The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to find purchasers for the Shares on said terms and conditions, commencing
as soon as practicable. 
  

 6 

 3.2 The Dealer Manager and the Dealers shall promptly commence the offering of the Shares
for cash to the public in jurisdictions in which the Shares are registered or qualified for sale or in which such offering is otherwise permitted. Offers and sales of the Shares shall occur continuously until the Offering is terminated, except that
the Dealer Manager and the Dealers shall suspend or terminate offering of the Shares upon request of the Company at any time and shall resume offering the Shares upon subsequent request of the Company. Upon termination of the Offering, the Dealer
Manager’s agency and this Agreement shall terminate without obligation on the part of the Dealer Manager or the Company except as set forth in this Agreement. 
  
 3.3 Except as provided in the “Plan of Distribution” section of the Prospectus, as compensation
for the services rendered by the Dealer Manager, the Company agrees that it will pay to the Dealer Manager selling commissions in the amount of 7% of the gross proceeds of the Shares sold plus a dealer manager fee in the amount of 2.5% of the gross
proceeds of the Shares sold. The Company will also reimburse the Dealer Manager for its reimbursement of the bona fide due diligence expenses of the Dealers in the amount of up to 0.5% of the gross offering proceeds attributable to such Dealer. The
Company will not be liable or responsible to any Dealer for direct payment of commissions to such Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions to Dealers. Notwithstanding the above, at its
discretion, the Company may act as agent of the Dealer Manager by making direct payment of commissions to such Dealers without incurring any liability therefor. 
  

	 	4.	 	Indemnification 

  
 4.1 The Company will indemnify and hold harmless the Dealers and the Dealer Manager, their officers and directors and each person, if any,
who controls such Dealer or Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities, joint or several, to which such Dealers or Dealer Manager, their officers and directors,
or such controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue
statement of a material fact contained (i) in any Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto or in the Prospectus or any amendment or supplement to the Prospectus or (ii) in any
listing application, blue sky application or other document executed by the Company or on its behalf specifically for the purpose of listing any or all of the shares of common stock on the Pacific Stock Exchange or qualifying any of the Shares for
sale under the securities laws of any jurisdiction or based upon written information furnished by the Company under the listing requirements or securities laws thereof (any such application, document or information being hereinafter called an
“Application”), or (b) the omission or alleged omission to state in the Registration Statement (including the Prospectus as a part thereof) or 

  

 7 

 
any post-effective amendment thereof or in any Application a material fact required to be stated therein or necessary to make the statements therein not
misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus or any amendment or supplement to
the Prospectus or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The
Company will reimburse each Dealer or Dealer Manager, its officers and directors and each such controlling person, for any legal or other expenses reasonably incurred by such Dealer or Dealer Manager, its officers and directors and each such
controlling person, in connection with investigating or defending such loss, claim, damage, liability or action. Notwithstanding the foregoing provisions of this Section 4.1, the Company will not be liable in any such case to the extent that any
such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished (x) to the
Company by the Dealer Manager or (y) to the Company or the Dealer Manager by or on behalf of any Dealer specifically for use in the preparation of the Registration Statement or any such post-effective amendment thereof, any such Application or any
such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto, and, further, the Company will not be liable in any such case if it is determined that such Dealer or the Dealer Manager was at fault in connection
with the loss, claim, damage, liability, expense or action. 
  
 4.2 The Dealer Manager will indemnify and hold harmless the Company, each director of the Company (including any person named in the Registration Statement, with his consent, as about to become a director), each other
person who has signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities to which any of the aforesaid
parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the
Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or (ii) any Application, or (b) the omission to state in the Registration Statement (including the Prospectus as a part thereof) or any
post-effective amendment thereof or in any Application a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in
any preliminary prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus, or in any amendment or supplement to the Prospectus or the omission to state therein a material fact required to be stated therein
or necessary in order to make the statements therein in the light of the circumstances under which they were made not misleading, in 

  

 8 

 
the case of each of clauses (a)-(c) to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity
with written information furnished to the Company by or on behalf of the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendments thereof or any
such Application or any such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto, or (d) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by the
Dealer Manager. The Dealer Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such loss, claim, damage, liability, expense or action. This indemnity
agreement will be in addition to any liability which the Dealer Manager may otherwise have. 
  
 4.3 Each Dealer severally will indemnify and hold harmless the Company, the Dealer Manager, each of their directors (including any person
named in the Registration Statement, with his consent, as about to become a director), each other person who has signed the Registration Statement and each person, if any, who controls the Company and the Dealer Manager within the meaning of Section
15 of the Securities Act from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, any such director or other person, or controlling person may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in the Registration Statement (including the
Prospectus as a part thereof) or any post-effective amendment thereof or (ii) in any Application, or (b) the omission or alleged omission to state in the Registration Statement (including the Prospectus as a part thereof or any post-effective
amendment thereof or in any Application a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary
prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus, or in any amendment or supplement to the Prospectus or the omission or alleged omission to state therein a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of each of clauses (a)-(c) to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of such Dealer specifically for use with reference to such
Dealer in the preparation of the Registration Statement or any such post-effective amendments thereof or any such Application or any such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto, or (d) any
unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by such Dealer or Dealer’s representatives or agents in 

  

 9 

 
violation of Section VII of the Selected Dealer Agreement or otherwise. Each such Dealer will reimburse the Company and the Dealer Manager and each such
director or other person or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, expense or action. This indemnity agreement will be in
addition to any liability which such Dealer may otherwise have. 
  
 4.4 Promptly after receipt by an indemnified party under this Section 4 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 4, notify in writing the indemnifying party of the commencement thereof. The failure of an indemnified party so to notify the indemnifying party will relieve the indemnifying party from any liability under this Section 4 as
to the particular item for which indemnification is then being sought, but not from any other liability which it may have to any indemnified party. In case any such action is brought against any indemnified party, and it notifies an indemnifying
party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation
shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 4.5) incurred by such indemnified party in defending itself, except for such expenses incurred
after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of
any settlement of any claim or action effected without the consent of such indemnifying party. 
  
 4.5 The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions;
provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such
claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying
party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties
is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm
shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. 
  

 10 

 4.6 If the indemnity agreements contained in this Section 4 are for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses,
claims, damages, liabilities and expenses incurred by such indemnified party, as incurred, (a) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Dealer Manager or Dealer on the
other hand from the offering of the Shares in question or (b) if the allocation provided by clause (a) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) but
also the relative fault of the Company on the one hand and of the Dealer Manager or Dealer on the other hand in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. 
  
 The
relative benefits received by the Company on the one hand and the Dealer Manager or Dealer on the other hand in connection with the offering of the Shares in question shall be deemed to be in the same respective proportions as the total net proceeds
from the offering of the Shares in question (before deducting expenses) received by the Company and the total selling commission and any dealer manager fee actually received by the Dealer Manager or Dealer, in each case as set forth on the cover of
the Prospectus, bear to the aggregate public offering price of the Shares in question as set forth on such cover. The relative fault of the Company on the one hand and the Dealer Manager or Dealer on the other hand shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Dealer Manager or Dealer and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. It is understood that it would not be just and equitable if contribution pursuant to this Section 4.6 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 4.6. The aggregate amount of losses, claims, damages, liabilities and expenses incurred by an
indemnified party and referred to above in this Section 4.6 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
  
 Notwithstanding the provisions of this Section 4.6, the Dealer Manager or Dealer shall not be required to
contribute any amount in excess of the amount by which the total price at which the Shares in question sold by it exceeds the amount of any damages which such Dealer Manager or Dealer has otherwise been 

  

 11 

 
required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 
  
 No person guilty of fraudulent misrepresentation (within the
meaning of Section 11 (f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  
 For purposes of this Section 4.6, each director of the Company, each other person who signed the Registration Statement, and each person,
if any, who controls the Company within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Company, and each person, if any, who controls the Dealer Manager or any Dealer within the meaning of Section
15 of the Securities Act shall have the same rights to contribution as such Dealer Manager or Dealer. 
  

	 	5.	 	Survival of Provisions 

  
 The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in
full force and effect regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or
any person controlling the Company, and (c) the acceptance of any payment for the Shares. 
  

	 	6.	 	Applicable Law 

  
 This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of Georgia;
provided however, that causes of action for violations of federal or state securities laws shall not be governed by this Section. 
  

	 	7.	 	Counterparts 

  
 This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all
counterparts, when taken together, shall constitute one and the same Agreement. 
  

	 	8.	 	Successors and Amendment 

  
 8.1 This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors.
Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein. This Agreement shall inure to the benefit of the Dealers to the extent set forth in
Sections 1 and 4 hereof. 
  

 12 

 8.2 This Agreement may be amended by the written agreement of the Dealer Manager and the
Company. 
  

	 	9.	 	Term 

  
 Any party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice. 
  
 10. Confirmation 
  
 The Company hereby agrees and assumes the duty to confirm on its behalf and on behalf of dealers or brokers who sell the Shares all orders for purchase of
Shares accepted by the Company. Such confirmations will comply with the rules of the SEC and the NASD, and will comply with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer
Manager. 
  
 11. Submission of Orders 
  
 11.1 Those persons who purchase Shares will be instructed by
the Dealer Manager or the Dealer to make their checks payable to “Wells Real Estate Investment Trust III, Inc.” The Dealer Manager and any Dealer receiving a check not conforming to the foregoing instructions shall return such check
directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer Manager or Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the
methods described in this Section 11. 
  
 11.2
Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription documents and checks are received from subscribers, checks will be transmitted to the Dealer
Manager by the end of the next business day following receipt by the Dealer for deposit to the Company. 
  
 11.3 Where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different
location, checks will be transmitted by the end of the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the “Final Review Offices”). The Final Review Office
will in turn by the end of the next business day following receipt by the Final Review Office, transmit such checks to the Dealer Manager for deposit to the Company. 
  
 11.4 Where the Dealer Manager is involved in the distribution process, checks will be transmitted by the
Dealer Manager for deposit to the Company as soon as practicable but in any event by the end of the second business day following receipt by the Dealer Manager. Checks of rejected potential investors will be promptly returned to such subscribers.

  

 13 

 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the
space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written. 
  

	 Very truly yours,

	
	WELLS REAL ESTATE INVESTMENT TRUST III,
INC.
		
	 By:
	 	

	 	 	Leo F. Wells, III
	 	 	President

  

	Accepted and agreed as of the date first above written.
	
	 WELLS INVESTMENT SECURITIES, INC.

		
	 By:
	 	

	 	 	Leo F. Wells, III
	 	 	President

  

 14 

 EXHIBIT A 
  
 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
  
 Up to 100,000,000 Shares of Preferred Stock 
  
 SELECTED DEALER AGREEMENT 
  
 Ladies and Gentlemen: 
  
 Wells Investment Securities, Inc., as the dealer manager (“Dealer Manager”) for Wells Real Estate Investment Trust III, Inc. (the
“Company”), a Maryland corporation, invites you (the “Dealer”) to participate in the distribution of shares of Series A preferred stock (“Shares”) of the Company subject to the following terms. Capitalized terms not
otherwise defined herein shall have the meanings set forth in the Dealer Manager Agreement. 
  

	 	I.	 	Dealer Manager Agreement 

  
 The Dealer Manager and the Company have entered into that certain Dealer Manager Agreement
dated                    , 2003, in the form attached hereto as Exhibit “A.” By your acceptance of this Agreement, you will become
one of the Dealers referred to in such Dealer Manager Agreement between the Company and the Dealer Manager and will be entitled and subject to the indemnification provisions contained in such Dealer Manager Agreement, including specifically the
provisions of such Dealer Manager Agreement (Section 4.3) wherein each Dealer severally agrees to indemnify and hold harmless the Company, the Dealer Manager and each officer and director thereof, and each person, if any, who controls the Company
and the Dealer Manager within the meaning of the Securities Act of 1933, as amended. Except as otherwise specifically stated herein, all terms used in this Agreement have the meanings provided in the Dealer Manager Agreement. The Shares are offered
solely through broker-dealers who are members of the National Association of Securities Dealers, Inc. (“NASD”). 
  
 Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Prospectus. Nothing in this Agreement
shall be deemed or construed to make Dealer an employee, agent, representative or partner of the Dealer Manager or of the Company, and Dealer is not authorized to act for the Dealer Manager or the Company or to make any representations on their
behalf except as set forth in the Prospectus and such other printed information furnished to Dealer by the Dealer Manager or the Company to supplement the Prospectus (“supplemental information”). 
  

	 	II.	 	Submission of Orders 

  
 Those persons who purchase Shares will be instructed by the Dealer to make their checks payable to “Wells Real Estate Investment Trust III,
Inc.” Any Dealer receiving a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer 

 
which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the following methods: 
  
 Where, pursuant to the Dealer’s internal supervisory procedures,
internal supervisory review is conducted at the same location at which subscription documents and checks are received from subscribers, checks will be transmitted in care of the Dealer Manager by the end of the next business day following receipt by
the Dealer for deposit to the Company. 
  
 Where, pursuant to the
Dealer’s internal supervisory procedures, final and internal supervisory review is conducted at a different location, checks will be transmitted by the end of the next business day following receipt by the Dealer to the office of the Dealer
conducting such final internal supervisory review (the “Final Review Office”). The Final Review Office will in turn by the end of the next business day following receipt by the Final Review Office, transmit such checks for deposit to the
Company. 
  
 III. Pricing 
  
 Except as described in the Prospectus, shares shall be offered to the public
at the offering price of $10.00 per Share payable in cash. Dealer hereby agrees to place any order for the full purchase price. 
  
 IV. Dealers’ Commissions 
  
 Except for discounts described in or as otherwise provided in the “Plan of Distribution” section of the Prospectus, the Dealer’s selling
commission applicable to the total public offering price of Shares sold by Dealer which it is authorized to sell hereunder is 7% of the gross proceeds of Shares sold by it and accepted and confirmed by the Company, which commission will be paid by
the Dealer Manager. For these purposes, a “sale of Shares” shall occur if and only if a transaction has closed with a securities purchaser pursuant to all applicable offering documents and the Company has thereafter distributed the
commission to the Dealer Manager in connection with such transaction. The Dealer affirms that the Dealer Manager’s liability for commissions payable is limited solely to the proceeds of commissions receivable associated therewith, and the
Dealer hereby waives any and all rights to receive payment of commissions due until such time as the Dealer Manager is in receipt of the commission from the Company. In addition, as set forth in the Prospectus, the Dealer Manager may, in its sole
discretion, reallow out of its dealer manager fee up to 1.5% of the gross proceeds attributable to a Dealer as marketing fees, to reimburse representatives of such Dealers the costs and expenses of attending educational conferences and seminars
conducted by the Company or the Dealer Manager or to defray other distribution-related expenses. The Dealer Manager may also reimburse bona fide due diligence of a Dealer in an amount up to 0.5% of the gross offering proceeds attributable to such
Dealer. 
  
 The parties hereby agree that the foregoing commission
is not in excess of the usual and customary distributors’ or sellers’ commission received in the sale of securities similar to the Shares, that Dealer’s interest in the offering is limited to such commission from the Dealer Manager
and Dealer’s indemnity referred to in Section 4 of the Dealer Manager Agreement, and 

  

 2 

 
that the Company is not liable or responsible for the direct payment of such commission to the Dealer. 
  
 V. Payment 
  
 Payments of selling commissions will be made by the Dealer Manager (or by the Company as provided in the Dealer Manager
Agreement) to Dealer within 30 days of the receipt by the Dealer Manager of the gross commission payments from the Company. 
  
 VI. Right to Reject Orders or Cancel Sales 
  
 All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves
the right to reject any order. Orders not accompanied by a Investment Application Signature Page and the required check in payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment
therefor. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier’s check or the equivalent in payment for the Shares within 15 days of sale, the Company
reserves the right to cancel the sale without notice. In the event an order is rejected, canceled or rescinded for any reason, the Dealer agrees to return to the Dealer Manager any commission theretofore paid with respect to such order. 

 
 VII. Prospectus and Supplemental Information 
  
 Dealer is not authorized or permitted to give, and will not give, any
information or make any representation concerning the Shares except as set forth in the Prospectus and supplemental information. The Dealer Manager will supply Dealer with reasonable quantities of the Prospectus, any supplements thereto and any
amended Prospectus, as well as any supplemental information, for delivery to investors, and Dealer will deliver a copy of the Prospectus and all supplements thereto and any amended Prospectus as required by the Securities Act of 1933. The Dealer
agrees that it will not send or give any supplements thereto and any amended Prospectus to that investor unless it has previously sent or given a Prospectus and all supplements thereto and any amended Prospectus to that investor or has
simultaneously sent or given a Prospectus and all supplements thereto and any amended Prospectus with such supplemental information. Dealer agrees that it will not show or give to any investor or prospective investor or reproduce any material or
writing which is supplied to it by the Dealer Manager and marked “dealer only” or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public. Dealer agrees that it will not
use in connection with the offer or sale of Shares any material or writing that relates to another Company supplied to it by the Company or the Dealer Manager bearing a legend which states that such material may not be used in connection with the
offer or sale of any securities other than the Company to which it relates. Dealer further agrees that it will not use in connection with the offer or sale of Shares any materials or writings that have not been previously approved by the Dealer
Manager. Each Dealer agrees, if the Dealer Manager so requests, to furnish a copy of any revised preliminary Prospectus to each person to whom it has furnished a copy of any previous preliminary Prospectus, and further agrees that it will itself
mail or otherwise deliver all preliminary and final 

  

 3 

 
Prospectuses required for compliance with the provisions of Rule 15c2-8 under the Securities Exchange Act of 1934. Regardless of the termination of this
Agreement, Dealer will deliver a Prospectus in transactions in the Shares for a period of 90 days from the effective date of the Registration Statement or such longer period as may be required by the Securities Exchange Act of 1934. On becoming a
Dealer, and in offering and selling Shares, Dealer agrees to comply with all the applicable requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. 
  
 VIII. License and Association Membership 
  
 Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that Dealer is
a properly registered or licensed broker-dealer, duly authorized to sell Shares under Federal and state securities laws and regulations and in all states where it offers or sells Shares, and that it is a member in good standing of the NASD. This
Agreement shall automatically terminate if the Dealer ceases to be a member in good standing of such association, or in the case of a foreign dealer, so to conform. Dealer agrees to notify the Dealer Manager immediately if Dealer ceases to be a
member in good standing, or in the case of a foreign dealer, so to conform. The Dealer Manager hereby agrees to abide by the Rules of Fair Practice of the NASD and to comply with Rules 2730, 2740, 2420 and 2750 of the NASD Conduct Rules. 

 
 IX. Anti-Money Laundering Compliance Programs 
  
 Dealer’s acceptance of this Agreement constitutes a representation to
the Company and the Dealer Manager that Dealer has established and implemented anti-money laundering compliance programs in accordance with proposed NASD Rule 3011 and Section 352 of the Money Laundering Abatement Act reasonably expected to detect
and cause the reporting of suspicious transactions in connection with the sale of Shares of the Company. 
  
 X. Limitation of Offer 
  
 Dealer will only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or that such qualification
is not required. 
  
 XI. Termination 
  
 Dealer will suspend or terminate its offer and sale of Shares upon the
request of the Company or the Dealer Manager at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Company or the Dealer Manager. Any party may terminate this Agreement by written notice. Such termination
shall be effective 48 hours after the mailing of such notice. This Agreement and the exhibits hereto are the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto. 
  
 This Agreement may be amended at any time by the Dealer Manager by written
notice to the Dealer, and any such amendment shall be deemed accepted by Dealer upon placing an order for sale of Shares after he has received such notice. 
  

 4 

	 	XII.	 	Privacy Laws 

  
 The Dealer Manager and Dealer (each referred to individually in this section as “party”) agree as follows: 
  
 A. Each party agrees to abide by and comply with (i) the
privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”), (ii) the privacy standards and requirements of any other applicable Federal or state law, and (iii) its own internal privacy policies and procedures,
each as may be amended from time to time. 
  
 B.
Each party agrees to refrain from the use or disclosure of nonpublic personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary
or required by applicable law; and 
  
 C. Each
party shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the “List”) as provided by each
to identify customers that have exercised their opt-out rights. In the event either party uses or discloses nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law,
that party will consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any nonpublic personal information of any customer that is
identified on the List as having opted out of such disclosures. 
  

	 	XIII.	 	Notice 

  
 All notices will be in writing and will be duly given to the Dealer Manager when mailed to 6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092, and to Dealer when mailed to the address specified by Dealer
herein. 
  

	 	XIV.	 	Attorney’s Fees and Applicable Law 

  
 In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable
attorney’s fees. This Agreement shall be construed under the laws of the State of Georgia and shall take effect when signed by Dealer and countersigned by the Dealer Manager. 
  

 5 

	 	 	 	 	 THE DEALER MANAGER:

			
	 	 	 	 	 WELLS INVESTMENT SECURITIES, INC.

	 Attest:
	 	 	 	 
					
	By:	 	  

	 	 	 	By:	 	  

	 Name:
	 	  

	 	 	 	 	 	Leo F. Wells, III
	 Title:
	 	  

	 	 	 	 	 	President

  
 We have read the
foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell
securities is true and correct, and we agree to advise you of any change in such list during the term of this Agreement. 
  

	1.	 	Identity of Dealer: 

  
 Name:                                     
                                        
                                        
                                        
                                        
        
  
 Type of
entity:                                       
                                        
                                        
                                        
                                  
 (to be completed by Dealer) (corporation, partnership or proprietorship) 
  
 Organized in the State
of:                                       
                                        
                                        
                                        
              
 (to be completed by Dealer) (State)

  
 Licensed as broker-dealer in the following 
 States:                                     
                                        
                                        
                                        
                                        
        
 (to be completed by Dealer) 
  
 Tax I.D.
#:                                       
                                        
                                        
                                        
                                      
  

	2.	 	Person to receive notice pursuant to Section XI. 

  
 Name:                                     
                                        
                                        
                                        
                                        
        
  
 Company:                                     
                                        
                                        
                                        
                                        
    
  
 Address:                                     
                                        
                                        
                                        
                                        
    
  
 City, State and Zip
Code:                                       
                                        
                                        
                                        
              
  
 Telephone
No.:(        )                              
                                        
                                        
                                        
                           
  

Telefax
No.:(        )                              
                                        
                                        
                                        
                                   
  

 6 

	AGREED TO AND ACCEPTED BY THE DEALER:
	
	

	 (Dealer’s Firm Name)

		
	 By:
	 	  

	 	 	 Signature

		
	 Title:
	 	  

  

 7

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