Document:

Prepared by R.R. Donnelley Financial -- Exhibit 10.08

  AGREEMENT FOR PURCHASE AND SALE 
  OF REAL PROPERTY AND ESCROW INSTRUCTIONS 
 
THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS (“Agreement”) is made and entered into as of this 19th day of June, 2002, by and between MFPB 290 WEST, LTD., a
Texas limited partnership, MANNY FARAHANI, and PETER BARLIN (collectively “Seller”) and TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company (“Buyer”), with reference to the following facts: 
  A.          Seller owns certain real property located in 5508 Highway 290 West, City of Austin, Travis County, Texas commonly known as 5508 Highway 290 West and such
other assets, as the same are herein described. 
  B.          Seller desires to sell to Buyer and Buyer desires to purchase from Seller such real
property and the associated assets. 
  NOW, THEREFORE, in consideration of the mutual covenants, premises and agreements herein contained, the parties hereto do hereby agree as follows: 

 1.          Purchase and Sale. 

	   
 	  1.1. 
 	            The purchase and sale includes, and at Close of Escrow (hereinafter defined) Seller
shall sell, transfer, grant and assign to Buyer, Seller’s entire right and interest in and to all of the following (hereinafter sometimes collectively, the “Property”): 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  1.1.1. 
 	            That certain real property commonly known as 5508 Highway 290 West, located at 5508 Highway 290 West,
Austin, Texas and more specifically described in Exhibit “A” attached hereto, together with all structures, buildings, improvements, machinery, fixtures, and equipment affixed or attached to the real property and all easements, development
rights, rights of way, and other rights appurtenant to the real property (all of the foregoing being collectively referred to herein as the “Real Property”); 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  1.1.2. 
 	            All leases (the “Leases”), including associated amendments, with all persons
(“Tenants”) leasing the Real Property or any part thereof or hereafter entered into in accordance with the terms hereof prior to Close of Escrow, together with all security deposits, other deposits held in connection with the Leases, Lease
guarantees and other similar credit enhancements providing additional security for such Leases; 
 

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 	  1.1.3. 
 	            All tangible and intangible personal property owned by Seller located on or used in connection with
the Real Property, including, specifically, without limitation, equipment, furniture, tools and supplies, and all related intangibles including Seller’s interest in the name “5508 Highway 290 West” (the “Personal
Property”); 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  1.1.4. 
 	            All service contracts, agreements, warranties and guaranties relating to the operation, use or
maintenance of the Property (the “Contracts”); and 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  1.1.5. 
 	            To the extent transferable, all building permits, certificates of occupancy and other certificates,
permits, licenses and approvals relating to the Property (the “Permits”). 
 

  2.          Purchase Price. 

 The total Purchase Price of the Property shall be Ten Million Three Hundred Two and No/100 Dollars ($10,302,000.00) (“Purchase Price”) payable as follows: 

	   
 	  2.1.           Deposit/Further Payments. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  2.1.1. 
 	            Within two (2) business days following the date a fully executed original of this Agreement is
delivered to the Escrow Holder (such delivery date hereafter the “Effective Date”), Buyer shall deposit into Escrow (hereinafter defined) the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Deposit”), by
wire payable to Heritage Title Company, Attn: Terry Nassour (“Escrow Holder”). Escrow Holder shall place the Deposit (hereinafter defined) into an interest bearing money market account at a bank or other financial institution reasonably
satisfactory to Buyer, and interest thereon shall be credited to Buyer’s account and shall be deemed to be part of the Deposit (hereinafter defined). The Deposit shall be non-refundable, except in the event of Buyer’s termination of this
Agreement as a result of (i) a default on the part of Seller hereunder, (ii) a casualty or condemnation that entitles Buyer to terminate this Agreement, (iii) the failure of a Buyer condition precedent or (iv) any other provision of this Agreement
which expressly calls for the Deposit to be returned to Buyer. The Deposit shall be applied to the Purchase Price at Close of Escrow. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  2.1.2. 
 	            On or before Close of Escrow, Buyer shall deposit with the Escrow Holder to be held in Escrow the
balance of the 
 

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 	  Purchase Price, in immediately available funds by wire payable to Escrow Holder. 
 

  3.          Title to Property. 

	   
 	  3.1.           Title Insurance. 
 
	   
 	   
 
	   
 	  Seller will, at Seller’s sole expense, cause Escrow Holder to issue a Texas form Owner Policy of Title Insurance (the “Title Policy”)
from Heritage Title Company (the “Title Company”) for and on behalf of Buyer, in the total amount of the Purchase Price, insuring good and indefeasible title in and to the Real Property. The Title Policy shall be free and clear of
exceptions except for the Permitted Exceptions (hereinafter defined) included in such policy and approved by Buyer as herein described, and the standard printed exceptions and other common exceptions generally included in Texas form Commitments for
Title Insurance, which shall be modified as follows: 
 
	   
 	   
 
	   
 	   
 	  3.1.1. 
 	            the exception for restrictive covenants shall be deleted or shall list only specific restrictions, if
any; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  3.1.2. 
 	            the exception for area and boundaries shall be annotated to show that upon receipt by the Title
Company of a satisfactory survey and payment of the additional premium, the exception will be limited to “shortages in area” in the Title Policy (defined below); 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  3.1.3. 
 	            the exception for ad valorem taxes shall reflect only taxes for the current year which are not
delinquent; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  3.1.4. 
 	            there shall be no exception for “visible and apparent easements,” for “public or
private roads” or the like (although exception may be made to a specified unrecorded exception shown on the Survey); and 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  3.1.5. 
 	            there shall be no exception for rights of parties in possession except those holding under written
leases. 
 
	   
 	   
 	   
 	   
 
	   
 	  3.2.           Procedure for Approval of Title. 
 
	   
 	   
 	   
 
	   
 	  Seller shall, no later than ten (10) days following the Effective Date, provide to Buyer a current title insurance commitment for the Real Property,
including good and legible copies of all related items certified as exceptions thereto (the “Title Documents”). Buyer shall have thirty (30) days following receipt of the later of the Title Documents and the Survey (hereinafter defined) to
review and approve, in writing, the 
 

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 	  condition of the title to the Real Property (“Title Review Period”). If the Title Documents (or the Survey described in Paragraph 4.1.1) reflect or
disclose any defect, exception or other matter affecting the Real Property (“Title Defects”) that is unacceptable to Buyer, then Buyer shall provide Seller with written notice of Buyer’s objections no later than the conclusion of the
Title Review Period; provided, however, if Buyer shall fail to notify Seller in writing within the Title Review Period of any specific objections to the state of title to the Real Property, then Buyer shall be deemed to have accepted all exceptions
to title or other conditions or matters which are shown on the Survey or described in the Title Documents, with the exception of any matters listed on Schedule C to the Title Commitment, which items shall be objections to title and shall be cured or
otherwise addressed to the satisfaction of the Title Company either prior to or at the Close of Escrow. Seller may, at its sole option, elect, by written notice given to Buyer within three (3) days following the conclusion of the Title Review Period
(“Seller’s Notice Period”), to cure or remove the objections made or deemed to have been made by Buyer; provided, however, Seller shall in all events have the obligation to (i) act in good faith in making such election and curing any
Title Defects that Seller elects to cure, (ii) specifically remove any monetary encumbrances affecting the Real Property, and (iii) remove any Title Defect that attaches to the Real Property subsequent to the conclusion of the Title Review Period.
The failure of Seller to deliver written notice electing to cure any or all such objected to exceptions during the Seller’s Notice Period shall be deemed an election by Seller not to cure such exceptions. Should Seller elect to attempt to cure
or remove any objection, Seller shall have fifteen (15) days from the conclusion of the Title Review Period (“Cure Period”) in which to accomplish the cure. In the event Seller elects (or is deemed to have elected) not to cure or remove
any objection, then Buyer shall be entitled, as Buyer’s sole and exclusive remedies, either to (i) terminate this Agreement and obtain a refund of the Deposit or (ii) waive any objections that Seller has not elected to cure and close this
transaction as otherwise contemplated herein. The failure of Buyer to provide written notice to Seller within ten (10) days following the expiration of the Seller’s Notice Period waiving any objections Seller has not elected to cure shall be
deemed an election by Buyer to terminate this Agreement. Any exceptions to title accepted by Buyer pursuant to the terms of this paragraph shall be deemed “Permitted Exceptions.” 
 

  4.          Due Diligence Items. 

	   
 	  4.1. 
 	            Seller shall, within five (5) business days after the Effective Date (the “Delivery Date”),
deliver to Buyer each of the following (collectively, the “Due Diligence Items”): 
 

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 	  4.1.1. 
 	            Seller’s most recent survey of the Real Property (the “Survey”) which shall be
subsequently updated by Seller in conformance with the ALTA/ASCM Standard Detail Requirements and Accuracy Standards for improved properties of this nature, to a date after the Effective Date, with the updated being delivered to Buyer within thirty
(30) days of the Effective Date; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.2. 
 	            Copies of all Leases presently in effect with respect to the Real Property, together with any
amendments or modifications and correspondences thereof; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.3. 
 	            A “rent roll” with respect to the Real Property for the calendar month immediately
preceding the Effective Date, showing with respect to each Tenant of the Real Property: (1) the name of the Tenant, (2) the number of rentable square feet in Tenant’s premises as set forth in Tenant’s Lease, (3) the current monthly base
rental payable by such Tenant, (4) the term of the Lease, (5) any available options for the Tenant under the Lease; and (6) the amount of any security deposit; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.4. 
 	            An aging report showing, with respect to each Tenant of the Real Property, the date through which
such Tenant has paid rent and a Tenant by Tenant monthly aging report for the preceding 24 months; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.5. 
 	            A list of all contracts, including service contracts, warranties, management, maintenance, leasing
commission or other agreements affecting the Real Property, if any, together with copies of the same; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.6. 
 	            All site plans, leasing plans, as-built plans, drawings, environmental, mechanical, electrical,
structural, soils and similar reports and/or audits and plans and specifications relative to the Real Property in the possession of Seller or under the control of Seller, if any; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.7. 
 	            True and correct copies of the real estate and personal property tax statements covering the Property
or any part thereof for each of the two (2) years prior to the current year and, if available, for the current year; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.8. 
 	            A schedule of all current or pending litigation with respect to the Real Property or any part
thereof, if any, or otherwise with respect to Seller that might have a material adverse effect on Seller’s ability to perform hereunder, together with a brief description of each such proceeding; 
 

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 	  4.1.9. 
 	            Operating statements for the Real Property for calendar years 2000, 2001 and 2002 year to date, or if
shorter, for any periods during which Seller was owner of the Real Property; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.10. 
 	            Copies of Tenant files and records relating to the ownership and operation of the Real Property
(provided, however, with Buyer’s consent such files and records may be made available for inspection by Buyer during ordinary business hours at Seller’s management office); 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.11. 
 	            An inventory of all personal property located on the Real Property which is used in the maintenance
of the Real Property or stored for future use with the Real Property; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.12. 
 	            Copies of existing loan documents and notes affecting the Real Property, if loan is to be
assumed; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.13. 
 	            Copies of utility bills for the Real Property for the calendar years 2000, 2001 and 2002 year to date
to the extent they have been retained by Seller; and 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  4.1.14. 
 	            The most recent environmental report on the Property in Seller’s possession or control.

 
	   
 	   
 	   
 
	   
 	  4.2.           Estoppel Certificates. 
 
	   
 	   
 	   
 
	   
 	  Seller shall obtain and deliver to Buyer, no later than ten (10) days prior to Close of Escrow, estoppel certificates in the form acceptable to
Buyer’s lender and/or Buyer from (a) Air Products and Chemicals, Inc., Surveying and Mapping, Epic Edge, E-Comm Network, Brooks Automation, Inc., SunGard Energy System and State of Texas (the “Major Tenants”) and (b) seventy five
percent (75%) of all remaining Tenants of the Real Property (measured by square footage occupied) (the “Required Percentage Estoppels”), in all cases in a form provided by, or otherwise approved by, Buyer within fifteen (15) days of the
Effective Date. In the event Seller is unable to obtain the Required Percentage Estoppels despite diligent efforts to do so, Seller may deliver to Buyer an estoppel certificate executed by Seller and otherwise in form approved by Buyer covering
sufficient estoppels that, together with those obtained, equal the Required Percentage Estoppels; provided, however, Seller shall thereafter continue to use diligent efforts to obtain an estoppel certificate executed by any such Tenant. Whether
executed by the Tenant or by Seller, the matters certified in the estoppel certificates shall be subject to Buyer’s reasonable approval. Buyer shall notify Seller within three (3) business days following receipt of a copy of any executed
estoppel certificate of Buyer’s approval or disapproval and the basis of such disapproval, if 
 

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 	  disapproved. If (a) Buyer reasonably disapproves of any estoppel certificate, and Seller is unable to deliver a reasonably acceptable estoppel certificate prior
to the Close of Escrow, and, without such estoppel certificate Seller will have failed to deliver the Required Percentage Estoppels or (b) Seller is unable to deliver acceptable forms of the Major Estoppels, this Agreement shall automatically
terminate, Buyer shall be entitled to a refund of the Deposit without any further action required by any party, and neither party shall have any further obligation to the other. In addition to the foregoing, Seller shall use diligent efforts to
obtain any and all subordination, attornment and non-disturbance agreements required by Buyer’s lender. 
 

  5.          Inspections. 

	   
 	  5.1.           Procedure; Indemnity. 
 
	   
 	   
 
	   
 	  Buyer, at its sole expense, shall have the right to conduct a feasibility, environmental, engineering and physical study of the Real Property at any
time from and after Effective Date and for a period of thirty (30) days thereafter (the “Due Diligence Period”); provided, however, if the Due Diligence Items are not delivered on the Delivery Date, Buyer may, by written notice delivered
prior to the conclusion of the original Due Diligence Period, extend the Due Diligence Period for a period equal to the associated delay in delivery of such materials beyond the Delivery Date. Buyer and its duly authorized agents or representatives
shall be permitted to enter upon the Real Property at all reasonable times during the Due Diligence Period in order to conduct engineering studies, soil tests and any other inspections and/or tests that Buyer may deem necessary or advisable
(collectively, the “Inspections”). Buyer agrees to promptly discharge any liens that may be imposed against the Real Property as a result of Buyer’s Inspections and to defend, indemnify and hold Seller harmless from all claims, suits,
losses, costs, expenses (including without limitation court costs and attorneys’ fees), liabilities, judgments and damages incurred by Seller as a result of any Inspections performed by Buyer. Buyer shall have the right to conduct Tenant
interviews during the Due Diligence Period. 
 
	   
 	   
 	   
 	   
 
	   
 	  5.2.           Approval. 
 
	   
 	   
 
	   
 	   
 	  5.2.1. 
 	            Buyer shall have until the conclusion of the Due Diligence Period (as the same may be
extended in accordance with the terms of Paragraph 5.1 above) to approve or disapprove of the Inspections and the Due Diligence Items enumerated in Paragraph 4. If Buyer shall fail to deliver a written notice to Seller and Escrow Holder within the
Due Diligence Period 
 
	 

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 	  approving the condition of the Real Property this Agreement shall thereupon be automatically terminated, Buyer shall not be entitled to purchase the Real
Property, Seller shall not be obligated to sell the Real Property to Buyer and the parties shall be relieved of any further obligation to each other with respect to the Real Property. Upon termination, Escrow Holder shall, without any further action
required from any party, return all documents to the parties who deposited same and shall pay the Deposit to Seller and no further duties shall be required of Escrow Holder. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  5.2.2. 
 	            Notwithstanding anything to the contrary contained herein, Buyer hereby agrees that in the event this
Agreement is terminated for any reason, then Buyer shall promptly and at its sole expense return to Seller all Due Diligence Items which have been delivered by Seller to Buyer in connection with Buyer’s inspection of the Real Property.

 

  6.          Escrow. 

	   
 	  6.1.           Opening. 
 
	   
 	   
 	   
 
	   
 	  Purchase and sale of the Property shall be consummated through an escrow (“Escrow”) to be opened with Escrow Holder within two (2) business
days after the execution of this Agreement by Seller and Buyer. This Agreement shall be considered as the Escrow instructions between the parties, with such further consistent instructions as Escrow Holder shall require in order to clarify its
duties and responsibilities. If Escrow Holder shall require further Escrow instructions, Escrow Holder may prepare such instructions on its usual form. Such further instructions shall, so long as not inconsistent with the terms of this Agreement, be
promptly signed by Buyer and Seller and returned to Escrow Holder within three (3) business days of receipt thereof. In the event of any conflict between the terms and conditions of this Agreement and any further Escrow instructions, the terms and
conditions of this Agreement shall control. 
 
	   
 	   
 
	   
 	  6.2.           Close of Escrow. 
 
	   
 	   
 	   
 
	   
 	  Escrow shall close at a mutually agreeable date (“Close of Escrow”) within fifteen (15) days after the expiration of the Due Diligence
Period (as such period may be extended pursuant to Paragraph 5.1 hereof). The foregoing notwithstanding, Buyer may, at Buyer’s election, and upon payment of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) to Escrow Agent, extend the
Close of Escrow for additional periods of thirty (30) days. Any payments received by Seller pursuant 
 

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 	  hereto shall be non refundable, except in the event of Buyer’s termination of this Agreement as a result of (i) a default on the part of Seller
hereunder, (ii) a casualty or condemnation that entitles Buyer to terminate this Agreement, or (iii) the failure of a Buyer condition precedent, and applied to the Purchase Price at Close of Escrow. 
 
	   
 	   
 	   
 	   
 
	   
 	  6.3.           Buyer Required to Deliver. 
 
	   
 	   
 	   
 
	   
 	  Buyer shall deliver to Escrow the following: 
 
	   
 	   
 
	   
 	   
 	  6.3.1. 
 	            In accordance with Paragraph 2, the Deposit; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.3.2. 
 	            On or before Close of Escrow, the balance of the Purchase Price; provided, however that
Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection
with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.3.3. 
 	            On or before Close of Escrow, such other documents as Escrow Holder may require from
Buyer in order to issue the Title Policy; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.3.4. 
 	            An original Assignment and Assumption Agreement, duly executed by Buyer assuming all of
Seller’s right, title and interest in and to the Leases, the Permits and the Contracts from and after the Close of Escrow, together with originals of notice letters to tenants (as prepared by Seller and delivered to Buyer for execution at
Closing), duly executed by Buyer, advising each tenant of Buyer’s acquisition of the Property, Buyer’s assumption of the obligations of the landlord under the Leases (including responsibility for security deposits), and the new locations
for payment of rent and delivery of notices. 
 
	   
 	   
 	   
 	   
 
	   
 	  6.4.           Seller Required to Deliver. 
 
	   
 	   
 	   
 	   
 
	   
 	  On or before Close of Escrow, Seller shall deliver to Escrow or Buyer, as applicable, the following: 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.1. 
 	            A duly executed and acknowledged Special Warranty Deed, conveying fee title to the Real
Property in favor of Buyer; 
 

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 	  6.4.2. 
 	            A completed Certificate of Non-Foreign Status, duly executed by Seller under penalty of
perjury; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.3. 
 	            A Bill of Sale, for the Personal Property, if any, in favor of Buyer and duly executed by
Seller; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.4. 
 	            Such other documents as Escrow Holder may require from Seller in order to issue the Title
Policy; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.5. 
 	            Tenant’s estoppel certificates as required by and provided for in Paragraph 4.2 and
SNDA as required by and provided for in Paragraph 9.1.7; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.6. 
 	            An original Assignment and Assumption Agreement duly executed and acknowledged by Seller,
assigning all of Seller’s interest in and to the Leases, Contracts and Permits to Buyer from and after the Close of Escrow; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.7. 
 	            To Buyer, all keys to all buildings and other improvements located on the Real Property,
combinations to any safes thereon, and security devices therein in Seller’s possession; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.8. 
 	            A letter from Seller addressed to each Tenant informing such Tenant of the change in
ownership as set forth; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.9. 
 	            To Buyer, the original Leases; and 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.4.10. 
 	            To Buyer, all records and files relating to the management or operation of the Real
Property, including, without limitation, all insurance policies, all security contracts, all tenant files (including correspondence), property tax bills, and all calculations used to prepare statements of rental increases under the Leases and
statements of common area charges, insurance, property taxes and other charges which are paid by Tenants of the Real Property. 
 
	   
 	   
 	   
 	   
 
	   
 	  6.5.           Buyer’s Costs. 
 
	   
 	   
 	   
 	   
 
	   
 	  Buyer shall pay the following: 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.5.1. 
 	            One-half (1/2) of Escrow Holder’s fee, costs and expenses; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.5.2. 
 	            The cost of recording any deed of trust or other documentation required by Buyer’s
lender in conjunction with any financing obtained by Buyer; and 
 

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 	  6.5.3. 
 	            All other costs customarily borne by purchasers of real property in Travis County,
Texas. 
 
	   
 	   
 	   
 	   
 
	   
 	  6.6.           Seller’s Costs. 
 
	   
 	   
 	   
 
	   
 	  Seller shall pay the following: 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.6.1. 
 	            One-half (1/2) of Escrow Holder’s fees, costs and expenses; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.6.2. 
 	            The cost of recording the Deed and any transfer tax; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.6.3. 
 	            Escrow Holder’s premium for the Title Policy; and 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.6.4. 
 	            All other costs customarily borne by sellers of real property in Travis County,
Texas. 
 
	   
 	   
 	   
 	   
 
	    
 	  6.7.           Prorations. 
 
	   
 	   
 
	   
 	   
 	  6.7.1. 
 	            Real property taxes, personal property taxes, assessments, rents, and CAM expenses shall
be prorated through Escrow between Buyer and Seller as of Close of Escrow. All security deposits shall be paid over to Buyer. Rents and CAM expenses shall be approved by Buyer prior to Close of Escrow. Any delinquent rents attributable to periods
prior to the Close of Escrow and which are collected by Buyer or Seller shall be retained by or paid to Seller; provided, however, that any amounts collected by Buyer or Seller shall be first applied to any rents then due to Buyer and, if collected
by Seller, remitted to Buyer for such purpose. Seller shall have the right to pursue any Tenant for delinquent rent, but shall not (a) cause Tenant to be delinquent for their current rent or become financially unstable or (b) have the right to seek
eviction of the Tenant by unlawful detainer or other means. Tax and assessment prorations shall be based on the latest available tax bill. If after Close of Escrow either party receives any further or supplemental tax bill relating to any period
prior to Close of Escrow, the recipient shall promptly deliver a copy of such tax bill to the other party, and not later than ten (10) days prior to the delinquency date shown on such tax bill Buyer and Seller shall deliver to the taxing authority
their respective shares of such tax bill, prorated as of Close of Escrow. All prorations shall be based on a 360-day year. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.7.2. 
 	            All leasing commissions owing and tenant improvements with respect to the Real Property
entered into prior to execution of the Agreement including, but not limited to, 
 

  Agreement – Page 11 

   
	   
 	   
 	   
 	  commissions for lease renewals and expansion options, shall be paid by Seller, and Seller shall indemnify and hold Buyer harmless for lease commission claims
brought against the Real Property arising therefrom. All leasing commissions and tenant improvement costs for new Leases executed after the date of this Agreement shall be prorated between Buyer and Seller as their respective periods of ownership
bears to the primary term of the new Lease subject, in all events, to the prior approval of said Leases as herein provided by Buyer pursuant to Paragraph 7.3. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.7.3. 
 	            Seller agrees to indemnify and hold Buyer harmless from any and all liabilities, claims, demands,
suits, and judgments, of any kind or nature, including court costs and reasonable attorney fees (except those items which under the terms of this Agreement specifically become the obligation of Buyer), brought by third parties and based on events
occurring on or before the Close of Escrow and which are in any way related to the Property. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.7.4. 
 	            Buyer agrees to indemnify and hold Seller harmless of and from any and all liabilities, claims,
demands, suits and judgments, of any kind or nature, including court costs and reasonable attorneys fees, brought by third parties and based on events occurring subsequent to the Close of Escrow and which are in any way related to the
Property. 
 
	   
 	   
 	   
 	   
 
	   
 	  6.8.           Determination of Dates of Performance. 
 
	   
 	   
 	   
 
	   
 	  Promptly after delivery to Buyer of the Title Documents, Escrow Holder shall prepare and deliver to Buyer and Seller a schedule which shall state
each of the following dates: 
 
	   
 	   
 	   
 
	   
 	   
 	  6.8.1. 
 	            The Effective Date pursuant to Paragraph 2.1.1; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.8.2. 
 	            The date of receipt of the Title Documents by Buyer; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.8.3. 
 	            The date by which title must be approved by Buyer pursuant to Paragraph 3.2; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.8.4. 
 	            The Delivery Date pursuant to Paragraph 4.1; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.8.5. 
 	            The date by which the Inspections and Due Diligence Items must be approved by Buyer pursuant to
Paragraph 5.2; 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.8.6. 
 	            The date by which the amounts described in Paragraph 2 must be deposited by Buyer, for which
determination 
 

  Agreement – Page 12 

   
	   
 	   
 	   
 	  Escrow Holder shall assume satisfaction of the condition expressed in Paragraph 2 on the last date stated for its satisfaction; and 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  6.8.7. 
 	            The date of Close of Escrow pursuant to Paragraph 6.2. 
 
	   
 	   
 	   
 	   
 
	   
 	  If any events which determine any of the aforesaid dates occur on a date other than the date specified or assumed for its occurrence in this
Agreement, Escrow Holder shall promptly redetermine as appropriate each of the dates of performance in the aforesaid schedule and notify Buyer and Seller of the dates of performance, as redetermined. 
 

  7.          Seller Representations, Warranties, and Covenants 

	   
 	  7.1.           Representations and Warranties. 
 
	   
 	   
 
	   
 	  Seller hereby represents and warrants as of the date hereof and as of the Close of Escrow by appropriate certificate to Buyer as follows: 

	   
 	   
 
	   
 	   
 	  7.1.1. 
 	            MFPB 290 West, Ltd. is a limited partnership, duly formed and validly existing under the law of the
State of Texas. Seller has full power and authority to enter into this Agreement, to perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and all documents
contemplated hereby by Seller have been duly and validly authorized by all necessary action on the part of Seller and all required consents and approvals have been duly obtained and will not result in a breach of any of the terms or provisions of,
or constitute a default under, any indenture, agreement or instrument to which Seller is a party or otherwise bound. This Agreement is a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject
to the effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting the rights of creditors generally. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.2. 
 	            Manny Farahani and Peter Barlin currently hold good and indefeasible title to the Real Property for
the benefit of MFPB 290 West, Ltd., subject to the Permitted Exceptions and shall convey record title to MFPB 290 West, Ltd. prior to the Close of Escrow. There are no outstanding rights of first refusal, rights of reverter or options relating to
the Real Property or any interest therein. To Seller’s knowledge, there are no unrecorded or undisclosed documents or other matters which affect title to the Real Property. Subject to the Leases, Seller has enjoyed the 
 

  Agreement – Page 13 

   
	   
 	   
 	   
 	  continuous and uninterrupted quiet possession, use and operation of the Real Property, without material complaint or objection by any person. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.3. 
 	            Seller is not a “foreign person” within the meaning of Section 1445(f) of the Internal
Revenue Code. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.4. 
 	            There are no on-site employees of Seller at the Real Property, and following the Close of Escrow,
Buyer shall have no obligation to employ or continue to employ any individual employed by Seller or its affiliates in connection with the Real Property. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.5. 
 	            Except as set forth on any schedule of litigation delivered pursuant to Paragraph 4.1.9, there are no
actions, suits or proceedings pending, or to the best of Seller’s knowledge, threatened against Seller and affecting any portion of the Real Property, at law or in equity, or before or by any federal, state, municipal, or other governmental
court, department, commission, board, bureau, agency, or instrumentality, domestic or foreign. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.6. 
 	            Seller has not received any notice of any violations of any ordinance, regulation, law, or statute of
any governmental agency pertaining to the Real Property or any portion thereof. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.7. 
 	            There are no unpaid bills, claims, or liens in connection with any construction or repair of the Real
Property except for those that will be paid in the ordinary course of business prior to Close of Escrow or which have been bonded over or the payment of which has otherwise been adequately provided for to the satisfaction of Buyer. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.8. 
 	            Seller has not experienced any material physical or mechanical defects in the buildings or any
material settlement or earth movement affecting the Real Property. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.9. 
 	            To Seller’s knowledge, the zoning of the Real Property permits the current building and use of
the Real Property, and to Seller’s knowledge there is no pending, or contemplated, rezoning. To Seller’s knowledge, the Real Property complies with all applicable subdivision laws and all local ordinances enacted thereunder and no
subdivision or parcel map not already obtained is required to transfer the Real Property to Buyer. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.10. 
 	            The information in the Rent Roll is true, correct, and complete. Seller has or will pursuant to
Paragraph 4 and 
 

  Agreement – Page 14 

   
	   
 	   
 	   
 	  Paragraph 7.3 deliver to Buyer true, accurate and complete copies of all of the Leases and there are no leases, subleases, licenses, occupancies or tenancies in effect
pertaining to any portion of the Real Property, and no persons, tenants or entities occupy space in the Real Property, except as stated in the Rent Roll. There are no options or rights to renew, extend or terminate the Leases or expand any Lease
premises, except as shown in the Rent Roll and the Leases. No brokerage commission or similar fee is due or unpaid by Seller with respect to any Lease, and there are no written or oral agreements that will obligate Buyer, as Seller’s assignee,
to pay any such commission or fee under any Lease or extension, expansion or renewal thereof. The Leases and any guaranties thereof are in full force and effect, and are subject to no defenses, setoffs or counterclaims for the benefit of the Tenants
thereunder. Neither Seller nor, to Seller’s knowledge, any Tenant is in default under its Lease. Seller is in full compliance with all of the landlord’s obligations under the Leases, and Seller has no obligation to any Tenant under the
Leases to further improve such Tenant’s premises or to grant or allow any rent or other concessions. No rent or other payments have been collected in advance for more than one (1) month and no rents or other deposits are held by Seller, except
the security deposits described on the Rent Roll and rent for the current month. Each rental concession, rental abatement or other benefit granted to Tenants under the Leases will have been fully utilized prior to the Close of Escrow. 

	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.11. 
 	            To Seller’s knowledge, there are no presently pending or contemplated proceedings to condemn the Real Property
or any part of it. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.12. 
 	            To Seller’s knowledge, all water, sewer, gas, electric, telephone and drainage facilities, and all other
utilities required by law or by the normal operation of the Real Property are connected to the Real Property and are adequate to service the Real Property in its present use and normal usage by the Tenants and occupants of the Real Property and are
in good working order and repair. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.13. 
 	            To Seller’s knowledge, Seller has all licenses, permits (including, without limitation, all building permits and
occupancy permits), easements and rights-of-way which are required in order to continue the present use of the Real Property and ensure adequate vehicular and pedestrian ingress and egress to the Real Property. 
 

  Agreement – Page 15 

   
	   
 	   
 	  7.1.14. 
 	            Except for the Contracts, there are no agreements or other obligations which may affect the current use of the Real
Property.  Seller has fully performed all of the obligations required to be performed by Seller under the Contracts, and to Seller’s knowledge, the other parties to the same are not in default thereunder. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.15. 
 	            The operating statements furnished to Buyer in connection with or pursuant to this Agreement (a) accurately reflect
the financial condition of the Real Property as of the date thereof and (b) do not fail to state any material liability, contingent or otherwise, or any other facts the omission of which would be misleading. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.16. 
 	            Seller has no knowledge of nor received any written notice of violation issued pursuant to any environmental law with
respect to the Real Property or any use or condition thereof. There are no above-ground or underground storage tanks located on the Real Property. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.1.17. 
 	            Seller has not released and, to the best of Seller’s knowledge, there has been no release of, any pollutant or
hazardous substance of any kind onto or under the Real Property that affects the Real Property or that would result in the prosecution of any claim, demand, suit, action or administrative proceeding against Buyer as owner of the Real Property based
on any environmental requirements of state, local or federal law including, but not limited to, the Comprehensive Environmental Response Compensation and Liability Act of 1980, U.S.C. 9601 et seq. 
 
	   
 	   
 	   
 	   
 
	   
 	  7.2.          Indemnity; Survival. 
 
	   
 	   
 
	   
 	  The foregoing representations and warranties of Seller are made by Seller as of the date hereof and again as of Close of Escrow and shall survive the Close of Escrow
for a period of one year and shall not be merged as of the date of the Close of Escrow hereunder. Seller shall indemnify and defend Buyer against and hold Buyer harmless from, and shall be responsible for all claims, demands, liabilities, losses,
damages, costs and expenses, including reasonable attorney’s fees, that may be suffered or incurred by Buyer, including any third party due diligence expenses incurred by Buyer, if any representation or warranty made by Seller is untrue or
incorrect in any material respect when made. The terms of Seller’s indemnity set forth above with respect to the representations and 
 

  Agreement – Page
16 

   
	   
 	  warranties made herein shall survive for a period of one year following the Close of Escrow. 
 
	   
 	   
 
	   
 	  7.3.           Covenants of Seller. Seller hereby covenants from and after the Effective Date as follows:

 
	   
 	   
 	   
 
	   
 	   
 	  7.3.1. 
 	            To cause to be in force fire and extended coverage insurance upon the Real Property, and public liability insurance
with respect to damage or injury to persons or property occurring on the Real Property in at least such amounts as are maintained by Seller on the date hereof. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.2. 
 	            That any building constituting an improvement on the Real Property will be in substantially the same physical
condition at the Close of Escrow that it was at the date of Buyer’s inspection, ordinary wear and tear excepted, and that all normal maintenance has been conducted from and after the Effective Date in the same fashion as prior to the Effective
Date. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.3. 
 	            To not enter into any new lease with respect to the Real Property, without Buyer’s prior written consent, which
shall not be unreasonably withheld, condition, or delayed.  Exercise of a mandatory renewal option shall not be considered a new lease. To the extent specifically disclosed to Buyer in connection with any request for approval, any brokerage
commission and the cost of Tenant improvements or other allowances payable with respect to a new Lease shall be prorated between Buyer and Seller in accordance with their respective periods of ownership as it bears to the primary term of the new
Lease. Further, Seller will not modify or cancel any existing Lease covering space in the Real Property without first obtaining the written consent of Buyer which shall not be unreasonably withheld, condition, or delayed. Buyer shall have five (5)
business days following receipt of a request for any consent pursuant to this paragraph in which to approve or disapprove of any new Lease or any modification or cancellation of any existing Lease. Failure to respond in writing within said time
period shall be deemed to be consent. Seller’s execution of a new lease or modification or cancellation of an existing Lease following Buyer’s reasonable refusal to consent thereto shall constitute a default hereunder. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.4. 
 	            To not sell, assign, or convey any right, title, or interest whatsoever in or to the Real Property, or create or
permit to attach any lien, security interest, easement, encumbrance, 
 

  Agreement – Page 17 

   
	   
 	   
 	   
 	  charge, or condition affecting the Real Property (other than the Permitted Exceptions). 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.5. 
 	            To not, without Buyer’s written approval, (a) amend or waive any right under any Contract, or (b) enter into any
service, operating or maintenance agreement affecting the Real Property that would survive the Close of Escrow. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.6. 
 	            To fully and timely comply with all material obligations to be performed by it under the Leases and Contracts, and
all Permits, licenses, approvals and laws, regulations and orders applicable to the Real Property. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.7. 
 	            To provide Buyer with monthly rent rolls containing the same information in its rent roll delivered pursuant to
Section 4.1.3. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  7.3.8. 
 	            To provide Buyer with copies of (a) any default letters sent to tenants and, (b) any copies of correspondence
received from a Tenant that it is “going dark” or seeking to re-negotiate its lease and (c) notices of bankruptcy filings received with respect to any Tenant. 
 

  8.          Buyer Representations and Warranties. 
  Buyer hereby represents and warrants to Seller as of the date hereof and
as of the Close of Escrow by appropriate certificate that: 

	   
 	  Buyer is a limited liability company duly organized and validly existing under the laws of the Commonwealth of Virginia. Buyer has full power and authority to enter into this
Agreement, to perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and all documents contemplated hereby by Buyer have been duly and validly authorized by all
necessary action on the part of Buyer and all required consents and approvals have been duly obtained and will not result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, agreement or instrument to
which Buyer is a party or otherwise bound. This Agreement is a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium or other similar laws affecting the rights of creditors generally. 
 

  9.          Conditions Precedent
to Close of Escrow 
  Agreement – Page 18 

   
	   
 	  9.1.          Conditions Precedent. 
 
	   
 	   
 
	   
 	  The obligations of Buyer to purchase the Property pursuant to this Agreement shall, at the option of Buyer, be subject to the following conditions precedent:

 
	   
 	   
 
	   
 	   
 	  9.1.1. 
 	            All of the representations, warranties and agreements of Seller set forth in this Agreement shall be true and correct
in all material respects as of the date hereof and as of the Close of Escrow, and Seller shall not have on or prior to the Close of Escrow, failed to meet, comply with or perform in any material respect any covenants or agreements on Seller’s
part as required by the terms of this Agreement. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.2. 
 	            There shall be no change in the matters reflected in the Title Documents, and there shall not exist any encumbrance
or title defect affecting the Real Property not described in the Title Documents except for the Permitted Exceptions or matters to be satisfied at the Close of Escrow. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.3. 
 	            Unless Seller receives notice from Buyer at least thirty (30) days prior to the Close of Escrow, effective as of the
Close of Escrow, any management agreement affecting the Real Property shall be terminated by Seller and any and all termination fees incurred as a result thereof shall be the sole obligation of Seller. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.4. 
 	            Seller shall have operated the Real Property from and after the date hereof in substantially the same manner as prior
thereto. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.5. 
 	            Seller shall deliver to Buyer copies of Tenant insurance certificates. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.6. 
 	            No Major Tenant shall be in default under its lease nor shall any Major Tenant given notice that it is discontinuing
operations at the Real Property nor shall a Major Tenant filed bankruptcy or sough any similar debtor protective measure. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.7. 
 	            If Buyer’s lender requires the execution of subordination, non-disturbance and attornment agreements
(“SNDAs”) from tenants as a condition to closing the loan to Buyer, Buyer’s obligations under this Agreement shall be subject to the delivery of SNDAs in form and substance acceptable to Buyer’s lender. 
 

  Agreement – Page 19 

   
	   
 	   
 	  9.1.8. 
 	            If any security deposit is in a form other than cash, the instrument constituting the security deposit
must be reissued in Buyer’s name or else a cash escrow equal to the amount of the security deposit will be established at closing until the instrument is reissued in Buyer’s name. 
 
	   
 	   
 	   
 	   
 
	   
 	   
 	  9.1.9. 
 	            In the event that after the expiration of the Due Diligence Period, but prior to the close of escrow, any
Tenant, other than a Major Tenant, goes dark, files for bankruptcy, seeks protection under any other debtor protection law or gives notice that it is vacating the premises prior to the expiration of its Lease, the Seller shall be required to enter
into a master lease for that Tenant’s Space for the remainder of the term of the Lease at the rent payable under the lease including, but not limited to, all CAM charges, insurance reimbursements, and tax reimbursements. 
 
	   
 	   
 	   
 	   
 
	   
 	  9.2.          Effect of Failure. 
 
	   
 	   
 	   
 	   
 
	   
 	  If Buyer notifies Seller of a failure to satisfy the conditions precedent set forth in this Paragraph 9, Seller may, within five (5) days after receipt of
Buyer’s notice, agree to satisfy the condition by written notice to Buyer, and Buyer shall thereupon be obligated to close the transaction provided (a) Seller so satisfies such condition and (b) no such right to cure shall extend the Close of
Escrow. If Seller fails to agree to cure or fails to cure such condition by the Close of Escrow, this Agreement shall be automatically terminated, the Deposit shall be returned to Buyer without any further action required from either party and
neither party shall have any continuing obligations hereunder; provided, however, if such failure constitutes a breach or default of its covenants, representations or warranties Seller shall remain liable for such breach or default as otherwise set
forth in this Agreement. 
 

  10.          Damage or Destruction Prior to Close of Escrow 
  In the event that the Real Property should be damaged by any casualty prior to Close of Escrow, then Seller shall promptly provide Buyer with written notice of such casualty. If the cost of repairing such damage, as estimated
by an architect or contractor retained pursuant to the mutual agreement of the parties, is (a) less than One Hundred Thousand Dollars ($100,000), the Close of Escrow shall proceed as scheduled and any insurance proceeds, plus the cash amount of any
associated deductible, shall be paid over to Buyer; or (b) greater than One Hundred Thousand Dollars ($100,000), then Buyer may in its discretion either (i) elect to terminate this Agreement, in which case the Deposit shall be returned to Buyer
without any further action required from either party and neither party shall have any further obligation to the other 
  Agreement – Page 20 

     or (ii) proceed to Close of Escrow in which event any insurance proceeds, plus the cash amount of any associated deductible,
shall be paid over to Buyer. The foregoing notwithstanding, in the event any casualty results in the cancellation of, or rental abatement under, any Lease, Buyer shall have the option to terminate this Agreement without regard to the cost of
repairs. Any notice required to terminate this Agreement pursuant to this Paragraph shall be delivered no later than thirty (30) days following Buyer’s receipt of Seller’s notice of such casualty. 
  11.          Eminent Domain 
  If, before the Close of Escrow, proceedings are commenced for the taking by exercise of the
power of eminent domain of all or a material part of the Real Property which, as reasonably determined by Buyer, would render the Real Property unacceptable to Buyer or unsuitable for Buyer’s intended use, Buyer shall have the right, by giving
written notice to Seller within thirty (30) days after Seller gives notice of the commencement of such proceedings to Buyer, to terminate this Agreement, in which event this Agreement shall automatically terminate, the Deposit shall be returned to
Buyer without any further action required from either party and neither party shall have any continuing obligations hereunder. If, before the Close of Escrow, proceedings are commenced for the taking by exercise of the power of eminent domain of
less than a material part of the Real Property, or if Buyer has the right to terminate this Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this Agreement shall remain in full force and effect and, on the
Close of Escrow, the condemnation award (or, if not theretofore received, the right to receive such portion of the award) payable on account of the taking shall be assigned, or paid to, Buyer. Seller shall give written notice to Buyer within three
(3) business days after Seller’s receiving notice of the commencement of any proceedings for the taking by exercise of the power of eminent domain of all or any part of the Real Property. 
  12.          Notices. 
  All notices, demands, or other communications of any type given by any party hereunder, whether
required by this Agreement or in any way related to the transaction contracted for herein, shall be void and of no effect unless given in accordance with the provisions of this Paragraph. All notices shall be in writing and delivered to the person
to whom the notice is directed, either (a) in person, (b) by United States Mail, as a registered or certified item, return receipt requested, (c) by telecopy or (d) by a nationally recognized overnight delivery courier. Notices delivered by telecopy
or overnight courier shall be deemed received on the business day following transmission. Notices delivered by certified or registered mail shall be 
  Agreement – Page 21

     deemed delivered three (3) days following posting. Notices shall be given to the following addresses: 

	  Seller: 
 	  MFPB 290 West, Ltd
 Manny Farahani
 Peter Barlin
 3724 Jefferson, #306
 Austin, Texas 78731
 (512) 452-9902
 (512) 453-8412 Fax 
 
	   
 	   
 
	  With Required Copy to: 
 	  Steven M. Bowers
 Attorney at Law
 PO Box 5035
 Austin, Texas 78763
 (512) 458-2151
 (512) 458-2153 Fax 
 
	   
 	   
 
	  Buyer: 
 	  Anthony W. Thompson
 TRIPLE NET PROPERTIES, LLC
 1551 N. Tustin Avenue, Suite 650
 Santa Ana, CA 92705
 (714)  667-8252
 (714)  667-6860 Fax 

	   
 	   
 
	  With Required Copy to: 
 	  Louis J. Rogers, Esquire
 Hirschler Fleischer
 701 East Byrd Street, 15th Floor
 Richmond, Virginia 23219
 (804) 771-9567
 (804)  644-0957 Fax 

	   
 	   
 

  13.          Remedies 

	   
 	  13.1. 
 	            Defaults by Seller. If there is any default by Seller under this Agreement, following notice to Seller and seven (7)
days thereafter during which period Seller may cure the default, Buyer may at its option, and as its sole and exclusive remedy, either (a) declare this Agreement terminated in which case the Deposit shall be returned to Buyer without any further
action required from either party or (b) treat the Agreement as being in full force and effect and bring an action against Seller for specific performance. The foregoing notwithstanding, no right to cure shall extend the Close of Escrow. 

  Agreement – Page 22 

   
	   
 	  13.2. 
 	            Defaults by Buyer. If there is any default by Buyer under this Agreement, following notice to Buyer and seven (7)
days, during which period Buyer may cure the default, Seller may, as its sole and exclusive remedy, declare this Agreement terminated, in which case the Deposit shall be paid to Seller as liquidated damages and each party shall thereupon be relieved
of all further obligations and liabilities, except any which survive termination. The foregoing notwithstanding, no right to cure shall extend the Close of Escrow. 
 

  In the
event this Agreement is terminated due to the default of Buyer hereunder, Buyer shall, in addition, deliver to Seller, at no cost to Seller, the Due Diligence Items. 
  14.          Assignment. 
  Buyer may assign any or all of its rights and obligations under this Agreement to any one or more
persons or entities upon notice to Seller; provided however, that absent the express agreement of Seller, no such assignment shall release Buyer from its liabilities hereunder. 
  15.          Interpretation and Applicable Law 
  This Agreement shall be construed and interpreted in accordance with the
laws of the State where the Real Property is located. Where required for proper interpretation, words in the singular shall include the plural; the masculine gender shall include the neuter and the feminine, and vice versa. The terms
“successors and assigns” shall include the heirs, administrators, executors, successors, and assigns, as applicable, of any party hereto. 
  16.          Amendment 
  This Agreement may not be modified or amended, except by an agreement in writing signed by the
parties. The parties may waive any of the conditions contained herein or any of the obligations of the other party hereunder, but any such waiver shall be effective only if in writing and signed by the party waiving such conditions and
obligations. 
  17.          Attorney’s Fees 
  In the event it becomes necessary for either
party to file a suit to enforce this Agreement or any provisions contained herein, the prevailing party shall be entitled to recover, in addition to all other remedies or damages, reasonable attorneys’ fees and costs of court incurred in such
suit. 
  18.          Entire Agreement; Survival 
  Agreement – Page 23

     This Agreement (and the items to be furnished in accordance herewith) constitutes the entire agreement between the parties
pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection therewith. No representation, warranty, covenant, agreement, or condition not expressed in this Agreement
shall be binding upon the parties hereto nor shall affect or be effective to interpret, change, or restrict the provisions of this Agreement. The obligations of the parties hereunder and all other provisions of this Agreement shall survive the Close
of Escrow or earlier termination of this Agreement, except as expressly limited herein. 
  19.          Counterparts 
  To facilitate execution, this Agreement may be executed in any number of counterparts as may be convenient or necessary, and it shall not be necessary that the signatures of all parties hereto be contained on any one
counterpart hereof. Additionally, the parties hereto hereby covenant and agree that, for purposes of facilitating the execution of this Agreement, (i) the signature pages taken from separate individually executed counterparts of this Agreement may
be combined to form multiple fully executed counterparts, (ii) a facsimile signature shall be deemed to be an original signature and (iii) a telecopy delivery (i.e., the transmission by any party of his, her or its signature on an original or any
copy of this Agreement via telecopy or fax machine) shall be deemed to be the delivery by such party of his, her or its original signature hereon. All executed counterparts of this Agreement shall be deemed to be originals, but all such counterparts
taken together or collectively, as the case may be, shall constitute one and the same agreement. 
  20.          Acceptance 
  Time is of the essence of this Agreement. If the final date of any period falls upon a Saturday, Sunday, or legal holiday under the laws of the State of Texas, then in such event the expiration date of such period
shall be extended to the next day which is not a Saturday, Sunday, or legal holiday under the laws of the State of Texas. 
  21.          Real
Estate Commission 
  Seller and Buyer each represent and warrant to the other that neither Seller nor Buyer has contacted or entered into any agreement with any real estate broker, agent, finder or
any other party in connection with this transaction, and that neither party has taken any action which would result in any real estate broker’s, finder’s or other fees or commissions being due and payable to any party with respect to the
transaction contemplated hereby, except that Seller has contracted with Golden Eagle Investments and REOC Partners, Ltd 
  Agreement – Page 24 

     as its broker and will pay a commission of $100,000 to each broker and a commission of $300,000 to Triple Net Properties Realty,
Inc. if, but only if, the Close of Escrow occurs pursuant to this Agreement. Such commission shall be payable upon the Close of Escrow from the proceeds of the Purchase Price deposited by Buyer. Each party hereby indemnifies and agrees to hold the
other party harmless from any loss, liability, damage, cost, or expense (including reasonable attorneys’ fees) resulting to the other party by reason of a breach of the representation and warranty made by such party in this Paragraph.

  22.          Financing Contingency. 
  Buyer’s obligations under this Agreement are contingent
upon Buyer obtaining, no later than forty-five (45) days after the Effective Date, a binding commitment for financing to be secured by a first mortgage or deed of trust against the Real Property in an amount and terms reasonably acceptance to Buyer.
The failure of Buyer to notify Seller by the end of the forty-five (45) day period that it has obtained the binding commitment shall be deemed a failure of this contingency and this Agreement will, in such event, be automatically terminated and the
Deposit paid to Seller without further action required by either party. Buyer shall use good faith efforts to obtain financing conforming to the terms of this Paragraph. 
  23.          Cooperation with S-X 3-14 Audit. 
  Seller acknowledges that Buyer intends to assign all of its rights, title
and interest in and to this Agreement. The assignee may be a real estate investment trust (“REIT”) promoted by the Buyer. Seller acknowledges that it has been advised that if the purchaser is a REIT, the assignee is required to make
certain filings with the Securities and Exchange Commission (the “SEC Filings”) that relate to the most recent pre-acquisition fiscal year (the “Audited Year”) for the Property. To assist the assignee in preparing the SEC
Filings, Seller agrees to provide the assignee with the following: 

	   
 	  1.          Access to bank statements for the Property for the Audited year; 
 
	   
 	   
 
	   
 	  2.          Rent Roll for the Property as of the end of the Audited Year; 
 
	   
 	   
 
	   
 	  3.          Operating Statements for the Property for the Audited Year; 
 
	   
 	   
 
	   
 	  4.          Access to the general ledger for the Property for the Audited Year; 
 
	   
 	   
 
	   
 	  5.          Cash receipts schedule for the Property for each month in the Audited Year; 
 

  Agreement – Page 25 

   
	   
 	  6.          Access to invoice for expenses and capital improvements for the Property in the Audited Year; 
 
	   
 	   
 
	   
 	  7.          Copies of all insurance documentation for the Property for the Audited Year; 
 
	   
 	   
 
	   
 	  8.          Copies of accounts receivable aging for the Property as of the end of the Audited Year and an explanation for all
accounts over 30 days past due as of the end of the Audited Year; and 
 
	   
 	   
 
	   
 	  9.          Signed representation letter at the end of field work. 
 

  The provisions of this Section shall survive the Close of Escrow 
  THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK 
  Agreement – Page 26 

     SIGNATURE PAGE FOR _____________ PURCHASE AGREEMENT 
  EXECUTED on this ____
day of __________, 2002 
  SELLER: 
  MFPB 290 West, Ltd.,
 a Texas limited partnership
 By: MFPB 290 West Management, LLC 

	  By: 
 	   /s/ MANNY FARAHANI 
 	   
 
	   
 	 
 	   
 
	   
 	  Manny Farahani, Manager 
 	   
 
	   
 	   
 
	 
 	   
 
	  Manny Farahani 
 	   
 
	   
 	   
 
	  /s/ PETER BARLIN 
 	   
 
	 
 	   
 
	  Peter Barlin 
 	   
 

  EXECUTED on this ____ day of ________, 2002. 
  BUYER: 
  TRIPLE NET PROPERTIES, LLC,
 a Virginia limited liability company 

	  By: 
 	   /s/ ANTHONY W. THOMPSON 
 	   
 
	   
 	 
 	   
 
	   
 	  Anthony W. Thompson
 President 
 	   
 

  "SUBJECT TO THE TERMS AND CONDITIONS CONTAINED
 IN THE ATTACHED EARNEST MONEY RECEIPT." 
  Contract received June 19, 2002. 

	  /s/ TERRI TALLEY NASSOUR 
 	   
 
	 
 	   
 
	  Terri Talley Nassour
 Commercial Escrow Officer 
 	   
 

  Heritage Title Company of Austin, Inc.
 98 San Jacinto Blvd., Ste. 400
 Austin, Texas 78701
 512/505-5000

512/505-5024 FAX 
  Agreement – Page 27 

     Exhibit A 
  Real Property Description

	  TRACT 1: 
 	  Being all of that certain tract or parcel of land containing 6.238 acres, more or less, out of Lot 1, FOREST GROVE SUBDIVISION, a subdivision in Travis County, Texas, according
to the map or plat thereof, recorded in Volume 86, Page 133B of the Plat Records of Travis County, Texas, said tract being more particularly described by metes and bounds shown on Exhibit “A-1” attached hereto and made part hereof.

 
	   
 	   
 
	  TRACT 2: 
 	  Easement Estate for access created by instrument dated January 3, 1986 and recorded in volume 9521, Page 437 of the Real Property Records of Travis County, Texas, over and
across all of that certain tract or parcel of land containing 0.209 of an acre, more or less, out of and a part of Lot 1, Block B, of OAK HILL INDUSTRIAL PARK, a subdivision in Travis County, Texas, according to the map or plat thereof, recorded in
volume 75, page 227 of the Plat records of Travis County, Texas, said tract being more particularly described by metes and bounds therein. 
 
	   
 	   
 
	  TRACT 3: 
 	  Easement Estate for drainage created by instrument dated January 3, 1986 and recorded in Volume 9521, Page 437 of the Real Property Records of Travis County, Texas over and
across all of that certain tract or parcel of land containing 0.114 of an acre, more or less, out of and a part of Lot 1, Block B, of OAK HILL INDUSTRIAL PARK, a subdivision in Travis County, Texas, according to the map or plat thereof, recorded in
Volume 75, Page 227 of the Plat Records of Travis County, Texas, said tract being more particularly described by metes and bounds therein. 
 
	   
 	   
 
	  TRACT 4: 
 	  Easement Estate for access created by instrument dated march 31, 1986 and recorded in Volume 9701, page 963 of the Real Property Records of Travis County, Texas, over and across
all of that certain tract or parcel of land containing 0.332 of an are, more or less, out of and a part of Lot 1, Block B, of OAK HILL INDUSTRIAL PARK, a subdivision in Travis County, Texas, according to the map or plat thereof, recorded in Volume
75, Page 227 of the Plat Records of Travis County, Texas, said tract being more particularly described by metes and bounds therein. 
 

     Exhibit "A-1" 
  ALL OF THAT CERTAIN TRACT OR PARCEL OF
LAND OUT OF THE THOMAS ANDERSON LEAGUE IN TRAVIS COUNTY, TEXAS. BEING A PORTION OF LOT 1, FOREST GROVE SUBDIVISION. A SUBDIVISION IN TRAVIS COUNTY, TEXAS, AS RECORDED IN PLAT BOOK 86, PAGE 133B OF THE PLAT RECORDS OF TRAVIS COUNTY, TEXAS. THE HEREIN
DESCRIBED TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
  BEGINNING at a 1/2 inch iron pin found at the Northeast corner of said Lot 1, being in the South line of Lot 1,
Block B, Oak Hill Industrial Park, a subdivision recorded in Plat Book 75, Page 227 of the Plat Records of Travis County, Texas, for the Northeast corner and PLACE OF BEGINNING hereof: 
  THENCE
along the East line of Lot 1, Forest Grove Subdivision, S 03° 25' 42" E for a distance of 589.29 feet to an 'X' set on a telephone box, at the Northeast corner of that portion of said Lot 1 awarded by judgment to the State of Texas in Cause No.
2143 of the Probate Court Number One in Travis County, Texas, and recorded in Volume 12239, Page 1276 of the Real Property Records of Travis County, Texas, being in the new North r.o.w. line of U.S. Hwy No. 290 West for the Southeast
corner-hereof: 
  THENCE along the North line of the State of Texas Tract, being the new North r.o.w. line of U.S. Hwy No. 290 West, N 88° 13' 18" W for a distance of 268.69 feet to a 1/2 inch
iron pin set at the Northwest corner of the State of Texas Tract, being in the Southwest line of said Lot 1, for the Southwest corner hereof: 
  THENCE along the Southwest line of said Lot 1, N
06° 25' 10" W for a distance of 97.63 feet to a 1/2 inch iron pin found at an angle point and N 59° 51' 35" W for a distance of 460.14 feet to an iron pipe found at the most Westerly corner of said Lot 1, for the most Westerly corner
hereof: 
  THENCE along the Northwest line of said Lot 1, N 31° 30' 07" E for a distance of 260.18 feet to a 1/2 inch iron pin found at the Northwest corner of said Lot 1, being at the Southwest
corner of said Lot 1, Block B, Oak Hill Industrial Park, for the Northwest corner hereof: 

     FIELD NOTES
 FOR 
  TRACT I - 6.238 ACRES - Page Two 
  THENCE along the North line of said Lot 1, being the South line of said Lot 1, Block B, N 86° 36' 31" E for a distance of 507.10 feet to the PLACE OF BEGINNING and containing 6.238 acres of land, more or
less. 
  SURVEYED BY:
 ROY D. SMITH SURVEYORS. P.C. 

	  /s/ ROY D. SMITH 
 	   
 
	 
 	   
 
	  ROY D. SMITH 
 
	  REGISTERED PROFESSIONAL SURVEYOR 
 
	  May 22, 1998 
 
	  Updated: September 26, 2000 
 
	  Job No. 1985 
 
	  
	  [SEAL]<PAGE>

                                                                   EXHIBIT 10.6d

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT (together with all exhibits hereto, the "Agreement"), is
entered into on June 20, 2002 and effective on and after June 1, 2002 (the
"Effective Date"), by and between INFOGRAMES, INC., a Delaware corporation
having its executive offices and principal place of business in New York, New
York (the "Company"), and HARRY M. RUBIN, the undersigned individual
("Executive").

         IN CONSIDERATION of the mutual covenants and agreements hereinafter set
forth, the Company and Executive agree as follows:

         1. Agreement Term.

                  The term of this Agreement shall commence on the Effective
Date and continue through May 31, 2007 (the "Agreement Term").

         2. Employment.

                  (a) Employment by the Company. Executive agrees to be employed
by the Company for the Agreement Term upon the terms and subject to the
conditions set forth in this Agreement. Executive shall serve as the Senior
Executive Vice President of the Company and shall have such duties as are set
forth in Schedule A.

                  (b) Performance of Duties. Throughout the Agreement Term,
Executive shall faithfully and diligently perform Executive's duties in
conformity with the directions of the Company and serve the Company to the best
of Executive's ability. Executive shall devote Executive's entire working time,
attention and energies to the business and affairs of the Company, subject to
five (5) weeks' vacation per year and personal and sick leave in accordance with
Company policies as they may exist from time to time. Executive shall have the
title set forth in Section 2(a) hereof and shall report to the President of the
Company.

                  (c) Place of Performance. During the Agreement Term, Executive
shall be based at the Company's principal executive offices in New York, New
York and, in this regard, Executive shall maintain Executive's personal
residence in such city or such other location(s) within reasonable access to
Executive's place of employment.

         3. Compensation and Benefits.

                  (a) Base Salary. The Company agrees to pay to Executive for
employment hereunder a base salary ("Base Salary") at the annual rate of
$400,000.00 retroactive to January 1, 2002. On July 1, 2003, and on each July 1
thereafter during the Agreement Term, Executive shall receive an annual review
and an increase in the Base Salary of five (5) percent or such greater amount as
may be determined in the discretion of the Company's Board of Directors.
<PAGE>
                  (b) Bonus. Executive shall be entitled to participate in the
Company's senior executive bonus plan with a target bonus of 50% of his Base
Salary. Except as otherwise provided in this Agreement, Executive may be awarded
bonuses, stock options, or additional forms of compensation in the sole and
exclusive discretion of the Company's Board of Directors.

                  (c) Benefits and Prerequisites.

                           (i) Executive shall be entitled to participate in the
benefit plans and programs, and receive the benefits and perquisites, generally
provided to the Company's executives of the same level and responsibility as
Executive to the extent Executive is otherwise eligible under the terms thereof.
Nothing in this Agreement shall preclude the Company from terminating or
amending from time to time any employee benefit plan or program.

                           (ii) Beginning in the first full month following the
Effective Date and continuing thereafter during the Agreement Term, Executive
shall receive an allowance of $3,000 per month toward rental and/or expenses of
owning/leasing and maintaining an automobile (the "Car Allowance").

                           (iii) During the Agreement Term, the Company shall
provide Executive with an additional cash payment sufficient to cover any
deductible and out-of-pocket expenses for which Executive may become liable
under the Company's medical benefit plan and any federal and local income taxes
payable by Executive (using the highest marginal tax rate applicable to
Executive) as a result of such payment, including as a result of the associated
tax reimbursement.

                  (d) Travel and Business Expenses. Upon submission of itemized
expense statements in the manner specified by the Company, Executive shall be
entitled to reimbursement for reasonable business-related travel and other
reasonable business expenses duly incurred by Executive in the performance of
Executive's duties under this Agreement in accordance with the policies and
procedures established by the Company from time to time for executives of the
same level and responsibility as Executive. Executive shall have the use of a
Company credit card and be entitled to business-related air travel in business
class, or if not available, first class.

                  (e) No Other Compensation or Benefits; Payment. The
compensation and benefits specified in Sections 3 and 5 of this Agreement shall
be in lieu of any and all other compensation and benefits. Payment of all
compensation and benefits to Executive hereunder shall be made in accordance
with the relevant Company policies in effect from time to time, including normal
payroll practices, and shall be subject to all applicable federal, state, and
local payroll and income taxes.

                  (f) Cessation of Employment. In the event Executive shall
cease to be employed by the Company for any reason, then Executive's
compensation and benefits shall cease on the date of such event, except as
otherwise provided herein or in any applicable employee benefit plan or program.

                                      -2-
<PAGE>
         4. Exclusive Employment.

                  During the period of Executive's employment with the Company,
Executive shall not: (i) engage in any activity which conflicts or interferes
with or derogates from the performance of Executive's duties hereunder nor shall
Executive engage in any other business activity, whether or not such business
activity is pursued for gain or profit, except that Executive shall be entitled
to attend to personal affairs and investments in a manner which does not
unreasonably interfere with his responsibilities hereunder, and except as
otherwise approved in advance in writing by the Chief Executive Officer or the
Board of Directors of the Company; or (ii) accept any other full-time or
substantially full-time employment, whether as an executive or consultant or in
any other capacity, and whether or not compensated therefor.

         5. Termination of Employment.

                  (a) Termination. The Company may terminate Executive's
employment for Cause (as defined below), in which case the provisions of Section
5(b) shall apply. The Company may also terminate Executive's employment in the
event of Executive's Disability (as defined below) or death, in which case the
provisions of Section 5(c) shall apply. The Company may also terminate the
Executive's employment during the Agreement Term for any other reason by written
notice to Executive, in which case the provisions of Section 5(d) shall apply.
If Executive's employment is terminated by reason of Executive's retirement or
voluntary resignation, the provisions of Section 5(b) shall apply. If
Executive's employment is terminated following expiration of the Agreement Term,
the provisions of Section 5(e) shall apply.

                  (b) Termination for Cause; Termination by Reason of Retirement
or Voluntary Resignation. In the event that Executive's employment hereunder is
terminated during the Agreement Term (x) by the Company for Cause (as defined
below), (y) by reason of Executive's retirement or (z) by reason of Executive's
voluntary resignation (other than voluntary resignation with Good Reason (as
hereinafter defined)), then the Company shall pay to Executive, within five (5)
business days of the date of such termination, only a pro rata portion of the
Base Salary and Car Allowance through such date of termination. For purposes of
this Agreement, "Cause" shall mean: (i) conviction of any crime (whether or not
involving the Company) constituting a felony in the jurisdiction involved; (ii)
engaging in any substantiated act involving moral turpitude; (iii) gross neglect
or misconduct in the performance of Executive's duties hereunder; (iv) willful
failure or refusal to perform such material duties as may be delegated to
Executive commensurate with Executive's position and responsibilities as set
forth in Section 2 hereof; or (v) breach of any material provision of this
Agreement by Executive; provided, however, that with respect to clause (iii),
clause (iv) and clause (v), Executive shall have received written notice from
the Company setting forth the manner in which he has been grossly negligent or
engaged in misconduct, he has willfully failed to perform his duties prior to
such notice or has materially breached any provision of this Agreement, and
Executive shall not have cured such gross neglect, misconduct, willful failure
or refusal to perform or breach, to the extent curable, within ten (10) business
days of such notice; provided, however, Executive's good faith inability to
perform shall not constitute Executive's willful failure to perform or a
material breach of any provision of this Agreement. For purposes hereof, the
term "Good Reason" shall mean (i) the modification of Executive's duties or
responsibilities

                                       -3-
<PAGE>
as set forth on Schedule A, or the assignment to Executive of a position or
title other than Senior Executive Vice President of the Company or its successor
and parent company, if any, or (ii) any requirement that the Executive report to
any person other than the President or the Chief Executive Officer of the
Company or its successor and parent company, if any, or (iii) any requirement
that Executive perform services in any office of the Company or any successor or
parent company located more than 30 miles from the Company's executive offices
in New York City at the date hereof, or (iv) the failure by the Company, or its
successor or parent company, if any, to pay compensation or provide benefits or
perquisites to Executive as and when required by the terms of this Agreement, or
(v) a Change of Control as defined in Section 6(b)(i) through Section 6(b)(iv).
For purposes of the preceding sentence, the term "Company" shall have the
broadest possible meaning consistent with Section 9(j) herein.

                  (c) Disability; Death. If, as a result of Executive's
incapacity due to physical or mental injury or illness, Executive shall have
been absent from Executive's duties hereunder on a full time basis for either
(i) one hundred twenty (120) days within any three hundred sixty-five (365) day
period, or (ii) ninety (90) consecutive days, and within thirty (30) days after
written notice of termination is given shall not have returned to the
performance of Executive's duties hereunder on a full time basis, the Company
may terminate Executive's employment hereunder for "Disability". In that event,
the Company shall pay to Executive, within five (5) business days of the date of
such termination, only a pro rata portion of the Base Salary and car allowance
through such date of termination. During any period that Executive fails to
perform Executive's duties hereunder as a result of incapacity due to physical
or mental injury or illness (a "Disability Period"), Executive shall continue to
receive the compensation and benefits provided by Section 3 hereof until
Executive's employment hereunder is terminated; provided, however, that the
amount of compensation and benefits received by Executive during the Disability
Period shall be reduced by the aggregate amounts, if any, payable to Executive
under the Company's disability benefit plans and programs or under the Social
Security disability insurance program covering the same period of time.

         In addition, in the event that the Company shall terminate this
Agreement pursuant to this Section 5(c) or by reason of Executive's death, the
Company shall thereafter pay to Executive or his estate, within five (5)
business days of the date of such termination, a lumpsum cash severance payment
equal to the aggregate Base Salary and Car Allowance that Executive would have
otherwise received if the terms of this Agreement were in effect during a period
of three (3) years following the date of such termination. Further, all options
previously granted to Executive pursuant to any of the Company's Stock Incentive
Plans or otherwise shall immediately vest and be exercisable by Executive in
full, and Executive (or his estate in the event of death) shall thereafter be
entitled to exercise such options for the balance of their respective terms.

                  (d) Termination By Company For Any Other Reason; Voluntary
Resignation for Good Reason.

                           (i) In the event that (A) Executive's employment
hereunder is terminated by the Company during the Agreement Term for any reason
other than as provided in Sections 5(b) or 5(c) hereof, or (B) Executive
voluntarily resigns for Good Reason, as defined in Section 5(b), then the
Company shall pay to Executive, within five (5) business days of the date

                                       -4-
<PAGE>
of such termination or resignation, a pro rata portion of the Base Salary and
Car Allowance through such date of termination or resignation and, in lieu of
any further compensation and benefits for the balance of the Agreement Term or
thereafter, a lump-sum cash severance payment equal to the Base Salary and Car
Allowance that Executive would have otherwise received if the terms of this
Agreement had remained in effect for a period (the "Severance Period") equal to
the greater of (A) the remainder of the Agreement Term, or (B) three (3) years
from the date of such termination or resignation, plus an amount equal to 50% of
such aggregate Base Salary in lieu of bonus.

                           (ii) In addition to any severance amounts payable
hereunder, in the event (A) the Executive's employment is terminated by the
Company or its successor or parent company, if any, for any reason other than
properly for Cause as provided in Section 5(b), or (B) the Executive voluntarily
resigns for Good Reason, as defined in Section 5(b), then all options previously
granted to Executive pursuant to any of the Company's Stock Incentive Plans or
otherwise shall immediately vest and be exercisable by Executive in full, and
Executive (or his estate in the event of death) shall thereafter be entitled to
exercise such options for the balance of their respective terms.

                  (e) Termination Following Expiration of the Agreement Term. No
more than sixty (60) days nor less than thirty (30) days before the expiration
of the Agreement Term, the Company may propose a five (5) year extension to this
Agreement under identical terms to those contained herein. In the event that (i)
the Company fails to communicate such offer of contract extension to Executive
at least thirty (30) days before expiration of the Agreement Term; or (ii) the
Company communicates such an offer but subsequently revokes or refuses to
implement the terms of such offer, and in either case the parties do not
otherwise agree to extend Executive's employment, the Company shall pay to
Executive, within five (5) business days of the expiration of the Agreement
Term, in lieu of any further compensation and benefits, a lump-sum cash
severance payment equal to the Base Salary and Car Allowance that Executive
would have received if the terms of this Agreement had remained in effect for an
additional period of two (2) years following the expiration of the Agreement
Term, plus an amount equal to 50% of such aggregate Base Salary in lieu of
bonus. In the event that the Company communicates such offer of contract
extension to Executive at least thirty (30) days before expiration of the
Agreement Term, but Executive fails to communicate acceptance of such offer to
the Company before expiration of the Agreement Term and the parties do not
otherwise agree to extend Executive's employment, the Company shall pay to
Executive, within five (5) business days of the expiration of the Agreement
Term, in lieu of any further compensation and benefits, a lump-sum cash
severance payment equal to the Base Salary and Car Allowance that Executive
would have received if the terms of this Agreement had remained in effect for an
additional period of one (1) year following the expiration of the Agreement
Term, plus an amount equal to 50% of such aggregate Base Salary in lieu of
bonus. In addition, in the event that Executive's employment ends in a manner
that entitles him to a severance payment under this Section 5(e), then all
options previously granted to Executive pursuant to any of the Company's Stock
Incentive Plans or otherwise shall immediately vest and be exercisable by
Executive in full, and Executive (or his estate in the event of death) shall
thereafter be entitled to exercise such options for the balance of their
respective terms.

                                       -5-
<PAGE>
                  (f) No Further Liability; Release. Payment made and
performance by the Company in accordance with this Section 5 shall operate to
fully discharge and release the Company and its directors, officers, employees,
subsidiaries, affiliates, stockholders, successors, assigns, agents and
representatives from any further obligation or liability with respect to
Executive's employment and termination of employment. Other than paying
Executive's Base Salary and car allowance through the date of termination of
Executive's employment and making any severance payment pursuant to and in
accordance with this Section 5 (as applicable), the Company and its directors,
officers, employees, subsidiaries, affiliates, stockholders, successors,
assigns, agents and representatives shall have no further obligation or
liability to Executive or any other person under this Agreement. The Company
shall have the right to condition the payment of any severance or other amounts
pursuant to Sections 5(c), 5(d), or 5(e) hereof upon the execution and delivery
to the Company by Executive of a release of any and all claims Executive may
have against the Company and its directors, officers, employees, subsidiaries,
affiliates, stockholders, successors, assigns, agents and representatives
arising out of or related to Executive's employment by the Company and the
termination of such employment, the form and substance of such release to be
reasonably satisfactory to the Company.

                  (g) Payment of Excise Taxes.

                           (i) If any payment or payments under this Agreement
or under any other plan, program, arrangement, or agreement of the Company is
subject to excise tax imposed by Section 4999 of the Internal Revenue Code of
1986, as amended from time to time (the "Code"), or any successor or similar
provision of the Code, the Company shall pay Executive an additional amount (the
"Gross Up") such that the net amount retained by Executive after deduction of
any such excise tax and any income or employment tax, social security tax,
excise tax, or interest or penalties imposed on amounts paid under this section
shall be equal to the full amount of the intended payment.

                           (ii) For purposes of determining the Gross Up,
Executive shall be deemed to pay federal, state, and local income tax at the
highest marginal rate of applicable taxation in the calendar year in which the
payment is made. The determination of whether excise tax is payable, including
whether any exception may apply, and if so the amount thereof shall be made upon
the opinion of tax counsel selected by the Company and reasonably acceptable to
the Executive, applying the following rules: (i) all payments shall be treated
as "parachute payments" within the meaning of Section 280G(b)(2) of the Code,
and all "excess parachute payments" within the meaning of Section 280G(b)(1) of
the Code shall be treated as subject to excise tax unless in the opinion of
counsel such payments do not constitute parachute payments or such excess
parachute payments represent reasonable compensation for services actually
rendered within the meaning of Section 280G(b)(4) of the Code in excess of the
"base amount" within the meaning of Section 280G(b)(3) of the Code or are
otherwise not subject to excise tax; and (ii) the value of any non-cash or
deferred payments or benefits shall be determined by an independent accounting
firm selected by the Company and reasonably acceptable to Executive in
accordance with the principles of Section 280G(d)(3) and (4) of the Code. All
fees, costs, and expenses of tax counsel and any accounting firm or other
advisor retained in accordance with this paragraph shall be borne solely by the
Company.

                                       -6-
<PAGE>
                           (iii) The Gross Up, if any, shall be paid to
Executive in cash and in a lump sum within 30 days after the date on which the
amount thereof has been determined or is reasonably determinable by tax counsel,
and in any event not later than 45 days following termination of Executive's
employment; provided, however, that if the amount of Gross Up cannot be finally
determined at or before such time, the amount paid shall be the estimated full
amount of the Gross Up as reasonably determined by tax counsel in good faith and
in accordance with the principles of the preceding paragraph. If such an
estimated Gross Up is paid, or if the opinion of tax counsel is not finally
accepted by the Internal Revenue Service, then appropriate adjustments shall be
computed (with additional Gross Up, if necessary) by tax counsel based upon the
final amount of excise tax, and any additional amount due Executive as a result
of such adjustment (including any interest or penalties owed by Executive by
reason of any underpayment) shall be paid in cash and in a lump sum within 30
days of such computation. Any amount due the Company as a result of such an
adjustment shall be paid by Executive in cash in a lump sum within 30 days of
such computation.

         6. Change of Control.

                  (a) Upon the happening of a Change of Control, as hereinafter
defined, all options previously granted to Executive pursuant to any of the
Company's Stock Incentive Plans or otherwise shall immediately vest and be
exercisable by Executive in full, and Executive (or his estate in the event of
death) shall thereafter be entitled to exercise such options for the balance of
their respective terms,

                  (b) For purposes hereof, Change of Control shall mean any of
the following occurrences:

                           (i) any "person" as such term is used in Section
13(d) and 14(d) of the Securities Exchange Act of 1934 ("Exchange Act"), is or
becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 50% or
more of the combined voting power of the Company's then outstanding securities
(other than as a result of a merger or consolidation covered by clause (3)(i)
below in connection with a merger involving the Company which would result in
voting securities of the Company outstanding immediately prior thereto
continuing to represent more than 50% of the combined voting power of the voting
securities of the Company or the surviving entity (or its parent) outstanding
immediately after such merger or consolidation);

                           (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board of
Directors of the Company, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a
transaction described in clause (i), (iii) or (iv) of this definition) whose
election by the Board or nomination for election by the Company's stockholders
was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any
reason to constitute at least a majority thereof;

                           (iii) the stockholders of the Company approve a
merger or consolidation of the Company with any other entity, other than (A) a
merger or consolidation

                                       -7-
<PAGE>
which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the combined voting power of the voting securities of
the Company or such surviving entity (or its parent) outstanding immediately
after such merger or consolidation or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no
"person" (as hereinabove defined) acquires more than 50% of the combined voting
power of the Company's then outstanding securities; or

                           (iv) the stockholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets.

                           (v) notwithstanding anything to the contrary in this
Agreement, the merger or consolidation of the Company with, or acquisition of
securities of the Company representing substantially all of the combined voting
power of the Company's then outstanding voting securities by, an affiliate of
the Company.

         7. Confidential Information; Non-Solicitation.

                  (a) Existence of Confidential Information. The Company owns
and has developed and compiled, and will develop and compile, certain
proprietary techniques and confidential information which have great value to
its business (referred to in this Agreement, collectively, as "Confidential
Information"). Confidential Information includes not only information disclosed
by the Company to Executive, but also information developed or learned by
Executive during the course or as a result of employment with the Company, which
information shall be the property of the Company. Confidential Information
includes all information that has or could have commercial value or other
utility in the business in which the Company is engaged or contemplates
engaging, and all information of which the unauthorized disclosure could be
detrimental to the interests of the Company, whether or not such information is
specifically labeled as Confidential Information by the Company. By way of
example and without limitation, Confidential Information includes any and all
information developed, obtained, licensed by or to or owned by the Company
concerning trade secrets, techniques, know-how (including designs, plans,
procedures, merchandising, marketing, distribution and warehousing know-how,
processes, and research records), software, computer programs, and any other
intellectual property created, used or sold (through a license or otherwise) by
the Company, Electronic Data Information know-how and processes, innovations,
discoveries, improvements, research, development, test results, reports,
specifications, data, formats, marketing data and plans, business plans,
strategies, forecasts, unpublished financial information, orders, agreements and
other forms of documents, price and cost information, merchandising
opportunities, expansion plans, store plans, budgets, projections, customer,
supplier, licensee, licensor and subcontractor identities, characteristics,
agreements and operating procedures, and salary, staffing and employment
information. Notwithstanding the foregoing, Confidential Information shall not
include information which (a) is or becomes generally available to the public or
is, at the time in question, in the public domain other than as a result of a
disclosure by Executive, (b) was available to Executive on a non-confidential
basis prior to the date of this Agreement, (c) becomes available to Executive
from a source other than the Company, its agents or

                                       -8-
<PAGE>
representatives (or former agents or representatives), or (d) is required to be
disclosed pursuant to law; provided, that Executive shall provide the Company
with prompt notice of such required disclosure to, and Executive shall fully
cooperate with the Company to enable the Company to seek a protective order;
provided, further, that in the case of (c) above, the source of such information
was not bound by a confidentiality agreement with the Company.

                  (b) Protection of Confidential Information. Executive
acknowledges and agrees that in the performance of duties hereunder the Company
discloses to and entrusts Executive with Confidential Information which is the
exclusive property of the Company and which Executive may possess or use only in
the performance of duties for the Company. Executive also acknowledges that
Executive is aware that the unauthorized disclosure of Confidential Information,
among other things, may be prejudicial to the Company's interests, an invasion
of privacy and an improper disclosure of trade secrets. Executive shall not,
without the prior written consent of the Chief Executive Officer, directly or
indirectly, use, make available, sell, disclose or otherwise communicate to any
corporation, partnership, individual or other third party, other than in the
course of Executive's assigned duties and for the benefit of the Company, any
Confidential Information, either during the Agreement Term or thereafter. In the
event Executive desires to publish the results of Executive's work for or
experiences with the Company through literature, interviews or speeches,
Executive will submit requests for such interviews or such literature or
speeches to the Chief Executive Officer of the Company at least fourteen (14)
days before any anticipated dissemination of such information for a
determination of whether such disclosure is in the best interests of the
Company, including whether such disclosure may impair trade secret status or
constitute an invasion of privacy. Executive agrees not to publish, disclose or
otherwise disseminate such information without the prior written approval of the
Chief Executive Officer of the Company.

                  (c) Deliverer of Records, Etc. In the event Executive's
employment with the Company ceases for any reason, Executive will not remove
from the Company's premises without its prior written consent any records,
files, drawings, documents, equipment, materials and writings received from,
created for or belonging to the Company, including those which relate to or
contain Confidential Information, or any copies thereof. Upon request or when
employment with the Company terminates, Executive will immediately deliver the
same to the Company.

                  (d) Non-Solicitation. Executive acknowledges and agrees that
any attempt to interfere with the Company's existing employment relationships
would result is significant harm to the Company's interests. Accordingly,
Executive agrees that during his employment with the Company (whether under this
Agreement or otherwise) and for a period of one year after such employment ends
(regardless of reason), Executive will not in any way, directly or indirectly,
solicit any employee of the Company to terminate his or her employment with the
Company.

                                      -9-
<PAGE>
         8. Assignment and Transfer.

                  (a) Company. This Agreement shall inure to the benefit of and
be enforceable by, and may be assigned by the Company to, any purchaser of all
or substantially all of the Company's business or assets, any successor to the
Company or any assignee thereof (whether direct or indirect, by purchase,
merger, consolidation or otherwise). The Company will require any such
purchaser, successor or assignee to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such purchase, succession or assignment had taken
place.

                  (b) Executive. Executive's rights and obligations under this
Agreement shall not be transferable by Executive by assignment or otherwise, and
any purported assignment, transfer or delegation thereof shall be void;
provided, however, that if Executive shall die, all amounts then payable to
Executive hereunder shall be paid in accordance with the terms of this Agreement
to Executive's devisee, legatee or other designee or, if there be no such
designee, to Executive's estate.

         9. Miscellaneous.

                  (a) Other Obligations. Executive represents and warrants that
neither Executive's employment with the Company nor Executive's performance of
Executive's obligations hereunder will conflict with or violate or otherwise are
inconsistent with any other obligations, legal or otherwise, which Executive may
have.

                  (b) Nondisclosure; Other Employers. Executive will not
disclose to the Company, or use, or induce the Company to use, any proprietary
information, trade secrets or confidential business information of others.
Executive represents and warrants that Executive has returned all property,
proprietary information, trade secrets and confidential business information
belonging to all prior employers.

                  (c) Cooperation. Following termination of employment with the
Company, Executive shall cooperate with the Company, as reasonably requested by
the Company, to affect a transition of Executive's responsibilities and to
ensure that the Company is aware of all matters being handled by Executive.

                  (d) No Duty to Mitigate. Executive shall be under no duty to
mitigate with respect to any severance or other amounts payable pursuant to
Sections 5(c), 5(d), or 5(e) hereof.

                  (e) Protection of Reputation. During the Agreement Term and
thereafter, Executive and the Company each agree that he or it will take no
unnecessary action which is intended, or would reasonably be expected, to harm
the other's reputation or which would reasonably be expected to lead to unwanted
or unfavorable publicity to the other.

                  (f) Governing Law. This Agreement, including the validity,
interpretation, construction and performance of this Agreement, shall be
governed by and construed in accordance with the laws of the State of New York
applicable to agreements made and to be performed in such state without regard
to such state's conflicts of law principles. All

                                      -10-
<PAGE>
actions and proceedings relating directly or indirectly to this Agreement shall
be litigated in any state court or federal court located in New York, New York.
The parties hereto expressly consent to the jurisdiction of any such court and
to venue therein and consent to the service of process in any such action or
proceeding by certified or registered mailing of the summons and complaint
therein directed to Executive at the address as provided in Section 9(m) hereof
and to the Company's designated agent for service of process (which initially
shall be Infogrames, Inc., 417 Fifth Avenue, New York, New York 10016,
Attention: Secretary, which agent may be changed by the Company upon thirty (30)
days' prior written notice to Executive).

                  (g) Entire Agreement. This Agreement (including the Exhibits
hereto) contains the entire agreement and understanding between the parties
hereto in respect of the subject matter hereof and supersedes, cancels and
annuls any prior or contemporaneous written or oral agreements, understandings,
commitments and practices between them respecting the subject matter hereof,
including all prior employment agreements, if any, between the Company and
Executive, which agreement(s) hereby are terminated and shall be of no further
force or effect.

                  (h) Amendment. This Agreement may be amended only by a writing
which makes express reference to this Agreement as the subject of such amendment
and which is signed by Executive and, on behalf of the Company, by its duly
authorized officer.

                  (i) Severability. If any term, provision, covenant or
condition of this Agreement or part thereof, or the application thereof to any
person, place or circumstance, shall be held to be invalid, unenforceable or
void, the remainder of this Agreement and such term, provision, covenant or
condition shall remain in full force and effect, and any such invalid,
unenforceable or void term, provision, covenant or condition shall be deemed,
without further action on the part of the parties hereto, modified, amended and
limited to the extent necessary to render the same and the remainder of this
Agreement valid, enforceable and lawful. In this regard, Executive acknowledges
that the provisions of Sections 4 and 7 are reasonable and necessary for the
protection of the Company.

                  (j) Construction. The headings and captions of this Agreement
are provided for convenience only and are intended to have no effect in
construing or interpreting this Agreement. The language in all parts of this
Agreement shall be in all cases construed according to its fair meaning and not
strictly for or against the Company or Executive. The use herein of the word
"including," when following any general provision, sentence, clause, statement,
term or matter, shall be deemed to mean "including, without limitation". As used
herein, "Company" shall mean the Company and its parents and subsidiaries and
any purchaser of, successor to or assignee (whether direct or indirect, by
purchase, merger, consolidation or otherwise) of all or substantially all of the
Company's business or assets which is obligated to perform this Agreement by
operation of law, agreement pursuant to Section 8 hereof or otherwise, and the
parent, if any, thereof. As used herein, the words "day" or "days" shall mean a
calendar day or days.

                  (k) Nonwaiver. Neither any course of dealing nor any failure
or neglect of either party hereto in any instance to exercise any right, power
or privilege hereunder or under law shall constitute a waiver of any other
right, power or privilege or of the same right,

                                      -11-
<PAGE>
power or privilege in any other instance. All waivers by either party hereto
must be contained in a written instrument signed by the party to be charged and,
in the case of the Company, by its duly authorized officer.

                  (1) Remedies for Breach. The parties hereto agree that
Executive is obligated under this Agreement to render personal services during
the Agreement Term of a special, unique, unusual, extraordinary and
intellectual character, thereby giving this Agreement peculiar value, and, in
the event of a breach or threatened breach of any covenant of Executive herein,
the injury or imminent injury to the value and the goodwill of the Company's
business could not be reasonably or adequately compensated in damages in an
action at law. Accordingly, Executive expressly acknowledges that the Company
shall be entitled to specific performance, injunctive relief or any other
equitable remedy against Executive, without the posting of a bond and without
limitation as to any other remedy, in the event of any breach or threatened
breach of any provision of this Agreement by Executive (including Sections 4 and
7 hereof). The rights and remedies of the parties hereto are cumulative and
shall not be exclusive, and each such party shall be entitled to pursue all
legal and equitable rights and remedies and to secure performance of the
obligations and duties of the other under this Agreement, and the enforcement of
one or more of such rights and remedies by a party shall in no way preclude such
party from pursuing, at the same time or subsequently, any and all other rights
and remedies available to it.

                  (m) Notices. Any notice, request, consent or approval required
or permitted to be given under this Agreement or pursuant to law shall be
sufficient if in writing, and if and when sent by certified or registered mail,
return receipt requested, with postage prepaid, to Executive's residence (as
reflected in the Company's records or as otherwise designated by Executive on
thirty (30) days' prior written notice to the Company) or to the Company's
principal executive office, attention: President (with copies to the General
Counsel), as the case may be. All such notices, requests, consents and approvals
shall be effective upon being deposited in the United States mail. However, the
time period in which a response thereto must be given shall commence to run from
the date of receipt on the return receipt of the notice, request, consent or
approval by the addressee thereof. Rejection or other refusal to accept, or the
inability to deliver because of changed address of which no notice was given as
provided herein, shall be deemed to be receipt of the notice, request, consent
or approval sent.

                  (n) Assistance in Proceedings, Etc. Executive shall, without
additional compensation, during and after expiration of the Agreement Term, upon
reasonable notice and at reasonable times, furnish such information and proper
assistance to the Company as may reasonably be required by the Company in
connection with any legal or quasi-legal proceeding, including any external or
internal investigation, involving the Company or any of its affiliates or in
which any of them is, or may become, a party.

                  (o) Insurance and Indemnification. Executive shall be covered
under any director and officer insurance policy obtained by the Company, if any,
and shall be entitled to benefit from any officer indemnification arrangements
adopted by the Company, if any, to the same extent as other senior executive
officers of the Company (including the right to such coverage or benefit
following Executive's employment to the extent such policy or benefit covers
former employees); provided, however that Executive acknowledges and agrees that
the

                                      -12-
<PAGE>
Company shall not be obligated, in any way, to obtain such insurance coverage or
to adopt any such indemnification arrangements for such officers.

                  (p) Survival. This Agreement and the respective obligations,
rights and benefits of the Company and the Executive as set forth herein shall
survive the cessation or termination of Executive's employment with the Company
and the termination of the Agreement Term in accordance with the terms set forth
herein. In particular, the provisions of Section 5(e) and Section 7 shall
survive expiration of the Agreement Term and termination of Executive's
employment, and the provisions of Section 4 shall survive expiration of the
Agreement Term for so long as Executive remains employed by the Company.

                  (q) Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
taken together shall constitute one and the same agreement. Facsimile signatures
of any party will have the same force and effect as original signatures.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed on its behalf by an officer thereunto duly authorized and Executive has
duly executed this Agreement, all as of the date and year first written above.

Infogrames, Inc.                            EXECUTIVE:

By:/s/ Bruno Bonnell                        /s/ Harry M. Rubin
   -------------------------------          -----------------------------------
   Name: Bruno Bonnell                          Harry M. Rubin
   Title: CEO

                                      -13-
<PAGE>
                                   Schedule A

                          Duties and Responsibilities

1.       The Executive shall have the authority and responsibility to manage and
         direct, on a worldwide basis, the publishing and development operations
         of the Company and its worldwide affiliates.

2.       The Executive shall serve, with the Chairman and the President of the
         global company of which the Company is part (the "Global Company"), on
         the "global management committee" or similar functioning body should
         the organization change, which has the responsibility for managing, and
         setting strategy for, the Global Company.

3.       In this capacity, the Executive shall work closely with the Chairman
         and the President of the Global Company in managing and directing the
         worldwide business of the Global Company, and share responsibility with
         the President of the Company for managing the business of the Company.

                                      -14-

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