Document:

EX-10.1

 Exhibit 10.1 
 FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT 
 among 

INDUSTRIAL INCOME TRUST INC., 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 and 

INDUSTRIAL INCOME ADVISORS LLC 

							
	1.	  	 DEFINITIONS
	  	 	3	  
	2.	  	 APPOINTMENT
	  	 	8	  
	3.	  	 DUTIES OF THE ADVISOR
	  	 	8	  
	4.	  	 AUTHORITY OF ADVISOR
	  	 	10	  
	5.	  	 BANK ACCOUNTS
	  	 	11	  
	6.	  	 RECORDS; ACCESS
	  	 	11	  
	7.	  	 LIMITATIONS ON ACTIVITIES
	  	 	11	  
	8.	  	 RELATIONSHIP WITH DIRECTORS
	  	 	11	  
	9.	  	 FEES
	  	 	11	  
	10.	  	 EXPENSES
	  	 	13	  
	11.	  	 OTHER SERVICES
	  	 	14	  
	12.	  	 REIMBURSEMENT TO THE ADVISOR
	  	 	14	  
	13.	  	 OTHER ACTIVITIES OF THE ADVISOR
	  	 	14	  
	14.	  	 TERM; TERMINATION OF AGREEMENT
	  	 	15	  
	15.	  	 TERMINATION BY THE PARTIES
	  	 	15	  
	16.	  	 ASSIGNMENT TO AN AFFILIATE
	  	 	15	  
	17.	  	 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	 	15	  
	18.	  	 INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP
	  	 	15	  
	19.	  	 INDEMNIFICATION BY ADVISOR
	  	 	16	  
	20.	  	 NOTICES
	  	 	16	  
	21.	  	 MODIFICATION
	  	 	16	  
	22.	  	 SEVERABILITY
	  	 	16	  
	23.	  	 CONSTRUCTION
	  	 	16	  
	24.	  	 ENTIRE AGREEMENT
	  	 	16	  
	25.	  	 INDULGENCES, NOT WAIVERS
	  	 	16	  
	26.	  	 GENDER
	  	 	17	  
	27.	  	 TITLES NOT TO AFFECT INTERPRETATION
	  	 	17	  
	28.	  	 EXECUTION IN COUNTERPARTS
	  	 	17	  
	29.	  	 INITIAL INVESTMENT
	  	 	17	  

  
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 FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of February 21, 2013 is among Industrial Income Trust Inc., a Maryland
corporation (the “Corporation”), Industrial Income Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Income Advisors LLC, a Delaware limited liability company. 

W I T N E S S E T H 
 WHEREAS, the Corporation has qualified as a REIT (as defined below), and invests its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 

WHEREAS, the Corporation is the general partner of the Operating Partnership and conducts all its business and makes all investments in
Assets through the Operating Partnership; 
 WHEREAS, the Corporation and the Operating Partnership desire to avail themselves
of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board
of Directors of the Corporation, all as provided herein; 
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth; 
 WHEREAS,
the Corporation, the Operating Partnership and the Advisor are parties to that certain Third Amended and Restated Advisory Agreement, dated as of February 21, 2012, which is amended and restated in its entirety hereby. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 1. DEFINITIONS. As used in this Fourth Amended and Restated Advisory Agreement (the “Agreement”), the
following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, exclusive of
Acquisition Fees, incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without
limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence.

 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other
Person (including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees,
nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Industrial Income Advisors LLC, a Delaware limited liability company, any
successor advisor to the Corporation, the Operating Partnership or any person or entity to which Industrial Income Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or
retained by Industrial Income Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Industrial
Income Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the
outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, 

  
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controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person;
(iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or
other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset
Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or indirectly, in equity interests in and loans secured by or related to
real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash
reserves, computed by taking the average of such values at the end of each month during such period. 
 Board of Directors or
Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether they be the Directors named therein or additional or successor Directors. 

Bylaws. The bylaws of the Corporation, as the same are in effect from time to time. 

Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the Advisor, or a
material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 
 Charter. The
amended and restated articles of incorporation of the Corporation, as amended from time to time. 
 Code. Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time. 
 Contract Purchase Price. The term
“Contract Purchase Price” shall mean (i) the amount actually paid or allocated in respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of
the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting
principals, (iii) the amount actually paid or allocated in respect of an investment in any other real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt
investments or other investments; in each case including any third party expenses, debt, whether borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 

Contract Sales Price. The total consideration paid in connection with the Disposition of Assets. 

Corporation. Corporation shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board
of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

Dealer Manager Fee. Up to 2.5% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold
pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 
 Director. A member of the Board of Directors of the Corporation. 

  
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 Disposition. The term “Disposition” shall include (A) a sale of one or
more Assets, (B) a sale of one or more Assets effectuated either directly or indirectly through the sale of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, or (C) a sale, merger
or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company. 

Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that
may constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial
interest of the Corporation of any class or series, including common shares or preferred shares. 
 FINRA. Financial
Industry Regulatory Authority, Inc. 
 GAAP. Generally accepted accounting principles as in effect in the United States
of America from time to time. 
 Good Reason. With respect to the termination of this Agreement, (i) any failure to
obtain a satisfactory agreement from any successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any
uncured material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership. 

Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Corporation through all Offerings, without
deduction for Sales Commissions, Dealer Manager Fees, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share
for which reduced Sales Commissions or a Dealer Manager Fee are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant
to the Prospectus for such Offering without reduction. 
 Independent Director. Independent Director shall have the
meaning set forth in the Charter. 
 Independent Expert. A person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its
subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity
Event. The term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities
redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration.

 Listing. The listing of the Shares on a national securities exchange or the receipt by the Corporation’s
stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 

Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of
the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as
adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 

  
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 Net Income. For any period, the Corporation’s total revenues applicable to such
period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Corporation’s Assets. 

Offering. The public offering of Shares pursuant to a Prospectus. 

Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 

Operating Partnership Agreement. The Operating Partnership Agreement among the Corporation, the Advisor, and Industrial Income
Advisors Group LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 

Organization and Offering Expenses. Any and all costs and expenses, other than the Sales Commission and the Dealer Manager Fee,
incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and
commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries
of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars,
trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The
cumulative Organization and Offering Expense reimbursements paid by the Corporation will not exceed 1.75% of Gross Proceeds from the sales of Shares. 
 Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 
 Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or indirectly through joint venture or co-ownership arrangements or other
partnership or investment entities. 
 Prospectus. Prospectus shall have the meaning set forth in Section 2(10) of
the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate
offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 

Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real
Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights in land (including
leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in
tenancy-in-common interests (or pursuant to a Delaware statutory trust) , beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such
properties are being leased by the Corporation or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 

REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 

Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly
or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and
including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or
partner; (C) any Joint Venture directly or indirectly (except as described in 

  
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other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any
Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled
interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as
described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or
series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 

Sales Commission. Up to 7.0% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold pursuant
to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity Shares, any other stock, shares or other evidences of equity or
beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as
“securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

 Shares. The shares of the common stock of the Corporation sold in the Offering. 

Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in
either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP
Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(c). 

Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation,
(ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in
conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services
and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a
basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length with the Corporation. “Sponsor” does not include any Person whose only
relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional
services. 
 Stockholders. The registered holders of the Corporation’s Shares. 

Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or
transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause.

 Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally
accepted accounting principles, that are in any way related to the operation of the Corporation or to 

  
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corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering
Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate
commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition, Disposition, management and ownership of real estate
interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation
which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages, all hard and soft costs and expenses paid or incurred by or on
behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land
and construction costs. 
 2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement
pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over
the same 12 month period. 
 2. APPOINTMENT. The Corporation and the Operating Partnership hereby appoint the Advisor to serve
as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3.
DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with
the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the
provisions of the Charter, the Bylaws and the Operating Partnership Agreement, and subject to the condition that any investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor
shall, either directly or by engaging an Affiliated or non-Affiliated Person: 
 (a) serve as the Corporation’s and the
Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with the Corporation’s assets and investment policies; 

(b) manage and supervise the Offering process, including, without limitation: (i) develop the product offering, including the
determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents, and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating
broker dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for participating broker dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the
preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer
agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating
Partnership or the Offering; 
 (c) provide the daily management for the Corporation and the Operating Partnership and perform
and supervise the various administrative functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and
other services, office space, office furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities
of the Corporation and the Operating Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual

  
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financial statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other
consultants, on related tax matters; (iv) manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate
insurance coverage based upon risk management determinations; (vi) provide the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance
with such matters; (vii) consult with the Board of Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and
similar matters in a manner to allow the Corporation and the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and
sending written and electronic reports and other communications; and (x) establish technology infrastructure to assist in providing Stockholder support and service; 
 (d) investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its
obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection,
insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including
Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the
Corporation and the Operating Partnership with any of the foregoing; 
 (e) consult with the officers and Board of Directors of
the Corporation and assist the Board of Directors in the formulation and implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of
investments consistent with the investment objectives and policies of the Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 

(f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments,
(ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment
objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale
of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Properties;

 (g) upon request, provide the Board of Directors with periodic reports regarding prospective investments; 

(h) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case
may be, for any and all investments in and Dispositions of Real Properties; 
 (i) make investments in and Dispositions of
Assets within the discretionary limits and authority as granted by the Board; 
 (j) negotiate on behalf of the Corporation and
the Operating Partnership with banks or lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or
negotiate private sales of Shares and Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any
fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (k) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation
and/or the Operating Partnership in Assets; 

  
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 (l) from time to time, or at any time reasonably requested by the Board of Directors, make
reports to the Board of Directors of its performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates;

 (m) provide the Corporation and the Operating Partnership with all necessary cash management services; 

(n) do all things necessary to assure its ability to render the services described in this Agreement; 

(o) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real
Properties and all valuations of other Assets as may be required to be obtained by the Board; 
 (p) notify and obtain the
approval of the Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 

(q) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or
Contract Sales Price of more than $30 million before such transactions are completed; 
 (r) notify and obtain the approval of a
majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 
 (s) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be approved by the Board. 

Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long as the Advisor or any
Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an Affiliate. 

4. AUTHORITY OF ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing and exclusive authority of the Board of Directors
over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) manage and supervise the offering process, (3) structure the
terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire and dispose of investments in compliance with the investment objectives and
policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee Affiliated and non-Affiliated property managers who perform services for the
Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, (9) manage communications with
Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and the Operating Partnership. 

(b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Corporation or
the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

(c) In connection with a proposed transaction, the Advisor will deliver to the Board or to any delegated committee of the board or other
group of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The
Board of Directors may, at 

  
 10 

 
any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority
contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be
effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 

5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Corporation
and/or the Operating Partnership or in the name of the Corporation and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Corporation
and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings
of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
 6. RECORDS; ACCESS. The
Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to time
during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would
(a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any
governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which
case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of
Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers,
employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its
members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided
in Paragraphs 19 of this Agreement. 
 8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to
restrictions advisable with respect to the qualification of the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a
Director and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the Corporation for
serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent Director for
purposes of satisfying the Director independence requirement set forth in the Charter. 
 9. FEES. 

(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s
behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether the Real Property acquired is in the operational stage or in the development, construction, or improvement stage. For each Real Property acquired in the
operational stage and after the effective date of this Agreement, the Acquisition Fee is an amount equal to 1.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein), including Real Property held
in Joint Ventures or other entities that are co-owned. In connection with providing services related to the development, construction, improvement and stabilization, including tenant improvements, of Real Properties (collectively, “Development
Services”) or overseeing the provision of these services by third parties on behalf of the Corporation (“Development Oversight Services”), the Acquisition Fee (the “Development Acquisition Fee”) will be an amount that will
equal up to 4.0% of Total Project Cost (or the 

  
 11 

 
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or other entities that are co-owned). If the Advisor engages a third party to provide
Development Services directly to the Corporation, the third party will be compensated directly by the Corporation, and the Advisor will receive the Development Acquisition Fee if it provides the Development Oversight Services. The Advisor is also
entitled to receive Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic
interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate related entity.
Additionally, in connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party
expenses related to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment.
The total of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset, including any Development Acquisition Fees, shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset
unless fees in excess of such amount are approved by a majority of the Board of Directors, including a majority of the Independent Directors. 
 (b) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in connection with the management and Disposition of the
Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to time, by the Advisor (without interest). The Asset
Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the Corporation’s proportional interest therein with respect to
Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP); provided, that the Asset Management
Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of the aggregate cost (before non-cash reserves and depreciation) of each
Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate related entity or an origination or acquisition of any Mortgage, any
other type of debt investment or other investment, and (iii) in connection with a Disposition, a fee equal to 2.0% of the Contract Sales Price. With the exception of any portion of the Asset Management Fee related to the Disposition of
Assets, which shall be payable at the time of such Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
 (c) Operating Partnership Interests. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which it subsequently exchanged for 20,000 shares
of common stock of the Corporation. The Sponsor or an Affiliate of the Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units constituting a separate series of limited partnership interests (the
“Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of the Special OP Units shall be redeemed by the Operating Partnership in
accordance with the terms of the Operating Partnership Agreement. 
 (d) Loans from Affiliates. The Advisor or any
Affiliate thereof may not make any loan to the Corporation or the Operating Partnership unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and commercially
reasonable and no less favorable to the Corporation or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 (e) Exclusion of Certain Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a Director or any
Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the Independent Directors) as fair and reasonable to the Corporation. 

  
 12 

 10. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation or the Operating Partnership shall pay directly or reimburse
the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

(i) Up to 1.75% of Gross Proceeds from all Offerings as Organization and Offering Expense reimbursements. The Advisor will use all or a
portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an Affiliate of the Advisor will be
responsible for the cumulative Organization and Offering Expenses to the extent that such expenses exceed the amount remaining from the 1.75% Organization and Offering Expense reimbursements from all Offerings, without recourse against or
reimbursement by the Corporation; 
 (ii) Acquisition Expenses; 

(iii) the actual cost of goods and services used by the Corporation and obtained from Persons not affiliated with the Advisor, other
than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv)
interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments
on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with
insurance required in connection with the business of the Corporation or by the officers and Directors; 
 (vii) expenses of
managing and operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person; 
 (viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 
 (ix) expenses associated with a Listing, if applicable; 
 (x) expenses connected
with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders; 
 (xi)
expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or the Charter; 
 (xii)
expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiii) administrative service expenses (including related personnel costs) relating to, among other things, the services set forth in
Paragraph 3(c) hereof); provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee; 

(xiv) audit, accounting and legal fees and other fees for professional services relating to the operations of the Corporation and all
such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 

(xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 

(xvi) all other costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall 

  
 13 

 
prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall deliver such statement
to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES. Should the
Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated at such
rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 

12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the
Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of
Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from the Total Operating Expenses
reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid and
within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses
were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or
earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties to this
Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 
 The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the
Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to
the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds
available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow the method approved by the Independent Directors, by which investments are to be allocated to the
competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation. 
 The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Corporation which is consistent with the investment policies and
objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Corporation even if the opportunity is of character which, if presented to
the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest—Conflict Resolution Procedures” in any Prospectus (as
such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the Corporation and Affiliates of the Advisor. 

  
 14 

 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of
one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the
Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES. This Agreement
may be terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent
Directors of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or
transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 

16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a
majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Board of Directors.
This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership to a corporation, limited partnership or
other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same
manner as the Corporation and the Operating Partnership are bound by this Agreement. 
 17. PAYMENTS TO AND DUTIES OF ADVISOR
UPON TERMINATION. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services
hereunder except it shall be entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the
Advisor prior to termination of this Agreement. In addition, in accordance with the provisions of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Paragraph 12) for which the Independent Directors determined
(before or after the Termination Date) that there was justification based on unusual and nonrecurring factors. 
 (b) The
Advisor shall promptly upon termination: 
 (i) pay over to the Corporation and the Operating Partnership all money collected
and held for the account of the Corporation and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 

(iii) deliver to the Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of
the Advisor; and 
 (iv) cooperate with the Corporation and the Operating Partnership to provide an orderly management
transition. 
 18. INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the Operating
Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of
their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the Operating
Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the
REIT Guidelines adopted by the North American Securities Administrators Association. 

  
 15 

 19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the
Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related
expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of
Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 20. NOTICES. Any notice,
report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it
is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	To the Directors and to the Corporation:	  	 Industrial Income Trust Inc.

518 17th Street
 17th Floor

Denver, CO 80202

		
	To the Operating Partnership:	  	 Industrial Income Operating Partnership LP
 518 17th
Street

17th Floor
 Denver, CO 80202

		
	To the Advisor:	  	 Industrial Income Advisors LLC
 518 17th
Street

17th Floor
 Denver, CO 80202

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Paragraph 20. 
 21. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

22. SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected
or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 23. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 

24. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

25. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 

  
 16 

 26. GENDER. Words used herein regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 27. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be
used in the construction or interpretation hereof. 
 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 29. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which it subsequently exchanged for shares of common stock of the
Corporation. The Advisor may not sell any of such shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply
to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or
termination of any contract with the Advisor or any of its Affiliates. 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Advisory Agreement as of the date and year first above written. 
  

			
	INDUSTRIAL INCOME TRUST INC.
		
	By:	 	  /s/ THOMAS G. MCGONAGLE

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer and Treasurer
	
	INDUSTRIAL INCOME OPERATING PARTNERSHIP LP
	
	By: Industrial Income Trust Inc., its Sole General Partner
		
	By:	 	  /s/ THOMAS G. MCGONAGLE

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer and Treasurer
	
	INDUSTRIAL INCOME ADVISORS LLC
	
	By: Industrial Income Advisors Group LLC, its Sole Member
		
	By:	 	  /s/ EVAN ZUCKER

	Name:	 	Evan Zucker
	Title:	 	ManagerEX-10.1

 Exhibit 10.1 
 DATED FEBRUARY 25, 2013 
 EMMIS INTERNATIONAL HOLDING B.V.

 - AND - 
 EVA BABITZOVA 
 - AND - 

BAUER AUSLAND 1 GMBH 
 - AND - 
 HEINRICH BAUER VERLAG KG 

 
  

SHARE PURCHASE DEED 
  

 

 TABLE OF CONTENTS 

 

							
	SHARE PURCHASE DEED	  	 	4	  
		
	 1. DEFINITIONS AND INTERPRETATION
	  	 	5	  
		
	 2. PURCHASE AND SALE OF SHARES
	  	 	12	  
		
	 3. WARRANTIES OF SELLERS
	  	 	15	  
		
	 4. REMEDIES AND LIMITATIONS ON SELLERS’ LIABILITY
	  	 	24	  
		
	 5. WARRANTIES OF BUYER PARTIES
	  	 	27	  
		
	 6. TAX INDEMNITY
	  	 	29	  
		
	 7. COMPLETION
	  	 	31	  
		
	 8. GUARANTEE
	  	 	33	  
		
	 9. CONFIDENTIALITY AND PUBLICITY
	  	 	34	  
		
	 10. MISCELLANEOUS
	  	 	34	  
		
	SCHEDULES	  	 
	40
	  

			
	 SCHEDULE 1
	  	EQUITY STRUCTURE AND OWNERSHIP	  	 	41	  
			
	 SCHEDULE 2
	  	SUBSIDIARIES	  	 	42	  
			
	 SCHEDULE 3
	  	REGULATORY APPROVAL	  	 	43	  
			
	 SCHEDULE 4
	  	PRELIMINARY PURCHASE PRICE REPORT	  	 	44	  
			
	 SCHEDULE 5
	  	BROADCAST LICENSES	  	 	45	  
			
	 SCHEDULE 6
	  	OWNED REAL PROPERTY	  	 	46	  
			
	 SCHEDULE 7
	  	LIST OF LEASE OR SUB-LEASE AGREEMENTS	  	 	47	  
			
	 SCHEDULE 8
	  	A - FINANCIAL STATEMENTS	  	 	48	  
			
	 SCHEDULE 8
	  	B - PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS	  	 	49	  
			
	 SCHEDULE 9
	  	RELEVANT EVENTS / RELEVANT TRANSACTIONS	  	 	50	  
			
	 SCHEDULE 10
	  	LITIGATION	  	 	51	  
			
	 SCHEDULE 11
	  	CERTAIN LABOR CONTRACTS	  	 	52	  

  
 2 

							
	 SCHEDULE 12
	  	PENSION COMMITMENTS	  	 	53	  
			
	 SCHEDULE 13
	  	TAX RULINGS / TAX AUDITS	  	 	54	  
			
	 SCHEDULE 14
	  	OWNED IP RIGHTS	  	 	55	  
			
	 SCHEDULE 15
	  	LICENSED IP RIGHTS	  	 	56	  
			
	 SCHEDULE 16
	  	LOST ASSETS	  	 	57	  
			
	 SCHEDULE 17
	  	MATERIAL AGREEMENTS	  	 	58	  
			
	 SCHEDULE 18
	  	DOCUMENTS OF THE ACQUIRED COMPANIES	  	 	59	  
			
	 SCHEDULE 19
	  	MUTUAL TERMINATION AGREEMENTS	  	 	60	  

  
 3 

 SHARE PURCHASE DEED 
 THIS SHARE PURCHASE DEED (the “Deed”) is made as of February 25, 2013 
 BY
AND AMONG: 
  

	(1)	EMMIS INTERNATIONAL HOLDING B.V., a company organized under the laws of the Netherlands with commercial register number 34261519 and whose registered office is located
at Luna ArenA, Herikerbergweg 238, 1101 CM Amsterdam Zuidoost, the Netherlands (“Emmis”); 

  

	(2)	EVA BABITZOVA, born on 29 August 1966, birth certificate number: 665829/6447, permanently residing at: Lermontovova 7, 811 05 Bratislava, Slovak Republic
(“Babitzova” and together with Emmis, the “Sellers” and each a “Seller”); 

  

	(3)	BAUER AUSLAND 1 GMBH, a company organized under the laws of Germany, registered with the commercial register at the local court of Hamburg under register number
HRB 125740 and whose registered office is located at Burchardstraße 11, 20095 Hamburg, Germany (the “Buyer”); and 

  

	(4)	HEINRICH BAUER VERLAG KG, a partnership organized under the laws of Germany, registered with the commercial register at the local court of Hamburg under register number
HRA 2968 and whose registered office is located at Burchardstraße 11, 20095 Hamburg, Germany (the “Guarantor”). 

  

	(5)	The Sellers, the Buyer and the Guarantor are sometimes hereinafter referred to individually as a “Party” and collectively as the “Parties”.
Capitalized terms, unless otherwise defined, shall have the meaning attributed to them in Clause 1.1 herein. 

 R
E C I T A L S 
  

	A.	Each Seller currently owns the number and percentage of the issued shares of capital stock of D.EXPRES, a.s., an akciová spoločnost’ (joint stock
company) organized under the laws of the Slovak Republic, with its registered office at Vrútocká 48, 821 04 Bratislava, the Slovak Republic, business registration No. 35 709 651, registered at the Commercial Registry held by the
District Court Bratislava I. Section Sa, File No. 1331/B (the “Company”), represented by 2 global certificates as specified on SCHEDULE 1 (the “Shares”), which Shares collectively constitute 100% of the
registered share capital in the Company. 

  

	B.	The Company owns and operates a radio station in the Slovak Republic known as Rádio EXPRES (the “Station”). 

 

	C.	 The Company is the sole owner, beneficially and of record, of the entire outstanding ownership interest in EXPRES MEDIA s.r.o., a spoločnost’
s ručením obmedzeným (limited liability company) organized under the laws of the Slovak Republic, with its 

  
 4 

	 	
registered office at Vrútocká 48, 821 04 Bratislava, the Slovak Republic, business registration No. 35 792 094, registered at the Commercial Registry held by the District Court
Bratislava I, Section Sro, File No. 22089/B (“Expres Media”) and 100% of the share capital in EXPRES NET, a.s., an akciová spoločnost’ (joint stock company) organized under the laws of the Slovak Republic with
its registered office at Vrútocká 48, 821 04 Bratislava, the Slovak Republic, business registration No. 35 810 599, registered at the Commercial Registry held by the District Court Bratislava I, Section Sa, File No. 2977/B
(“Expres Net” and together with Expres Media, the “Subsidiaries”). 

  

	D.	On February 12, 2013 the Council for Broadcasting and Retransmission (Rada pre vysielanie a retransmisiu) in Bratislava granted prior approval of the
transactions contemplated by this Deed (the “Regulatory Approval”). A copy of the Regulatory Approval notice is attached to this Deed as SCHEDULE 3. 

 

	E.	Buyer has received the power of attorney granted on behalf of Emmis by TMF Netherlands B.V., a private limited company established and existing under the laws of
Netherlands, with its registered seat at Herikerbergweg 238, Luna ArenA, 1101 CM Amsterdam Zuidoost, Netherlands, registered with the Commercial Register administered by the Chamber of Commerce for Amsterdam under No. 33126512, the sole
director of Emmis, dated February 20, 2013, authorizing the execution, delivery and performance of this Deed and any other Documents to which Emmis is a party and the consummation of the transactions contemplated hereby and thereby (the
“Seller Documents”). 

  

	F.	Sellers have received a true and complete copy of the shareholder’s resolution of the Buyer dated February 7, 2013, authorizing the execution, delivery and
performance of this Deed and any other Documents to which either or both the Sellers are a party and the consummation of the transactions contemplated hereby and thereby, and to the extent necessary, powers of attorney authorizing representatives of
each Buyer Party that is being represented on the basis of such power of attorney to execute this Deed or any of the other Documents (the “Buyer Documents”). 

 

	G.	Upon and subject to the terms and conditions set out in this Deed, the Sellers desire to sell the Shares to the Buyer, and the Buyer desires to purchase the Shares from
the Sellers. 

 NOW, THEREFORE, IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

 1.1
Defined Terms In this Deed (including the Preamble, Recitals, Schedules and Exhibits), the following terms, unless the context otherwise requires, have the following meanings: 
 Acquired Companies: Collectively, the Company and the Subsidiaries, and each, an “Acquired Company”. 

  
 5 

 Affiliate: With respect to any other Person (the “Relevant Party”), (i) if
the Relevant Party is a natural Person, the spouse of the Relevant Party, any grandparent or parent of the Relevant Party or of the Relevant Party’s spouse, any descendant of any such parent (including, but not limited to, siblings or children
of the Relevant Party or the Relevant Party’s spouse), or any relative of the Relevant Party or the spouse of the Relevant Party who has the same home as the Relevant Party (collectively, the “Relatives”); (ii) any Person
directly or indirectly controlled by, controlling or under common control with the Relevant Party (or if the Relevant Party is a natural Person, a Relative of the Relevant Party); or (iii) any Person of which the Relevant Party (or if the
Relevant Party is a natural Person, a Relative of the Relevant Party), is or appoints an employee or agent to serve as, a director, partner, officer, manager, member or direct or indirect owner of a 5% or greater equity interest. For purposes of
this definition, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, or the direct or
indirect ownership, beneficially or of record, of 5% or more of the equity interest of a Person, constitutes control of such Person. 

Applicable Law: Any law, statute, authorization, order, decree, decision, consent, agreement or regulation of any Governmental Authority having
jurisdiction over the matter or Person in question, or other legislative or administrative action of a Governmental Authority, or a final, binding or executory decree, injunction, judgment or order of a court that affects the matter or Person in
question. 
 Arbitrating Accounting Firm: Deloitte Advisory s.r.o. or other Deloitte group company. 

Babitzova Account: The bank account of Babitzova, the details of which are as follows, or such other account notified by Babitzova to the Buyer:

 Name of the account: Babitzova Eva 

Name of the bank: Tatrabanka, a.s. 
 Address of
the bank: Hodzovo nam. 3, 811 06 Bratislava 
 IBAN account number: SK03 1100 0000 0026 1447 5691 

SWIFT/BIC: TATRSKBX 
 Babitzova Purchase
Price: 2% of the Final Purchase Price. 
 Broadcast Act: Act No. 308/2000 Coll. on Broadcasting and Retransmission and on change
of Act. No. 195/2000 Coll. on Telecommunications, as amended. 
 Broadcast Licenses: Those Licenses set forth on SCHEDULE 5.

 Business Day: Any day other than a Saturday or a Sunday or other days in which banking institutions in Bratislava, the Slovak
Republic, Amsterdam, the Netherlands and Hamburg, Germany are required or authorised to stay closed. 
 Buyer Parties: Collectively, the
Buyer and the Guarantor, and each a “Buyer Party”. 
 Buyer Parties’ Warranties: The warranties of the Buyer
Parties set forth in Clause 5. 

  
 6 

 Buyer True-Up: The aggregate amount payable by the Buyer to the Sellers in the event of an adjustment
under the final sentence of Clause 2.4.5. 
 Central Depository: Central Depository of Securities, a Slovak Republic entity created
by Act. No. 566/2001 Coll., on Securities and Investment Services, as amended. 
 Claim: A claim by the Buyer against one or both
Sellers in connection with a breach of any of the Sellers’ Warranties, but not including a Tax Indemnification Claim. 
 Claim
Notice: A notice in writing from the Buyer to the Sellers specifically setting out the details relating to a Claim in accordance with Clause 4.7. 
 Coll.: Official Collection of Laws of the Slovak Republic. 
 Collected Financial
Statements: The Financial Statements, together with the Pro-Forma Consolidated Financial Statements. 
 Commercial Register: Public
registry maintained in accordance with the Act. No. 530/2003 Coll., on Commercial Register and on change and amendments to several acts, as amended. 
 Competition Act: Act No. 136/2001 Coll. on Protection of Competition. 

Documents: This Deed (including all Exhibits and Schedules hereto), and each other agreement, certificate, notice or instrument executed and
delivered or to be delivered pursuant to or in connection with this Deed. 
 Emmis Account: The bank account of Emmis, the details of
which are as follows, or such other account notified by Emmis to the Buyer: 
 Deutsche Bank AG - Bank (AMSTERDAM)

Account Number: 26.51.80.821 
 Currency: EUR

 IBAN CODE: NL06DEUT0265180821 

SWIFT: DEUTNL2A 
 Emmis Purchase
Price: 98% of the Final Purchase Price. 
 EUR: Euro, the lawful currency of the member states of the European Union that have
adopted the single currency in accordance with the Treaty Establishing the European Community, as amended by the Treaty on European Union and the Treaty of Amsterdam. 
 Final Purchase Price: The Preliminary Purchase Price, as finally adjusted in accordance with Clauses 2.4.2 through 2.4.4. 
 Financial Statements: The audited financial statements of the Acquired Companies dated as of 31 December 2012 and attached hereto as SCHEDULE 8A. 

  
 7 

 Governmental Authority: Any: 

 

	 	(a)	nation, state, city or other jurisdiction of any nature; 

  

	 	(b)	federal, state, local, municipal, foreign or other government; 

  

	 	(c)	governmental or quasi-governmental authority of any nature (including any taxing authority, agency, instrumentality, branch, board, department, commission, bureau,
official, or entity and any court or other tribunal and the Council for Broadcasting and Retransmission); or 

  

	 	(d)	body exercising or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature.

 IP Rights: With respect to any Acquired Company, any utility models, registered designs, trademarks, trade, business and
domain names and applications with respect to such rights. 
 Knowledge: The actual knowledge of the Sellers or, in case of lack of
actual knowledge, the knowledge the Sellers could have obtained upon reasonable inquiry. For the avoidance of doubt, each Seller is deemed to have the same actual or deemed knowledge as the respective other Seller. 

License: Any approval, permit, order, authorization, consent, license, registration or filing, certificate, variance and any other similar right
granted or required by, obtained from or filed with any Governmental Authority. 
 Lien: Any mortgage, deed of trust, pledge,
hypothecation, title defect, voting trust agreement, sub-participation, restriction, condition, easement, agreement to sell or purchase or otherwise dispose or encumber, preemptive right, right of first refusal, right of possession or use, security
or other adverse interest, encumbrance, claim, option, lien, lease or charge of any kind, whether contingent or absolute. For the purpose of this Deed a silent partnership shall be considered a lien. 

Ordinary Course of Business: The ordinary course of business of a Person consistent with past custom and practice (including with respect to
quantity and frequency). 
 Organizational Documents: Any articles of incorporation, memorandum of association, articles of association,
charter, by-laws or other constituent or organizational document of any Person required or contemplated by Applicable Law for the creation or operation of such Person. 
 Ownership Extract: The extract from the list of shareholders maintained by the Central Depository dated as soon as possible after Completion and evidencing the Buyer’s acquisition of the
ability to exercise its rights with respect to the Shares in relation to the Company. 
 Ownership Percentage: For each Seller, the
percentage of the total number of Shares owned by a Seller, as specified on SCHEDULE 1. 

  
 8 

 Permitted Liens: Any Lien arising or granted in the Ordinary Course of Business which does not
materially restrict or impair the current conduct of the Ordinary Course of Business of the Acquired Companies. 
 Person: Any
individual, corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated organization, estate, association, entity or Governmental Authority or political subdivision thereof or any other entity or
organization. 
 Sellers’ Warranties: The warranties of the Sellers set out in Clause 3. 

Slovak Accounting Regulations: Act No. 431/2002 Coll. on Accounting, as amended, and other applicable rules and regulations governing the
maintenance of financial books and records, as in effect from time to time, consistently applied. 
 Tax, Taxes, Taxation: All taxes
including, without limitation, income, gains, transfer, unemployment, withholding, payroll, social security (including artists’ social security), health care, real property, personal property, excise, sales, value added, use and franchise
taxes, levies, assessments, imposts, duties, licenses, registration fees and charges of any nature whatsoever (including for the avoidance of doubt, any secondary tax liability) imposed by any Taxation Authority under any Applicable Law, together
with all interests, penalties, fees and additionally levied taxes and interest accrued on any of them. 
 Taxation Authority: means any
Governmental Authority competent to impose, administer, levy, assess or collect Tax. 
 Tax Return: Any return, filing, report,
declaration, questionnaire or other document required to be filed for any period with any taxing authority in connection with any Taxes. 
  

	1.2	Additional Defined Terms. 

 As used in
this Deed, the following terms shall have the meanings defined in the Preamble, Recitals or clause as indicated below: 
  

			
	Adjustment Time	  	Clause 2.4.1(a)
	Babitzova	  	Preamble
	Babitzova Shares	  	SCHEDULE 1
	Buyer	  	Preamble
	Buyer Documents	  	Recital F
	Collective License Agreements	  	Clause 3.16.1(f)
	Company	  	Recital A
	Completion	  	Clause 7
	Completion Date	  	Clause 7.1
	Completion Date Current Assets	  	Clause 2.4.1
	Completion Date Liabilities	  	Clause 2.4.1
	Completion Date Net Worth	  	Clause 2.4.1
	Confidential Information	  	Clause 9.1

  
 9 

			
	Deed	  	Preamble
	Disclosing Party	  	Clause 9.1
	Emmis	  	Preamble
	Emmis Shares	  	SCHEDULE 1
	Expres Media	  	Recital C
	Expres Net	  	Recital C
	Guarantee	  	Clause 8.2
	Guarantor	  	Preamble
	Initial Purchase Price	  	Clause 2.2.3
	Information Technology	  	Clause 3.14.6
	Licensed IP Right(s)	  	Clause 3.14.4
	Objection Report	  	Clause 2.4.3
	Owned IP Right(s)	  	Clause 3.14.1
	Owned Real Property	  	Clause 3.7.1
	Party or Parties	  	Preamble
	Pension Commitments	  	Clause 3.12.4
	Preliminary Purchase Price Report	  	Clause 2.3.1
	Preliminary Purchase Price	  	Clause 2.3.1
	Pro-Forma Consolidated Financial Statements	  	Clause 3.8.3
	Receiving Party	  	Clause 9.1
	Regulatory Approval	  	Recital D
	Relevant Matter	  	Clause 4.6
	Seller or Sellers	  	Preamble
	Seller Documents	  	Recital D
	Seller Objection Report	  	Clause 2.4.3
	Shares	  	Recital A
	Station	  	Recital B
	Subsidiaries	  	Recital C
	Tax Benefit	  	Clause 6.3
	Tax Indemnification Claim	  	Clause 6.1
	Tax Indemnification Notice	  	Clause 6.2
	Tax Reduction	  	Clause 6.3

  

	1.3	Interpretation 

 For
purposes of interpretation of this Deed, the following provisions shall be applied wherever appropriate herein: 
  

	 	1.3.1	references to “this Deed”, “herein”, “hereby”, “hereunder”, “hereof” and other equivalent words shall refer to this
Deed in its entirety, including any Schedules and Exhibits, and references to Preamble, Recitals, Clauses, Exhibits and Schedules are to the Preamble, Recitals, Clauses, Exhibits and Schedules of and to this Deed; 

 

	 	1.3.2	all definitions set forth herein shall be deemed applicable whether the words defined are used herein in the singular or the plural; 

  
 10 

	 	1.3.3	wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; 

 

	 	1.3.4	all accounting terms not specifically defined herein shall be construed in accordance with Slovak Accounting Regulations; 

 

	 	1.3.5	this Deed shall be deemed to have been drafted by all the Parties and neither this Deed nor any other agreement, document or instrument referred to herein or executed
and delivered in connection herewith shall be construed against any Party as the principal draftsperson hereof or thereof; 

  

	 	1.3.6	the headings used in this Deed are for convenience only and shall not affect the interpretation hereof; 

 

	 	1.3.7	any reference to this Deed or any agreement, instrument, deed, contract or other document shall include any amendment, amendment and restatement, supplement or other
modification hereto or thereto from time to time; 

  

	 	1.3.8	any reference to a Party shall include such Party’s successor or permitted assignee in accordance with this Deed; 

 

	 	1.3.9	where an action is required by any Party, references to such Party shall be construed to refer to such action taken by its respective representatives duly authorised by
such Party thereunto; 

  

	 	1.3.10	words such as “henceforth,” “hereafter,” “heretofore,” and the like shall be construed as relative to the Completion Date;

  

	 	1.3.11	the words “including” and “in particular” are to be construed as being by way of illustration or emphasis only, and are not to be construed as, nor
shall they take effect as, limiting the generality of any foregoing words; 

  

	 	1.3.12	any reference to any amount in EUR shall include its equivalent in another currency; 

 

	 	1.3.13	words such as “thereof,” “thereunder,” “therein,” “thereto,” “thenceforth,” “thereafter,”
“therefor,” “therewith,” and the like shall correspondingly be construed as relating to the document or event referred thereunto. 

  

	1.4	Statutory References 

Unless the context otherwise requires, any reference to any law, statute, regulation, notification or statutory provision shall be
construed as a reference to a law, statute, regulation, notification or statutory provision of England and Wales and shall include any amendment, modification, supplement, consolidation, replacement or re-enactment thereof (as the case may be,
whether before or after the Completion Date), of any regulations promulgated thereunder from time to time, and of any interpretations thereof from time to time by any Governmental Authority. 

  
 11 

	1.5	Business Day 

 Any
reference in this Deed to a “day” or a number of “days” (without the explicit qualification of “Business”) shall be interpreted as a reference to a calendar day or number of calendar days. If any action or notice is to
be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action or notice shall be deferred until, or may be taken or given, on the next Business Day. 

 

	2.	PURCHASE AND SALE OF SHARES 

  

	2.1	Purchase and Sale 

  

	 	2.1.1	Subject to the terms and conditions set out in this Deed, on the Completion Date, Emmis shall sell and convey the Emmis Shares to the Buyer free and clear of any Liens,
Babitzova shall sell and convey the Babitzova Shares to the Buyer free and clear of any Liens, and the Buyer shall purchase the Emmis Shares from Emmis and the Babitzova Shares from Babitzova. 

 

	 	2.1.2	The sale of the Shares shall include all other ancillary rights appertaining thereto, including the rights to any undistributed but distributable profits for the period
starting as of January 1, 2013, until the Completion Date. All undistributed but distributable profits of the Company for any period prior to December 31, 2012, shall be distributed to the Sellers prior to the Completion Date.

  

	2.2	Consideration 

  

	 	2.2.1	In consideration for the sale and transfer of the Shares by the Sellers the Buyer shall pay to the Sellers the Final Purchase Price as determined in this Deed.

  

	 	2.2.2	The Emmis Purchase Price shall constitute the final and total consideration (excluding VAT, if any) for the Emmis Shares and the Babitzova Purchase Price shall
constitute the final and total consideration (excluding VAT, if any) for the Babitzova Shares. 

  

	 	2.2.3	The Parties agree on an enterprise value of the Shares in the amount of EUR 13,500,000 (in words: Euro thirteen million five hundred thousand) (the
“Initial Purchase Price”). 

  

	2.3	Payment on Completion 

  

	 	2.3.1	Prior to the Completion Date, the Sellers have provided the Buyer with a statement (the “Preliminary Purchase Price Report”) setting forth the
Sellers’ estimates of the Completion Date Current Assets, the Completion Date Liabilities and the Completion Date Net Worth as well as the calculation of the preliminary purchase price for the Shares being the amount of the Initial Purchase
Price plus the amount by which the estimated Completion Date Net Worth is greater than zero or, as the case may be, minus the amount by which the estimated Completion Date Net Worth is less than zero (the “Preliminary Purchase
Price”). The Preliminary Purchase Price Report is attached to this Deed as SCHEDULE 4. 

  
 12 

	 	2.3.2	On the Completion Date the Buyer shall pay the Preliminary Purchase Price by wire transfer of immediately available funds as follows: 

 

	 	2.3.2.1	to Emmis, 98% of the Preliminary Purchase Price; and 

  

	 	2.3.2.2	to Babitzova, 2% of the Preliminary Purchase Price. 

  

	2.4	Purchase price adjustments 

  

	 	2.4.1	For all purposes of this Deed, the following terms shall have the meanings defined below: 

 

	 	(a)	“Completion Date Current Assets” means the sum as of 12:01 A.M., Central European Time on the Completion Date (the “Adjustment Time”),
of line item (‘čislo riadku’) 30 (“B. Current assets (‘Obežný majetok’)”), including line item 61 (“C. Accruals and prepayments total (‘Časové
rozlíšenie’)”), as determined for the Acquired Companies, on a consolidated basis, prepared in accordance with Slovak Accounting Regulations (as to both amount and classification (as set out in the Measure of the Ministry
of Finance of the Slovak Republic of 31 March 2003, No. 4455/2003-92)), in a manner consistent with the preparation of the Financial Statements. 

  

	 	(b)	“Completion Date Liabilities” means the sum as of the Adjustment Time, of line item 088 (“B. Liabilities
(‘Záväzky’)”), including any declared dividend payable but not yet paid to the Sellers, and line item 121 (“C. Accruals and deferred income - total (‘Časové rozlíšenie
súčet’)”), all as determined for the Acquired Companies, on a consolidated basis, prepared in accordance with Slovak Accounting Regulations (as to both amount and classification (as set out in the Measure of the Ministry of
Finance of the Slovak Republic of 31 March 2003, No. 4455/2003-92)), in a manner consistent with the preparation of the Financial Statements. 

  

	 	(c)	“Completion Date Net Worth” means the Completion Date Current Assets minus the Completion Date Liabilities. 

 

	 	2.4.2	A final adjustment of the Preliminary Purchase Price will be made after Completion based upon the final determination of the Completion Date Net Worth as follows:

  

	 	(a)	In compliance with the procedure outlined in Clauses 2.4.3 and 2.4.4, the Preliminary Purchase Price shall be reduced by the amount, if any, by which the finally
determined Completion Date Net Worth is less than the estimated Completion Date Net Worth; or 

  

	 	(b)	In compliance with the procedure outlined in Clauses 2.4.3 and 2.4.4, the Preliminary Purchase Price shall be increased by the amount, if any, by which the finally
determined Completion Date Net Worth is greater than the estimated Completion Date Net Worth. 

  
 13 

	 	2.4.3	The Buyer shall make its determination of the items set forth in the Preliminary Purchase Price Report and deliver a written report specifying its computation and the
basis of such determination (the “Objection Report”) to the Sellers not later than sixty (60) days after the Completion Date. The Preliminary Purchase Price Report shall be final and binding on the Parties and no further
adjustments shall be made to the Preliminary Purchase Price if the Buyer does not deliver the Objection Report to the Sellers within sixty (60) days of the Completion Date. The items shown in a validly delivered Objection Report in accordance
with this Clause 2.4.3 shall be final and binding on the Parties for the purposes of determining the Final Purchase Price, unless within thirty (30) days after receiving the Objection Report, Emmis objects to such determination by giving the
Buyer written notice setting forth its determination and the basis for its determination (the “Seller Objection Report”). 

  

	 	2.4.4	If Emmis delivers a Seller Objection Report and the Parties fail to reach agreement on the Final Purchase Price within twenty (20) days thereafter, the Arbitrating
Accounting Firm shall be engaged by either Party to make a final determination of the Final Purchase Price based on its determination of the items set forth in the Preliminary Purchase Price Report, the Objection Report and the Seller Objection
Report. Emmis and the Buyer shall each inform the Arbitrating Accounting Firm in writing of their respective determinations of such items and the Final Purchase Price, and shall cooperate as reasonably requested by the Arbitrating Accounting Firm in
its determination of all such items. The Arbitrating Accounting Firm shall be instructed to complete its determination of the Final Purchase Price within thirty (30) days from the date of its engagement and to inform the Parties in writing of
its determination, the basis for its determination and whether Emmis’ or the Buyer’s written statement of the Final Purchase Price is closer to its own determination. The determination by the Arbitrating Accounting Firm shall be final and
binding upon the Parties for the purposes of determining the Final Purchase Price. The fees of the Arbitrating Accounting Firm shall be paid (A) by the Buyer if the Sellers’ determination is closer to the Arbitrating Accounting Firm’s
determination, (B) by the Sellers, pro rata to their Ownership Percentage, if the Buyer’s determination is closer to the Arbitrating Accounting Firm’s determination, and (C) otherwise 50% by the Sellers (pro rata to their
Ownership Percentage) and 50% by the Buyer. 

  

	 	2.4.5	 In the event the Final Purchase Price as finally determined in accordance with Clauses 2.4.2 through 2.4.4 is less than the Preliminary Purchase Price,
each Seller shall pay to the Buyer the amount of such deficiency (in an amount equal to such Seller’s Ownership Percentage multiplied by the amount of such deficiency) within ten (10) Business Days after the final determination of the
Final Purchase Price. In the event the Final Purchase Price as finally determined in accordance 

  
 14 

	 	
with Clauses 2.4.2 through 2.4.4 exceeds the Preliminary Purchase Price, the Buyer shall pay to the Sellers the amount of such increase within ten (10) Business Days after the final
determination of the Final Purchase Price. 

  

	2.5	General Payment Terms 

  

	 	2.5.1	Payment of any amount due under this Deed shall be accompanied by payment of interest on such amount for the period calculated at the rate per annum equal to 90-day
EURIBOR as of the first Business Day of the first calendar quarter ending after the due date of the respective payment obligation, as adjusted for each succeeding calendar quarter to equal 90-day EURIBOR as of the first Business Day of such quarter.

  

	 	2.5.2	Notwithstanding anything to the contrary set out in Clause 2.5.1, payment of any amount owed under Clauses 2.4.5 shall be accompanied by payment of interest on such
amount for the period from the Completion Date to the date of payment, calculated at the rate per annum equal to 90-day EURIBOR as of the first Business Day of the first calendar quarter ending after the Completion Date, as adjusted for each
succeeding calendar quarter to equal 90-day EURIBOR as of the first Business Day of such quarter. 

  

	 	2.5.3	Any Buyer True-Up shall be paid by the Buyer to each Seller in an amount equal to such Seller’s Ownership Percentage multiplied by the aggregate amount of the
Buyer True-Up. 

  

	 	2.5.4	Payments from the Sellers to the Buyer made on the basis of any other clauses of this Deed shall be, for purposes of the Buyer, regarded as a reduction of the Final
Purchase Price. 

  

	 	2.5.5	All monetary amounts payable under or pursuant to this Deed shall be paid in EUR. 

 

	3.	WARRANTIES OF SELLERS 

 The Sellers
jointly and severally represent and warrant to the Buyer as of the Completion Date as follows, except for the warranties in Clauses 3.1.2, 3.2.2, 3.2.3 and 3.3, which are given by each Seller as to itself, its acts and its omissions only.

  

	3.1	Organization and Good Standing 

  

	 	3.1.1	Each Acquired Company is duly organized, validly existing and in good standing under the laws of the Slovak Republic and has all requisite power and authority to own
its assets and to carry on its business as conducted on the Completion Date. No Acquired Company controls directly or indirectly or has any direct or indirect ownership interest in any Person other than the Subsidiaries. 

 

	 	3.1.2	Emmis is duly organized, validly existing and in good standing under the laws of the Netherlands and has all requisite power and authority to carry on its business as
now conducted. 

  
 15 

	3.2	Equity Structure and Ownership 

  

	 	3.2.1	The information set out in SCHEDULE 1 is true and correct at the Completion Date. 

 

	 	3.2.2	Each Seller owns the entire legal and beneficial interest in the number of Shares specified for each of them in SCHEDULE 1 free and clear of any Liens. All such Shares
have been properly issued, allotted and are fully paid up and have not been repaid. 

  

	 	3.2.3	At Completion, upon the delivery of the Shares from each Seller to the Buyer in accordance with the terms and conditions of this Deed, such Shares will be free of any
Liens, and the Buyer shall be the sole legal and beneficial owner of the Shares with the right to exercise all voting and other rights over the Shares. 

  

	 	3.2.4	The information set out in SCHEDULE 2 is true and correct. The entire ownership interest and ownership of shares, as the case may be, in the Subsidiaries is owned
beneficially and of record by the Company free and clear of any Liens. All such ownership interests have been properly issued and allotted and are fully paid and have not been issued in violation of any pre-emptive rights, rights of first refusal or
rights of first offer of any Person. 

  

	 	3.2.5	None of the Acquired Companies has issued any securities convertible, exchangeable or exercisable into shares of their capital stock or other equity interest, or
warrants, options or other rights to acquire shares of their capital stock or other equity interest to any third party, except that the Sellers have entered into a shareholders’ agreement which has been terminated and finally settled prior to
the Completion Date. 

  

	3.3	Authority and Binding Effect of Documents 

 Each Seller has the legal power, right and authority to enter into, and to perform the Seller’s obligations under, this Deed and each of the other Documents. The execution, delivery and performance
of this Deed and any other Document by each Seller that is an entity has been duly authorized and approved by all necessary action on behalf of such Seller. This Deed has been, and each of the other Documents at or prior to Completion will be, duly
executed and delivered by each Seller. This Deed constitutes (and each of the other Documents, when executed and delivered, will constitute) the valid and binding obligation of each Seller enforceable against each Seller in accordance with its
terms. 
  

	3.4	Broadcast Licenses and other public licenses 

  

	 	3.4.1	 A true and complete list of all licenses required by the Acquired Companies to conduct their business as currently conducted (including their duration
and the 

  
 16 

	 	
holders thereof) is set forth on SCHEDULE 5 (the “Broadcast Licenses”). Each license holder identified on SCHEDULE 5 is the valid and legal holder of each of the Broadcast
Licenses, free and clear of any Liens except as set forth in the Broadcast Licenses. 

  

	 	3.4.2	The Broadcast Licenses are in full force and effect. To the Sellers’ Knowledge, (i) the Broadcast Licenses have not been challenged by any third party and
(ii) no proceedings regarding a revocation or withdrawal of any Broadcast License have been initiated. 

  

	 	3.4.3	Except as set forth in the Broadcast Licenses and/or in SCHEDULE 5, no Broadcast License is subject to any restriction or condition which limits the operation of the
Station and the antenna network owned and/or used by the Acquired Companies as currently conducted. 

  

	 	3.4.4	Except for the Broadcast Licenses, to the Sellers’ Knowledge no further public licenses, permissions, authorizations or consents that are material to the operation
of the business are required by the Acquired Companies to operate the business as currently conducted. 

  

	3.5	Absence of Conflicts 

Subject to (i) having obtained the Regulatory Approval, and (ii) obtaining any further applicable consents or approvals of
Governmental Authorities arising from or attributable to the business, ownership or other operations or attributes of the Buyer, the execution, delivery and performance by each of the Sellers of the Documents to which they are parties and the
consummation by each such Person of the obligations contemplated thereby: 
  

	 	(a)	do not and will not breach any provision of any Applicable Law, regulation or rule applicable to any Seller or the Acquired Companies; 

 

	 	(b)	do not and will not conflict with, result in a breach of or violate any term or provision of the Organizational Documents of any Seller or the Acquired Companies; and

  

	 	(c)	do not and will not result in the creation or imposition of any Lien upon or with respect to the assets of any Seller or the Acquired Companies.

 For the avoidance of doubt, with respect to this Sellers’ Warranty the Sellers do not warrant that the
execution, delivery and performance of the Documents by the Parties do not infringe the Broadcast Act, the Competition Act or any applicable cartel law. 
  

	3.6	No Insolvency 

 To the
Sellers’ Knowledge, no order has been made, petition presented, resolution passed or meeting convened for the winding up (or other process whereby the business is terminated and the assets of the company concerned are distributed amongst the
creditors 

  
 17 

 
and/or shareholders or other contributories) of any Acquired Company and/or any of the Sellers, and, to the Sellers’ Knowledge, there are no cases or proceedings under any Applicable Laws,
including applicable insolvency, reorganization, or similar laws in any jurisdiction concerning any Acquired Company and/or any of the Sellers and, to the Seller’s Knowledge, there are no circumstances that would require or justify the opening
of or application for such proceedings. 
  

	3.7	Real Property 

 All real
estate owned fully or partially by an Acquired Company (the “Owned Real Property”), along with the location, applicable land register (or other identification data), size, use, type of legal title, co-owners, if any, and
encumbrances is listed on SCHEDULE 6. 
  

	 	3.7.1	Except as disclosed on SCHEDULE 6, the Acquired Companies have valid legal title to and are in exclusive occupation of the Owned Real Property, free and clear of any
Liens. 

  

	 	3.7.2	The Acquired Companies, as applicable, hold all construction permits and other public law approvals necessary for the usage of the Owned Real Property as currently used
by the Acquired Companies. Such permits and approvals are in full force and effect and to the Sellers’ Knowledge have not been challenged by any third party. To the Sellers’ Knowledge, the current usage of the Owned Real Estate does not
materially infringe any third party rights, including but not limited to, neighborhood rights. 

  

	 	3.7.3	All real estate taxes, development charges and other public charges payable with respect to the Owned Real Property which have become or will become due prior to the
Completion Date have been or will be fully paid or have been properly reserved in the Collected Financial Statements. 

  

	 	3.7.4	Each Acquired Company has a valid, binding and enforceable right to lease or sub-lease each property that it does not own, any such (sub-) leased property is set out on
SCHEDULE 7. 

  

	3.8	Financial Statements 

  

	 	3.8.1	The Financial Statements are attached as SCHEDULE 8A. 

  

	 	3.8.2	The Financial Statements have been prepared in accordance with Slovak Accounting Regulations and accounting practices, including capitalization rights and valuation
principles consistent with past accounting practices of the relevant Acquired Companies and present a true and fair view of the assets and liabilities, financial position and results of operations of the Acquired Companies as of the date thereof.

  

	 	3.8.3	 The pro-forma consolidated financial statements of the Company, attached as SCHEDULE 8B, are the internal, consolidated statements of the Company and

  
 18 

	 	
the Subsidiaries, as of December 31, 2012, have been prepared in accordance with past practice, and fairly present the assets and liabilities and results of operations of the Acquired
Companies as of the date thereof (the “Pro-Forma Consolidated Financial Statements”). 

  

	 	3.8.4	No Acquired Company has any material liabilities or obligations, whether accrued or contingent, except (i) as disclosed in the Collected Financial Statements,
(ii) as disclosed as Completion Date Liabilities or (iii) as otherwise disclosed in accordance with this Deed. 

  

	3.9	Absence of Certain Events 

Since December 31, 2012, the Acquired Companies have not, except as disclosed in SCHEDULE 9: 

 

	 	(a)	created or incurred any Lien on any of the Acquired Companies’ assets or Owned Real Property, other than Permitted Liens; 

 

	 	(b)	and except for the distribution of dividends in accordance with Clause 2.1.1, declared or paid any other dividend (whether in cash or in kind) or other distribution
(other than made in cash derived from operations in the Ordinary Course of Business) in respect of any issued and outstanding capital stock or other equity interest in an Acquired Company or purchased or redeemed, directly or indirectly, any shares
of capital stock or other equity interest in an Acquired Company; 

  

	 	(c)	incurred any indebtedness other than in the Ordinary Course of Business; 

  

	 	(d)	except for the Set-Off, paid or otherwise discharged, or provided security for any material liabilities other than the regular servicing of financial debt and the
discharge of trade accounts payable, both in the Ordinary Course of Business; 

  

	 	(e)	ceased to operate so as to maintain themselves as a going concern; 

  

	 	(f)	granted any loans, financial releases or advances to (except advances to employees in the Ordinary Course of Business) or guarantees for the benefit of any Person,
other than loans among the Acquired Companies; 

  

	 	(g)	increased or committed to increase the remuneration of any of its directors, officers, employees, freelancers or consultants; 

 

	 	(h)	entered into any agreements or performed any services or other transactions with the Sellers or any of the Sellers’ Affiliates; 

 

	 	(i)	made and/or accepted any material change in the accounting practice, including capitalization rights and valuation principles, in any Acquired Company;

  
 19 

	 	(j)	delayed or otherwise deferred any payment to its suppliers for goods and services purchased or any capital expenditures provided for in their budget, in the aggregate
amount of more than EUR 10,000 (in words: ten thousand Euro); or 

  

	 	(k)	resolved to take any of the above actions ((a) – (j)) in the future. 

  

	3.10	Litigation 

 Except as
described in SCHEDULE 10, no Acquired Company is party to, whether as claimant or defendant, any claim, action, prosecution, proceeding, suit, litigation, mediation or arbitration (other than as claimant in the collection of debts arising in the
Ordinary Course of Business), or to Sellers’ Knowledge, any investigation by any Governmental Authorities, with a value or amount at stake in each case in excess of EUR 50,000 (in words: fifty thousand Euro). To the Sellers’
Knowledge, no such litigation proceedings or investigations have been threatened. 
  

	3.11	No loans or other payment obligation 

 As of the Completion Date, no outstanding loans or other payment obligations exist between any of the Acquired Companies on the one side and Emmis and/or any of its Affiliates on the other side. Prior to
the Completion Date, Emmis has, in particular, (i) effectively and entirely repaid any loans (including accrued interest) which it was granted by the Company, either by actual payment or by way of set-off, and (ii) actually received any
profit distributions (including any retained earnings) of the Company to which it is entitled pursuant to Clause 2.1.1, without any further (current or future) claims of Emmis remaining. 

 

	3.12	Labor Matters 

  

	 	3.12.1	All labor contracts with the employees of any Acquired Company materially comply with Applicable Laws. 

 

	 	3.12.2	Except as set forth on SCHEDULE 11, no employee of any Acquired Company has any special provision in its labor contract that provides such employee with a longer notice
termination period or higher termination remuneration than such employee would otherwise be entitled under Applicable Law. Except as provided in SCHEDULE 11 none of the Acquired Companies is required to pay any bonus or other incentive to any
employee of the Acquired Companies in connection with the sale of the Shares. 

  

	 	3.12.3	All compensation and withholding obligations of the Acquired Companies to or in respect of their current and former employees for periods until Completion Date have
been or will be paid by the Acquired Companies or have been properly provided for in the Collected Financial Statements or the Completion Date Liabilities. 

 

	 	3.12.4	A correct list of all agreements and other commitments, whether of an individual or collective nature and including commitments based on works custom, regarding
pensions under which any Acquired Company has any obligations (the “Pension Commitments”) is set out in SCHEDULE 12. All material obligations under or in connection with the Pension Commitments, including obligations arising by
operation of law, that have become due, have been fulfilled by the Acquired Companies. Except as disclosed in SCHEDULE 12, all future obligations under or in connection with the Pension Commitments, including obligations arising by operation of law,
pertaining to periods prior to the Completion Date are fully funded according to the requirements established by law and the Pension Commitments based on the most recent actuarial data. Each Acquired Company has set aside book reserves for pension
liabilities as required by law and the Pension Commitments. 

  
 20 

	3.13	Taxes 

  

	 	3.13.1	All Tax Returns required to be filed by or on behalf of any of the Acquired Company or their legal predecessors have been filed within the applicable statutory periods
with the appropriate Governmental Authorities. All such tax returns are true, complete and correct in all material respects and the Acquired Companies have sufficient evidence to document all entries in the tax returns. 

 

	 	3.13.2	All Taxes due from the Acquired Companies or their legal predecessors (including interest and penalties) have been fully paid within the applicable statutory periods,
in the correct amounts and correct manner. Any unpaid Taxes relating to the period prior to the Completion Date have been properly booked and accrued. 

  

	 	3.13.3	The Acquired Companies or their legal predecessors have withheld all amounts required by Applicable Law and where reductions were applied the Acquired Companies have
sufficient evidence to substantiate that the pre-conditions for such reductions were fulfilled. 

  

	 	3.13.4	SCHEDULE 13 contains a correct and complete list of all tax rulings and tax audits for the Acquired Companies or their legal predecessors for the last three years.
There are no pending tax rulings or tax audits nor does any of the Acquired Companies intend to apply for any tax ruling or tax audit. 

  

	 	3.13.5	No Tax audits regarding any of the Acquired Companies or their legal predecessors are in progress or have been notified to be made in the future. All previous Tax
audits concerning the Acquired Companies or their legal predecessors have been disclosed to the Buyer. 

  

	 	3.13.6	All transactions entered into by any Acquired Company or their legal predecessors with parties who are or were in the past or may be treated by relevant authorities as
related parties to such Acquired Company were on arms-length terms. The Acquired Companies maintain proper transfer pricing documentation and any services charged to or by an Acquired Company or their legal predecessors to or by a related party were
actually provided. 

  

	 	3.13.7	All costs treated as tax deductible in Tax Returns filed by the Acquired Companies or their legal predecessors are tax deductible. Any payment of contractual penalties
qualifies as a Tax deductible expense fully in compliance with applicable Tax law. The Tax value of fixed assets excluding real property, held by the Acquired Companies as at January 1, 2013 was EUR 1,601,584.35 (in words: Euro one million six
hundred one thousand five hundred eighty four and thirty five cents), which will be deductible for tax purposes over the remaining tax life of the assets. Such Tax depreciation base was calculated correctly and the Acquired Companies have sufficient
evidence to substantiate the Tax depreciation base. 

  
 21 

	3.14	IP Rights / IT 

  

	 	3.14.1	SCHEDULE 14 lists for each Acquired Company all IP Rights owned by such Acquired Company (the “Owned IP Rights”), and states for each such Owned IP
Right the type, subject matter, applicable register or other identification data, if any. 

  

	 	3.14.2	Each Acquired Company, as applicable, is the unrestricted legal and beneficial owner of the Owned IP Rights listed for such Acquired Company in SCHEDULE 14 and no Owned
IP Right is subject to any Lien, except for Permitted Liens. 

  

	 	3.14.3	To the Sellers’ Knowledge no Acquired Company is in violation in any material respects of any Applicable Laws pertaining to its Owned IP Rights and, the Acquired
Companies have properly maintained and are continuing until the Completion Date to properly maintain the Owned IP Rights, in particular in relation to applications in a timely manner for renewals and the payment when due of all registration and
renewal fees as well as all annuities. 

  

	 	3.14.4	SCHEDULE 15 includes for each Acquired Company a correct and complete list of all IP Rights (i) licensed or sub-licensed by any third party (including, without
limitation, the Sellers or the Sellers’ Affiliates) to such Acquired Company; and correctly states for each such IP Right the type, subject matter, applicable register or other identification data, if any, the licensor and the date of the
license agreement (the IP Rights listed or to be listed on SCHEDULE 15 the “Licensed IP Rights”). 

  

	 	3.14.5	To the Sellers’ Knowledge, neither the Owned IP Rights nor the Licensed IP Rights have been challenged by any third party. To the Sellers’ Knowledge, none of
the Owned IP Rights or Licensed IP Rights is subject to any pending judgment, injunction, order or decree issued against an Acquired Company restricting the use thereof by it or restricting the licensing thereof by it to any third party. To the
Seller’ Knowledge, no Acquired Company infringes upon any IP Right of any Person. 

  

	 	3.14.6	Each Acquired Company either owns or holds valid leases and/or licenses to all computer hardware, software, networks and other information technology (collectively
“Information Technology”) which is used by or necessary for such Acquired Company to conduct its business as currently conducted. Such leases or licenses are effective for, and cannot be terminated by the respective other party
thereto with a notice period of less than six (6) months after the Completion Date. During the last twelve (12) months prior to the Completion Date, there have been no interruptions, data losses or similar incidents attributable to the
Information Technology owned or used by such Acquired Company which had a material adverse effect on such Acquired Company’s business. 

  
 22 

	3.15	Assets 

 Each Acquired
Company is the owner of all fixed assets which have been included in the Collected Financial Statements of such Acquired Company (collectively the “Assets”), except for the Assets which have been disposed of since December 31,
2012 in the Ordinary Course of Business or the disposal of which or the loss of which has been disclosed in SCHEDULE 16. The Assets are not encumbered with any Liens except for (a) Permitted Liens, (b) customary retention of title rights,
liens, pledges or other security rights in favor of suppliers, mechanics, workmen, carriers and the like or (c) statutory liens and other security rights in favor of Taxation Authorities or other Governmental Authorities. 

 

	3.16	Material Agreements 

  

	 	3.16.1	SCHEDULE 17 includes for each Acquired Company a correct and complete list of all agreements (including any amendments, side letters, waivers and similar documents, if
any) that in each case have an annual aggregate value or amount at stake of more than EUR 50,000 (in words: fifty thousand Euro), including but are not limited to the following types of agreements (the “Material Agreements”):

  

	 	(a)	loan agreements with any Acquired Company as a lender or borrower and other instruments evidencing financial indebtedness of any Acquired Company;

  

	 	(b)	guarantees, surety ships, letters of comfort and similar instruments issued by any third party or any Acquired Company, in either case to secure any indebtedness or
other obligation of an Acquired Company; 

  

	 	(c)	agreements to sell or otherwise dispose of any assets; 

  

	 	(d)	agreements relating to capital expenditures; 

  

	 	(e)	agreements (x) with any Acquired Company as licensee relating to the right to use any Licensed IP Rights and (y) any other license agreements with any
Acquired Company as licensee or licensor; 

  
 23 

	 	(f)	collective licenses agreements entered into by the Acquired Companies with any organizations collectively administrating the copyrights of individual authors and
artists (the “Collective License Agreements”); 

  

	 	(g)	real estate lease agreements with any Acquired Company as landlord or tenant; 

 

	 	(h)	barter agreements, with principal obligations not yet fully performed by the Acquired Companies; and 

 

	 	(i)	agreements, except for any employment agreements entered into with Employees, which cannot be terminated by the Acquired Companies upon less than six
(6) months’ notice. 

  

	 	3.16.2	Except as disclosed in SCHEDULE 17, (i) the Material Agreements are in full force and effect and are enforceable against the parties thereto in accordance with
their terms; (ii) to the Sellers’ Knowledge, no party to a Material Agreement has given written notice of termination or indicated in writing that it will give notice of termination; (iii) no Acquired Company is in material breach of
a Material Agreement. 

  

	3.17	Compliance 

  

	 	3.17.1	The Acquired Companies have not violated any applicable anti-bribery statutes and antitrust laws and have complied in all material respects with all Applicable Laws (in
particular data protection or copyright laws), statutory filing obligations and ordinances, regulations, decrees, or orders of any public authority. 

  

	 	3.17.2	The Acquired Companies have not violated in any material respects any reporting or payment obligations under the Collective License Agreements.

  

	3.18	Consents 

 The execution,
delivery and performance by each Seller of this Deed and the other Documents, and consummation by each Seller of the transactions contemplated hereby and thereby, do not and will not require the authorization, consent, approval, exemption, clearance
or other action by or notice or declaration to, or filing with, any Governmental Authority or the consent, waiver or approval of any other person or entity other than the Regulatory Approval or those referred to under Recital E. 

 

	4.	REMEDIES AND LIMITATIONS ON SELLERS’ LIABILITY 

  

	4.1	The Sellers’ Warranties made in Clauses 3.1.2, 3.2.2, 3.2.3 and 3.3, and the covenants under Clause 7.2 that require individual action by a Seller, pertain to each
Seller individually, are made solely by such Seller, and no Seller shall have any liability to the Buyer arising from the breach or default by the respective other Seller of these particular Sellers ́ Warranties or covenants made by the other
Seller in any such Clauses. With respect to all other Sellers’ Warranties and covenants, liability of the Sellers, if any, shall be in proportion to their Ownership Percentage. 

  
 24 

	4.2	By way of general disclosure, the following information and matters are disclosed or deemed disclosed to the Buyer with respect to any Sellers’ Warranties:

  

	 	4.2.1	the contents of this Deed; 

  

	 	4.2.2	the contents of all correspondence and documents stored in the electronic data room, a CD copy of which has been delivered by the Sellers to the Buyer at the signing of
this Deed and all written (including electronic) correspondence, documents and papers passing between the Sellers, the Acquired Companies and their representatives, directors, employees or professional advisers on the one hand and the Buyer and its
representatives, directors, employees or professional advisers on the other; 

  

	 	4.2.3	all matters disclosed or explicitly and distinctively referred to in any Schedules annexed to this Deed; 

 

	 	4.2.4	all information contained or referred to in the Collected Financial Statements and the latest management accounts of the Acquired Companies dated December 31,
2013; 

  

	 	4.2.5	the contents of the Organizational Documents of each Acquired Company and the documents annexed to them to the extent such documents have been provided to the Buyer or
its professional advisers in the course of the due diligence; 

  

	 	4.2.6	the contents of the minute books and other statutory books of each Acquired Company to the extent such books have been provided to the Buyer or its professional
advisers in the course of the due diligence; 

  

	 	4.2.7	all information relating to the Acquired Companies contained or referred to in any of the following documents attached hereto in SCHEDULE 18: 

 

	 	4.2.7.1	the register excerpts of each Acquired Company maintained by the Registrar of Companies in Slovakia; 

 

	 	4.2.7.2	documents regarding the Acquired Companies maintained by the Slovak Registrar of Trade Marks and the Slovak Registrar; and 

 

	 	4.2.7.3	documents and information registered regarding the Acquired Companies at the Slovak Land Registry. 

 

	 	4.2.8	For the purpose of this Clause 4.2 an information or matter shall only be disclosed or deemed disclosed to the Buyer if sufficient details to identify a Breach can be
reasonably ascertained from the respective documents without any need for further researches or sources. However, any such disclosure made by reference to any particular Clause or Schedule shall be deemed to be made also in respect of any other
Clause to which such disclosure is applicable. 

  
 25 

	4.3	The disclosure of any matter in a Schedule shall not imply any representation or warranty not expressly given in the Deed nor shall such disclosure be taken as
extending the scope of any of the Sellers’ Warranties. 

  

	4.4	The maximum aggregate liability of each Seller in respect of: 

  

	 	(a)	all claims under this Deed, including any claims made under Clause 6 of this Deed, shall in no event exceed, (i) with respect to Emmis, the Emmis Purchase Price,
and (ii) with respect to Babitzova, the Babitzova Purchase Price; and 

  

	 	(b)	all claims under Clauses 3.5 through 3.17 of this Deed shall in no event exceed 40% of, (i) with respect to Emmis, the Emmis Purchase Price, and (ii) with
respect to Babitzova, the Babitzova Purchase Price. 

  

	4.5	The Sellers will only be liable in respect of claims under Clauses 3.5 through 3.17 of this Deed, if the aggregate amount of such claims exceeds EUR 100,000, in which
case the Buyer shall be entitled to claim the total amount of all claims and not only the excess. 

  

	4.6	If the Buyer becomes aware of a Claim against an Acquired Company by a third party or of any other fact, matter or circumstance, which in either case is or may be
likely to result in the Buyer being entitled to make a Claim (each, a “Relevant Matter”), the Buyer must notify the Sellers in writing of any such Relevant Matter promptly, and in any case no later than thirty (30) days after
becoming aware of such Relevant Matter. 

  

	4.7	The Sellers will only be liable in respect of a Claim if the Buyer has served a Claim Notice on Sellers: 

 

	 	(a)	 with respect to Claims under Clauses 3.1 through 3.4 of this Deed, on or before the third (3rd) anniversary of the Completion Date; 

 

	 	(b)	with respect to Claims under Clauses 3.5 through 3.12 and Clauses 3.14 through 3.17 of this Deed, on or before June 30, 2014; and 

 

	 	(c)	with respect to Claims under Clause 3.13 of this Deed on or before December 31, 2018. 

in each case, which sets out the nature and description of the Claim, including the Buyer’s computation or reasonable approximation
of its amount. 
  

	4.8	Any Claim which has been notified by means of a Claim Notice in accordance with Clause 4.7 shall (if it has not been previously satisfied, settled or withdrawn) be
deemed to have been waived or withdrawn six (6) months after the date of the Claim Notice unless it has been referred to arbitration in accordance with Clause 10.14; provided, however that the Parties may jointly agree in writing to extend such
period. 

  
 26 

	4.9	The Sellers will not be liable under a Claim: 

  

	 	4.9.1	to the extent that the loss that is the subject of the Claim has already been recovered in respect of another claim under a Document; 

 

	 	4.9.2	of which the Buyer has knowledge at the Completion Date; 

  

	 	4.9.3	to the extent that it arises or is increased as a result of or is otherwise attributable to: 

 

	 	(a)	any change in or introduction of new law; 

  

	 	(b)	any change in the rates of Tax; or 

  

	 	(c)	any change or withdrawal by any Governmental Authority of any published administrative practice, 

in each case, either announced or taking effect after the Completion Date; 

 

	 	4.9.4	in respect of a liability which is contingent only, unless and until that contingent liability becomes an actual liability and is due and payable.

  

	4.10	If a fact or circumstance that gives rise to a valid Claim is capable of remedy by Sellers, the Sellers will not be liable with respect to such Claim to the extent that
they remedy the relevant breach within forty five (45) days following the date of the Claim Notice, unless remedy of such breach by the Sellers is objectively impossible. 

 

	4.11	Nothing in Clause 4 affects any legal duty of an Acquired Company to mitigate its loss. 

 

	4.12	The Sellers shall not be liable under a Claim: 

  

	 	(a)	more than once in respect of any loss, damage or liability; or 

  

	 	(b)	for any loss of profit, indirect or consequential loss (in each case whether actual or prospective), except for, without limitation, reasonable and documented legal,
accounting and other fees and expenses of professional advisers, each as incurred in connection with a Claim. 

  

	5.	WARRANTIES OF BUYER PARTIES 

 Each Buyer
Party warrants to the Sellers as of the Completion Date as follows: 
  

	5.1	Organization and Good Standing 

 Each Buyer Party is duly organized, validly existing and in good standing under the laws of Germany and has all requisite power and authority to carry on its business as now conducted. 

  
 27 

	5.2	Authorization and Binding Effect of Documents 

 Each Buyer Party has all requisite corporate power and authority to enter into this Deed and the other Documents and to consummate the transactions contemplated by this Deed. The execution and delivery of
this Deed and each of the other Documents by each Buyer Party and the consummation by each Buyer Party of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of the Buyer Parties.
This Deed has been, and each of the other Documents at or prior to Completion will be, duly executed and delivered by each Buyer Party. This Deed constitutes (and each of the other Documents, when executed and delivered, will constitute) the valid
and binding obligation of each Buyer Party enforceable against such Buyer Party in accordance with its terms. 
  

	5.3	Absence of Conflicts 

Subject to (i) having obtained the Regulatory Approval, and (ii) obtaining any further applicable consents or approvals of
Governmental Authorities arising from or attributable to the business, ownership or other operations or attributes of Emmis, the execution, delivery and performance by each Buyer Party of this Deed and the other Documents to which they are parties
and the consummation by each such Person of the obligations contemplated thereby: 
  

	 	(a)	do not and will not breach any provision of any Applicable Law, regulation or rule applicable to any Buyer Party; 

 

	 	(b)	do not and will not conflict with, result in a breach of or violate any term or provision of the Organizational Documents of any Buyer Party; 

 

	 	(c)	do not and will not breach or conflict with the Broadcast Act, including without limitation any provision under sections 42 and 43 of the Broadcast Act regarding
plurality of information; and 

  

	 	(d)	do not and will not breach or conflict with the Competition Act, and no notification to or approval of the anti-monopoly office shall be required for any reason,
including with respect to any concentration which is subject to control under Section 10 of the Competition Act. 

  

	5.4	Consents 

 The execution,
delivery and performance by each Buyer Party of this Deed and the other Documents, and consummation by each Buyer Party of the transactions contemplated hereby and thereby, do not and will not require the authorization, consent, approval, exemption,
clearance or other action by or notice or declaration to, or filing with, any Governmental Authority or the consent, waiver or approval of any other person or entity other than the Regulatory Approval or those referred to under Recital F.

  
 28 

	5.5	Litigation 

 To the
knowledge of each Buyer Party there are no legal, administrative, arbitration or other proceedings or governmental investigations pending or threatened against either Buyer Party that would give any third party the right to enjoin or delay the
transactions contemplated by this Deed. 
  

	5.6	Financial Ability 

 Each
Buyer Party has and shall maintain in its bank account available sufficient funds to pay the Preliminary Purchase Price and the Buyer True-Up to the Sellers as and when due upon the terms and subject to the conditions of this Deed, and in connection
therewith, each Buyer Party shall comply with the anti-money laundering provisions and regulations in force under the laws of the Slovak Republic and European Union regulations. 

 

	5.7	No Insolvency 

 To the
Buyer’s knowledge, no order has been made, petition presented, resolution passed or meeting convened for the winding up (or other process whereby the business is terminated and the assets of the company concerned are distributed amongst the
creditors and/or shareholders or other contributories) of the Buyer or the Guarantor, and, to the Buyer’s knowledge, there are no cases or proceedings under any Applicable Laws, including applicable insolvency, reorganization, or similar laws
in any jurisdiction concerning the Buyer or the Guarantor and, to the Buyer’s knowledge, there are no circumstances that would require or justify the opening of or application for such proceedings. 

 

	5.8	Limitation of liability 

In the event that any Buyer Party is in breach of any representation as set forth in this Clause 5 the overall liability shall be limited
to the Final Purchase Price. Clauses 4.5, 4.6 and 4.8 through 4.12 shall apply mutatis mutandis. The limitation period for any claims of the Sellers under or in connection with this Deed shall be eighteen (18) months from the Completion
Date. 
  

	6.	TAX INDEMNITY 

  

	6.1	 The Sellers shall be obliged, upon request of the Buyer, to fully hold harmless and indemnify the Buyer, and/or at the Buyers’ sole discretion the
Acquired Companies, from and against any and all Taxes relating to the Acquired Companies for periods ending on or prior to the Completion Date, by paying an amount equal to such Taxes (in each case increased by any amount necessary to ensure that,
after Taxation of the payment, the Buyer is left with the same amount it would have had if the payment was not subject to Taxation) to the Buyer, or at the Buyer’s sole discretion, to the respective Acquired Companies, if and to the extent that
such Taxes have not been fully paid on or prior to the Completion Date (each claim a “Tax Indemnification Claim”). No Tax Indemnification 

  
 29 

	 	
Claim shall exist, however, to the extent that a liability in respect of such Taxation has been specifically provided for in Collected Financial Statements or the Completion Date Liabilities by
the respective Acquired Company. Taxes relating to periods ending on or prior to the Completion Date within the meaning of this Clause shall include any Tax liability arising from open or hidden profit distributions that have been made or committed
prior to the Completion Date. 

  

	6.2	The Tax Indemnification Claim pursuant to Clause 6.1 shall become due for payment within thirty (30) days after the Buyer’s written request for payment (the
“Tax Indemnification Notice”) but not before payment of the respective Taxes has become due. 

  

	6.3	As far as an Acquired Company, as a result of an adjustment or payment giving rise to the Taxes that are associated with a Tax Indemnification Claim, is, within a
period of three (3) years from the Completion Date, entitled to any benefits by refund, set-off or a reduction of Taxes in periods after the Completion Date, including without limitation benefits resulting from the lengthening of any
amortization or depreciation period, a step-up in the Tax basis of assets or the non-recognition of liabilities or provisions (herein collectively “Tax Benefits”), these Tax Benefits shall reduce the Tax Indemnification Claim in the
amount of the net present value of the Tax Benefits (the “Tax Reduction”). The net present value shall be calculated on the basis of (i) the Tax rates applicable (or expected to be applicable) in the year for which the
respective Tax Benefit may arise; and (ii) a discount factor of ten percent (10%) p.a. (determined based on the due date of the Tax Indemnification Claim). For the avoidance of doubt, a Tax Reduction will only be considered if the
potential Tax Benefit actually results in a cash Tax Benefit for the Acquired Companies. 

  

	6.4	Upon the Sellers’ request, the Buyer shall permit the Sellers to fully cooperate, and shall cause the representatives of the Buyer and the Acquired Companies to
fully cooperate with the Sellers, in connection with all Tax matters relating to each of the Acquired Companies relating to any period ending on or before the Completion Date, including the preparation and filing of any Tax Return or the conducting
of any tax audit, investigation, dispute or appeal with the respective Tax authorities. The cooperation between the Buyer and the Sellers shall include, upon the request and in the discretion of the Sellers, the providing and making available of all
books, records and information, and the assistance of all officers and employees of the Acquired Companies, in each case to the extent necessary or useful in connection with such Tax matters. 

 

	6.5	 If, after Completion, any Taxation Authority informs the Buyer or any of the Acquired Companies of a proposed audit, assessment, dispute or other
circumstance relating to any Tax with respect to which a Tax Indemnification Claim may arise, the Buyer shall notify the Sellers in writing of such matter within ten (10) Business Days after it becomes aware of that matter or circumstance. The
Buyer shall provide to the Sellers without undue delay any available evidence reasonably required to determine any possible Tax Indemnification Claim. The Buyer agrees, and shall cause the relevant Acquired Companies, (i) to give the Sellers
the opportunity to participate in any material audits, disputes, administrative, judicial or other proceedings related to any with respect to which 

  
 30 

	 	
the Sellers may become subject to a Tax Indemnification Claim; (ii) to comply with any reasonable instructions given by the Sellers in relation to such proceedings at costs of the Sellers;
and (iii) to reasonably challenge and litigate any Tax assessment or other decision of any Tax authority related to such Tax at costs of the Sellers; it being understood that “reasonable” in the meaning of (ii) or
(iii) above shall mean reasonably taking into account the legitimate interests of the Buyer and any Acquired Company. The Buyer shall not have a Tax Indemnification Claim if and to the extent that the Buyer has failed to comply with its
obligations under this Clause 6.5 and such failure has caused the Tax Indemnification-Claim. 

  

	6.6	The Sellers’ liability for any Tax Indemnification Claim shall be pro rata to their Ownership Percentage; provided however that the maximum aggregate liability of
each Seller in respect of any Tax Indemnification Claim shall in no event exceed, (i) with respect to Emmis, the Emmis Purchase Price, and (ii) with respect to Babitzova, the Babitzova Purchase Price. 

 

	6.7	The liability of the Sellers in respect of any Tax Indemnification Claim shall be time-barred as of 31 December 2018, 24:00 hours. 

 

	7.	COMPLETION 

  

	7.1	Time and Place 

 The
completion of the purchases and sales of the Shares pursuant to this Deed (the “Completion”) takes place at the offices of Squire Sanders s.r.o., Zochova 5, 811 03 Bratislava, Slovak Republic upon execution of this Deed (the
“Completion Date”). 
  

	7.2	Sellers’ Deliveries 

At Completion, each Seller, as appropriate, shall execute or cause to be executed, and deliver or cause to be delivered to the Buyer, the
following, in each case in form and substance reasonably satisfactory to the Buyer: 
  

	 	7.2.1	global certificates representing the Shares, duly endorsed and in proper form for transfer; 

 

	 	7.2.2	a hand-over protocol executed by each Seller evidencing that the global certificates representing the Shares were physically handed over to the Buyer;

  

	 	7.2.3	a written notice to the Company regarding the change in shareholders so that the Company can arrange for the registration of the change of shareholders with the list of
shareholders maintained by the Central Depository; 

  

	 	7.2.4	extracts from the Commercial Register, dated as of a date as near as practicable to the Completion Date, showing that each Acquired Company is duly organized, validly
existing and in good standing under the laws of the Slovak Republic; 

  
 31 

	 	7.2.5	extracts from the lists of shareholders maintained by the Central Depository dated as of a date as near as practicable to the Completion Date, showing the ownership
record of each Acquired Company; 

  

	 	7.2.6	extracts from the Commercial Register of the Netherlands, dated as of a date as near as practicable to the Completion Date, showing that Emmis and its director TMF
Netherlands B.V., a private limited company established and existing under the laws of Netherlands, with its registered seat at Herikerbergweg 238, Luna Arena, 1101 CM Amsterdam Zuidoost, Netherlands, registered with the Commercial Register
administered by the Chamber of Commerce for Amsterdam under No. 33126512, are duly organized, validly existing and in good standing under the laws of the Netherlands; 

 

	 	7.2.7	a written notice from each Seller to the Buyer stating that each such Seller has either received (i) payment in an amount equal to its Ownership Percentage of the
Preliminary Purchase Price to the Emmis Account or Babitzova Account, as the case may be, or (ii) in the case of payment to the Babitzova Account only, confirmation from Babitzova’s bank that the bank has sight of the respective payment
indicated in (i) above and such payment will be credited to the Babitzova Account by the close of the following Business Day; 

  

	 	7.2.8	copies of executed mutual termination agreements according to which the agreements listed in SCHEDULE 19 have been terminated with effect as of the Closing Date at
latest and without any costs for the Acquired Companies and with full release of the Acquired Companies from any liabilities and other obligations; and 

  

	 	7.2.9	original copies of powers of attorney subject to which the Persons present at Completion for the Sellers are authorized to act for and on behalf of each Seller, dated
as of a date as near as practicable to the Completion Date. 

  

	7.3	Buyer Parties’ Deliveries 

 At Completion, each Buyer Party, as appropriate, shall execute or cause to be executed, and deliver or cause to be delivered to the Sellers, the following, in each case in form and substance reasonably
satisfactory to the Sellers: 
  

	 	7.3.1	SWIFT advice of transmission from the Buyer’s bank evidencing payment of the Preliminary Purchase Price to the bank account of each Seller as set forth in Clause
2.3; 

  

	 	7.3.2	a hand-over protocol executed by the Buyer evidencing that the global certificates representing the Shares were physically handed over to the Buyer;

  

	 	7.3.3	original copies of powers of attorney subject to which the Persons present at Completion for the Buyer Parties are authorized to act for and on behalf of each Buyer
Party, dated as of a date as near as practicable to the Completion Date. 

  
 32 

	7.4	Transfer of title to the Shares 

 The obligation of the Sellers to transfer the ownership title to the Shares shall be fulfilled by way of endorsement and hand-over of the global certificates representing the Shares by the Sellers to the
Buyer, provided that endorsement shall contain: (a) the business name, seat and the business registration number of the Buyer as the acquirer of the Shares, (b) the signatures of the Sellers as the transferors of the Shares, and
(c) the date of the transfer of Shares, which shall be the Completion Date. 
  

	7.5	Single Transaction 

 All
deliveries of documents and actions contemplated by this Deed to take place at Completion shall be deemed to have taken place simultaneously as part of a single transaction and none of which shall be considered to have taken place unless and until
all of such actions shall have taken place. Title to the Shares shall not transfer from the Sellers to the Buyer until all of the actions and deliveries have been taken and made in accordance with Clauses 7.2 and 7.3. 

 

	7.6	Ownership Extract 

 The
Buyer undertakes to use its best efforts to cause the Company to take all actions and to do all things necessary, proper or advisable to obtain the Ownership Extract and deliver it to the Sellers as soon as practicable after Completion and in no
event later than five (5) days after the Completion Date. 
  

	8.	GUARANTEE 

  

	8.1	As a condition to the execution by the Buyer of this Deed, Guarantor hereby, as primary obligor and not as mere surety, guarantees to the Sellers the full, timely, and
final performance by the Buyer of all of its payment obligations under or in accordance with this Deed, including, but not limited to, the due and timely payment of all sums owing from the Buyer to the Sellers when due under or in accordance with
this Deed. 

  

	8.2	The guarantee and obligations set forth in this Clause 8 (collectively, the “Guarantee”) may not be enforced by any Seller without taking any
preliminary or procedural measures in respect of the Buyer. 

  

	8.3	The Guarantee is a continuing guarantee and shall remain a continuing guarantee until all obligations of the Buyer under or in accordance with this Deed are fully and
finally discharged and/or terminated, including, but not limited to, the complete payment of all of the sums owing from the Buyer under or in accordance with this Deed. 

 

	8.4	Guarantor’s liability under the Guarantee in respect of liabilities and obligations under this Deed shall be limited to the amounts owed by the Buyer under this
Deed. 

  
 33 

	9.	CONFIDENTIALITY AND PUBLICITY 

  

	9.1	Confidentiality All information that is delivered or made available by a Party (the “Disclosing Party”) to any other Party or its
representatives (each, a “Receiving Party”) in connection with the transactions contemplated by this Deed and the Documents (the “Confidential Information”), shall be kept confidential by the Receiving Party and
shall not be used other than as contemplated by this Deed, except to the extent such information (i) was otherwise publicly available when received, (ii) is or becomes lawfully obtainable from third parties not related to the Disclosing
Party or its Affiliates, (iii) is required to be disclosed by Applicable Law or the rules of any stock exchange, provided that (A) the Receiving Party promptly notifies the Disclosing Party of any such required disclosure in order that
such Disclosing Party may seek a protective order to prevent the disclosure, or (B) in respect of disclosure required by applicable securities laws, the Receiving Party provides the Disclosing Party an opinion of the Receiving Party’s
securities counsel stating that such disclosure is required and (iv) to the extent such duty as to confidentiality is waived in writing by the Disclosing Party. 

 

	9.2	Publicity The Parties agree that no public release or announcement concerning the transactions contemplated by this Deed shall be issued by any party without the
prior consent of the other Party, except as required by Applicable Laws or the rules of any stock exchange applicable to the Sellers, the Buyer or their respective Affiliates. 

 

	10.	MISCELLANEOUS 

  

	10.1	Commercially Reasonable Efforts Subject to the terms and conditions of this Deed, each Party will use its commercially reasonable efforts to take all action and
to do all things necessary, proper or advisable to satisfy any condition under this Deed, and to execute all such documents or take all such actions in its power to satisfy and to consummate and make effective as soon as practicable the transactions
contemplated by this Deed. 

  

	10.2	Costs and Expenses 

Except as otherwise expressly provided in this Deed, each of the Parties shall bear its own expenses, including the fees of any attorneys
and accountants engaged by such Party, in connection with the drafting, negotiations and action taken in connection with the transactions contemplated by this Deed and the Documents. 

 

	10.3	Notices All notices, demands or other communications given under or in connection with this Deed shall be in writing, in English and, shall be deemed
sufficiently given or served if delivered by courier (including express delivery service), sent via facsimile or sent by registered or certified mail, first class, postage prepaid, addressed as follows: 

 

			
	(a)	  	If to the Sellers, to:
		
		  	Emmis International Broadcasting Corporation
		  	One Emmis Plaza
		  	40 Monument Circle, Suite 700
		  	Indianapolis, IN 46204
		  	United States of America

  
 34 

					
		  	Attention:	 	Jeffrey H. Smulyan, Chairman
		  		 	Paul Fiddick
		  		 	J. Scott Enright, Executive Vice President and General Counsel
		  	Fax:      +1 317 684 5583
		
	(b)	  	If to Babitzova, to:
		
		  	Eva Babitzová
		  	Lermontovova 7
		  	811 05 Bratislava
		  	Slovak Republic
		
	(c)	  	If to the Buyer Parties to:
		
		  	Heinrich Bauer Verlag KG
		  	Burchardstrasse 11
		  	20097 Hamburg
		  	Germany
		  	Attention:	 	Dr. Eckart Bollmann
		  		 	Alfred Heintze
		  		 	Andreas Tontsch
		
		  	Fax:      +49 40 3019 1026

 or to such other address as a party may from time to time give notice to the other party in writing (as
provided above). Any such notice, demand or communication shall be deemed to have been given on the date received. 
  

	10.4	Entire Agreement 

 This
Deed, the Schedules, Exhibits and the other Documents constitute the entire agreement and understanding of the Parties with respect to the subject matter of this Deed and supersede any prior negotiations, agreements, understandings or arrangements
between the parties with respect to such subject matter. 
  

	10.5	Reliance and Remedies 

Each of the Parties acknowledges that in agreeing to enter into this Deed it has not relied on any statement, representation, warranty,
collateral contract or other assurance (except those expressly set out in this Deed) made by or on behalf of any other Party before the signature of this Deed including, without limitation, during the course of negotiating this Deed. Nothing in this
Clause 10.5 shall limit or exclude any liability for fraud. 
  

	10.6	Binding Effect Except as otherwise provided in this Deed, the terms and provisions of this Deed shall inure to the benefit of and be binding upon the Parties and
their respective successors or permitted assigns, and nothing in this Deed, express or implied, shall confer on any Person, other than the Parties to this Deed and their respective successors or permitted assigns, any rights, remedies, obligations
or liabilities under or by reason of this Deed. 

  
 35 

	10.7	Assignment Neither this Deed nor any of the rights, interests or obligations under this Deed may be assigned or delegated by any Party without the prior written
consent of all of the other Parties, except for assignments or delegations to Affiliates of the respective Party (which assignments or delegations shall be notified in writing to the other Party within ten (10) Business Days following such
assignment or delegation). 

  

	10.8	Governing Law This Deed shall in all respects be governed by and construed in accordance with English law. 

 

	10.9	Amendments and Waivers No term or provision of this Deed may be amended, waived, discharged or terminated unless by an instrument in writing signed by the Party
against whom the enforcement of such amendment, waiver, discharge or termination is sought. Any waiver shall be effective only in accordance with its express terms and conditions. 

 

	10.10	Severability If any provision of this Deed or the application of any provision hereof to any Party hereto or any set of circumstances is held invalid, illegal or
unenforceable, the remainder of this Deed and the application of such provision to the other Party(ies) or set of circumstances shall not be affected unless the provisions held invalid shall substantially impair the benefits of the remaining
portions of this Deed. In such an event, the Parties shall negotiate in good faith to replace the invalid, illegal, or unenforceable provision with a valid, legal, and enforceable provision that corresponds as far as possible to the spirit and
purpose of the invalid, illegal, or unenforceable provision. 

  

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

  

	10.12	Schedules and Exhibits Unless otherwise specified in this Deed, each of the Schedules and Exhibits referenced in this Deed is attached to, and is incorporated by
reference into, this Deed. 

  

	10.13	Governing Language This Deed has been executed in English, and the English text of this Deed shall control in all circumstances. 

 

	10.14	Arbitration 

 Any dispute,
controversy or claim arising out of the breach, termination or invalidity of or otherwise relating to this Deed, other than with respect to the Purchase Price adjustments under Clause 2.4 which shall be resolved in accordance with Clause 2.4.4,
shall be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as at present in force. There shall be three arbitrators and the appointing authority and administrator shall be the International Chamber of Commerce. The seat and
place of arbitration shall be London, England and the English language shall be used throughout the arbitral proceedings. The arbitral tribunal shall not be authorized to take or provide, and none of the Sellers or the Buyer shall be authorized to
seek from any judicial authority, any interim measures of protection or pre-award relief against any other party to the arbitration, any provisions of UNCITRAL Arbitration Rules notwithstanding. 

  
 36 

	10.15	Contracts (Rights of Third Parties) Act 1999 

 It is not intended that a third Person should have the right to enforce any provision of this document pursuant to the Contracts (Rights of Third Parties) Act 1999. The Parties may rescind or vary this
document without the consent of a third Person to whom an express right to enforce any of its terms has been provided. 

[Remainder of this page intentionally left blank] 

  
 37 

 IN WITNESS WHEREOF, this Deed has been duly executed and delivered on the day and year first written above.

  

					
	EXECUTED as a DEED	  	)	  	
	by Jana Pagáčová	  	)	  	 /s/ Jana Pagáčová

	Authorized Representative	  	)	  	
	 on basis of the power of attorney dated February 20, 2013 and the power of attorney dated February 21, 2013

For and on behalf of
 EMMIS INTERNATIONAL
HOLDING, B.V.
 as SELLER/ EMMIS
	  		  	
			
	In the presence of:	  		  	
			
	Witness signature	  		  	
	 /s/ Martina Martáková
	  		  	
	Name (print): Martina Martáková	  		  	
	Occupation: Law office Squire Sanders s.r.o.,	  		  	
	Registered Legal Trainee	  		  	
	Address: Bratislavská 8, 900 01 Modra 1,	  		  	
	Slovak Republic	  		  	
			
	EXECUTED as a DEED	  	)	  	
	by EVA BABITZOVA	  	)	  	 /s/ EVA BABITZOVA

	as SELLER/ BABITZOVA	  	)	  	
			
	In the presence of:	  		  	
			
	Witness signature	  		  	
	 /s/ Lenka Abelovská
	  		  	
	Name (print): Lenka Abelovská	  		  	
	Occupation: Law office Squire Sanders s.r.o., Registered Legal Trainee	  		  	
	Address: Björnsonova 3042/11, 811 05	  		  	
	Bratislava, Slovak Republic	  		  	

					
	EXECUTED as a DEED	  	)	  	
	by Dr. Eckart Bollmann	  	)	  	 /s/ Dr. Eckart Bollmann

	 Managing Director
 with sole
power of representation based upon shareholders’ resolution dated February 7, 2013
	  	)	  	
	 For and on behalf of
 BAUER
AUSLAND 1 GMBH
 as BUYER 
	  		  	
			
	In the presence of:	  		  	
			
	Witness signature	  		  	
	 /s/ Andreas Tontsch
	  		  	
	Name (print): Andreas Tontsch	  		  	
	Occupation: Head of Tax & Corporate Law	  		  	
	Address: Odenwaldstr. 11, 20255 Hamburg, Germany	  		  	
			
	EXECUTED as a DEED	  	)	  	
	by Dr. Eckart Bollmann	  	)	  	 /s/ Dr. Eckart Bollmann

	Authorized Representative	  	)	  	
	 on basis of the power of attorney dated
 February 20, 2013
 For and on behalf of

HEINRICH BAUER VERLAG KG
 as
GUARANTOR
	  		  	
			
	In the presence of:	  		  	
			
	Witness signature	  		  	
	 /s/ Alfred Heintze
	  		  	
	Name (print): Alfred Heintze	  		  	
	Occupation:	  		  	
	Address: Kemperhege 18, 22397 Hamburg, Germany	  		  	

 SCHEDULES 

 SCHEDULE 1 
 Equity Structure and Ownership 

 SCHEDULE 2 
 Subsidiaries 

 SCHEDULE 3 
 Regulatory Approval 

 SCHEDULE 4 
 Preliminary Purchase Price Report 

 SCHEDULE 5 
 Broadcast Licenses 

 SCHEDULE 6 
 Owned Real Property 

 SCHEDULE 7 
 List of Lease or Sub-Lease Agreements 

 SCHEDULE 8 
 A - Financial Statements 

 SCHEDULE 8 
 B – Pro-Forma Consolidated Financial Statements 

 SCHEDULE 9 
 Relevant Events / Relevant Transactions 

 SCHEDULE 10 
 Litigation 

 SCHEDULE 11 
 Certain Labor Contracts 

 SCHEDULE 12 
 Pension Commitments 

 SCHEDULE 13 
 Tax Rulings / Tax Audits 

 SCHEDULE 14 
 Owned IP Rights 

 SCHEDULE 15 
 Licensed IP Rights 

 SCHEDULE 16 
 Lost Assets 

 SCHEDULE 17 
 Material Agreements 

 SCHEDULE 18 
 Documents of the Acquired Companies 

 SCHEDULE 19 
 Mutual Termination Agreements

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