Document:

EX-10.2

 Exhibit 10.2 

CLEAN DIESEL TECHNOLOGIES INC. 

2,030,000 Units 
 Each
Unit Consisting 
 of 

One Share of Common Stock 

and 
 0.4 of a Warrant,
each Warrant to Purchase One Share of Common Stock 
 PLACEMENT AGENT AGREEMENT 

April 1, 2014 
 Roth Capital Partners, LLC

 888 San Clemente Drive 
 Newport Beach, CA 92660 

Craig-Hallum Capital Group LLC 
 222 South Ninth Street, Suite
350 
 Minneapolis, MN 55402 
 Dear Sirs: 

1. INTRODUCTION. Clean Diesel Technologies Inc., a Delaware corporation (the “Company”), proposes
to issue and sell to the purchasers, pursuant to the terms and conditions of this Placement Agent Agreement (this “Agreement”) and the Subscription Agreements in the form of Exhibit A attached hereto (the
“Subscription Agreements”) entered into with the purchasers identified therein (each a “Purchaser” and collectively, the “Purchasers”), up to an aggregate of (i) 2,030,000 shares (the
“Shares”) of common stock, $0.01 par value per share (the “Common Stock”) of the Company and (ii) warrants (the “Warrants”) to purchase an aggregate of up to 812,000 shares of Common Stock (the
“Warrant Shares”). The form of the Warrant is attached hereto as Exhibit B. The Shares and Warrants shall be sold together as units (the “Units”), each Unit consisting of one Share and 0.4 of one
Warrant, each Warrant to purchase one share of Common Stock. The Units will not be separately issued or certificated and the Shares and the Warrants shall be immediately separable and transferable upon issuance. The Shares, the Warrants and the
Warrant Shares are collectively referred to herein as the “Securities.” The Company hereby confirms its agreement with Roth Capital Partners, LLC (“Roth”) and Craig-Hallum Capital Group LLC (each a
“Placement Agent” and collectively, the “Placement Agents”) to act as Placement Agents in accordance with the terms and conditions hereof. 

2. AGREEMENT TO ACT AS PLACEMENT AGENT; PLACEMENT OF SECURITIES. On the basis of the representations, warranties and agreements
of the Company herein contained, and subject to all the terms and conditions of this Agreement: 
 (a) The Company hereby authorizes
the Placement Agents to act as its exclusive agents to solicit offers for the purchase of all or part of the Units from the Company in connection with the proposed offering of the Shares and the Warrants (the “Offering”). Until the
Closing Date (as defined in Section 4 hereof) or earlier upon termination of this Agreement pursuant to Section 9 the Company shall not, without the prior written consent of the Placement Agents, solicit or accept offers to
purchase the Units otherwise than through the Placement Agents. 
 (b) The Company hereby acknowledges that the Placement Agents have
agreed, as agents of the Company, to use their reasonable efforts to solicit offers to purchase the Units from the Company on the terms and subject to the conditions set forth in the Prospectus (as defined below). The Placement Agents shall use
reasonable efforts to assist the Company in obtaining performance by each Purchaser whose offer to purchase Units has been solicited by the Placement Agents and accepted by the Company, but the Placement Agents shall not, except as otherwise
provided in this Agreement, be obligated to disclose the identity of any potential purchaser or 

  
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have any liability to the Company in the event any such purchase is not consummated for any reason. Under no circumstances will either of the Placement Agents be obligated to underwrite or
purchase any Units for its own account and, in soliciting purchases of the Units, each of the Placement Agents shall act solely as the Company’s agent and not as principal. 

(c) Subject to the provisions of this Section 2, offers for the purchase of the Units may be solicited by the Placement Agents as
agents for the Company at such times and in such amounts as the Placement Agents deem advisable. Each of the Placement Agents shall communicate to the Company, orally or in writing, each reasonable offer to purchase Units received by it as agent of
the Company. The Company shall have the sole right to accept offers to purchase Units and may reject any such offer, in whole or in part. Each of the Placement Agents shall have the right, in its discretion reasonably exercised, without notice to
the Company, to reject any offer to purchase Units received by it, in whole or in part, and any such rejection shall not be deemed a breach of this Agreement. 

(d) The Units are being sold to the Purchasers at an aggregate initial public offering price of $3.40 per Unit (the “Public Offering
Price”). The purchases of Units by the Purchasers shall be evidenced by the execution of Subscription Agreements by each of the Purchasers and the Company. 

(e) As compensation for services rendered, on the Closing Date (as defined in Section 4 hereof), the Company shall pay to each
Placement Agent by wire transfer of immediately available funds to an account or accounts designated by such Placement Agent, an aggregate amount equal to seven percent (7%) of the gross proceeds received by the Company (the “Placement
Fee”) from the sale of the Units on such Closing Date that were solicited by such Placement Agent. Each of the Placement Agents may retain other brokers or dealers to act as sub-agents on its behalf in connection with the Offering, the fees
of which shall be paid out of the Placement Fee paid to such Placement Agent. 
 (f) No Units which the Company has agreed to sell pursuant
to this Agreement and the Subscription Agreements shall be deemed to have been purchased and paid for, or sold by the Company, until such the Shares and Warrants comprising such Units shall have been delivered to the Purchaser thereof against
payment by such Purchaser. If the Company shall default in its obligations to deliver the Shares and Warrants comprising the Units to a Purchaser whose offer it has accepted, the Company shall indemnify and hold each of the Placement Agents harmless
against any loss, claim, damage or expense arising from or as a result of such default by the Company in accordance with the procedures set forth in Section 8(c) herein. 

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and warrants to, and agrees with, the Placement Agents
that: 
 (a) The Company has prepared and filed in conformity with the requirements of the Securities Act of 1933, as amended (the
“Securities Act”), and published rules and regulations thereunder (the “Rules and Regulations”) adopted by the Securities and Exchange Commission (the “Commission”), a “shelf” Registration
Statement (as hereinafter defined) on Form S-3 (File No. 333-181443), which became effective on May 21, 2012 (the “Effective Date”), including a base prospectus relating to the securities registered pursuant to such
Registration Statement (the “Base Prospectus”), and such amendments and supplements thereto as may have been required to the date of this Agreement. The term “Registration Statement” as used in this Agreement means
such registration statement (including all exhibits, financial schedules and all documents and information deemed to be a part of the Registration Statement pursuant to Rule 430A under the Rules and Regulations), as amended and/or supplemented to
the date of this Agreement, including the Base Prospectus. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the
use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the Rules and Regulations of the
Commission, will file the Prospectus (as defined below), with the Commission pursuant to Rule 424(b) under the Rules and Regulations. The term “Prospectus,” as used in this Agreement means the Prospectus, in the form in which it is
to be filed with the Commission pursuant to Rule 424(b) under the Rules and Regulations, or, if the Prospectus is not to be filed with the Commission pursuant to Rule 424(b), the Prospectus in the form included as part of the Registration Statement
as of the Effective Date, except that if any revised prospectus or prospectus supplement shall be provided to the Placement Agents by the 

  
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Company for use in connection with the offering and sale of the Shares and the Warrants which differs from the Prospectus (whether or not such revised prospectus or prospectus supplement is
required to be filed by the Company pursuant to Rule 424(b) under the Rules and Regulations), the term “Prospectus” shall refer to such revised prospectus or prospectus supplement, as the case may be, from and after the time it is
first provided to the Placement Agents for such use. Any preliminary prospectus or prospectus subject to completion included in the Registration Statement or filed with the Commission pursuant to Rule 424 under the Rules and Regulations is hereafter
called a “Preliminary Prospectus.” Any reference herein to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to
Item 12 of Form S-3 which were filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or before the last to occur of the Effective Date, the date of the Preliminary Prospectus, or the date of the
Prospectus, and any reference herein to the terms “amend,” “amendment,” or “supplement” with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include
(i) the filing of any document under the Exchange Act after the Effective Date, the date of such Preliminary Prospectus or the date of the Prospectus, as the case may be, which is incorporated by reference and (ii) any such document so
filed. If the Company has filed an abbreviated registration statement to register additional securities pursuant to Rule 462(b) under the Rules and Regulations (the “462(b) Registration Statement”), then any reference herein to the
Registration Statement shall also be deemed to include such 462(b) Registration Statement. 
 (b) As of the Applicable Time (as defined
below) and as of the Closing Date, neither (i) any General Use Free Writing Prospectus (as defined below) issued at or prior to the Applicable Time, and the Pricing Prospectus (as defined below) and the information included on Schedule A
hereto, all considered together (collectively, the “General Disclosure Package”), (ii) any individual Limited Use Free Writing Prospectus (as defined below), nor (iii) the bona fide electronic road show (as defined in Rule
433(h)(5) under the Rules and Regulations), if any, that has been made available without restriction to any person, when considered together with the General Disclosure Package, included or will include, any untrue statement of a material fact or
omitted or as of the Closing Date will omit, to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes
no representations or warranties as to information contained in or omitted from any Issuer Free Writing Prospectus, in reliance upon, and in conformity with, written information furnished to the Company by the Placement Agents specifically for
inclusion therein, which information the parties hereto agree is limited to the Placement Agents’ Information (as defined in Section 17). As used in this paragraph (b) and elsewhere in this Agreement: 

“Applicable Time” means 9:00 A.M., New York time, on the date of this Agreement. 

“General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is identified on Schedule A
to this Agreement. 
 “Issuer Free Writing Prospectus” means any “issuer free writing
prospectus,” as defined in Rule 433 under the Rules and Regulations relating to the Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records
pursuant to Rule 433(g) under the Rules and Regulations. 
 “Limited Use Free Writing Prospectuses” means any
Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus. 
 “Pricing Prospectus”
means the Preliminary Prospectus, if any, and the Base Prospectus, each as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference therein and any prospectus supplement deemed to be a part
thereof. 
 (c) No order preventing or suspending the use of the Base Prospectus, any Preliminary Prospectus, any Issuer Free Writing
Prospectus or the Prospectus relating to the Offering has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted or threatened by the Commission, and each
Preliminary Prospectus (if any), at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and the Rules and Regulations, and did not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

  
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provided, however, that the Company makes no representations or warranties as to information contained in or omitted from any Preliminary Prospectus, in reliance upon, and in conformity
with, written information furnished to the Company by the Placement Agents specifically for inclusion therein, which information the parties hereto agree is limited to the Placement Agents’ Information (as defined in Section 17). 

(d) At the time the Registration Statement became or becomes effective, at the date of this Agreement and at the Closing Date, the
Registration Statement conformed and will conform in all material respects to the requirements of the Securities Act and the Rules and Regulations and did not and will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading; the Prospectus, at the time the Prospectus was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of
the Securities Act and the Rules and Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading; provided, however, that the foregoing representations and warranties in this paragraph (d) shall not apply to information contained in or omitted from the Registration Statement or the Prospectus in
reliance upon, and in conformity with, written information furnished to the Company by the Placement Agent specifically for inclusion therein, which information the parties hereto agree is limited to the Placement Agent’s Information (as
defined in Section 17). 
 (e) Each Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through
the completion of the public offer and sale of the Shares and the Warrants or until any earlier date that the Company notified or notifies the Placement Agents as described in Section 5(e), did not, does not and will not include
any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, Pricing Prospectus or the Prospectus, including any document incorporated by reference therein and any prospectus supplement
deemed to be a part thereof that has not been superseded or modified, or includes an untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances prevailing at the subsequent time, not misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with,
written information furnished to the Company by the Placement Agents specifically for inclusion therein, which information the parties hereto agree is limited to the Placement Agents’ Information (as defined in Section 17). 

(f) The documents incorporated by reference in the Prospectus, when they became effective or were filed with the Commission, as the case may
be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of such documents contained any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by
reference in the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules
and regulations of the Commission thereunder and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. 
 (g) The Company has not, directly or indirectly, distributed and will not distribute any
offering material in connection with the Offering other than any Pricing Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 5(b) below. The Company is not an
“ineligible issuer” in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. The Company will file with the Commission all Issuer Free Writing Prospectuses (other than a “road show,” as defined
in Rule 433(d)(8) under the Rules and Regulations), if any, in the time and manner required under Rules 163(b)(2) and 433(d) under the Rules and Regulations. 

(h) The Company and each Subsidiary (as defined below) has been duly organized and is validly existing as a corporation in good standing (or
the foreign equivalent thereof) under the laws of each of their respective jurisdictions of organization. The Company and each Subsidiary is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which
its ownership or lease of property or the conduct 

  
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of its business requires such qualification and has all power and authority necessary to own or hold its properties and to conduct the business in which it is engaged, except where the failure to
so qualify, be in good standing or have such power or authority (i) would not have, singularly or in the aggregate, a material adverse effect on the condition (financial or otherwise), results of operations, assets, properties or business or
prospects of the Company or any Subsidiary, taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement or to consummate any transactions contemplated by the Agreement, the
Registration Statement, the General Disclosure Package or the Prospectus (any such effect as described in clauses (i) or (ii), a “Material Adverse Effect”). The Company owns or controls, directly or indirectly, only the
following corporations, partnerships, limited liability partnerships, limited liability companies, associations or other entities: Clean Diesel Technologies Limited, Catalytic Solutions, Inc., CSI Aliso, Inc., Catalytic Solutions Holdings, Inc.,
Catalytic Solutions Czechia s.r.o., ECS Holdings, Inc., Engine Control Systems, Ltd., Engine Control Systems Limited, and CDTI Sweden AB (each, a “Subsidiary” and, collectively, the “Subsidiaries”). 

(i) The Company has the full right, power and authority to enter into this Agreement, the Warrants and each of the Subscription Agreements and
to perform and to discharge its obligations hereunder and thereunder; and each of this Agreement, the Warrants and each of the Subscription Agreements have been duly authorized, executed and delivered by the Company, and constitutes a valid and
binding obligation of the Company enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general
principles of equity. 
 (j) The shares of Common Stock and Warrants to be issued and sold by the Company to the Purchasers hereunder and
under the Subscription Agreements and the Warrant Shares have been duly authorized and the Common Stock, when issued and delivered against payment therefor as provided herein and in the Subscription Agreements and the Warrant Shares, when issued and
delivered against payment therefore as provided in the Warrants, will be validly issued, fully paid and non-assessable and free of any preemptive or similar rights and will conform to the description thereof contained in the General Disclosure
Package and the Prospectus. 
 (k) The Company has an authorized capitalization as set forth in the Registration Statement, the General
Disclosure Package and the Prospectus, and all of the issued shares of capital stock of the Company have been duly authorized and validly issued, are fully paid and non-assessable, have been issued in all material respects in compliance with United
States federal and state securities laws, and conform to the description thereof contained in the Registration Statement, the General Disclosure Package and the Prospectus. As of March 31, 2014, there were 10,150,575 shares of Common Stock
issued and outstanding and no shares of Preferred Stock, par value $0.01 of the Company, issued and outstanding. In addition, as of March 31, 2014, 11,666,319 shares of Common Stock were issuable upon the exercise of all options, warrants and
convertible securities outstanding as of such date. Since such date, the Company has not issued any securities, other than Common Stock of the Company issued pursuant to the exercise of previously outstanding warrants, or the exercise of stock
options previously outstanding under the Company’s stock option plans. All of the Company’s options and warrants have been duly authorized and validly issued and were issued in all material respects in compliance with United States federal
and state securities laws. None of the outstanding shares of Common Stock was issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no
authorized or outstanding shares of capital stock, options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the
Company or any Subsidiary other than those described above or accurately described in the Registration Statement, the General Disclosure Package and the Prospectus. The description of the Company’s stock incentive plan, and other stock plans or
arrangements, and the options or other rights granted thereunder, as described in the Registration Statement, the General Disclosure Package and the Prospectus, accurately and fairly present the information required to be shown with respect to such
plans, arrangements, options and rights. 
 (l) All the outstanding shares of capital stock of each Subsidiary have been duly authorized and
validly issued, are fully paid and non-assessable and, except to the extent set forth in the Registration Statement, the General Disclosure Package and the Prospectus, are owned by the Company directly or indirectly through one or more wholly-owned
Subsidiaries, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party. 

  
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 (m) The execution, delivery and performance of this Agreement, the Subscription Agreements and
the Warrants by the Company, the issue and sale of the Securities by the Company and the consummation of the transactions contemplated hereby and thereby will not (with or without notice or lapse of time or both): (i) conflict with or result in
a breach or violation of any of the terms or provisions of, constitute a default or Debt Repayment Triggering Event (as defined below) under, give rise to any right of termination or other right or the cancellation or acceleration of any right or
obligation or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company or any Subsidiary pursuant to, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound or to which any of the property or assets of the Company or any Subsidiary is subject (each,
a “Contract” and, collectively, the “Contracts”); (ii) result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as applicable) of the Company or any Subsidiary;
or, (iii) to the Company’s knowledge, result in the violation of any law, statute, rule, regulation, judgment, order or decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any
Subsidiary or any of their properties or assets, except with respect to clauses (i) and (iii), any breaches, violations or defaults which, singularly or in the aggregate, would not have a Material Adverse Effect. A “Debt Repayment
Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of time would give the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the
right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any Subsidiary. 
 (n)
Except for the registration of the securities offered in the Offering under the Securities Act and such consents, approvals, authorizations, registrations or qualifications as may be required under the Exchange Act and applicable state or foreign
securities laws and the Financial Industry Regulatory Authority (“FINRA”) in connection with the offering and sale of the Securities by the Company and the Nasdaq Stock Market LLC in connection with the listing of the Shares by the
Company, no consent, approval, authorization or order of, or filing, qualification or registration with, any court or governmental agency or body, foreign or domestic, which has not been made, obtained or taken and is not in full force and effect,
is required for the execution, delivery and performance of this Agreement, the Subscription Agreements and the Warrants by the Company, the offer or sale of the Securities or the consummation of the transactions contemplated hereby or thereby. 

(o) BDO USA LLP, who have certified certain financial statements and related schedules included or incorporated by reference in the
Registration Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Rules and Regulations and the Public Company Accounting Oversight Board (United
States) (the “PCAOB”). Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, BDO USA LLP has not been engaged by the Company to perform any “prohibited activities”
(as defined in Section 10A of the Exchange Act). 
 (p) The financial statements, together with the related notes and schedules,
included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly present in all material respects the financial position and the results of operations and changes in financial position of
the Company and its Subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified. Such statements and related notes and schedules have been prepared in accordance with the generally accepted
accounting principles in the United States (“GAAP”) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated by reference in the General Disclosure
Package. The financial statements, together with the related notes and schedules, included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus comply in all material respects with the
Securities Act, the Exchange Act, and the Rules and Regulations and the rules and regulations under the Exchange Act. No other financial statements or supporting schedules or exhibits are required by the Securities Act or the Rules and Regulations
to be described, or included or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus. There is no pro forma or as adjusted financial information which is required to be included in the
Registration Statement, the General Disclosure Package, or the Prospectus or a document incorporated by reference therein in accordance with the Securities Act and the Rules and Regulations which has not been included or incorporated as so required.
The pro forma and pro forma as adjusted financial information and the related notes included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus have been properly compiled and

  
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prepared in accordance with the applicable requirements of the Securities Act and the Rules and Regulations and present fairly the information shown therein, and the assumptions used in the
preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. 

(q) Neither the Company nor any Subsidiary has sustained, since the date of the latest audited financial statements included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Registration Statement, the General Disclosure Package and the Prospectus; and, since such date, there has not been any change in the
capital stock or long-term debt of the Company or any Subsidiary or any material adverse changes, or any development involving a prospective material adverse change, in or affecting the business, assets, management, financial position, prospects,
stockholders’ equity or results of operations of the Company or any Subsidiary, otherwise than as set forth or contemplated in the Registration Statement, the General Disclosure Package and the Prospectus. 

(r) Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, there is no legal or governmental
action, suit, claim or proceeding pending to which the Company or any Subsidiary is a party or of which any property or assets of the Company or any Subsidiary is the subject which is required to be described in the Registration Statement, the
General Disclosure Package or the Prospectus or a document incorporated by reference therein and is not described therein, or which, singularly or in the aggregate, if determined adversely to the Company or any Subsidiary could have a Material
Adverse Effect or prevent the consummation of the transactions contemplated hereby; and to the best of the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others. 

(s) Neither the Company nor any Subsidiary is in (i) violation of its charter or by-laws (or analogous governing instrument, as
applicable), (ii) default in any respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it is bound or to which any of its property or assets is subject or (iii) to the Company’s knowledge, violation
of any law, ordinance, governmental rule, regulation or court order, decree or judgment to which it or its property or assets is subject except, in the case of clauses (ii) and (iii) of this paragraph(s), for any violations or defaults
which, singularly or in the aggregate, would not have a Material Adverse Effect. 
 (t) The Company and each Subsidiary possesses all
licenses, certificates, authorizations and permits issued by, and have made all declarations and filings with, the appropriate local, state, federal or foreign regulatory agencies or bodies which are necessary or desirable for the ownership of its
properties or the conduct of their respective businesses as described in the Registration Statement, the General Disclosure Package and the Prospectus (collectively, the “Governmental Permits”) except where any failures to possess
or make the same, singularly or in the aggregate, would not have a Material Adverse Effect. The Company and each Subsidiary is in compliance with all such Governmental Permits, and all such Governmental Permits are valid and in full force and
effect, except where any non-compliance or the validity or failure to be in full force and effect would not, singularly or in the aggregate, have a Material Adverse Effect. To the Company’s knowledge, all such Governmental Permits are free and
clear of any restriction or condition that are in addition to, or materially different from those normally applicable to similar licenses, certificates, authorizations and permits. Neither the Company nor any Subsidiary has received notification of
any revocation or modification (or proceedings related thereto) of any such Governmental Permit and, to the Company’s knowledge, there is no reason to believe that any such Governmental Permit will not be renewed. 

(u) Neither the Company nor any Subsidiary is or, after giving effect to the offering of the Securities and the application of the proceeds
thereof as described in the Registration Statement, the General Disclosure Package and the Prospectus, will become an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations
of the Commission thereunder. 
 (v) Neither the Company nor any Subsidiary, nor to the Company’s knowledge, any of the Company’s
and any Subsidiary’s officers, directors or affiliates has taken or will take, directly or indirectly, any 

  
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action designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or resulted in, or which might in the future reasonably be expected to cause or
result in, stabilization or manipulation of the price of any security of the Company. 
 (w) Except as disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, to the best of the Company’s knowledge, the Company and each Subsidiary owns or possesses the right to use all patents, trademarks, trademark registrations, service marks, service
mark registrations, trade names, copyrights, licenses, inventions, software, databases, know-how, Internet domain names, trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures, and other
intellectual property (collectively, “Intellectual Property”) necessary to carry on their respective businesses as currently conducted, and as proposed to be conducted and described in the Registration Statement, the General
Disclosure Package and the Prospectus, and the Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company or any Subsidiary with respect to the foregoing except for those that could not have a
Material Adverse Effect. The Intellectual Property licenses described in the Registration Statement, the General Disclosure Package and the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in accordance with
their terms. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company and each Subsidiary has complied with, and is not in breach nor has received any asserted or threatened claim of breach
of, any Intellectual Property license, and the Company has no knowledge of any breach or anticipated breach by any other person to any Intellectual Property license, except for any such breach or noncompliance that, individually or in the aggregate,
would not have a Material Adverse Effect. To the best of the Company’s knowledge, the Company’s and each Subsidiary’s business as now conducted and as proposed to be conducted does not and will not infringe or conflict with any valid
patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses or other Intellectual Property or franchise right of any person, except for any such acts that would not have a Material Adverse Effect. No claim has been made
against the Company or any Subsidiary alleging the infringement by the Company or any Subsidiary of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or franchise right of any
person. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company and each Subsidiary has taken all reasonable steps to protect, maintain and safeguard its rights in all Intellectual Property,
including the execution of appropriate nondisclosure and confidentiality agreements, other than those that would not have a Material Adverse Effect. The consummation of the transactions contemplated by this Agreement will not result in the loss or
impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, each of the Company’s and each Subsidiary’s right to own, use, or hold for use any of the Intellectual Property
as owned, used or held for use in the conduct of its business as currently conducted. The Company and each Subsidiary has at all times complied in all material respects with all applicable laws relating to privacy, data protection, and the
collection and use of personal information collected, used, or held for use by the Company or any Subsidiary in the conduct of the Company’s or any Subsidiary’s business. No claims have been asserted or threatened against the Company or
any Subsidiary alleging a violation of any person’s privacy or personal information or data rights and the consummation of the transactions contemplated hereby will not breach or otherwise cause any violation of any law related to privacy, data
protection, or the collection and use of personal information collected, used, or held for use by the Company or any Subsidiary in the conduct of the Company’s or any Subsidiary’s business. The Company and each Subsidiary takes reasonable
measures to ensure that such information is protected against unauthorized access, use, modification, or other misuse. 
 (x) The Company
and each Subsidiary has good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and any Subsidiary, free and clear of all
liens, encumbrances, security interests, claims and defects that do not, singularly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or
any Subsidiary; and all of the leases and subleases material to the business of the Company or any Subsidiary, and under which the Company or any Subsidiary holds properties described in the Registration Statement, the General Disclosure Package and
the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of
the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease. 

  
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 (y) No organized labor disturbance by the employees of the Company or any Subsidiary exists or,
to the best of the Company’s knowledge, is imminent, and the Company has no actual knowledge of any existing or imminent labor disturbance by the employees of any of its or any Subsidiary’s principal suppliers, manufacturers, customers or
contractors, that could reasonably be expected, singularly or in the aggregate, to have a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the Company or any Subsidiary plans to terminate
employment with the Company or any Subsidiary. 
 (z) No “prohibited transaction” (as defined in Section 406 of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the
“Code”)) or “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events with respect to which the thirty (30)-day notice
requirement under Section 4043 of ERISA has been waived) has occurred or could reasonably be expected to occur with respect to any employee benefit plan of the Company or any Subsidiary which could, singularly or in the aggregate, have a
Material Adverse Effect. Each employee benefit plan of the Company or any Subsidiary is in compliance in all material respects with applicable law, including ERISA and the Code. The Company and each Subsidiary has not incurred and could not
reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any Subsidiary would have any liability that
is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of such qualification to the extent such
loss would have a Material Adverse Effect. 
 (aa) To the best of the Company’s knowledge, the Company and each Subsidiary is in
compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are
applicable to its businesses (“Environmental Laws”), except where the failure to comply would not, singularly or in the aggregate, have a Material Adverse Effect. There has been no storage, generation, transportation, handling,
treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances regulated by Environmental Laws (“Hazardous Substances”) by or caused by the Company or any Subsidiary
(or, to the Company’s knowledge and without independent investigation, any other entity for whose acts or omissions the Company or any Subsidiary is or may otherwise be liable) upon any of the property now or previously owned or leased by the
Company or any Subsidiary, or upon any other property, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law),
regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Effect; to the
Company’s actual knowledge and without independent investigation, there has been no disposal, discharge, emission or other release onto property now leased by the Company or any Subsidiary or into the environment surrounding such property of
any Hazardous Substance, except for any such disposal, discharge, emission, or other release in violation of Environmental Laws which would not have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse
Effect. 
 (bb) The Company and each Subsidiary (i) has timely filed (or filed an extension to file) all necessary federal, state,
local and foreign tax returns, and all such filed returns were true, complete and correct, (ii) has paid all federal, state, local and foreign taxes, assessments, governmental or other charges due and payable for which it is liable, including,
without limitation, all sales and use taxes and all taxes which the Company or any Subsidiary is obligated to withhold from amounts owing to employees, creditors and third parties, and (iii) does not have any tax deficiency or claims
outstanding or assessed or, to the best of its knowledge, proposed against any of them, except those, in each of the cases described in clauses (i), (ii) and (iii) of this paragraph (bb), that would not, singularly or in the
aggregate, have a Material Adverse Effect. The Company and each Subsidiary has not engaged in any transaction which is a corporate tax shelter or which could be characterized as such by the Internal Revenue Service or any other taxing authority. The
accruals and reserves on the books and records of the Company in respect of tax liabilities for any taxable period not yet finally determined are adequate to meet any assessments and related liabilities for any such period, and since
December 31, 2010, the Company and each Subsidiary has not incurred any liability for taxes other than in the ordinary course. 

  
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 (cc) The Company and each Subsidiary carries, or is covered by, insurance provided by recognized,
financially sound and reputable institutions with policies in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of its properties and as is customary for companies engaged in similar
businesses in similar industries. The Company has no reason to believe that it or any Subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from
similar institutions as may be necessary or appropriate to conduct their respective businesses as now conducted and at a cost that would not result in a Material Adverse Effect. Neither the Company nor any Subsidiary has been denied any insurance
coverage that it has sought or for which it has applied. 
 (dd) The Company and each Subsidiary maintains a system of internal accounting
and other controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, since the end
of the Company’s most recent audited fiscal year, there has been (A) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (B) no change in the Company’s internal
control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 

(ee) The minute books of the Company and each Subsidiary have been made available to the Placement Agents and counsel for the Placement
Agents, and such books (i) contain a complete summary in all material respects of all meetings and actions of the board of directors (including each board committee) and stockholders of the Company and each Subsidiary (or analogous governing
bodies and interest holders, as applicable), since January 1, 2008 through the date of the latest meeting and action, and (ii) accurately, in all material respects, reflect all transactions referred to in such minutes. 

(ff) There is no franchise, lease, contract, agreement or document required by the Securities Act or by the Rules and Regulations to be
described in the Registration Statement, the General Disclosure Package and the Prospectus or a document incorporated by reference therein or to be filed as an exhibit to the Registration Statement or a document incorporated by reference therein
which is not described or filed therein as required; and all descriptions of any such franchises, leases, contracts, agreements or documents contained in the Registration Statement, the General Disclosure Package and the Prospectus or in a document
incorporated by reference therein are accurate and complete descriptions of such documents in all material respects. Other than as described in the Registration Statement, the General Disclosure Package and the Prospectus, no such franchise, lease,
contract or agreement has been suspended or terminated for convenience or default by the Company or any Subsidiary or any of the other parties thereto, and neither the Company nor any Subsidiary has received notice nor does the Company have any
other knowledge of any such pending or threatened suspension or termination, except for such pending or threatened suspensions or terminations that would not reasonably be expected to, singularly or in the aggregate, have a Material Adverse Effect.

 (gg) No relationship, direct or indirect, exists between or among the Company and any Subsidiary on the one hand, and the directors,
officers, stockholders (or analogous interest holders), customers or suppliers of the Company or any Subsidiary or any of their affiliates on the other hand, which is required to be described in the Registration Statement, the General Disclosure
Package and the Prospectus or a document incorporated by reference therein and which is not so described. 
 (hh) No person or entity has
the right to require registration of shares of Common Stock or other securities of the Company or any Subsidiary because of the filing or effectiveness of the Registration Statement or otherwise, except for persons and entities who have expressly
waived such right in writing or who have been given timely and proper written notice and have failed to exercise such right within the time or times required under the terms and conditions of such right. Except as described in the Registration
Statement, the General Disclosure Package and the Prospectus, there are no persons with registration rights or similar rights to have any securities registered by the Company or any Subsidiary under the Securities Act. 

  
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 (ii) Neither the Company nor any Subsidiary owns any “margin securities” as that term
is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of the sale of the Securities will be used, directly or indirectly, for the purpose of
purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Securities to be
considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board. 
 (jj) Except for this
Agreement, neither the Company nor any Subsidiary is a party to any contract, agreement or understanding with any person that would give rise to a valid claim against the Company or either of the Placement Agents for a brokerage commission,
finder’s fee or like payment in connection with the offering and sale of the Shares and the Warrants or any transaction contemplated by this Agreement, the Registration Statement, the General Disclosure Package or the Prospectus. 

(kk) No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act)
contained in either the Registration Statement, the General Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

(ll) The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or
Section 15(d) of the Exchange Act. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on the Nasdaq Capital Market under the symbol “CDTI”, and the Company has taken no action designed to,
or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Nasdaq Capital Market, nor has the Company received any notification that the Commission, the
Nasdaq Capital Market or FINRA is contemplating terminating such registration or listing. The Company has obtained or will have obtained, or has made or will have made, as applicable, all necessary consents, approvals, authorizations or orders of,
or filing, notification or registration with, the Nasdaq Capital Market as required for the listing and trading of the Shares and the Warrant Shares on the Nasdaq Capital Market. 

(mm) The Company is in material compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all rules and regulations
promulgated thereunder or implementing the provisions thereof (the “Sarbanes-Oxley Act”). 
 (nn) The Company is in
material compliance with all applicable corporate governance requirements of the Nasdaq Capital Market. 
 (oo) Neither the Company nor any
Subsidiary, nor, to the best of the Company’s knowledge, any employee or agent of the Company or any Subsidiary, has made any contribution or other payment to any official of, or candidate for, any federal, state, local or foreign office in
violation of any law (including the Foreign Corrupt Practices Act of 1977, as amended) or of the character required to be disclosed in the Registration Statement, the General Disclosure Package or the Prospectus or a document incorporated by
reference therein. 
 (pp) There are no transactions, arrangements or other relationships between and/or among the Company or any
Subsidiary, any of their affiliates (as such term is defined in Rule 405 of the Securities Act) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity that could reasonably be
expected to materially affect the Company’s or any Subsidiary’s liquidity or the availability of or requirements for their capital resources required to be described in the Registration Statement, the General Disclosure Package and the
Prospectus or a document incorporated by reference therein which have not been described as required. 
 (qq) There are no outstanding
loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of their respective family
members, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus. 

  
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 (rr) The statistical and market related data included in the Registration Statement, the General
Disclosure Package and the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and such data agree with the sources from which they are derived. 

(ss) The operations of the Company and each Subsidiary are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering
Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending, or to the best
knowledge of the Company, threatened. 
 (tt) Neither the Company nor any Subsidiary nor, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will
not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC. 
 (uu) Neither the Company, nor any Subsidiary, nor any of their affiliates
(within the meaning of FINRA Rule 5121(b)(1)(a)) directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article I, Section l(ee) of the By-laws of FINRA) of, any member
firm of FINRA. 
 (vv) No approval of the stockholders of the Company under the rules and regulations of the Nasdaq Capital Market is
required for the Company to issue and sell the Securities. 
 (ww) Any certificate signed by or on behalf of the Company and delivered to
the Placement Agents or to counsel for the Placement Agents shall be deemed to be a representation and warranty by the Company to the Placement Agents and the Purchasers as to the matters covered thereby. 

4. THE CLOSING. The time and date of closing and delivery of the documents required to be delivered to the Placement Agents pursuant to
Sections 5 and 7 hereof shall be at 11:00 A.M., New York time, on April 4, 2014 (the “Closing Date”) at the office of Loeb & Loeb LLP, 345 Park Avenue, New York, New York 10154. 

5. FURTHER AGREEMENTS OF THE COMPANY. The Company agrees with the Placement Agents: 

(a) To prepare the Rule 462(b) Registration Statement, if necessary, in a form approved by the Placement Agents and file such Rule 462(b)
Registration Statement with the Commission on the date hereof; to prepare the Prospectus in a form approved by the Placement Agents containing information previously omitted at the time of effectiveness of the Registration Statement in reliance on
Rules 430A, 430B and 430C of the Rules and Regulations and to file such Prospectus pursuant to Rule 424(b) under the Rules and Regulations not later than the second (2nd)business day following the execution and delivery of this Agreement or, if
applicable, such earlier time as may be required by Rule 430A under the Rules and Regulations; to notify the Placement Agents immediately of the Company’s intention to file or prepare any supplement or amendment to any Registration Statement or
to the Prospectus and to make no amendment or supplement to the Registration Statement, the General Disclosure Package or to the Prospectus to which either of the Placement Agents shall reasonably object by notice to the Company after a reasonable
period to review; to advise the Placement Agents, promptly after it receives notice thereof, of the time when any amendment to any Registration Statement has been filed or becomes effective or any supplement to the General Disclosure Package or the
Prospectus or any amended Prospectus has been filed and to furnish the Placement Agents copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) or 163(b)(2) of the Rules and
Regulations, as the case may be; to file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act
subsequent to the date of the 

  
 12 

 
Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Rules and Regulations) is required in connection with the offering
or sale of the Securities; to advise the Placement Agents, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free
Writing Prospectus or the Prospectus, of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for
the amending or supplementing of the Registration Statement, the General Disclosure Package or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of the
Base Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus or suspending any such qualification, and promptly to use its best efforts to obtain the withdrawal of such order. 

(b) The Company represents and agrees that, unless it obtains the prior consent of the Placement Agents, it has not made and will not, make
any offer relating to the Securities that would constitute a “free writing prospectus” as defined in Rule 405 under the Rules and Regulations unless the prior written consent of the Placement Agents has been received (each, a
“Permitted Free Writing Prospectus”); provided that the prior written consent of the Placement Agents hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectus[es] included in Schedule
A hereto. The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, comply with the requirements of Rules 164 and 433 under the Rules and Regulations
applicable to any Issuer Free Writing Prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping and will not take any action that would result in the Placement Agents or the Company being
required to file with the Commission pursuant to Rule 433(d) under the Rules and Regulations a free writing prospectus prepared by or on behalf of the Placement Agents that the Placement Agents otherwise would not have been required to file
thereunder. 
 (c) If at any time when a Prospectus relating to the Securities is required to be delivered under the Securities Act, any
event occurs or condition exists as a result of which the Prospectus, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading, or the Registration Statement, as then amended or supplemented, would include any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein not misleading, or if for any other reason it is necessary at any time to amend or supplement any Registration Statement or the Prospectus to comply with the Securities Act or the Exchange Act, the Company will promptly notify the Placement
Agents, and upon the request of either of the Placement Agents, the Company will promptly prepare and file with the Commission, at the Company’s expense, an amendment to the Registration Statement or an amendment or supplement to the Prospectus
that corrects such statement or omission or effects such compliance and will deliver to the Placement Agents, without charge, such number of copies thereof as the Placement Agents may reasonably request. The Company consents to the use of the
Prospectus or any amendment or supplement thereto by the Placement Agents. 
 (d) If the General Disclosure Package is being used to solicit
offers to buy the Securities at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Placement Agents, it becomes
necessary to amend or supplement the General Disclosure Package in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, or to make the statements therein not conflict with the information contained
or incorporated by reference in the Registration Statement then on file and not superseded or modified, or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, the Company promptly will either
(i) prepare, file with the Commission (if required) and furnish to the Placement Agents and any dealers an appropriate amendment or supplement to the General Disclosure Package or (ii) prepare and file with the Commission an appropriate
filing under the Exchange Act which shall be incorporated by reference in the General Disclosure Package so that the General Disclosure Package as so amended or supplemented will not, in the light of the circumstances then prevailing, be misleading
or conflict with the Registration Statement then on file, or so that the General Disclosure Package will comply with law. 
 (e) If at any
time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or will conflict with the information contained in the Registration
Statement, the Base Prospectus, any Pricing Prospectus or the 

  
 13 

 
Prospectus, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof and not superseded or modified or included or would include an
untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances prevailing at the subsequent time, not
misleading, the Company has promptly notified or will promptly notify the Placement Agents so that any use of the Issuer Free Writing Prospectus may cease until it is amended or supplemented and has promptly amended or will promptly amend or
supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in
reliance upon, and in conformity with, written information furnished to the Company by the Placement Agents specifically for inclusion therein, which information the parties hereto agree is limited to the Placement Agents’ Information (as
defined in Section 17). 
 (f) To the extent not available on the Commission’s EDGAR system or any successor system, to
furnish promptly to the Placement Agents and to counsel for the Placement Agents a signed copy of the Registration Statement as originally filed with the Commission, and of each amendment thereto filed with the Commission, including all consents and
exhibits filed therewith. 
 (g) To the extent not available on the Commission’s EDGAR system or any successor system, to deliver
promptly to the Placement Agents in New York City such number of the following documents as the Placement Agents shall reasonably request: (i) conformed copies of the Registration Statement as originally filed with the Commission (in each case
excluding exhibits), (ii) the Base Prospectus, (iii) each Preliminary Prospectus, (iv) any Issuer Free Writing Prospectus, (v) the Prospectus (the delivery of the documents referred to in clauses (i), (ii), (iii), (iv) and
(v) of this paragraph (g) to be made not later than 10:00 A.M., New York time, on the business day following the execution and delivery of this Agreement), (vi) conformed copies of any amendment to the Registration Statement
(excluding exhibits), (vii) any amendment or supplement to the General Disclosure Package or the Prospectus (the delivery of the documents referred to in clauses (vi) and (vii) of this paragraph (g) to be made not later
than 10:00 A.M., New York City time, on the business day following the date of such amendment or supplement) and (viii) any document incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus
(excluding exhibits thereto) (the delivery of the documents referred to in clause (viii) of this paragraph (g) to be made not later than 10:00 A.M., New York City time, on the business day following the date of such document). 

(h) To make generally available to its stockholders as soon as practicable, but in any event not later than eighteen (18) months after
the effective date of each Registration Statement (as defined in Rule 158(c) under the Rules and Regulations), an earnings statement of the Company and any Subsidiary (which need not be audited) complying with Section 11(a) of the Securities
Act and the Rules and Regulations (including, at the option of the Company, Rule 158); and to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income,
stockholders’ equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and as soon as possible after each of the first three fiscal quarters of each fiscal year (beginning with the
first fiscal quarter after the effective date of such Registration Statement), consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail. 

(i) To take promptly from time to time such actions as the Placement Agents may reasonably request to qualify the Securities for offering and
sale under the securities or Blue Sky laws of such jurisdictions (domestic or foreign) as the Placement Agents may designate and to continue such qualifications in effect, and to comply with such laws, for so long as required to permit the offer and
sale of the Securities in such jurisdictions; provided that the Company shall not be obligated to qualify as foreign corporations in any jurisdiction in which they are not so qualified or to file a general consent to service of process in any
jurisdiction. 
 (j) To the extent not available on the Commission’s EDGAR system or any successor system, during the period of two
(2) years from the date hereof, to deliver to the Placement Agents, (i) as soon as they are available, copies of all reports or other communications furnished to stockholders (other than reports, proxy statements and other information that
is electronically filed with the Commission via EDGAR or any successor system), and (ii) as soon as they are available, copies of any reports and financial statements furnished or filed with the Commission or any national securities exchange or
automatic quotation system on which the Company’s securities are listed or quoted. 

  
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 (k) That the Company will not, for a period of ninety (90) days from the date of the
Prospectus, (the “Lock-Up Period”) without the prior written consent of Roth, directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock, other than: (i) the Company’s sale of the Securities hereunder; (ii) the issuance of options or restricted stock units to acquire Common Stock pursuant to the
Company’s stock incentive plan or other employee benefit plans as such plans are in existence on the date hereof and described in the Prospectus; and (iii) the issuance of Common Stock pursuant to the valid exercises or settlement of
options, warrants, restricted stock units or rights outstanding on the date hereof and described in the Prospectus. The Company will cause each executive officer and director, listed in Schedule B to furnish to the Roth, on or prior to the
date of this Agreement, a letter, substantially in the form of Exhibit C hereto, pursuant to which each such person shall agree, among other things, not to directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or
otherwise dispose of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, not to engage in any swap or other agreement or arrangement that transfers, in whole or in part, directly or
indirectly, the economic risk of ownership of Common Stock or any such securities and not to engage in any short selling of any Common Stock or any such securities, during the Lock-Up Period, without the prior written consent of Roth, except as
otherwise provided therein. The Company also agrees that during such period, the Company will not file any registration statement, preliminary prospectus or prospectus, or any amendment or supplement thereto, under the Securities Act for any such
transaction or which registers, or offers for sale, Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, except for a registration statement on Form S-8 relating to employee benefit plans or as Roth may
otherwise consent. The Company hereby agrees that (i) if it issues an earnings release or material news, or if a material event relating to the Company occurs, during the last seventeen (17) days of the Lock-Up Period, or (ii) if
prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this paragraph
(k) or the letter shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 

(l) To supply the Placement Agents with copies of all correspondence to and from, and all documents issued to and by, the Commission in
connection with the registration of the Securities under the Securities Act or the Registration Statement, any Preliminary Prospectus or the Prospectus, or any amendment or supplement thereto or document incorporated by reference therein. 

(m) Prior to the Closing Date, to furnish to the Placement Agents, as soon as they have been prepared, copies of any unaudited interim
consolidated financial statements of the Company for any periods subsequent to the periods covered by the financial statements appearing in the Registration Statement and the Prospectus. 

(n) Prior to the Closing Date, not to issue any press release or other communication directly or indirectly or hold any press conference with
respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the past practices of the
Company and of which the Placement Agents are notified), without the prior written consent of the Placement Agents, unless in the judgment of the Company and its counsel, and after notification to the Placement Agents, such press release or
communication is required by law. 
 (o) Until the Placement Agents shall have notified the Company of the completion of the offering of the
Securities, that the Company will not, and will cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in which it or any of
its affiliated purchasers has a beneficial interest, any Securities, or attempt to induce any person to purchase any Securities; and not to, and to cause its affiliated purchasers not to, make bids or purchase for the purpose of creating actual, or
apparent, active trading in or of raising the price of the Securities. 
 (p) Not to take any action prior to the Closing Date which would
require the Prospectus to be amended or supplemented pursuant to Section 5. 

  
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 (q) To at all times comply in all material respects with all applicable provisions of the
Sarbanes-Oxley Act in effect from time to time. 
 (r) To apply the net proceeds from the sale of the Shares and the Warrants as set forth
in the Registration Statement, the General Disclosure Package and the Prospectus under the heading “Use of Proceeds.” 
 (s) To
list the Shares and the Warrant Shares on the Nasdaq Capital Market and to maintain the listing of the Common Stock on the Nasdaq Capital Market. 

(t) To use its best efforts to assist the Placement Agents with any filings with FINRA and obtaining clearance from FINRA as to the amount of
compensation allowable or payable to the Placement Agents. 
 (u) To use its best efforts to do and perform all things required to be done
or performed under this Agreement by the Company prior to the Closing Date and to satisfy all conditions precedent to the delivery of the Shares and the Warrants. 

6. PAYMENT OF EXPENSES. The Company agrees to pay, or cause to be paid (a) all expenses incurred in connection with the delivery
to the Purchasers of the Securities; (b) all expenses and fees (including, without limitation, fees and expenses of the Company’s counsel, but excluding fees and expenses of the Placement Agents’ counsel) in connection with the
preparation, printing, filing, delivery and shipping of the Registration Statement, the Base Prospectus, any Preliminary Prospectus, any Pricing Prospectus, Any Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus, and any
amendments, supplements and exhibits thereto or any document incorporated by reference therein; (c) all reasonable filing fees and reasonable fees and disbursements of the Company’s counsel incurred in connection with the qualification of
the Securities for offering and sale by the Company to the Purchasers under the securities or blue sky laws of the states and other jurisdictions that the Placement Agents shall designated and any associated work performed by the Placement
Agents’ counsel; (d) the fees and expenses of any transfer agent or registrar; (d) the reasonable filing fees and reasonable fees and disbursements of Placement Agents’ counsel incident to any required review and approval by
FINRA, of the terms of the sale of Securities; (e) listing fees, if any, and (f) all other costs and expenses incident to the performance of the obligations of the Company under this Agreement, including the fees and expenses of the
Company’s independent accountants and the travel and other reasonable documented expenses incurred by the Company personnel in connection with any “road show” hereunder that are not otherwise specifically provided for herein (all of
the foregoing, the “Company Expenses”). The Company will also reimburse the Placement Agents for all out-of-pocket accountable expenses, including, but not limited to, reasonable fees and disbursements of counsel, travel expenses, postage,
facsimile and telephone charges) incurred by the Placement Agents in connection with their respective obligations hereunder. Notwithstanding anything contained herein, the maximum amount payable by the Company for the Placement Agents’ counsel
fees, disbursements and other out of pocket expenses pursuant to this Section 6, exclusive of the Company Expenses, shall be $75,000. 

7. CONDITIONS TO THE OBLIGATIONS OF THE PLACEMENT AGENTS AND THE PURCHASERS, AND THE SALE OF THE SHARES AND THE WARRANTS. The
respective obligations of the Placement Agents hereunder and the Purchasers under the Subscription Agreements, and the Closing of the sale of the Shares and the Warrants, are subject to the accuracy, when made and as of the Applicable Time and on
the Closing Date, of the representations and warranties of the Company contained herein, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its
obligations hereunder, and to each of the following additional terms and conditions: 
 (a) No stop order suspending the effectiveness of
the Registration Statement or any part thereof, preventing or suspending the use of any Base Prospectus, any Preliminary Prospectus, any Pricing Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part thereof shall have been
issued and no proceedings for that purpose or pursuant to Section 8A under the Securities Act shall have been initiated or threatened by the Commission, and all requests for additional information on the part of the Commission (to be included
or incorporated by reference in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Placement Agents; the Rule 462(b) Registration Statement, if any, each Issuer Free Writing
Prospectus, if any, and the Prospectus shall have been filed with the Commission within the applicable time period prescribed for such filing by, and in compliance with, the Rules and Regulations 

  
 16 

 
and in accordance with Section 5(a) and the Rule 462(b) Registration Statement, if any, shall have become effective immediately upon its filing with the Commission; and FINRA shall
have raised no objection to the fairness and reasonableness of the terms of this Agreement or the transactions contemplated hereby. 
 (b)
The Placement Agents shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of
counsel for the Placement Agents, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading, or that the General
Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any fact which, in the opinion
of such counsel, is material and is necessary in order to make the statements, in the light of the circumstances in which they were made, not misleading. 

(c) All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the
Subscription Agreements, the Securities, the Registration Statement, the General Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement and the transactions
contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Placement Agents, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to
pass upon such matters. 
 (d) DLA Piper LLP (US) shall have furnished to the Placement Agents such counsel’s written opinion and
negative assurance statement, as counsel to the Company, addressed to the Placement Agents and dated the Closing Date, to the effect set forth in Schedule C attached hereto, and Stewart McKelvey, as counsel to Engine Control Systems Limited
shall have furnished to the Placement Agents such counsel’s written opinion to the effect as set forth in Schedule D. 
 (e) The
Placement Agents shall have received from BDO USA LLP, a letter, addressed to the Placement Agents, executed and dated on the Closing Date, in form and substance satisfactory to the Placement Agents (i) confirming that they are an independent
registered accounting firm with respect to the Company and any Subsidiary within the meaning of the Securities Act and the Rules and Regulations and PCAOB and (ii) stating the conclusions and findings of such firm, of the type ordinarily
included in accountants’ “comfort letters” to underwriters, with respect to the financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the General Disclosure
Package and the Prospectus. 
 (f) The Company shall have furnished to the Placement Agents a certificate, dated the Closing Date, of its
Chief Executive Officer, its President or a Vice President and its Chief Financial Officer stating that (i) such officers have carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus
and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto, at the Applicable Time and as of the date of this Agreement and as of the Closing Date did not include any untrue statement of a material fact and did
not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the General Disclosure Package, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing
Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, (ii) since the effective date of the Registration Statement, no event has occurred which should
have been set forth in a supplement or amendment to the Registration Statement, the General Disclosure Package or the Prospectus, (iii) to the best of their knowledge after reasonable investigation, as of the Closing Date, the representations
and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and
(iv) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, any material adverse change
in the financial position or results of operations of the Company or any Subsidiary, or any change or development that, singularly or in the aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting
the condition (financial or otherwise), results of operations, business, assets or prospects of the Company or any Subsidiary, except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus. 

  
 17 

 (g) The Company shall have furnished to the Placement Agents, satisfactory evidence of the good
standing of the Company and each of its subsidiaries in the respective jurisdictions of organization, in each case, in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions. 

(h) Since the date of the latest audited financial statements included in the Registration Statement, the General Disclosure Package and the
Prospectus or incorporated by reference therein as of the date hereof, (i) neither the Company nor any Subsidiary shall have sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, and (ii) there shall not have been
any change in the capital stock or long-term debt of the Company or any Subsidiary, or any change, or any development involving a prospective change, in or affecting the business, management, financial position, stockholders’ equity or results
of operations of the Company, otherwise than as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, the effect of which, in any such case described in clause (i) or (ii) of this paragraph
(h) is, in the judgment of the Placement Agents, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated in the General Disclosure
Package. 
 (i) No action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued by
any governmental agency or body which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company or any Subsidiary; and no
injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially
materially and adversely affect the business or operations of the Company or any Subsidiary. 
 (j) Subsequent to the execution and delivery
of this Agreement there shall not have occurred any of the following: (i) trading in securities generally on the New York Stock Exchange or the NASDAQ Stock Market or in the over-the-counter market, or trading in any securities of the Company
on any exchange or in the over-the-counter market, shall have been suspended or materially limited, or minimum or maximum prices or maximum range for prices shall have been established on any such exchange or such market by the Commission, by such
exchange or market or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall have been declared by Federal or state authorities or a material disruption has occurred in commercial banking or
securities settlement or clearance services in the United States, (iii) the United States shall have become engaged in hostilities, or the subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities
involving the United States, or there shall have been a declaration of a national emergency or war by the United States or (iv) there shall have occurred such a material adverse change in general economic, political or financial conditions (or
the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Placement Agents, impracticable or inadvisable to proceed with the sale or delivery of the Securities on the
terms and in the manner contemplated in the Registration Statement, the General Disclosure Package and the Prospectus. 
 (k) The Nasdaq
Capital Market shall have approved the listing of the Shares and the Warrant Shares, subject only to official notice of issuance. 
 (l) The
Placement Agents shall have received on or prior to the date of this Agreement the written agreements, substantially in the form of Exhibit C hereto, of the executive officers and directors, of the Company listed in Schedule B to this
Agreement. 
 (m) The Company shall have entered into Subscription Agreements with each of the Purchasers and such agreements shall be in
full force and effect. 

  
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 (n) FINRA shall have raised no objection as to the amount of compensation allowable or payable to
the Placement Agents as described in the General Disclosure Package, any Pricing Prospectus or any Preliminary Prospectus. 
 (o) Prior to
the Closing Date, the Company shall have furnished to the Placement Agents such further information, opinions, certificates, letters or documents as the Placement Agents shall have reasonably requested. 

All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Placement Agents. 
 8.
INDEMNIFICATION AND CONTRIBUTION. 
 (a) The Company shall indemnify and hold harmless each of the Placement Agent, their respective
affiliates and each of their respective directors, officers, members, employees, representatives and agents and their respective affiliates, and each of their respective directors, officers, members, employees, representatives and agents and each
person, if any, who controls either of the Placement Agents within the meaning of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively the “Placement Agent Indemnified Parties,” and each a
“Placement Agent Indemnified Party”) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Placement Agent Indemnified Party
may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (A) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, any Pricing Prospectus, any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule
433(d) under the Rules and Regulations, or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, (B) the omission or alleged omission to state in the Registration Statement, the Base
Prospectus, any Preliminary Prospectus, any Pricing Prospectus, any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Rules and Regulations, or the Prospectus, or in
any amendment or supplement thereto or document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading, or (C) any breach of the representations and warranties
of the Company contained herein or in the Subscription Agreements or failure of the Company to perform its obligations hereunder or thereunder or pursuant to any law, any act or failure to act, or any alleged act or failure to act, by either or both
of the Placement Agents in connection with, or relating in any manner to, the Securities or the Offering, and which is included as part of or referred to in any loss, claim, damage, expense, liability, action, investigation or proceeding arising out
of or based upon matters covered by subclause (A), (B) or (C) above of this Section 8(a) (provided that the Company shall not be liable in the case of any matter covered by this subclause (C) to the extent that it
is determined in a final judgment by a court of competent jurisdiction that such loss, claim, damage, expense or liability resulted directly from any such act or failure to act undertaken or omitted to be taken by either or both of the Placement
Agents through its gross negligence or willful misconduct), and shall reimburse the Placement Agent Indemnified Party promptly upon demand for any legal fees or other expenses reasonably incurred by that Placement Agent Indemnified Party in
connection with investigating, or preparing to defend, or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or
proceeding, as such fees and expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue
statement or alleged untrue statement in, or omission or alleged omission from the Registration Statement, the Base Prospectus, any Preliminary Prospectus, any Pricing Prospectus, any Issuer Free Writing Prospectus, any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under the Rules and Regulations, or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein made in reliance upon and in
conformity with written information furnished to the Company by either of the Placement Agents specifically for use therein, which information the parties hereto agree is limited to the Placement Agents’ Information (as defined in
Section 17). This indemnity agreement is not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to
the Placement Agent Indemnified Party. 

  
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 (b) Each of the Placement Agents shall indemnify and hold harmless the Company and its directors,
its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the “Company Indemnified
Parties” and each a “Company Indemnified Party”) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Company
Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, any Pricing Prospectus, any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed
pursuant to Rule 433(d) under the Rules and Regulations, or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, or (ii) the omission or alleged omission to state in the Registration
Statement, the Base Prospectus, any Preliminary Prospectus, any Pricing Prospectus, any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Rules and Regulations, or the
Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that
the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Placement Agent specifically for use therein, which information
the parties hereto agree is limited to the Placement Agents’ Information as defined in Section 17 and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or
preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of
this Section 8(b) in no event shall any indemnity by a Placement Agent under this Section 8(b) exceed the total compensation received by such Placement Agent in accordance with Section 2.5. 

(c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8 notify such indemnifying party in writing of the commencement of that action; provided, however, that the
failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 8 except to the extent it has been materially prejudiced by such failure; and, provided, further, that the
failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 8. If any such action shall be brought against an indemnified party, and it shall
notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel
reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its
election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under Section 8 for any legal or other expenses subsequently incurred by the indemnified party
in connection with the defense of such action other than reasonable costs of investigation; provided, however, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of
such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company
in the case of a claim for indemnification under Section 8(a) or Section 2.6 or a Placement Agent in the case of a claim for indemnification under Section 8(b), (ii) such indemnified party shall have been
advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such
action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the
defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of
(or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for legal or other expenses
subsequently incurred by such indemnified party in connection with the defense of such action; provided, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, be 

  
 20 

 
liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such indemnified parties (in addition to any local counsel), which firm shall be
designated in writing by the Placement Agents if the indemnified parties under this Section 8 consist of any Placement Agent Indemnified Party or by the Company if the indemnified parties under this Section 8 consist of any
Company Indemnified Parties. Subject to this Section 8(c), the amount payable by an indemnifying party under Section 8 shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the
indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim,
and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or
threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this Section 8 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or
threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed
or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at
any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated
herein effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have
received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior
to the date of such settlement. 
 (d) If the indemnification provided for in this Section 8 is unavailable or insufficient to
hold harmless an indemnified party under Section 8(a) or Section 8(b), then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such
indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and the Placement Agents on the other hand from the offering of the Securities, or (ii) if the allocation provided by clause (i) of this Section 8(d) is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this Section 8(d) but also the relative fault of the Company on the one hand and the Placement Agents on the other with
respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and the Placement Agents on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Securities purchased
under this Agreement (before deducting expenses) received by the Company bear to the total Placement Fee received by the Placement Agents in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus.
The relative fault of the Company on the one hand and the Placement Agents on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company on the one hand or the Placement Agents on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Placement Agents for use in the Registration Statement, the Base Prospectus, any
Preliminary Prospectus, any Pricing Prospectus, any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Rules and Regulations, or the Prospectus, or in any amendment or
supplement thereto or document incorporated by reference therein, consists solely of the Placement Agent’s Information as defined in Section 17. The Company and the Placement Agents agree that it would not be just and equitable if
contributions pursuant to this Section 8(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable

  
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by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 8(d) shall be deemed to
include, for purposes of this Section 8(d). any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in
respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 8(d), neither of the Placement Agents shall be
required to contribute any amount in excess of the total compensation received by such Placement Agent in accordance with Section 2.5 less the amount of any damages which such Placement Agent has otherwise paid or become liable to pay by
reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 9.
TERMINATION. The obligations of the Placement Agents and the Purchasers hereunder and under the Subscription Agreements may be terminated by the Placement Agents in their absolute discretion by notice given to the Company prior to delivery of
and payment for the Shares and the Warrants if, prior to that time, (i) any of the conditions to closing in Section 7 shall not have been satisfied in full and shall not have been expressly waived in writing by the Placement Agents,
(ii) any of the events described in Section 7(a), (b), (h) or (i) shall have occurred or (iii) the Purchasers shall decline to purchase the Shares and the Warrants for any reason permitted under this Agreement or the
Subscription Agreements. 
 10. REIMBURSEMENT OF PLACEMENT AGENTS’ EXPENSES. Notwithstanding anything to the contrary in this
Agreement, if (a) this Agreement shall have been terminated pursuant to Section 9, (b) the Company shall fail to tender the Shares and the Warrants for delivery to the Purchasers for any reason not permitted under this
Agreement, (c) the Purchasers shall decline to purchase the Shares and the Warrants for any reason permitted under this Agreement or (d) the sale of the Shares and the Warrants is not consummated because any condition to the obligations of
the Placement Agents set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with the provisions hereof, then subject to
the limitations set forth in Section 6 the Company shall reimburse each of the Placement Agents for the reasonable documented and accountable fees and expenses of the Placement Agents’ counsel and for such other out-of-pocket
expenses as shall have been reasonably incurred by them in connection with this Agreement and the proposed purchase of the Shares and the Warrants, and upon demand the Company shall pay the full amount thereof. 

11. ABSENCE OF FIDUCIARY RELATIONSHIP. The Company acknowledges and agrees that: 

(a) the responsibility of each of the Placement Agents to the Company is solely contractual in nature, the Placement Agents have been retained
solely to act as Placement Agents in connection with the Offering and no fiduciary, advisory or agency relationship between the Company and either of the Placement Agents has been created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether a Placement Agent has advised or is advising the Company on other matters; 
 (b) the price of the Shares
and the Warrants set forth in this Agreement was established by the Company following discussions and arms-length negotiations with the Placement Agents and the Purchasers, and the Company is capable of evaluating and understanding, and understands
and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement; 
 (c) it has been advised that the
Placement Agents and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that neither of the Placement Agents has any obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and 
 (d) it waives, to the fullest extent
permitted by law, any claims it may have against the Placement Agents for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Placement Agents shall have no liability (whether direct or indirect) to the Company in
respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the Company. 

  
 22 

 12. SUCCESSORS; PERSONS ENTITLED TO BENEFIT OF AGREEMENT. This Agreement shall inure to
the benefit of and be binding upon the Placement Agents, the Company, and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person (including the Purchasers),
other than the persons mentioned in the preceding sentences, any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall
also be for the benefit of the Placement Agents Indemnified Parties and the indemnities of the Placement Agents shall be for the benefit of the Company Indemnified Parties. It is understood that the responsibility of the Placement Agents to the
Company is solely contractual in nature and the Placement Agents do not owe the Company, or any other party, any fiduciary duty as a result of this Agreement. 

13. SURVIVAL OF INDEMNITIES, REPRESENTATIONS, WARRANTIES, ETC. The respective indemnities, covenants, agreements, representations,
warranties and other statements of the Company and the Placement Agents, as set forth in this Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made by or on
behalf of the Placement Agents, the Company, the Purchasers or any person controlling any of them and shall survive delivery of and payment for the Securities. Notwithstanding any termination of this Agreement, including without limitation any
termination pursuant to Sections 9 or 10, the indemnity and contribution agreements contained in Section 8 and the covenants, representations, warranties set forth in this Agreement shall not terminate and shall remain in
full force and effect at all times. 
 14. NOTICES. All statements, requests, notices and agreements hereunder shall be in writing,
and: 
 (a) if to the Placement Agents, shall be delivered or sent by mail, telex, facsimile transmission or overnight courier to Roth
Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, Attention: Aaron Gurewitz, Fax: (949) 720-7227; and Craig-Hallum Capital Group LLC ,222 South Ninth Street, Suite 350, Minneapolis, MN 55402: Attention Patricia
Bartholomew, Fax (612) 334-6399 with a copy (which shall not constitute notice) to: Loeb & Loeb LLP, 345 Park Avenue, New York, New York 10154, Attention: Mitchell S. Nussbaum, Esq. Fax: (212) 407-4990; and 

(b) if to the Company, shall be delivered or sent by mail, telex, facsimile transmission or overnight courier to Clean Diesel Technologies,
Inc., 4567 Telephone Road, Suite 100, Ventura, California 93003, Attention: Nikhil Mehta, Chief Financial Officer, Fax: (805) 639-9466, with a copy (which shall not constitute notice) to: DLA Piper LLP (US), 2525 East Camelback Road, Suite
1000, Phoenix, Arizona 85016, Attention: Steven Pidgeon, Esq., Fax: (480) 646-5524. 
 Any such statements, requests, notices or agreements shall take
effect at the time of receipt thereof, except that any such statement, request, notice or agreement delivered or sent by email shall take effect at the time of confirmation of receipt thereof by the recipient thereof. 

15. DEFINITION OF CERTAIN TERMS. For purposes of this Agreement, “business day” means any day on which the New York Stock
Exchange, Inc. is open for trading. 
 16. GOVERNING LAW, AGENT FOR SERVICE AND JURISDICTION. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law. No legal proceeding may be commenced, prosecuted or continued in any court other than
the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company
and each of the Placement Agents each hereby consents to the jurisdiction of such courts and personal service with respect thereto. The Company and each of the Placement Agents hereby consents to personal jurisdiction, service and venue in any court
in which any legal proceeding arising out of or in any way relating to this Agreement is brought by any third party against the Company or either of the Placement Agents. The Company and each of Placement Agents hereby waives all right to trial by
jury in any legal proceeding (whether based upon contract, tort or otherwise) in any way arising out of or 

  
 23 

 
relating to this Agreement. The parties agree that a final judgment in any such legal proceeding brought in any such court shall be conclusive and binding upon the Company and each of the
Placement Agents and may be enforced in any other courts in the jurisdiction of which the parties are or may be subject, by suit upon such judgment. 

17. PLACEMENT AGENT’S INFORMATION. The parties hereto acknowledge and agree that, for all purposes of this Agreement, the
Placement Agents’ Information consists solely of the following information in the Prospectus: the information in the second paragraph under the heading “Plan of Distribution.” 

18. PARTIAL UNENFORCEABILITY. The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall
not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 
 19. GENERAL.
This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In this
Agreement, the masculine, feminine and neuter genders and the singular and the plural include one another. The Section headings in this Agreement are for the convenience of the parties only and will not affect the construction or interpretation of
this Agreement. This Agreement may be amended or modified, and the observance of any term of this Agreement may be waived, only by a writing signed by the Company and each of the Placement Agents. 

20. COUNTERPARTS. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument and such signatures may be delivered by facsimile. 
 If the foregoing
is in accordance with your understanding of the agreement between the Company and the Placement Agents, kindly indicate your acceptance in the space provided for that purpose below. 

 

			
	Very truly yours,
	CLEAN DIESEL TECHNOLOGIES, INC.
		
	By:	 	 /s/ Nikhil A. Mehta

	Name:	 	Nikhil A. Mehta
	Title:	 	Member of the Interim Office of the Chief Executive Officer and Chief Financial Officer

  

					
		 	Accepted as of the date first above written:
		 	ROTH CAPITAL PARTNERS, LLC
		
	By:	 	 /s/ Aaron M. Gurewitz

		 	Name:	 	Aaron M. Gurewitz
		 	Title:	 	Head of Equity Capital Markets
		
		 	CRAIG-HALLUM CAPITAL GROUP LLC
			
		 	By:	 	 /s/ John Flood

			
		 	Name:	 	John Flood
		 	Title:	 	Managing Partner

  
 24 

 SCHEDULE A 

General Use Free Writing Prospectuses 
 [None]

  
 Schedule A-1 

 SCHEDULE B 

Lon E. Bell 
 Pedro J. Lopez-Baldrich 

Stephen Golden 
 Nikhil Mehta 

David Shea 
 Alexander Ellis III 

Bernard Cherry 
 Charles Engles 

Derek Gray 
 Mungo Park 

Terri Schnexnaydre 

  
 Schedule B-1 

 SCHEDULE C 

 SCHEDULE D 

 EXHIBIT A 

Form of Subscription Agreement 

  
 Exhibit A-1 

 EXHIBIT B 

Form of Warrant 

  
 Exhibit B-1 

 EXHIBIT C 

Form of Lock Up Agreement 

March 31, 2014 
 ROTH Capital Partners, LLC

 888 San Clemente Drive 
 Newport Beach, CA 92660 

Re: CLEAN DIESEL TECHNOLOGIES, INC. OFFERING 
 Dear Sirs: 

In order to induce Roth Capital Partners, LLC (“Roth”), to enter in to a certain placement agent agreement with Clean Diesel
Technologies, Inc., a Delaware corporation (the “Company”), with respect to the public offering (the “Offering”) of shares of the Company’s Common Stock, par value $0.01 per share (“Common
Stock”) and warrants to purchase Common Stock, the undersigned hereby agrees that for a period (the “lock-up period”) of ninety (90) days following the date of the final prospectus filed by the Company with the
Securities and Exchange Commission in connection with such public offering, the undersigned will not, without the prior written consent of Roth, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise
dispose of, any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (including, without limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned by the
undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as the same may be amended or supplemented from time to time (such shares or securities, the “Beneficially Owned Shares”)),
(ii) enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable
for Common Stock, or (iii) engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock. 

Notwithstanding the foregoing or anything to the contrary herein, the restrictions contained in this Agreement shall not apply to
(i) shares of Common Stock acquired in open market transactions by the undersigned after the consummation of the Offering, (ii) bona fide gifts, shares transferred by will or intestate succession, sales or other dispositions of shares of
any class of the Company’s capital stock, in each case that are made exclusively between and among the undersigned or members of the undersigned’s immediate family, or affiliates of the undersigned, including its partners (if a
partnership) or members (if a limited liability company), (iii) shares transferred to a trust for the benefit of the undersigned’s family or, if the undersigned is a trust, shares transferred to its grantor or beneficiaries pursuant to its
terms, (iv) shares of the Company’s capital stock transferred to any corporation, partnership, limited liability company, or other entity all of beneficial ownership interests of which are held by the undersigned, the undersigned’s
immediate family or affiliates of the undersigned, or (v) the exercise of stock options to purchase shares of Common Stock granted under an equity incentive plan of the Company shares received upon settlement of restricted stock units granted
under an equity incentive plan of the Company, or, upon such exercise or receipt, the transfer or sale of such shares in the open market or to the Company to cover taxes incurred upon such the settlement of such restricted stock units provided that
any shares of Common Stock obtained by such exercise or exchange shall remain subject to the terms of this Agreement except as such transfer or sale is permitted by clause (v); provided that, in the case of clauses (ii), (iii) and
(iv) above, (A) it shall be a condition to any such transfer that (a) the transferee/donee agrees to be bound by the terms of this Lock-Up Letter Agreement (including, without limitation, the restrictions set forth in the preceding
sentence) to the same extent as if the transferee/donee were a party hereto, and (b) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) to make, and shall agree to not voluntarily make, any public announcement of the transfer or disposition during the 90-day period
referred to above, and (B)

  
 Exhibit C-1 

 
that no filing by any party (donor, donee, transferor or transferee) under the Exchange Act shall be required or shall be voluntarily made in connection with such transfer or distribution (other
than a filing on a Form 4, Form 5, Schedule 13D or Schedule 13G (or 13D-A or 13G-A) made after the expiration of the 30-day period referred to above). As used herein, the term “immediate family” shall mean any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. 

If (i) the Company issues an earnings release or material news or a material event relating to the Company occurs during the last
seventeen (17) days of the lock-up period, or (ii) prior to the expiration of the lock-up period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the lock-up
period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 

In addition, the undersigned hereby waives, from the date hereof until the expiration of the ninety (90) day period following the date of
the Company’s final prospectus, any and all rights, if any, to request or demand registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or exercisable or exchangeable for
Common Stock that are registered in the name of the undersigned or that are Beneficially Owned Shares. In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or stop transfer orders
with the transfer agent of the Common Stock with respect to any shares of Common Stock, securities convertible into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares. 

 

			
	[Signatory]
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit C-2EX-10.47

 Exhibit 10.47 

HOTEL PURCHASE AND SALE AGREEMENT 

THIS HOTEL PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of January 13, 2014 (the “Effective
Date”), by and between CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a Delaware limited partnership, having an address at c/o Fremont Realty Capital, L.P., 199 Fremont Street, San Francisco, CA 94105 (“Seller”), and
SOTHERLY HOTELS INC., a Maryland corporation, having an address at 410 West Francis Street, Williamsburg, VA 23185 (“Buyer”). 

W I T N E S S E T H: 

WHEREAS, Seller is the owner of the fee simple interest in that certain real property (the “Land”) located in Land Lot 49 of
the 14th District, City of Atlanta, Fulton County, Georgia and being more particularly described on Exhibit A-1, attached hereto and made a part hereof, and that certain hotel located on the Land, and currently known as the “The Georgian
Terrace,” together with all other buildings and improvements located on the Land, including without limitation, the parking garage, and all fixtures therein (all such property, together with all of Seller’s right, title and interest in and
to the Property (as such term is defined on Exhibit A-2, attached hereto and made a part hereof), is hereafter referred to as, collectively, the “Hotel”); and 

WHEREAS, Buyer desires to purchase and Seller desires to sell to Buyer all of Seller’s right, title, and interest in and to the Hotel.

 NOW, THEREFORE, in consideration of the foregoing and the mutual warranties, representations, covenants, and agreements herein contained,
the parties hereto agree as follows: 
 Section 1. Definitions. Seller and Buyer hereby agree that all capitalized terms used
but not defined herein shall have the meanings ascribed thereto in Exhibit A-2 attached hereto and made a part hereof or as otherwise set forth herein. Seller and Buyer hereby further agree that the following terms shall have the following
definitions in this Agreement: 
 (a) “Alleyway Parcel”: That certain real property located in Land Lot 49 of the 14th
District, City of Atlanta, Fulton County, Georgia and being more particularly described on Exhibit A-3, attached hereto and made a part hereof. 

(b) “ATM Agreement”: That certain ATM Cash Dispenser Location Agreement, dated as of January 28, 2011, by and between
American Consumer Financial Network and Georgian Terrace Hotel, as such may have been amended from time to time. 
 (c) “Business
Day”: Any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to be closed in Atlanta, Georgia. 

(d) “Closing”: As defined in Section 8.1. 

(e) “Closing Conditions”: As defined in Section 8.2. 

(f) “Closing Date”: As defined in Section 8.1. 

  

 (g) “Closing Statement”: As defined in Section 8.3(e). 

(h) “Code”: Internal Revenue Code of 1986, as amended, modified or supplemented from time to time. 

(i) “Conveyance Documents”: As defined in Section 8.3. 

(j) “Cut-Off Time”: 12:01 a.m. (Eastern Time) on the morning of the Closing Date. 

(k) “Earnest Money”: As defined in Section 4.1. 

(l) “Equipment Leases”: Those equipment leases with respect to equipment located at, or used in connection with, the Hotel
which are listed on Exhibit D attached hereto and made a part hereof. 
 (m) “Escrow Agent”: Metropolitan Title
Insurance Agency, Inc., 1820 The Exchange, Suite 550, Atlanta, Georgia 30339. 
 (n) “Existing Construction
Contract”: That certain Elevator Modernization Proposal for the Georgian Terrace Hotel, Atlanta, Georgia, dated as of June 15, 2012, prepared for John Johnson, by Fujitec America, Inc., and entered into by and among Bill Dehlman, as
sales manager, Seller and Fujitec America, Inc. for work to be performed to the elevators located on the Property. 
 (o)
“Governmental Authority”: Any federal, state, city, county or other governmental or quasi-governmental department, entity, authority, commission, board, bureau, court or agency, or any instrumentality of any of the foregoing. 

(p) “Hotel”: As defined in the Recitals. 

(q) “Inventory”: All merchandise, goods, materials and supplies owned by Seller and used or intended for use at, or held for
sale in connection with, the business of the Hotel, including, without limitation, (i) food and liquor in unbroken packages, (ii) raw and uncooked food, beverages, and other saleable merchandise stored, (iii) reserve stocks of
operating supplies not in use, (iv) engineering and maintenance supplies, and (v) housekeeping supplies. 
 (r) “Legal
Requirement”: Any law, enactment, statute, code, ordinance, order, rule, regulation, judgment, decree, writ, injunction, authorization, covenant, condition, restriction or agreement, or other direction or requirement of any Governmental
Authority, which pertains to the Property or any portion thereof or to the ownership, use, operation, maintenance, possession, construction, reconstruction, repair or alteration of the Property or any portion thereof. 

(s) “Management Agreement”: That certain Hotel Management Agreement between Seller and Crescent Hotels & Resorts,
LLC dated as of January 2, 2008, as such may have been amended from time to time. 

  
 2 

 (t) “Manager”: Crescent Hotels & Resorts LLC, a Delaware limited
liability company. 
 (u) “Permits”: All licenses, permits, certificates and other approvals issued or granted by any
Governmental Authority and owned by Seller (to the extent such Permits pertain to the Hotel), including those secured for Seller by Manager and used in or relating to the ownership, occupancy or operation of the Hotel (but specifically excluding any
and all permanent or temporary liquor licenses associated with the Hotel issued in the name of Seller or Manager), and in each instance as described above, which are capable of assignment by Seller or Manager to Buyer in accordance with the
provisions of this Agreement. 
 (v) “Preferred Hotel Group Agreement”: That certain Summit Hotels & Resorts Contract
between Seller and Preferred Hotel Group, Inc. (d/b/a Summit Hotels & Resorts), with a commencement date of December 28, 2011, as such may have been amended from time to time. 

(w) “Rejected Service Contracts”: As defined in Section 10.7. 

(x) “Reports”: As defined in Section 5.3. 

(y) “Seller’s Broker”: As defined in Section 15.4(a). 

(z) “Service Contracts”: The service, supply, maintenance and other contracts to which Seller or Manager is a party, which
are listed on Exhibit B attached hereto and made a part hereof. 
 (aa) “Sixt Agreement”: That certain Concession
Agreement between Seller and Sixt Rent A Car, LLC, dated as of March 11, 2013, as such may have been amended from time to time. 

(bb) “Terminated Contracts”: Means, collectively, the Management Agreement and the Rejected Service Contracts. 

(cc) “Title Company”: Commonwealth Land Title Insurance Company, acting by and through its agent, Metropolitan Title
Insurance Agency, Inc., 1820 The Exchange, Suite 550, Atlanta, Georgia 30339, Attention: Ray Zemanek, or a national title insurance company selected by Buyer. 

(dd) “Title Policy”: As defined in Section 8.2(b)(ix). 

(ee) “Withholding Certificate”: A certificate of Seller in form and substance satisfactory to Seller and as required by
Georgia law to avoid or address the withholding of any state income tax upon the sale of real property. 
 Section 2. Agreement of
Sale and Purchase. Seller agrees to sell, transfer, convey and assign to Buyer, and Buyer agrees to purchase, accept and assume from Seller, upon the terms and conditions set forth in this Agreement, all of the Property, which Property includes
any and all personal property owned by Seller which is, in each case, currently used or purchased 

  
 3 

 and used prior to the Closing in operating the Hotel. Buyer acknowledges and agrees that, except for
Seller’s representations and warranties expressly set forth herein, Buyer is purchasing the Property in its “AS-IS, WHERE IS” condition “WITH ALL FAULTS” as of the Closing Date without any warranties, representations, or
guarantees as to its condition (including, without limitation, environmental condition), fitness for any particular purpose, merchantability or any other warranty of any kind, nature or type whatsoever from or on behalf of Seller, except to the
extent specifically set forth in this Agreement. 
 Section 3. Purchase Price. 

3.1. The consideration for the purchase of the Hotel shall be SIXTY-ONE MILLION AND NO/100 DOLLARS ($61,000,000.00) (the “Purchase
Price”), which shall be paid by Buyer (through Escrow Agent) to Seller at the Closing in immediately available funds by wire transfer to such account or accounts that Seller shall designate in writing to Buyer and Escrow Agent at least two
(2) Business Days prior to the Closing Date; provided, however, that such amount shall be reduced by the Earnest Money and adjusted for Closing adjustments and credits as provided for in Section 9 below and elsewhere
in this Agreement. 
 3.2. No adjustment shall be made to the Purchase Price except as explicitly set forth in this Agreement. 

3.3. Seller and Buyer agree that the Purchase Price shall be allocated among the Land and Property as determined by agreement of the parties
prior to the Closing for U.S. federal, state and local tax purposes in accordance with Section 1060 of the Code. Buyer shall, within ten (10) days after the Effective Date, prepare and deliver to Seller for its review a schedule allocating
the Purchase Price (and any other items that are required for U.S. federal income tax purposes to be treated as part of the Purchase Price) among the Land and Property (such schedule, the “Allocation”). Seller shall review such
Allocation and provide any objections to Buyer within ten (10) days after the receipt thereof. If Seller raises any objection to the Allocation, then the parties hereto will negotiate in good faith to resolve such objection(s). Upon reaching an
agreement on the Allocation, Buyer and Seller shall (a) cooperate in the filing of any forms (including Form 8594 under Section 1060 of the Code) with respect to the Allocation as finally resolved, including any amendments to such forms
required pursuant to this Agreement with respect to any adjustment to the Purchase Price and (b) shall file all U.S. federal, state and local tax returns and related tax documents consistent with such Allocation, as the same may be adjusted
pursuant to this Agreement. Notwithstanding the foregoing to the contrary, if, after negotiating in good faith, the parties hereto are unable to agree on a mutually satisfactory Allocation, then each of Buyer and Seller shall use its own allocation
for purposes of this Section 3.3. 
 3.4. Buyer and Seller acknowledge and agree that TIME IS OF THE ESSENCE with respect to
the performance by the parties of their respective obligations set forth in this Agreement on the Closing Date. 
 3.5. Buyer expressly
agrees and acknowledges that Buyer’s obligations hereunder are not in any way conditioned upon or qualified by Buyer’s ability to obtain financing of any type or nature whatsoever (i.e., whether by way of debt financing or equity
investment, or otherwise) to consummate the purchase of the Property contemplated hereby. 

  
 4 

 Section 4. Earnest Money. 

4.1. Within two (2) Business Days of the Effective Date (the “Deposit Date”), Buyer shall deposit with Escrow Agent cash
in an amount equal to One Million AND No/100 DOLLARS ($1,000,000.00) (together with all accrued interest thereon, the “Earnest Money”) in immediately available funds by wire transfer to such account as Escrow Agent shall designate
to Buyer. The Earnest Money shall be nonrefundable to Buyer except as otherwise expressly provided in this Agreement. If the Earnest Money is not deposited by Buyer by 5:00 p.m. Eastern Time on the Deposit Date, Seller shall have the right, in
Seller’s sole and absolute discretion, upon written notice to Buyer delivered prior to Buyer’s deposit of the Earnest Money with Escrow Agent, to terminate this Agreement, whereupon neither party hereto shall have any further rights or
obligations hereunder except for those that expressly survive the termination of this Agreement. 
 4.2. Within two (2) Business Days
following Escrow Agent’s receipt of the Earnest Money, Escrow Agent shall deposit and hold the Earnest Money in escrow in an interest-bearing bank account at a federally insured, nationally recognized, money center banking institution until the
Closing or sooner termination of this Agreement and shall hold or apply such proceeds in accordance with the terms of this Section 4.2. Seller and Buyer understand that no interest is earned on the Earnest Money during the time it takes
to transfer the Earnest Money into and out of such bank account. At the Closing, the Earnest Money shall be paid by Escrow Agent to, or at the direction of, Seller, and Buyer shall receive a credit towards the Purchase Price for the Earnest Money.
If for any reason the Closing does not occur and either party makes a written demand upon Escrow Agent for payment of such amount, Escrow Agent shall, within one (1) Business Day following receipt of such notice give written notice to the other
party of such demand. If Escrow Agent does not receive a written objection within ten (10) Business Days after such party’s actual receipt of such notice, then Escrow Agent shall be authorized to make such payment. If Escrow Agent does
receive such written objection within such ten (10) Business Day period or if for any other reason Escrow Agent in good faith shall elect not to make such payment, then Escrow Agent shall continue to hold such amount until otherwise directed by
joint written instructions from the parties to this Agreement or a final judgment of a court of competent jurisdiction. However, Escrow Agent shall have the right at any time to interplead any disputed portion of the Earnest Money into court. Escrow
Agent shall give written notice of such deposit into court to Seller and Buyer. Upon such deposit into court Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder. 

4.3. The parties acknowledge and agree that: 

(a) Escrow Agent is acting solely as a stakeholder at the parties’ request and for their convenience, and that Escrow Agent shall not be
deemed to be the agent of either of the parties; 
 (b) Escrow Agent shall not be liable to Buyer or Seller for any act or omission on its
part, other than for its gross negligence or willful misconduct; 

  
 5 

 (c) The selection of Wells Fargo Bank, N.A., whose address is 360 Interstate North Parkway,
Atlanta, Georgia 30339 (the “Depository”) is approved by the parties as the depository for the Earnest Money; 
 (d) The
parties have had the opportunity to make independent inquiry of the Depository, or have waived the opportunity to do so, and Escrow Agent shall have no liability in the event of the failure, insolvency or inability of the Depository to pay the
Earnest Money (including accrued interest thereon) upon demand for withdrawal; 
 (e) The parties are familiar with the Federal Deposit
Insurance Corporation’s limitations on insured payments made on accounts in excess of $250,000 and the cumulative effect of other accounts held or owned by the parties in the Depository; 

(f) Except as specifically set forth in this Agreement, Escrow Agent is prohibited from withdrawing all or any portion of the Earnest Money
(including accrued interest thereon); and 
 (g) Escrow Agent shall have no liability for any levies by taxing authorities based upon the
taxpayer identification number used to establish the interest-bearing account at the Depository for the Earnest Money. 
 4.4. Seller and
Buyer shall jointly and severally indemnify and hold Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees and disbursements incurred in connection with the performance of Escrow
Agent’s duties hereunder. 
 4.5. Escrow Agent has acknowledged its agreement to these provisions by executing this Agreement in the
place indicated following the signatures of Seller and Buyer. 
 Section 5. Due Diligence. 

5.1. Subject to the terms and conditions of this Agreement and that certain Inspection Agreement, dated as of January 6, 2014, by and
between Buyer and Seller (the “Access and Indemnity Agreement”), Buyer shall have a period (the “Due Diligence Period”), expiring at 5:00 p.m. Eastern Time on February 21, 2014 to, in good faith, perform and
complete, at Buyer’s sole cost and expense, its due diligence review, examination and inspection of all matters relating to Buyer’s acquisition of the Land and Property, including, without limitation, the review of any title reports, title
commitments and surveys of the Land, the Property, the Leases, the Equipment Leases, the Service Contracts, and any and all other documents evidencing or relating to or otherwise constituting a part of the Hotel, and all financial and title
information in respect of the Hotel and the operation and management thereof, and the performance of any and all physical inspections and environmental studies and property condition reports of the Hotel which Buyer deems prudent to conduct (all of
the foregoing being herein referred to as “Buyer’s Due Diligence”). Buyer acknowledges and agrees that Manager may, in its sole discretion, require Buyer to enter into a confidentiality agreement or other similar agreement
prior to providing any confidential information of Manager requested by Buyer as part of Buyer’s Due Diligence, and if so required, Buyer shall enter into such Manager confidentiality agreement. 

  
 6 

 In the event Buyer’s Due Diligence, or any part thereof, is unsatisfactory to Buyer, in its
sole, but good faith discretion, this Agreement may be terminated by Buyer by delivering written notice to Seller and Escrow Agent on or prior to the expiration of the Due Diligence Period (the “Due Diligence Termination Notice”),
in which event Escrow Agent shall disburse the entire Earnest Money to Buyer, and, upon such disbursement, this Agreement shall automatically terminate, and shall be deemed null and void and of no further force or effect, and neither party shall
have any rights or obligations against or to the other except those which expressly survive such termination. If Buyer fails to deliver the Due Diligence Termination Notice to Seller and Escrow Agent on or prior to the expiration of the Due
Diligence Period, Buyer shall be deemed to have accepted the results of Buyer’s Due Diligence, this Agreement shall remain in full force and effect in accordance with its terms and conditions, and the Earnest Money shall become nonrefundable to
Buyer and the sole property of Seller. It is understood and agreed that TIME SHALL BE OF THE ESSENCE with respect to the giving of the Due Diligence Termination Notice. 

5.2. During the Due Diligence Period, Seller shall, to the extent such documents or information are in Seller’s possession, deliver (via
physical delivery or by providing access to a so-called “electronic diligence site” or otherwise make reasonably available to Buyer) or make available to Buyer and its representatives for inspection at the Hotel or at the office of Seller
or Manager, certain information or documents reasonably requested by Buyer, as Buyer may reasonably determine to be necessary or appropriate, in order to facilitate Buyer’s Due Diligence efforts. 

5.3. Buyer shall give Seller at least two (2) Business Days prior written notice of Buyer’s request to enter the Hotel, which
notice shall include evidence of Buyer’s property damage and liability insurance policies in form and amounts reasonably acceptable to Seller. Buyer shall at all times conduct Buyer’s Due Diligence in compliance with applicable law and the
terms of the agreements encumbering the Hotel, in a manner so as not to unreasonably disturb Manager or any guests or tenants or other occupants and/or invitees of the Hotel in any respects, and/or cause damage, loss, cost or expense to Seller,
Manager, the Hotel or tenants or guests or other occupants and/or invitees of the Hotel. Further, without interference with or disturbance of the then use, management, operation and enjoyment of the Hotel (as applicable) by any such parties in any
respects; Buyer (a) shall promptly restore the Hotel to its condition immediately preceding Buyer’s inspection and examination thereof; (b) shall keep the Hotel free and clear of any mechanics’ liens or materialmans’ liens
in connection with Buyer’s Due Diligence; (c) unless waived by Seller, shall at all times be accompanied by a representative of Seller when at the Hotel; (d) shall not contact Manager, any guests or tenants or other occupants or
invitees of the Hotel, or any Governmental Authority (except to obtain a standard third party zoning report) having jurisdiction over the Hotel without Seller’s prior express written consent, which consent shall not be unreasonably withheld,
conditioned or delayed; provided, however, that Buyer (i) subject to the provisions of any confidentiality agreement that Manager may require Buyer to enter into prior to making such contact, may contact and make inquiry of the
Hotel’s General Manager, Controller, Director of Sales, Director of Engineering, Director of Food and Beverage and Human Resources Director, (ii) may review or examine any public records or files with respect to the Hotel and
(iii) may contact and make inquiry of any Governmental Authority or official, provided that the Hotel (or any part thereof, including without limitation, the Hotel) is not identified nor can reasonably be identified during such contact; and
(e) shall, unless and until the 

  
 7 

 Closing occurs, keep all information obtained by Buyer in connection with Buyer’s Due Diligence, including
without limitation, all Reports, confidential in accordance with the provisions hereof. Notwithstanding the foregoing, Buyer shall be permitted to discuss all information it obtains in connection with its Due Diligence, including without limitation,
all Reports with its attorneys, potential lenders, and consultants provided all parties keep the information confidential in accordance with the provisions hereof. In the event that Closing does not occur hereunder for any reason, at the written
request of Seller, Buyer shall, to the extent not prohibited by Buyer’s agreements with the providers of such Reports, provide Seller with copies of any engineering property condition assessment reports, third party environmental reports and
the third party MAI appraisal reports (collectively, the “Reports”), if any, commissioned and received by Buyer in connection with Buyer’s Due Diligence. Unless and until the Closing occurs, Buyer shall keep the Reports
confidential in accordance with this Agreement. The provisions of this Section 5.3 and the obligations of Seller and Buyer hereunder shall survive the termination of this Agreement. 

5.4. Buyer shall not, and shall not permit its employees, consultants, representatives, engineers agents, affiliates, successors or assigns
to conduct any soil tests or sampling or any boring, digging, drilling or other physical intrusion or destructive testing of the Land and/or any of the Improvements (collectively, “Testing”), except at reasonable times and with the
prior written consent of Seller, which consent may be withheld or conditioned at Seller’s reasonable discretion. Upon completion of any Testing, Buyer shall, at Buyer’s sole cost and expense, promptly restore the Hotel to its condition
existing prior to the commencement of such Testing. Buyer hereby agrees to protect, defend, indemnify and hold harmless Seller, Manager and their affiliates and direct and indirect owners, and their respective employees, agents, representatives,
successors and assigns from and against any and all liabilities, actions, suits, mechanics’ liens, materialmans’ liens, judgments, losses, costs, damages, expenses (including, without limitation, reasonable attorneys’ fees and
expenses), claims and demands of any nature whatsoever (except to the extent of the discovery or identification of existing conditions or liabilities) suffered or incurred by or made against Seller, Manager and their affiliates and direct and
indirect owners, and their respective employees, agents, representatives, successors and assigns, arising out of or in any way relating to the acts or omissions of Buyer or its affiliates and their respective employees, consultants, representatives,
engineers agents, successors or assigns in conducting Buyer’s Due Diligence, any Testing or any other activities by or on behalf of Buyer. The provisions of this Section 5.4 and the obligations of Buyer hereunder shall survive the
Closing or the earlier termination of this Agreement. 
 Section 6. Title and Survey. 

6.1. Title Objections. At any time during the Due Diligence Period, Buyer may notify Seller in writing (the “Title Objection
Notice”) of any objections Buyer may have to Seller’s title to the Hotel disclosed by any title report obtained by Buyer from the Title Company or any matters disclosed by any survey of the Land and Improvements obtained by Buyer
(collectively, the “Title Objections”), which notice shall also include a copy of such title report and survey. Subject to the provisions of Section 6.2 below, any item contained in the title report or in the survey to
which Buyer does not object during the Due Diligence Period shall be deemed acceptable to Buyer (collectively, the “Agreed Exceptions”). If Buyer shall timely provide the Title Objection Notice to Seller, then Seller may elect to
cure such objections, including without limitation, by endorsement or other title insurance action, by providing written 

  
 8 

 notice thereof to Buyer (the “Title Objection Response”) within seven (7) days of
Seller’s receipt of the Title Objection Notice. If Seller is unable to or elects not to satisfy Buyer’s objections, then Buyer may terminate this Agreement as provided in Section 5.1 above, by providing written notice of such
termination within five (5) days of Buyer’s receipt of the Title Objection Response. If Seller has made an offer to Buyer to cure any Title Objection made by Buyer, which has been accepted by Buyer, Seller shall use its reasonable efforts
to so cure said Title Objection on or prior to Closing, but shall not be in default hereunder for Seller’s failure to do so. In the event that Seller is unable to so cure said Title Objection on or prior to the Closing, then Buyer may terminate
this Agreement by delivering written notice of such termination to Seller and Escrow Agent, in which event Escrow Agent shall disburse the entire Earnest Money to Buyer, and, upon such disbursement, this Agreement shall automatically terminate, and
shall be deemed null and void and of no further force or effect, and neither party shall have any rights or obligations against or to the other except those which expressly survive such termination. 

6.2. “Gap” Defects. If, following the approval of the state of title, any updates of the title report or surveys from time
to time disclose any additional exceptions to title or survey defects or other matters (“Additional Title Matters”) not previously disclosed during the Due Diligence Period, which Additional Title Matters are not acceptable to
Buyer, in Buyer’s reasonable discretion, then Buyer shall have the right to make additional objections to Seller until the earlier of (a) two (2) Business Days after receipt of such updated title report or survey (as the case may be)
which discloses the Additional Title Matters or (b) the day before Closing, in which case Seller may elect to cure such Additional Title Matters to which Buyer has so objected. Seller shall be entitled to extend the Closing Date for up to
thirty (30) days to respond to such objections; provided, that, Buyer shall have all of the rights set forth in Section 6.1 above in the event that Buyer, in Buyer’s sole discretion, is not satisfied with the results of any
cure efforts by Seller, or Seller is unable to or elects not to satisfy Buyer’s objections, 
 6.3. Acceptance of Title. Buyer
expressly acknowledges and agrees that Seller has not made and shall not make any representations or warranties of title with respect to the Hotel and that Buyer’s obligations hereunder are not in any way conditioned upon or qualified in any
manner by the removal or discharge of any encumbrances or liens affecting the Hotel (except as otherwise expressly provided for in Section 6.1 and Section 6.2 above and Section 6.4 below). 

6.4. Permitted Exceptions. Subject to the other provisions of this Section 6.4, except as approved by Buyer in writing,
the Hotel shall be conveyed subject to the following matters, which are collectively hereinafter referred to as the “Permitted Exceptions”: 

(a) the Agreed Exceptions and any Additional Title Matters acceptable to Buyer; 

(b) any matters contained in a Title Objection or any Additional Title Matters not acceptable to Buyer which, subject to Buyer’s right
to terminate this Agreement pursuant Section 6.1 or Section 6.2 above, Seller has elected not to cure; 
 (c)
matters affecting the condition of title to the Hotel created by or with the written consent of Buyer; and 

  
 9 

 (d) all real estate taxes and assessments not yet due and payable as of the Closing Date. 

Notwithstanding the foregoing provisions of this Section 6.4 to the contrary, if, at the Closing, the Hotel is subject to any
mortgages, unpaid real estate taxes attributable to the period prior to the Closing, or any liens or other encumbrances which are in a liquidated amount which may be satisfied by the payment of money and which are the result of the affirmative acts
of Seller to encumber the Hotel after the Due Diligence Period, then Seller shall be obligated to pay the same. 
 Section 7.
Representations and Warranties; Interim Operation. 
 7.1. Seller’s Representations and Warranties. Seller hereby
represents and warrants to Buyer as follows: 
 (a) Seller’s Existence. Seller is a limited partnership, duly organized,
validly existing and in good standing under the laws of the State of Delaware, and is qualified to do business in the State of Georgia. 

(b) Authority. 
 (i)
Seller has full power and authority to sell the Hotel and to comply with the provisions of this Agreement. The execution and delivery of this Agreement by Seller and the consummation by Seller of the transactions contemplated by this Agreement are
within Seller’s capacity and all requisite action has been taken to make this Agreement valid and binding on Seller in accordance with its terms. 

(c) No Legal Bar. The execution by Seller of this Agreement and the consummation by Seller of the transaction contemplated hereby does
not and on the Closing Date will not (i) result in any material breach of or default under any indenture, agreement, instrument or obligation to which Seller is a party or which affects all or any portion of the Hotel, or (ii) to
Seller’s knowledge, constitute a violation in any material respect of any Legal Requirement. 
 (d) No Consents. Except for the
approval of Governmental Authorities in connection with the transfer of the Licenses and Permits, to Seller’s knowledge, no consent, license, approval, order, permit or authorization of any court, administrative agency or commission is required
to be obtained in connection with Seller’s execution and performance of this Agreement. This representation is not intended to and shall not be deemed to include any liquor licenses required in order to serve alcoholic beverages at the Hotel.

 (e) Litigation. To Seller’s knowledge, except as described on Exhibit C attached to and made a part hereof, there are
no actions, suits, proceedings (including condemnation proceedings), arbitrations, investigations or other legal, administrative or other proceedings pending or, to Seller’s knowledge, threatened against Seller that (i) seeks restraint,
prohibition, damages or other relief in connection with this Agreement or Seller’s authority to convey the Hotel, or (ii) would delay consummation of the transactions contemplated hereby. 

  
 10 

 (f) Service Contracts. To Seller’s knowledge, the Service Contracts described on
Exhibit B attached hereto and made a part hereof comprise all of the service contracts which affect the ownership, maintenance, operation, provisioning or equipping of the Hotel, other than the Management Agreement, the Existing Construction
Contract, the Equipment Leases, the ATM Agreement, the Preferred Hotel Group Agreement or the Sixt Agreement. Seller shall provide, or shall request that Manager provide, true, correct and complete copies of all Service Contracts (other than the
Management Agreement), including, without limitation, the Existing Construction Contract, the Equipment Leases, the ATM Agreement, the Preferred Hotel Group Agreement and the Sixt Agreement to Buyer within five (5) Business Days following the
Effective Date. 
 (g) Leases; Equipment Leases. Other than the Sixt Agreement, the ATM Agreement and various month-to-month parking
agreements with respect to the parking garage located at the Hotel, there are no Leases that affect any portion of the Land or the Improvements. To Seller’s knowledge, the Equipment Leases described on Exhibit D attached hereto and made
a part hereof comprise all of the equipment leases that affect any portion of the Land or the Improvements. To Seller’s knowledge, neither Seller nor any tenant is in default in any material respect under the Sixt Agreement, the ATM Agreement
or any of the Equipment Leases. True, correct and complete copies of the Sixt Agreement, the ATM Agreement and all of the Equipment Leases have been delivered by Seller to Buyer prior hereto or contemporaneously herewith, or shall be delivered by
Seller or Manager within five (5) Business Days following the Effective Date. 
 (h) Permits; Liquor License. 

(i) To Seller’s knowledge, the Permits described on Exhibit E attached hereto and made a part hereof comprise all of the Permits
which are required for the continued use, occupancy and/or operation of the of the Hotel. Except as may be otherwise specified on Exhibit E, to Seller’s knowledge, (y) the Permits are in full force and effect, and have not expired,
lapsed, terminated or been revoked, and (z) no violation of any Permit exists. Seller shall provide, or shall request that Manager provide, true, correct and complete copies of all Permits to Buyer within five (5) Business Days following
the Effective Date. 
 (ii) To Seller’s knowledge, Manager has title to the liquor license for the Hotel, and has paid all fees
pertaining to such liquor license which are now due and payable. 
 (i) Employees. Seller does not have any employees. All persons
employed in the management of the Hotel are employees of Manager. 
 (j) Notices of Violation. To Seller’s knowledge, except as
set forth on Exhibit C attached hereto, Seller has not received any written notices or citations relating to outstanding alleged violations of applicable law relating to the Hotel from any applicable Governmental Authorities. 

(k) Hotel Financial Statements. Seller shall provide to Buyer true, correct and complete copies of financial statements for the Hotel
for calendar year(s) 2011, 

  
 11 

 2012 and year-to-date period ending October 31, 2013 (the “Hotel Financial Statements”)
within five (5) Business Days following the Effective Date, and for year-to-date period ending December 31, 2013 when such statements become available. Buyer acknowledges and agrees that the Hotel Financial Statements have been prepared by
Manager and that Seller does not and shall not represent or warrant to Buyer as to the accuracy or completeness of any such items. To Seller’s knowledge, the Hotel Financial Statements do not contain, as of the date of preparation, any untrue
statement of a material fact or intentionally omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

The representations and warranties of Seller under this Section 7.1 shall survive Closing for six (6) months. 

Notwithstanding anything contained in this Section 7.1 to the contrary, in the event that Buyer shall not have delivered a Due
Diligence Termination Notice on or prior to the expiration of the Due Diligence Period in accordance with Section 5.1 above, and shall have obtained direct knowledge, based on its due diligence review, examinations and inspections, which
would in any manner contradict any of Seller’s representations and warranties in Sections 7.1(e) through (k), inclusive, as of the Effective Date, Buyer shall disclose such knowledge to Seller in writing and Seller’s
representations and warranties in Sections 7.1(e) through (k), inclusive, shall be deemed modified thereby; provided, however, Buyer’s failure to deliver such written disclosure to Seller, modifying Seller’s
representations and warranties in Sections 7.1(e) through (k), inclusive, as of the Effective Date, shall in no event be deemed a breach or default by Buyer hereunder, but Buyer’s actual knowledge of the inaccuracy or
incompleteness of Seller’s representations and warranties in Sections 7.1(e) through (k), inclusive, as of the Effective Date, shall be deemed to be included within those warranties and representations contained in Seller’s
recertification delivered pursuant to Section 8.3(i) of this Agreement which are no longer true, correct and complete as of the Closing Date. 

7.2. Buyer’s Representations and Warranties. Buyer hereby represents and warrants to Seller as follows: 

(a) Buyer’s Existence. Buyer is a corporation, duly organized, validly existing and in good standing under the laws of the State
of Maryland and is, or shall be prior to Closing, qualified to do business in the State of Georgia. 
 (b) Authority. Buyer has full
power and authority to purchase the Hotel and to comply with the provisions of this Agreement. The execution and delivery of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated by this Agreement are within
Buyer’s capacity and all requisite action has been taken to make this Agreement valid and binding on Buyer in accordance with its terms. 

(c) No Legal Bar. The execution by Buyer of this Agreement and the consummation by Buyer of the transaction hereby contemplated does
not and on the Closing Date will not (i) result in any material breach of or default under any indenture, agreement, instrument, or obligation to which Buyer is a party, or (ii) constitute a violation in any material respect of any Legal
Requirement. 

  
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 (d) Ability to Close. Buyer has the financial capability to pay the Purchase Price and
perform and observe the duties and obligations of Buyer under this Agreement on a timely basis. Buyer acknowledges that Buyer’s ability to arrange debt or equity financing is not a condition of Buyer’s obligation to purchase the Hotel.

 (e) Litigation and Other Proceedings. There are no judgments unsatisfied against Buyer or consent decrees or injunctions to which
Buyer is subject, and there is no litigation, claim or proceeding pending or, to Buyer’s knowledge and belief, threatened against or relating to Buyer, nor does Buyer know or have reasonable grounds to know of any basis for any such action or
of any governmental investigation relative to Buyer. Buyer is not in the hands of a receiver nor has it commenced a voluntary bankruptcy proceeding or consented to or acquiesced in an involuntary bankruptcy with respect to Buyer, nor has an act of
bankruptcy or an order for relief been entered with respect to Buyer. 
 The representations and warranties of Buyer under this
Section 7.2 shall survive Closing for six (6) months. 
 7.3. Anti-Terrorism Laws. 

(a) Neither Buyer, nor Seller nor, to such party’s knowledge, any of its respective direct or indirect owners, is in violation of any
laws or regulations relating to terrorism or money laundering (“Anti-Terrorism Laws”), including, without limitation, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (as modified,
supplemented or amended from time to time, the “Executive Order”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

(b) Neither Buyer, nor Seller nor, to such party’s actual knowledge, any of its respective direct or indirect owners, brokers or other
agents acting or benefiting from the transaction contemplated by this Agreement, is a Prohibited Person. A “Prohibited Person” is any of the following: 

(i) A person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 

(ii) A person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is
otherwise subject to the provisions of, the Executive Order; 
 (iii) A person or entity with whom any lender is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) A person or entity who commits, threatens or conspires to commit
or supports “terrorism” as defined in the Executive Order; or 
 (v) A person or entity that is named as a “specially
designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such
list. 

  
 13 

 (c) Neither Buyer, nor Seller nor, to such party’s knowledge, any of its respective direct
or indirect owners, brokers or other agents acting in any capacity in connection with this transaction has knowingly (i) conducted any business or engaged in making or receiving any contribution of funds, goods or services to or for the benefit
of any Prohibited Person, (ii) dealt in, or otherwise engaged in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or (iii) engaged in or conspired to engage in any transaction that
evaded or avoided, or had the purpose of evading or avoiding, or attempted to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

(d) Neither Buyer, nor Seller shall knowingly (i) conduct any business or engage in making or receiving any contribution of funds,
goods, or services to or for the benefit of any Prohibited Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law
or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and each of Buyer and Seller
shall deliver to the other any certification or other evidence requested from time to time by such party in its reasonable discretion, confirming such party’s compliance herewith). 

(e) The representations and warranties of Buyer and Seller under this Section 7.3 shall survive Closing for one (1) year.

 7.4. Seller’s Covenants. Seller hereby covenants and agrees that, from and after the Effective Date until the Closing Date,
unless otherwise approved in writing by Buyer, Seller shall continue to conduct its business only in the ordinary course of business consistent with past practice. Seller agrees without limitation to the foregoing, to: 

(a) not cause or consent to Manager taking any actions which would result in the failure to maintain the operation of the Hotel in a good and
business-like manner and as required by applicable law; 
 (b) not cause or consent to Manager taking any actions which would result in the
failure to maintain Inventories at levels consistent with the normal operation of the Hotel; 
 (c) not create or suffer any lien or
encumbrance on the Hotel; 
 (d) not cause or permit the removal of the Property except in the ordinary course of business; 

(e) except with respect to the Terminated Contracts, not modify, extend, renew, terminate, replace or otherwise change the terms, covenants
or conditions of, or waive the performance of any other party under, any material contract or agreement affecting the Hotel, or enter into any new agreements affecting the Hotel, in each case without the prior written consent of Buyer; 

  
 14 

 (f) not allow any Permits now in Seller’s name to be cancelled or otherwise expire; 

(g) keep all existing insurance coverage for the Hotel now maintained by Seller in full force and effect; 

(h) not (i) take, or cause or consent to Manager taking, any actions which would result in the modification, extension, renewal,
termination, replacement or other change in the terms, covenants or conditions of, or waiver of the performance of any other party under, any Service Contracts (other than the Terminated Contracts, which shall be terminated at or prior to Closing)
or equipment leases, or (ii) enter into, or cause or consent to Manager entering into, any new Service Contracts or equipment leases, unless (y) in the ordinary course of business and/or (z) to replace any Service Contract or
equipment lease which expires prior to the Closing Date; 
 (i) not cause or permit the modification, extension, renewal, termination,
replacement or other change in the terms, covenants or conditions of, or waiver of the performance of any tenant under, any Lease, or enter into any new Leases; 

(j) use commercially reasonable efforts to cause the Manager to continue to collect Accounts Receivable prior to Closing; 

(k) except as otherwise permitted hereby, not knowingly take any action or fail to take action the result of which would have a material
adverse effect on the Hotel or Buyer’s ability to continue the operation thereof after the date of Closing in substantially the same manner as presently conducted, or that would cause any of the representations and warranties contained in this
Agreement to be materially untrue as of Closing; 
 (l) use and operate the Hotel in substantial compliance with Legal Requirements and the
material requirements of any mortgage, lease, occupancy agreement and insurance policy affecting the Hotel; 
 (m) not enter into, and not
allow its managing agent to, any new employment agreements that would be binding on Buyer or, following the Closing, the Hotel and (2) not change, modify, extend, renew or terminate any employment agreement in effect as of the date hereof that
would be binding on Buyer or, following the Closing, the Hotel; and 
 (n) use its commercially reasonable efforts to cause the assignment
of the Preferred Hotel Group Agreement, the Sixt Agreement and the ATM Agreement to Buyer. 
 Section 8. Closing, Closing
Conditions, and Closing Obligations. 
 8.1. Closing. The closing of the transaction contemplated hereby (the
“Closing”) shall occur in escrow on or before March 24, 2014 (the “Closing Date”), at a time no later than 3:00 P.M. Eastern Time; provided, that, Buyer may, upon at least three (3) Business Days prior
written notice to Seller, accelerate the Closing Date (subject to Seller’s ability to correspondingly accelerate the cancelation or termination of the Terminated Contracts and any 

  
 15 

 
other contracts or agreements to be cancelled or terminated by Seller prior to or concurrent with the Closing). Buyer acknowledges that having the Closing on or before the Closing Date is an
essential inducement for Seller to close and Seller would not sell the Hotel for the Purchase Price set forth herein were the Closing otherwise to occur after the Closing Date. Notwithstanding the foregoing to the contrary, if requested in writing
by Buyer, Seller may (but in no event shall Seller be under any obligation to) agree to an extension of the Closing Date. Notwithstanding anything contained in this Agreement to the contrary, upon written notice from Buyer to Seller delivered on or
before the Closing Date, Buyer shall have the one-time right to extend the Closing Date to April 14, 2014, provided that Buyer deposits with Escrow Agent an additional One Million Dollars ($1,000,000.00) prior to the Closing Date. The
additional $1,000,000.00 deposit shall, together with the initial $1,000,000.00, and any interest accrued thereon, collectively constitute the Earnest Money, if applicable. 

8.2. Conditions to Closing. 

(a) Seller’s Closing Conditions. Notwithstanding anything in this Agreement to the contrary, in addition to any other pre-closing
obligations or closing conditions contained herein, any and all of Seller’s obligations under this Agreement, including without limitation, the obligation of Seller to sell the Hotel to Buyer, are conditioned upon the occurrence of each and all
of the following events (collectively, “Seller’s Closing Conditions”): 
 (i) On or before the Closing Date, Buyer
delivering the balance of the Purchase Price to Seller (through Escrow Agent) as provided in this Agreement; 
 (ii) The representations
and warranties of Buyer set forth in Section 7.2 and Section 7.3 above and Section 15.4(b) below shall be true and correct as of the Closing Date; 

(iii) On or before the Closing Date, Buyer shall have delivered all of the Conveyance Documents to which it is a party to Escrow Agent, as
provided in Section 8.3 below; 
 (iv) Buyer shall have performed any and all of its material obligations under this Agreement;
and 
 (v) All requirements and obligations set forth in Section 14 of this Agreement, which are required to be completed as of
the Closing Date, as applicable, and if at all, shall have been satisfied. 
 (b) Buyer’s Closing Conditions. Notwithstanding
anything in this Agreement to the contrary, in addition to any other pre-closing obligations or closing conditions contained herein, any and all of Buyer’s obligations under this Agreement, including, without limitation, the obligation of Buyer
to purchase the Hotel from Seller, are conditioned upon the occurrence of each and all of the following events (collectively, “Buyer’s Closing Conditions”): 

(i) On or before the Closing Date, Buyer’s receipt of evidence of the termination of the Terminated Contracts, in each case, effective
on or before the Closing Date; and 

  
 16 

 (ii) The representations and warranties made (or deemed made) by Seller in
Section 7.1, and Section 7.3 above and Section 15.4(a) below shall be true and correct in all material respects as of the Closing Date; 

(iii) On or before the Closing Date, Seller shall have delivered all of the Conveyance Documents to which it is a party (or which it is
otherwise obligated to deliver) to Escrow Agent, as provided in Section 8.3 below; 
 (iv) Seller shall have delivered, or
caused to be delivered, to Buyer true, correct and complete copies of all Permits, all Service Contracts (other than the Terminated Contracts), all Records and Plans and all Hotel Financial Statements, to the extent in Seller’s possession or
control; 
 (v) Seller shall have performed any and all of its material obligations under this Agreement; 

(vi) The Land shall be, in all material respects, in the same condition that it was at the end of the Due Diligence Period; 

(vii) On or before the Closing Date, Seller shall have executed, acknowledged and delivered an owner’s affidavit to the Title Company,
in such form and substance as reasonably required by the Title Company, to permit the Title Company to delete the “parties in possession” (other than tenants under Leases) and the “mechanics’ or materialmans’ liens”
(other than for amounts to be paid under the Existing Construction Contract for work to be performed after Closing) exceptions from the Title Policy to be issued to Buyer and to delete therefrom any other standard exceptions that are typically
deleted from a title policy by the delivery of an owner’s affidavit, so long as the statements contained in such owner’s affidavit are (i) true and correct, and (ii) the owner’s affidavit contains the following: 

“All statements made in this Certification are made to the “knowledge of Seller,” which term for purposes of this Certification
shall mean the “actual knowledge” of Seller, and shall include the knowledge of all employees, officers, and/or directors of Seller, which employs the persons associated with Seller who are the most familiar with the ownership and
operation of the property. 
 The individual executing this Certification on behalf of Seller is doing so solely in his or her capacity as
                     of Seller and by his or her signing below hereby certifies, represents and warrants to the Title Company that the statements
made herein are true and correct to his or her knowledge, and that he or she (a) is duly authorized to execute and deliver this Certification on behalf of Seller, (b) has read, or has heard read to him or her, the full facts of this
Certification, and understands its context and (c) 

  
 17 

 fully understands the legal ramifications of any misrepresentation and/or untrue statements made
herein. Notwithstanding anything to the contrary contained in this Certification, no personal liability or recourse shall be had against the individual executing this affidavit on behalf of Seller in connection with this Certification and the
matters set forth herein.” 
 (viii) On or before the Closing Date, if any title report or update thereto discloses judgments,
bankruptcies or other returns against other persons having names the same as, or similar to, that of Seller, Seller shall, if requested, deliver to the Title Company affidavits showing that such judgments, bankruptcies or other returns are not
against Seller in order to induce the Title Company to omit exceptions with respect to such judgments, bankruptcies or other returns (or to insure over them); 

(ix) On the Closing Date, the Title Company shall be irrevocably committed to issuing to Buyer a 2006 ALTA Owner’s Policy of Title
Insurance (with extended coverage if Buyer so elects), along with any endorsements desired by Buyer which are available in the State of Georgia, insuring the fee simple interest being vested in Buyer as of the Closing Date, in the full amount of the
Purchase Price, subject only to the Permitted Exceptions and any exceptions for “mechanics’ or materialmans’ liens” with respect to amounts to be paid under the Existing Construction Contract for work to be performed after
Closing (the “Title Policy”), subject to Buyer’s obligation to pay the premiums, fees, costs and expenses to the Title Company in accordance with Section 8.5(b) below; and 

(x) All requirements and obligations set forth in Section 14 below, which are required to be completed as of the Closing Date, as
applicable, and if at all, shall have been satisfied. 
 Seller’s Closing Conditions and Buyer’s Closing Conditions are referred to herein
together as the “Closing Conditions.” 
 8.3. Conveyance Documents and Deliverables. On or before the Closing Date,
Seller and Buyer shall execute and deliver the following, as applicable, to Escrow Agent (collectively, the “Conveyance Documents”): 

(a) A limited warranty deed (the “Limited Warranty Deed”) in the form attached hereto as Exhibit F conveying fee
simple title to the Land and the Alleyway Parcel, subject only to the Permitted Exceptions; 
 (b) A Transfer of Development Rights, in
form and substance reasonably satisfactory to Seller and Buyer, transferring to Buyer all of Seller’s right, title and interest in any rights conveyed to Seller pursuant to that certain Transfer of Development Rights, dated as of
October 22, 2013, by CSC Georgian Terrace Limited Partnership, to CSC Georgian Terrace Limited Partnership, recorded in Deed Book 53283, Page 625, Fulton County, Georgia records; 

(c) A completed Georgia transfer tax declaration as required by the State of Georgia to acknowledge the consideration paid for the Hotel;

  
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 (d) A Certificate of Non-Foreign Status and a Withholding Certificate, each from and executed by
Seller in the form required by applicable law, and such other certificates or affidavits as may reasonably be requested in order to establish that Seller is not a foreign person or a nonresident person for purposes of Section 1445 of the Code
and Georgia law, respectively; 
 (e) A closing statement (the “Closing Statement”) executed by Buyer and Seller, which
shall include all proration items as set forth in Section 9 below; 
 (f) A Bill of Sale executed by Seller in the form
attached hereto as Exhibit G transferring the Property to Buyer; 
 (g) An Assignment of Other Contracts and Agreements, Leases and Rents,
Intangible Property, Software Programs, Bookings, Service Contracts and Other Property (the “Assignment of Leases and Contracts”) executed by Seller and Buyer in the form attached hereto as Exhibit H; 

(h) A certificate of Buyer recertifying all of the representations and warranties in Section 7.2 and Section 7.3
above and Section 15.4(b) below made by Buyer as of the Closing Date, or, if Buyer cannot give a recertification of all such representations and warranties in Section 7.2 and Section 7.3 above and
Section 15.4(b) below made by Buyer, then a certificate of Buyer recertifying those representations and warranties in Section 7.2, Section 7.3 and Section 15.4(b) made by Buyer that are true, correct
and complete as of the Closing Date and a certification addressing in what respect any other such representations or warranties in Section 7.2, Section 7.3 or Section 15.4(b) are no longer true, correct and
complete as of the Closing Date; 
 (i) A certificate of Seller recertifying all of the representations and warranties in
Section 7.1 and Section 7.3 above and Section 15.4(a) below made (or deemed made) by Seller as of the Closing Date, or, if Seller cannot give a recertification of all such representations and warranties in
Section 7.1 and Section 7.3 above and Section 15.4(a) below made (or deemed made) by Seller, then a certificate of Seller recertifying those representations and warranties in Section 7.1,
Section 7.3 or Section 15.4(a) made (or deemed made) by Seller that are true, correct and complete as of the Closing Date and a certification addressing in what respect any other such representations or warranties in
Section 7.1, Section 7.3 or Section 15.4(a) are no longer true, correct and complete as of the Closing Date; 

(j) Documentation to establish, to Buyer’s and the Title Company’s reasonable satisfaction, the due authority of Seller to sell the
Hotel and deliver the documents required to be delivered by Seller pursuant to this Agreement, including, but not limited to, any certificates of incumbency and/or authorizing resolutions; 

(k) Documentation to establish, to Seller’s and the Title Company’s reasonable satisfaction, the due authority of Buyer to purchase
the Hotel and deliver the documents required to be delivered by Buyer pursuant to this Agreement, including, but not limited to, any certificates of incumbency and/or authorizing resolutions; and 

(l) Discharges, satisfactions and/or other documentation, executed or obtained by Seller, in form and substance reasonably required by the
Title Company, to remove, satisfy or omit as exceptions from the Title Policy any liens or other encumbrances other than the Permitted Exceptions. 

  
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 8.4. Buyer’s Closing Obligations. On or before 10:00 A.M. Eastern Time on the
Closing Date, Buyer shall deliver the balance of the Purchase Price (i.e., less the Earnest Money already being held by Escrow Agent) to Escrow Agent in immediately available funds by wire transfer to such account or accounts that Escrow Agent shall
designate in writing to Buyer. Provided Seller has performed, satisfied and observed all of its obligations under this Agreement, on or before 3:00 P.M. Eastern Time on the Closing Date, Buyer shall direct and cause Escrow Agent to pay the entire
Purchase Price (including the Earnest Money) to Seller in immediately available funds by wire transfer to such account or accounts that Seller shall have designated in writing pursuant to Section 3.1 above; provided,
however, that such sum shall be adjusted for Closing adjustments and credits pursuant to Section 9 below, and as otherwise provided elsewhere in this Agreement and evidenced in the Closing Statement. 

8.5. Closing Costs. Expenses in connection with the transaction contemplated by this Agreement shall be paid as follows: 

(a) Seller shall pay for the following: (i) Seller’s attorneys’ fees; (ii) the Georgia transfer tax on the conveyance of
the Hotel; (iii) one-half (1/2) of Escrow Agent’s fees (as evidenced by written invoice(s)); (iv) one-half (1/2) of any closing services fees charged by the Title Company; (v) all recording and filing fees in connection
with the recording of the Conveyance Documents and all discharges, satisfactions and other documentation required for the delivery of title to the Hotel in accordance with the provisions of this Agreement; and (vi) all fees, commissions and
other compensation to Seller’s Broker, if any. 
 (b) Buyer shall pay for any additional costs associated with the transaction
contemplated by this Agreement that shall be incurred by Buyer, including, without limitation, the following: (i) Buyer’s attorneys’ fees; (ii) the title insurance premiums for the Title Policy, including, without limitation, all
costs and charges for all endorsements or deletions to the Title Policy required by Buyer; (iii) the costs of any title, UCC, lien or judgment searches, if any; (iv) the cost of all surveys and survey updates; (v) recording and filing
fees for any agreements, instruments or other documents (other than the Conveyance Documents and the other documents as set forth in Section 8.5(a)(v) above) required to be recorded and/or filed by Buyer in connection with the
transactions contemplated by this Agreement; (vi) one-half (1/2) of Escrow Agent’s fees; and (vii) one-half (1/2) of any closing services fees charged by the Title Company. 

(c) The provisions of this Section 8.5 and the obligations of Seller and Buyer hereunder shall survive the Closing or the earlier
termination of this Agreement. 
 Section 9. Prorations and Adjustments. Any and all taxes, assessments, charges, expenses,
“Room Revenues” (as defined below), income and adjustments for Inventory, Accounts Receivable, “Trade Payables” (as defined below), and other items shall be either credited towards or charged against the Purchase Price in
accordance with this Section 9. 
 9.1. Adjustments. Seller shall be responsible for and shall pay (or credit Buyer for)
all liabilities, including, without limitation, all real property, personal property, sales 

  
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 and use taxes, liquor taxes, meals taxes, room taxes and any other taxes or charges that are, or with the passage
of time or giving or recording of notice would be, a lien on the Hotel or payment of which is a condition to the transfer of any permit or license (other than for the issuance or transfer of a liquor license for the Hotel, which cost shall be the
sole responsibility of Buyer) or which are otherwise attributable to the Hotel, which accrue (even if the amount is not yet due and payable) with respect to the Hotel with respect to all periods prior to the Closing, and Buyer shall be responsible
for and shall pay all liabilities, including, without limitation, all real property, personal property, sales and use taxes, liquor taxes, meal taxes, room taxes, and any other taxes or charges which accrue (even if the amount is not yet due and
payable) with respect to the Hotel with respect to all periods from and after the Closing. 
 For the avoidance of doubt, Seller is selling,
and Buyer is purchasing from Seller, as of the Cut-Off Time, all of the Inventory and Hotel (including, but not limited to, all machinery, equipment, fixtures, inventory and articles of Property and accessions thereof and renewals, replacements
thereof, and substitutions therefor, other customary hotel equipment and other tangible and intangible property of every kind and nature whatsoever owned by Seller located upon the Land and the Improvements, or appurtenant thereto, and usable in
connection with the operation and occupancy of the Land and the Improvements, including all electronic and internet based data and management systems, and all building equipment, materials, and supplies of any nature whatsoever owned by Seller
located upon the Land and the Improvements, or appurtenant thereto, or usable in connection with the operation and occupancy of the Land and the Improvements), and, except as provided in Section 14 below, there will be no prorations or
adjustments therefor. 
 Unless otherwise provided below, the following are to be adjusted and prorated on a per diem basis between Seller
and Buyer as of the Cut-Off Time, based upon a 365 day year, and the net amount thereof under this Section 9.1 and Section 9.3 below shall be added to (if such net amount is in Seller’s favor) or deducted from (if such
net amount is in Buyer’s favor) the Purchase Price payable at the Closing: 
 (a) Taxes and Assessments. All real estate and
personal property taxes and assessments (including, without limitation, special assessments and improvement assessments) levied against the Hotel shall be prorated as of the Cut-Off Time between Buyer and Seller. If the amount of any such taxes and
assessments is not ascertainable on the Closing Date, then the proration for such taxes and assessments shall be estimated based upon the most recent available bill; provided, however, that after the Closing, Seller and Buyer shall
re-prorate the taxes and pay any deficiency in the original proration to the other party promptly upon receipt of the actual bill for the relevant taxable period. In the event that the Hotel or any part thereof shall be or shall have been affected
by an assessment or assessments which are payable in installments, Seller shall, at the Closing, be responsible for payment of any installments due prior to the Closing and Buyer shall be responsible for payment of any installments due on or after
the Closing, provided, that, such assessments shall in any event be prorated between Buyer and Seller as of the Cut-Off Time. The re-proration obligation in this Section 9.1(a) shall survive the Closing. 

(b) Water and Sewer Charges, Utilities. All utility services shall be prorated as of the Cut-Off Time between Buyer and Seller. To the
extent possible, readings 

  
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shall be obtained for all utilities as of the Cut-Off Time. If not possible, the cost of such utilities shall be prorated between Seller and Buyer by estimating such cost on the basis of the most
recent bill for such service; provided, however, that after the Closing, Seller and Buyer shall re-prorate the amount for such utilities and pay any deficiency in the original proration to the other party promptly upon receipt of the
actual bill for the relevant billing period. Seller shall receive a credit for all deposits transferred to Buyer or which remain on deposit for the benefit of Buyer with respect to such utility contracts; otherwise, such deposits shall be refunded
to Seller. The re-proration obligation in this Section 9.1(b) shall survive the Closing. 
 (c) Service Contracts; Equipment
Leases; ATM Agreement; Sixt Agreement. Charges and payments (including the reimbursement of expenses, if applicable) under all Service Contracts (that are not Rejected Service Contracts), all Equipment Leases, the ATM Agreement, and the Sixt
Agreement shall be prorated as of the Cut Off Time between Buyer and Seller. 
 (d) Room Revenues; Other Revenues. Except to the
extent an adjustment or proration is made under another subsection of this Section 9.1, (i) Buyer shall be entitled to all revenues earned from the operation of the Hotel, (other than revenues from the rental of guest rooms of the
Hotel together with any sales or other taxes thereon collected by Seller or Manager (the “Room Revenues”) which are covered in Section 9.3 below), including, without limitation, revenues from the sale of food, the sale
of alcoholic and non-alcoholic beverages, rental of meeting and banquet rooms, telephone sales, pay television sales, valet and parking services, gift shop revenue, and other similar revenues, together with any sales tax or other taxes thereon from
and after the Cut-Off Time, and (ii) Seller shall pay to Buyer, as applicable, on the Closing Date an amount equal to the sum of the following items: (1) one-half (1/2) of the Room Revenues for the night immediately preceding the
Closing Date, and (2) the value of any complimentary rooms (based upon the “rack” rate for each room) and any complimentary food or beverages (based upon the advertised rate for each food and beverage) provided by Seller for periods
after the Cut-Off Time. 
 (e) Miscellaneous Revenues; Parking. Revenues, if any, arising out of telephone booths, vending machines,
parking or other income producing agreements, on an if, as and when collected basis, including, without limitation, monthly parking payments or other prepaid parking payments. 

(f) Inventory. Seller shall receive a credit for all Inventory and retail merchandise in unopened cases as of the Cut-Off Time in an
amount equal to the actual cost (including sales and/or use tax actually paid by or on behalf of Seller) for such items. 
 (g)
Preferred Hotel Group Agreement. Any amounts which are due and payable under the Preferred Hotel Group Agreement with respect to revenues for the rental of hotel rooms that are actually received by Seller prior to the Cut Off Time shall be
prorated as of the Cut Off Time. 
 (h) Licenses and Permits. All amounts prepaid, accrued or due and payable under any licenses or
permits (including, without limitation, the Permits) transferred to Buyer shall be prorated as of the Cut-Off Time between Seller and Buyer. Seller shall receive a credit for all deposits made by Seller under any such licenses and permits which are
transferred to Buyer or which remain on deposit for the benefit of Buyer. 

  
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 (i) Deposits for Bookings. Buyer shall receive a credit for all prepaid deposits for all
bookings and reservations for guest, conference, meeting and banquet rooms or other facilities at the Hotel scheduled for accommodations or events on or after the Cut-Off Time, except to the extent such deposits are transferred to Buyer, and for all
other amounts prepaid by guests or other customers for accommodations or events occurring on or after the Cut-Off Time. 
 (j)
Restaurants and Bars, Etc. Seller shall cause Manager to close out the transactions in the restaurants and bars in the Hotel as of the Cut-Off Time and all revenues with respect thereto and with respect to other services to guests of the
Hotel, including, without limitation, health club revenues, room service revenues and banquet revenues, if any, shall be prorated between Seller and Buyer as of the Cut-Off Time. 

(k) Vending Machines. Seller shall remove all monies from all vending machines, laundry machines, pay telephones and other
coin-operated equipment as of the Cut-Off Time and shall retain all monies collected therefrom as of the Cut-Off Time, and Buyer shall be entitled to any monies collected therefrom after the Cut-Off Time. 

(l) Trade Payables. Except to the extent an adjustment or proration is made under another subsection of this Section 9.1,
(i) Seller shall cause to be paid in full prior to the Closing all amounts payable to vendors or other suppliers of goods or services to the Hotel (the “Trade Payables”) which are due and payable as of the Closing Date for
which goods or services have been delivered to the Hotel prior to the Closing, and (ii) Buyer shall receive a credit for the amount of such Trade Payables which have accrued, but are not yet due and payable as of the Closing Date, and Buyer
shall pay all such Trade Payables accrued as of the Closing Date when such Trade Payables become due and payable up to the amount of such credit; provided, however, Seller and Buyer shall re-prorate the amount of any such credit for
any Trade Payables and pay any deficiency in the original proration to the other party promptly upon receipt of the actual bill for such goods or services. Seller shall receive a credit for all advance payments or deposits made with respect to any
Property, including, without limitation, furniture, fixtures, and equipment, retail merchandise, property, equipment and Inventories, which were ordered, but not yet delivered to the Hotel prior to the Closing Date, and Buyer shall pay the amounts
which become due and payable for all such items which were ordered but not delivered prior to the Closing. The re-proration obligation in this Subsection 9.1(l) shall survive the Closing. 

(m) Cash. Seller shall receive a credit for all cash on hand at the Hotel and all cash on deposit in any house bank at the Hotel as of
the Closing and all such cash on hand and cash on deposit in any house bank at the Hotel shall be transferred to and belong to Buyer from and after the Closing. Seller shall retain all amounts in any operating accounts of the Hotel in any bank, and
there shall be no credit or adjustment hereunder with respect to such cash. 
 (n) Gift Certificates. Buyer shall receive a credit
at Closing for all outstanding gift certificates which, upon the redemption of such gift certificates, Buyer would be obligated to honor. 

  
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 (o) Other. If applicable, the Purchase Price shall be adjusted at the Closing to reflect
the adjustment of any other item which, (i) under the explicit terms of this Agreement is to be apportioned at the Closing, or (ii) is customarily prorated at the closing of similar transactions in accordance with the Uniform System of
Accounts for the Lodging Industry, Tenth Revised Edition, 2006. 
 (p) Employee Employment Status. 

(i) Seller has no employees. All personnel providing services at the Hotel are employees of the Manager. At or prior to the Closing, Seller
shall cause to be terminated at Seller’s sole cost (without any payment of any termination fee, termination penalty or termination damages by Buyer) the Management Agreement effective as of the Cut-off Time. 

(ii) In the event that Buyer elects not to engage the Manager to manage the Hotel after the Closing then Buyer’s management company
shall have the right, but not the obligation, to extend offers of employment to some or all employees providing services at the Hotel, which are terminated by Manager on such terms and conditions as are determined solely in Buyer or Buyer’s
management company’s discretion. Buyer shall provide Seller with written notice at least five (5) days prior to Closing of the identity of those employees to be employed by Buyer or Buyer’s management company (the “Retained
Employees”). In the event that Buyer or Buyer’s new management company elects to employ such Retained Employees then (A) Buyer shall (1) honor and credit each such employee’s unused accrued or earned vacation, sick time off
or other paid time off and (2) be responsible for the payment of such Accrued Pay to such employees when payable in accordance with applicable law and (B) Seller shall provide Buyer with a credit to the purchase price in an amount equal to
100% of the Accrued Pay (as defined below) as of the Cut-Off Time of any such Retained Employees. All Compensation (as defined below) due and payable to such employees shall be prorated as of the Cut-Off Time, other than severance pay (and Accrued
Pay (which is addressed above)). In addition, in the event that Buyer elects not to engage the Manager to manage the Hotel after the Closing, (W) Seller and/or Manager shall pay the cost of any and all severance pay due and payable to any such
employee not part of the Retained Employees, and Buyer (or Buyer’s management company) shall be responsible for any severance payable to any Retained Employee terminated after the Closing, (X) Accrued Pay due to Seller’s management
company’s employees shall be the sole responsibility and obligation of and shall be paid promptly by Seller or Manager, other than any Accrued Pay for which Buyer has received a credit under the first sentence of this subsection (ii),
(Y) Seller shall indemnify and defend Buyer and its new management company, from and against any and all claims, causes of action, proceedings, judgments, damages, penalties and liabilities made, assessed or rendered against Buyer and its new
management company and any costs and expenses (including reasonable attorneys’ fees, court costs and other disbursements) incurred by Buyer and its management company with respect to claims, causes of action, judgments, damages, penalties and
liabilities asserted by such employees (excluding Retained Employees) arising out of or related to the termination of such employees by Manager or the failure of Seller or Manager to comply with the provisions of this subsection, including, but not
limited to failure to comply with COBRA and the WARN Act, including, without limitation the medical coverage continuation requirements of COBRA to any persons who are as of the Closing, or thereafter become, entitled to such rights by virtue of the
maintenance of any group health plan 

  
 24 

 
by Manager any affiliated company of Manager and (Z) Buyer shall indemnify and defend Seller and Manager from and against any and all claims, causes of action, proceedings, judgments,
damages, penalties and liabilities made, assessed or rendered against Seller and Manager and any costs and expenses (including reasonable attorneys’ fees, court costs and other disbursements) incurred by Seller and Manager with respect to
claims, causes of action, judgments, damages, penalties and liabilities asserted by Retained Employees arising out of or related to any termination of Retained Employees by Buyer or its new manager after the Closing or the failure of Buyer or its
new manager to comply with the provisions of this subsection, including, but not limited to failure to comply with COBRA and the WARN Act. 

(iii) In the event that Buyer elects to engage Manager to manage the Hotel after the Closing then Buyer shall receive a credit to the
Purchase Price in an amount equal to 100% of the Accrued Pay (as defined below) as of the Cut-Off Time of all employees of the Hotel that are hired or otherwise retained by Manager. Buyer shall cause Manager to (i) honor and credit each such
employee’s unused accrued or earned vacation, sick time off or other paid time off and (ii) be responsible for the payment of such Accrued Pay to such employees when payable in accordance with applicable law. All Compensation (as defined
below) due and payable to such employees shall be prorated as of the Cut-Off Time, other than severance pay. 
 (iv) For the purposes of
this Section 9.1(p), (A) “Accrued Pay” means the monetary value of any accrued but unpaid salary, vacation days, sick-leave or other paid time-off earned or accrued (whether vested or unvested), pension and welfare
benefits, COBRA benefits, employee fringe benefits, employee termination payments or any other employee benefits by the employees of the Hotel as of the time in question (computed by reference to, as applicable, the rate of the salary and wages
earned by such employees as of the time in question), including all employment taxes with respect thereto, (B) “Compensation” means all salaries and wages which the employees of the Hotel are entitled to receive at the time in
question, together with al employment taxes with respect thereto, including, without limitation, any withholding or employer contributions under the Federal Insurance Contribution Act and Federal Unemployment Taxes Act, and all other compensation
accrued and payable to such employees, including without limitation, any (1) customary bonus or incentive compensation and (2) any health, welfare and other benefits provided to such employees under any applicable employee benefit plan and
employer contributions to, and amounts paid or accrued under, any such employee benefit plans for the benefit of such employees, (C) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and
(D) “WARN Act” means the federal Workers Adjustment and Retraining Notification Act, as amended. 
 (q) Existing
Construction Contract. Buyer shall receive a credit at Closing for any amounts that are or will be due and payable under the Existing Construction Contract with respect to both work actually performed thereunder prior to the Closing and for any
future work to be performed after the Closing pursuant to the terms of the Existing Construction Contract. 
 (r) Survival. The
provisions of Section 9.1 and the obligations of Seller and Buyer hereunder shall survive the Closing. 

  
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 9.2. Re-Adjustment. 

(a) If any items to be adjusted pursuant to this Section 9 are not determinable at the Closing, the adjustment shall be made
subsequent to the Closing when the charge is determined. Buyer shall deliver to Seller no later than ninety (90) days following the Closing Date a schedule of prorations setting forth Buyer’s determination of all adjustments to the
prorations made at the Closing that it believes are necessary to complete the prorations as set forth in this Section 9. Any errors or omissions in computing adjustments or readjustments at the Closing or thereafter shall be promptly
corrected or made, provided that the party seeking to correct such error or omission or to make such readjustment shall have notified the other party of such error or omission or readjustment on or prior to the date that is one hundred twenty
(120) days following the Closing. 
 (b) The provisions of this Section 9.2 and the obligations of Seller and Buyer
hereunder shall survive the Closing. 
 9.3. Accounts Receivable. 

(a) Guest Ledger. All revenues received or to be received from transient guests on account of room rents for the period prior to the
night during which the Cut-Off Time occurs shall belong to Seller. At the Closing, Seller shall receive a credit in an amount equal to all amounts unpaid as of the Cut-Off Time charged to the “Guest Ledger” (as defined below) for all room
nights up to the night during which the Cut-Off Time occurs. All amounts attributable to the room rents for the night during which the Cut-Off Time occurs shall be divided equally between Seller and Buyer. For the period beginning on the day
immediately following the Cut-Off Time, such revenues collected from the Guest Ledger shall belong to Buyer. In the event that an amount less than the total amount due from a guest is collected and any such guest continues in occupancy after the
Cut-Off Time, such amount shall be divided between Seller and Buyer pro rata, based on the ratio of the number of days of occupancy before or after the Cut-Off Time, respectively, to the total days of occupancy of such guest during such stay. The
term “Guest Ledger” shall mean any and all charges accrued to the open accounts of any guests or customers at the Hotel for the use and occupancy of any guest, conference, meeting or banquet rooms or other facilities at the Hotel,
any restaurant, bar or banquet services, or any other goods or services provided by or on behalf of Seller. 
 (b) Accounts Receivable
(Other than Guest Ledger). 
 (i) On the Closing Date, Seller shall assign to Buyer all Accounts Receivable that are past due as of the
Closing Date (the “Assigned Accounts Receivable”). Buyer shall pay to Seller an amount equal to the Assigned Accounts Receivable that are up to and including thirty (30) days past due as of the Closing Date, an amount equal to
seventy five percent (75%) of all Assigned Accounts Receivable that are more than thirty (30) days and up to and including sixty (60) days past due as of the Closing Date, and an amount equal to thirty five percent (35%) of all
Assigned Accounts Receivable that are more than sixty (60) days and up to and including one hundred twenty (120) days past due as of the Closing Date. Buyer shall not credit to Seller any amounts for Accounts Receivable more than one
hundred twenty (120) days past due as of the Closing Date. Buyer shall have the sole right to collect and 

  
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retain all such Assigned Accounts Receivable. If any Assigned Accounts Receivable are paid to Seller after the Closing, then Seller shall pay to Buyer the amounts received by Seller within ten
(10) Business Days after receipt of such amounts without any commission or deduction for Seller. 
 (ii) For the purposes of clarity,
the Accounts Receivable addressed in this Section 9.3(b) above shall not include the Guest Ledger, which is addressed in Section 9.3(a) above. 

(iii) The parties’ obligations under this Section 9.3(b) shall survive the Closing. 

Section 10. Additional Covenants. 

10.1. Guests’ Baggage. On the Closing Date, authorized representatives of Buyer and Seller shall take inventory of (a) all
baggage, suitcases, luggage, valises and trunks checked or left in the care of the Hotel, (b) all luggage or other property of guests retained as security for unpaid Accounts Receivable, (c) the contents of any storage room,
(d) parcels, laundry, valet packages and other property checked or left in the care of the Hotel (but excluding safe deposits boxes), and (d) all items contained in the Hotel’s lost-and-found; provided, however, that no
such baggage, suitcases, luggage, valises, trunks, parcels or packages shall be opened. All such baggage and other items shall be sealed and listed in an inventory prepared and signed jointly by the representatives of Buyer and Seller as of the
Closing Date, and all such items shall be the responsibility of Buyer from and after the Closing Date. Buyer agrees to indemnify and hold Seller and Seller’s affiliates and their respective partners, direct and indirect owners, officers,
directors, employees, agents, successors and assigns (collectively, the “Seller Parties”) harmless from and against any and all claims, demands, actions, suits, liability or judgments, including costs and reasonable attorney’s fees,
incurred by them in connection therewith arising from and after the Closing Date. The provisions of this Section 10.1 and the obligations of Seller and Buyer hereunder shall survive the Closing. 

10.2. Guests’ Safe Deposits. On the Closing Date, Seller shall, and shall cause Manager to, make available to Buyer at the Hotel
all receipts and agreements in Seller’s and/or Manager’s possession relating to all safe deposit boxes in use at the Hotel, other than safes or lockboxes, if any, located inside individual guest rooms in the Hotel. From and after the
Closing Date, Seller shall be relieved of any and all obligations and liability in connection with each such safe deposit box, and Buyer shall be solely responsible from and after the Closing Date for the verified contents of all such safe deposit
boxes. Buyer agrees to indemnify and hold Seller and the Seller Parties harmless from and against any and all claims, demands, actions, suits, liability or judgments, including costs and reasonable attorney’s fees, incurred by them in
connection therewith arising from and after the Closing Date. The provisions of this Section 10.2 and the obligations of Seller and Buyer hereunder shall survive the Closing. 

10.3. Permits. Buyer shall be fully responsible for and shall pay all costs and fees required to be paid in connection with the
transfer of any and all Permits currently held by Seller or Manager and assigned to Buyer in accordance with this Agreement, and shall pay all transfer and license fees in connection therewith (other than any taxes, fees, charges or other such
amounts that are attributable to the period prior to the Cut-Off Time, all of which shall be the 

  
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responsibility of Seller), as well as applying for and obtaining any and all new licenses, permits, certificates and/or approvals necessary or appropriate in connection with the ownership of the
Hotel, the operation of the Hotel, and the consummation of the purchase and sale of the Hotel. Buyer shall prosecute its applications in accordance with the rules and procedures set forth under applicable law. Seller shall cooperate in a reasonable
manner to assist Buyer in obtaining the transfer or issuance of such licenses, permits, certificates and approvals. Buyer acknowledges and agrees that it may not be possible to complete such transfers or issuances prior to the Closing. However, the
transfer and/or issuance of such licenses, permits, certificates and/or approvals shall not be a condition precedent to Buyer’s obligations under this Agreement, including, without limitation, Buyer’s obligation to purchase the Hotel. The
provisions of this Section 10.3 and the obligations of Seller and Buyer hereunder shall survive the Closing. 
 10.4. Liquor
License. Buyer shall be solely responsible for obtaining (at Buyer’s own cost and expense) a new liquor license for the Hotel (or, if permitted by the appropriate liquor license authority, the transfer (assignment) of the existing liquor
license for the Hotel to Buyer), and, if appropriate, the issuance of a temporary license for the continued operation of the bars, lounges, restaurants and room service at the Hotel; provided, however, and Buyer covenants and agrees,
that no such new liquor license or temporary license shall be effective until the Closing Date. Seller shall reasonably cooperate with, and shall request that Manager reasonably cooperate with, Buyer’s efforts to obtain such liquor license. In
no event will the granting or approval of a transfer of the liquor license for the Hotel be a condition to closing the transactions contemplated herein. Notwithstanding anything to the contrary contained herein, Seller shall not incur any material
cost or expense or any liability in connection with the transfer of such liquor license or the issuance of a new or temporary liquor license to Buyer, except that Seller shall be responsible for the payment of any taxes, fees or similar charges
incurred during or attributable to the period prior to Closing and owed to any party which are a condition of or inhibit the transfer of the liquor license or the issuance of a new or temporary liquor license. No representations or warranties have
been made by Seller or its agents, employees, successors, assigns or affiliates as to such conveyance or issuance. The provisions of this Section 10.4 and the obligations of Seller and Buyer hereunder shall survive the Closing. 

10.5. Consents and Estoppels. Seller shall not be responsible for any costs and fees required to be paid in connection with obtaining
any necessary third-party consents to the assignment of (i) the Service Contracts (that are not Rejected Service Contracts which shall be terminated at or prior to Closing, and for which no consents shall be required), (ii) the Leases, or
(iii) any other agreements affecting the Hotel, or any costs and fees associated with obtaining any estoppels from such parties under the foregoing agreements as Buyer shall require in its sole discretion. Buyer acknowledges and agrees that it
may not be possible to obtain all such consents and estoppels prior to the Closing, and obtaining such consents and estoppels shall not be a condition precedent to Buyer’s obligations under this Agreement, including, without limitation,
Buyer’s obligation to purchase the Hotel, and Buyer shall remain fully obligated to perform all of its obligations hereunder and to close this transaction even if such consents and estoppels have not been obtained prior to the Closing for any
reason whatsoever. 
 10.6. Reservations. In accordance with this Agreement, Buyer will honor, for its account, all guest and
banquet room and restaurant reservation agreements executed by Seller or Manager and all deposits made thereunder for periods from and after the Closing. Any 

  
 28 

 
deposits made to Seller or Manager before the Closing with respect to confirmed reservations for dates from and after the Closing will be credited to Buyer. Any deposits received by Seller from
and after the Closing with respect to confirmed reservations for dates from and after the Closing shall be forwarded to Buyer upon receipt by Seller. The provisions of this Section 10.6 and the obligations of Seller and Buyer hereunder
shall survive the Closing. 
 10.7. Service Contracts. On or before the fifteenth (15th) Business Day after the Effective Date,
Seller shall notify Buyer in writing of any Service Contracts that Seller has determined cannot be terminated without Seller incurring any costs, expenses or liabilities (collectively, the “Retained Service Contracts”). On or prior
to the expiration of the Due Diligence Period, Buyer shall send a notice (the “Contracts Notice”) to Seller stating which of the Service Contracts, other than the Retained Service Contracts, Buyer elects to have Seller terminate at
or prior to the Closing, and Seller shall terminate such Service Contracts (other than the Retained Service Contracts) (such terminated Service Contracts being the “Rejected Service Contracts”) at or prior to Closing. Any Service
Contracts that are not Rejected Service Contracts (i.e., Service Contracts that are either (a) not listed in the Contracts Notice as Service Contracts Buyer elects to have Seller terminate at Closing or (b) listed in the Contracts
Notice as Service Contracts Buyer elects to have Seller terminate at Closing, but which are Retained Service Contracts), shall be assumed by Buyer at the Closing pursuant to the Assignment of Leases and Contracts delivered at the Closing. The
provisions of this Section 10.7 shall survive the Closing or the earlier termination of this Agreement. 
 Section 11.
Possession; Post-Closing Access to Records. 
 11.1. Subject only to the rights of tenants under the Leases or other occupants under
occupancy or concession agreements which shall be assigned to Buyer at Closing, possession of the Hotel shall be delivered by Seller to Buyer as of 12:01 a.m. on the Closing Date. Notwithstanding the foregoing to the contrary, Buyer hereby covenants
and agrees that following Buyer obtaining possession of the Hotel, Buyer will, subject to the rights of any manager of the Hotel with respect thereto, make available to Seller and its representatives during normal business hours any of its books,
contracts and records relating to the Hotel reasonably required by Seller in connection with tax or litigation matters relating to any period prior to the Closing and will permit Seller, at its sole costs and expense, to make copies thereof,
provided, however, that Seller will maintain the confidentiality of these documents to the extent possible in the context of the proceedings for which the documents are required. The provisions of this Section 11.1 and the
obligations of Seller and Buyer hereunder shall survive the Closing. 
 Section 12. Seller’s Disclaimers; Buyer’s
Indemnification. 
 12.1. Seller’s Disclaimers; Condition of Hotel. Buyer acknowledges and agrees that Buyer shall have the
full opportunity to inspect the Hotel and review such documents and records as it deems necessary or appropriate concerning the Hotel, including, without limitation, the condition of the soil, subsoil, surface or other physical condition of the
Hotel; the existence or nonexistence of hazardous or toxic materials, wastes or substances or archaeological matters, including without limitation, access and gathering rights, burial sites and sites of religious significance; the fitness or
suitability of the Hotel for any particular use or purpose; applicable restrictive covenants, governmental laws, rules, regulations and limitations; the zoning, 

  
 29 

 
subdivision, use, density, location or development of the Hotel; the necessity or availability of any rezoning, zoning variances, conditional use permits, special management area permits,
building permits, time sharing or vacation ownership approvals, environmental impact statements and other governmental permits, approvals or acts; the physical condition of the Hotel, including, without limitation, the structural elements,
foundation, roof, appurtenances, access, landscaping, whirlpool spa, swimming pool and other recreational equipment, and the electrical, mechanical, HVAC, plumbing, sewage and utility systems, facilities and appliances; the Hotel’s compliance
with any building code, OSHA, Americans with Disabilities Act, as amended, and other laws, statutes, regulations or ordinances; the size, dimension or topography of the Hotel; any surface, soil, geologic, drainage, flooding or groundwater conditions
or other physical conditions and characteristics of or affecting the Hotel or adjoining land, such as aircraft overflight, traffic, drainage, flooding, air, hazardous swimming conditions and riptides, and its investment value or resale value. Except
as otherwise expressly provided in this Agreement and the Conveyance Documents, the Hotel is being sold “AS IS, WHERE IS, WITHOUT REPRESENTATION OR WARRANTY.” Except for the representations expressly provided in this Agreement and the
Conveyance Documents, neither Seller’s nor Manager’s employees or agents, nor any other person has been authorized to make any representations about the state, condition or use of the Hotel on behalf of Seller or otherwise, and Buyer shall
not rely upon (and Seller shall not be responsible for the truth or accuracy of) any such representation. 
 12.2. Buyer’s
Indemnification. Buyer shall indemnify, defend and hold harmless Seller and the Seller Parties from and with respect to, at Buyer’s sole expense, any and all claims, demands, causes of action, liability, damages, losses, fines, penalties,
taxes, costs or expenses (including, without limitation, reasonable attorneys’ fees) which, whether insured against or not, may be asserted against, incurred by or paid by Seller in connection with, by reason of, or arising out of any
transaction, contract, act, activity, event, or occurrence relating to the ownership, use, management, or operation of any of the Hotel from and after the Closing Date. In the event that Seller shall be entitled to indemnification pursuant to the
provisions of this Section 12.2, such indemnification shall be in addition to and not in lieu of any other remedies that Seller may have at law or equity. The provisions of this Section 12.2 shall survive the Closing. 

Section 13. Default and Termination. 

13.1. Seller’s Termination. 

(a) Seller may terminate this Agreement at or prior to Closing if any of the Seller’s Closing Conditions set forth in Sections
8.2(a)(i)-(iv) have not been met on or prior to the Closing Date. In the event this Agreement is terminated by Seller pursuant to this Section 13.1(a), then Escrow Agent shall immediately disburse the Earnest Money to Seller,
and upon such disbursement this Agreement shall automatically terminate, and shall be deemed null and void and of no further force or effect, and neither party shall have any rights or obligations against or to the other except those which expressly
survive such termination. Buyer and Seller hereby acknowledge and agree that it would be impractical and/or extremely difficult to fix or establish the actual damage sustained by Seller as a result of such default by Buyer pursuant to this
Section 13.1(a), and agree that the Earnest Money is a reasonable approximation thereof. Accordingly, in the event that Seller terminates this Agreement pursuant to this Section 13.1(a), the Earnest Money shall constitute and
be deemed to be the agreed and liquidated damages of Seller, and shall be paid 

  
 30 

 
by Escrow Agent to Seller as Seller’s sole and exclusive remedy hereunder; provided, however, the foregoing shall not limit Buyer’s obligation to pay to Seller all reasonable
attorneys’ fees and costs of Seller to enforce the provisions of this Section 13.1 or limit Buyer’s indemnification obligations owed to Seller pursuant to this Agreement that survive a termination of this Agreement. The payment
of the Earnest Money as liquidated damages is not intended to be a forfeiture or penalty, but is intended to constitute liquidated damages to Seller. 

13.2. Buyer’s Termination. If there is a material breach or default by Seller in the performance of Seller’s obligations
under this Agreement (including, but not limited to an attempt to terminate this Agreement that is not specifically authorized herein) which is not cured by Seller within a reasonable period (but not more than five (5) Business Days) after
written notice of such breach or default from Buyer to Seller, then, Buyer, at its option and as its sole and exclusive remedy, may either (i) terminate this Agreement, direct Escrow Agent to deliver the Earnest Money to Buyer and retain the
Earnest Money at which time this Agreement shall automatically terminate, and shall be deemed null and void and of no further force or effect, and neither party shall have any rights or obligations against or to the other except those which
expressly survive such termination or (ii) specifically enforce the provisions of this Agreement provided such action seeking specific performance is initiated within ninety (90) days of the scheduled Closing Date. Buyer agrees to, and
does hereby, waive all other remedies against Seller which Buyer might otherwise have at law or in equity by reason of such default by Seller. 

13.3. Post-Closing/Termination Remedies. Notwithstanding anything in this Agreement to the contrary, with respect to those obligations
and liabilities of Seller that are expressly stated to survive the Closing hereunder or earlier termination of this Agreement, in the event Buyer, or any of its partners, members, directors, officers, shareholders, employees, successors and assigns,
incur any damages, claims, suits, liabilities, losses, costs and expenses (including reasonable fees and expenses of counsel actually incurred and court costs actually incurred by Buyer) for a breach of such obligations and liabilities of Seller
that are expressly stated to survive the Closing hereunder or earlier termination of this Agreement, Seller’s liability therefor hereunder shall not apply until the aggregate of all cumulative amounts which would otherwise be due by Seller
hereunder exceeds the sum of Fifty Thousand Dollars ($50,000.00) (the “Loss Basket”); and provided further, that in no event shall Seller’s total liability hereunder exceed in the aggregate the sum equal to five percent
(5%) of the Purchase Price (the “Losses Cap”). Buyer covenants, acknowledges and agrees (i) that Buyer shall not be permitted to recover against Seller for any Losses unless and until the aggregate amount of Losses exceed
the Loss Basket and (ii) that Buyer’s sole and exclusive remedy against Seller for damages hereunder shall be subject to the Losses Cap. 

Section 14. Risk of Loss 

14.1. Subject to the provisions of Section 14.2 and Section 14.3 below, if, on or before the Closing Date,
(i) the Hotel or any portion thereof shall be damaged or destroyed by fire or other casualty or (ii) any Governmental Authority or other entity having condemnation authority shall take the Hotel or any portion thereof or institute an
eminent domain proceeding and the same is not dismissed prior to the Closing, then Seller shall promptly notify Buyer, and at the Closing Seller will credit against the Purchase Price an amount equal to the net insurance or condemnation proceeds
(other than insurance or condemnation proceeds received on account of 

  
 31 

 
business or rental interruption relating to the period prior to the Closing), if any, received by Seller on or prior to the Closing as a result of such casualty or condemnation, plus the amount
of any deductible under any such insurance that has not previously been spent by Seller and less any other amounts reasonably spent by or on behalf of Seller to restore the Hotel. If, as of the Closing Date, Seller has not received all or any
portion of such insurance or condemnation proceeds, then the parties shall nevertheless consummate on the Closing Date the conveyance of the Hotel (without any credit for such as yet unpaid insurance or condemnation proceeds except for a credit to
Buyer for any deductible under any such insurance that has not previously been spent by Seller) and Seller will at the Closing assign to Buyer all rights of Seller, if any, to the insurance or condemnation proceeds (other than on account of business
or rental interruption relating to the period prior to the Closing, but including all business or rental interruption relating to the period on and after the Closing) and to all other rights or claims arising out of or in connection with such
casualty or condemnation, and Buyer may notify all appropriate insurance companies or condemnation authorities of its interest in the insurance or condemnation proceeds, as the case may be. 

14.2. Notwithstanding the provisions of Section 14.1 above to the contrary, if, on or before the Closing Date, the Hotel or any
portion thereof shall be (a) damaged or destroyed by a Material Casualty or (b) taken as a result of a Material Condemnation, then Buyer shall have the right, exercised by notice to Seller as soon as reasonably practical following
Buyer’s receipt of notice of such Material Casualty or Material Condemnation, as the case may be, but in any event, prior to the Closing, to terminate this Agreement, in which event the Earnest Money shall be refunded to Buyer and neither party
shall have any further rights or obligations hereunder other than those which expressly survive the termination of this Agreement. If Buyer fails to terminate this Agreement in accordance with this Section 14.2, then the provisions of
Section 14.1 above shall apply. As used in this Section 14.2, a “Material Casualty” shall mean any damage to the Hotel or any portion thereof by fire or other casualty that, in Buyer’s reasonable
judgment, may be expected to cost in excess of One Million Dollars ($1,000,000) to repair and/or restore. As used in this Section 14.2, a “Material Condemnation” shall mean a taking of the Hotel or any material portion
thereof as a result of a condemnation or eminent domain proceeding or the institution of such proceeding pursuant to a written notice thereof to Seller that, in Buyer’s reasonable determination, materially impairs (or would, when completed,
materially impair) the use or value of the Hotel. 
 14.3. Subject to the provisions of this Section 14, the risk of loss of
damage to the Hotel shall remain with Seller until the occurrence of the Closing. 
 Section 15. Miscellaneous Provisions. 

15.1. Time is of the Essence. Time is hereby expressly declared to be of the essence in this Agreement. 

15.2. No Waiver. No failure by Buyer or Seller to insist upon strict performance by the other party of any of the provisions of this
Agreement shall constitute or be deemed to be a waiver of any such provision, or constitute an amendment or waiver of any such provision by course of performance, and Buyer or Seller, notwithstanding any such failure to insist upon strict
performance, shall have the right thereafter to insist upon the strict performance by the 

  
 32 

 
other party of any and all the provisions of this Agreement. Buyer or Seller may in its sole and absolute discretion waive only in writing any condition set forth in this Agreement, which is for
such waiving party’s sole benefit, in which event the other party shall be obligated to close the purchase of the Hotel upon all of the remaining provisions of this Agreement. 

15.3. Survival of Terms. Any representations, warranties, agreements and obligations of Buyer and Seller set forth in this Agreement
that are expressly stated to survive the Closing or sooner termination of this Agreement shall continue thereafter to be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns, for the
respective period of time that is expressly provided in this Agreement for the survival of such representation, warranty, agreement and/or obligation and, if no such period of time is expressly provided, then for a period of one (1) year. 

15.4. Brokerage. 
 (a)
Seller is represented by Jones Lang LaSalle (“Seller’s Broker”) and Seller shall be solely responsible for all amounts owed Seller’s Broker related to this Agreement. Except for the foregoing, Seller represents and
warrants that no brokers, finders or other similar parties are involved in the transaction described in this Agreement by or on behalf of Seller and that no brokerage commissions or finder’s fees are or will be due or payable as a result
thereof or in any way connected therewith by any party claiming through or under or by reason of the conduct of Seller. Seller shall indemnify, defend, save and hold harmless Buyer from and against any and all claims, demands, actions, losses,
damages, liabilities, fees, costs and expenses (including reasonable attorneys’ fees) which may result from any broker (including Seller’s Broker) or finder, whether licensed or otherwise, claiming through or under or by any reason of the
conduct of Seller as a result of the transactions described in this Agreement or in any way connected therewith. 
 (b) Buyer represents
and warrants that no brokers, finders or other similar parties are involved in the transaction described in this Agreement by or on behalf of Buyer, and that no brokerage commissions or finder’s fees are or will be due or payable as a result
thereof or in any way connected therewith by any party claiming through or under or by reason of the conduct of Buyer. Buyer shall indemnify, defend, save and hold harmless Seller from and against any and all claims, demands, actions, losses,
damages, liabilities, fees, costs and expenses (including reasonable attorneys’ fees) which may result from any broker (excluding Seller’s Broker) or finder, whether licensed or otherwise, claiming through or under or by any reason of the
conduct of Buyer as a result of the transactions described in this Agreement or in any way connected therewith. 
 (c) The provisions of
this Section 15.4 and the obligations of Seller and Buyer hereunder shall survive the Closing or the earlier termination of this Agreement. 

15.5. Governing Law. This Agreement shall be governed by and construed under the laws of the State of Georgia. Any legal action
hereunder shall be filed in a state or federal court located in the City of Atlanta, Fulton County, Georgia only, and Seller and Buyer hereby unconditionally submit themselves to the jurisdiction of the state and federal courts located in the City
of Atlanta, Fulton County, Georgia. 

  
 33 

 15.6. Interpretation of Agreement. The parties acknowledge that both parties have caused
this Agreement to be reviewed and approved by legal counsel of their own choosing. No negotiations concerning or modifications made to prior drafts of this Agreement shall be construed in any manner to limit, reduce or impair the rights, remedies,
duties and obligations of the parties under this Agreement or to restrict or expand the meaning of any of the provisions of this Agreement or to construe any of the provisions of this Agreement in either Buyer’s or Seller’s favor. 

15.7. Sole Agreements; Amendment. This Agreement, the Conveyance Documents and any escrow agreements entered into among Buyer, Seller
and Escrow Agent are the sole and only agreements between the parties and, with the exception of any such escrow agreements, any and all prior oral or written representations, correspondence, letters of intent, and agreements are merged into and
superseded by this Agreement, the Conveyance Documents and any escrow agreements entered into among Buyer, Seller and Escrow Agent, and shall be of no force or effect. Any modifications of this Agreement must be in writing and signed by the parties
hereto. 
 15.8. Partial Invalidity. If any provision hereof is held invalid or not enforceable to its fullest extent, such
provision shall be enforced to the extent permitted by law, and the validity of the remaining provisions hereof shall not be affected thereby, provided that the benefits and obligations of the parties hereunder are not materially altered. 

15.9. No Joint Venture. The execution and performance of this Agreement, Buyer’s and Seller’s review and approval rights
described in this Agreement, the agreements of the parties in this Agreement and the exercise of any rights hereunder are not intended, and shall not be construed, to create a partnership, joint venture or co-tenancy between Seller and Buyer. 

15.10. Assignment. Neither Buyer nor Seller shall directly assign all or any part of its right, title and interest under this
Agreement, without first obtaining the other party’s prior written consent. Notwithstanding the foregoing to the contrary, Buyer may assign all or any part of its right, title and interest under this Agreement to any entity that (a) owns
or controls, or is owned or controlled by or under common ownership or control with, Buyer and/or its direct and/or indirect owners and (b) would not violate the warranties and representations contained in Section 7.3 of this
Agreement if such warranties and representations were made by such entity (“Buyer’s Assignee”), without the prior written consent of Seller, provided Buyer provides prior written notice of such assignment to Seller. Any
assignment made in violation hereof or which does not comply with the provisions hereof is and shall be null and void. 
 15.11. WAIVER
OF JURY TRIAL. SELLER AND BUYER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (OTHER THAN A COMPULSORY COUNTERCLAIM) BROUGHT BY ANY PARTY AGAINST ANOTHER PARTY ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING AND ANY TERMINATION OF THIS AGREEMENT. 

  
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 15.12. Notices. All notices, requests, demands, or documents which are required or
permitted to be given or served hereunder shall be in writing and (a) personally delivered, (b) sent by facsimile transmission (with received confirmation no later than 5:00 p.m. Eastern Time on the day sent), (c) sent by electronic
mail (“E-mail”) (provided that explicit (and not automatically generated) acknowledgement of receipt is received by sender), (d) sent by overnight courier, or (e) sent by registered or certified mail, postage prepaid; and in all
events, addressed as follows: 
  

					
		 	To Seller:	  	CSC Georgian Terrace Limited Partnership
		 		  	c/o Fremont Realty Capital, L.P.
		 		  	199 Fremont Street
		 		  	San Francisco, CA 94105
		 		  	Attn: Matthew J. Reidy
		 		  	E-mail: mreidy@fremontgroup.com
			
		 	with a copy to:	  	Fremont Realty Capital, L.P.
		 		  	199 Fremont Street
		 		  	San Francisco, CA 94105
		 		  	Attention: General Counsel
		 		  	E-mail: lmenachof@fremontgroup.com
			
		 	with a copy to:	  	McKenna Long & Aldridge LLP
		 		  	303 Peachtree Street, Suite 5300
		 		  	Atlanta, Georgia 30308
		 		  	Phone: (404) 527-8510
		 		  	Fax: (404) 527-4198
		 		  	Attn: William F. Stevens
		 		  	E-mail: wstevens@mckennalong.com
			
		 	To Buyer:	  	Sotherly Hotels Inc.
		 		  	410 West Francis Street
		 		  	Williamsburg, Virginia 23185
		 		  	Phone: (757) 229-5648
		 		  	Fax: (757) 564-8801
		 		  	Attn: Andrew M. Sims
		 		  	E-mail: drewsims@sotherlyhotels.com
			
		 	with a copy to:	  	Frost Brown Todd LLC
		 		  	400 West Market Street
		 		  	Suite 3200
		 		  	Louisville, KY 40202-3363
		 		  	Phone: (502) 568-0202
		 		  	Fax: (502) 581-1087
		 		  	Attn: Geoffrey M. White
		 		  	E-mail: gwhite@fbtlaw.com

  
 35 

					
			
		 	with a copy to:	  	Baker & McKenzie LLP
		 		  	815 Connecticut Avenue, NW
		 		  	Washington, DC 20006
		 		  	Phone: (202) 452-7050
		 		  	Fax: (202) 416-6955
		 		  	Attn: Thomas J. Egan Jr.
		 		  	E-mail: thomas.egan@bakermckenzie.com
			
		 	To Escrow Agent:	  	Metropolitan Title Insurance Agency,
		 		  	Inc., 1820 The Exchange, Suite 550,
		 		  	Atlanta, Georgia 30339
		 		  	Phone: (770) 933-0073
		 		  	Fax: (770) 933-0233
		 		  	Attn: Ray Zemanek
		 		  	E-mail: rzemanek@metropolitantitle.biz

 Such addresses, facsimile numbers and E-mail addresses may be changed from time to time by the addressee by serving notice as
heretofore provided. Service of such notice or demand shall be deemed complete on (i) the date of actual delivery as shown by the addressee’s registry or certification receipt or (ii) the date of facsimile transmission by telecopier
if such facsimile transmission is electronically confirmed by the sender to have been received by the addressee before 5:00 p.m. Eastern Time on a Business Day or if transmission is confirmed after 5:00 p.m. Eastern Time or on a day other than a
Business Day, then on the next Business Day and provided that a copy of such notice is also delivered by overnight courier, (iii) the date of delivery if sent by E-mail (provided that explicit (and not automatically generated) acknowledgement
of receipt is received by sender on such day), (iv) if sent by registered or certified mail, postage prepaid, at the expiration of the third (3rd) day after the date of mailing (whether or not actually received by the addressee) or
(v) if sent by overnight courier, postage prepaid, the Business Day following the deposit of such notice with such overnight courier (whether or not actually received by the addressee), whichever is earliest in time. 

15.13. Headings of Sections. The headings of sections and subsections herein are inserted only for convenience of reference and shall
in no way define, limit or describe the scope or intent of any provision of this Agreement. 
 15.14. References to Calendar Days.
Except as expressly provided herein to the contrary, all references to “days” in determining the time for performance shall mean calendar days. 

15.15. Other Parties. Nothing in this Agreement shall be construed as giving any person, firm, corporation or other entity, other than
the parties hereto, their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof. 

15.16. No Other Agreements, Continued Marketing. So long as this Agreement is in effect, Seller shall not market or otherwise show the
Hotel to any other prospective purchasers or accept, negotiate or discuss any offers for the Hotel (whether or not subordinate to this Agreement) from any other prospective purchasers. 

  
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 15.17. Confidentiality. Buyer hereby agrees to maintain the confidentiality, other than
to those of its affiliates, managers, members, partners, shareholders, directors, officers, employees, attorneys, advisors, agents, lenders, prospective lenders, prospective investors and consultants who need to know the information for purposes of
effectuating the transaction contemplated herein, or as required by law, rule or regulation, of (a) all information that is exchanged that is not public information or was made available to Buyer on a confidential basis (b) the fact the
parties have entered into this Agreement and the terms hereof, and (c) the results of the investigations, inspections and tests that are conducted at or with respect to the Hotel. Buyer acknowledges that this provision to maintain
confidentiality is an essential inducement for Seller to enter into this Agreement. Notwithstanding the foregoing, it is acknowledged that Buyer is an affiliate of, a real estate investment trust (the “REIT”), and the REIT has and
will seek to sell shares to the general public; consequently, Buyer shall have the absolute and unbridled right to disclose any information regarding the transaction contemplated by this Agreement required by law or as determined to be necessary or
appropriate by Buyer or Buyer’s attorneys to satisfy disclosure and reporting obligations of Buyer or its affiliates. The provisions of this Section 15.17 and the obligations of Buyer hereunder shall survive the termination of this
Agreement, but shall not survive the Closing. 
 15.18. Interpretation; Joint and Several Liability. The term
“Seller,” whenever used in this Agreement, will include Seller and its successors and permitted assigns. The term “Buyer” will include Buyer and Buyer’s successors and permitted assigns, and as the context
requires, the plural. If there is more than one person who is “Buyer” under this Agreement, then each person will be jointly and severally liable for all of the obligations of Buyer under this Agreement. 

15.19. Signatures of Parties to this Agreement; Counterparts. It is agreed that facsimile, whether scanned, “pdf’d,”
E-mailed or sent telephonically (collectively “FAX”), copies of this Agreement and any related documents will be fully binding and effective for all purposes whether or not originally executed documents are transmitted to Seller,
Buyer or Escrow Agent. FAX signatures on documents will be treated the same as original signatures. However, each party agrees that it will promptly forward originally executed documents to the other party, upon written request. The parties
understand that they must manually sign and deliver original Conveyance Documents, and other documents prior to the Closing Date. It is further agreed that this Agreement and related documents may be executed in any number of counterparts and by
different parties in separate counterparts, each of which when so executed will be considered an original, and all of them put together will form one and the same document, binding upon all of the parties, even though all signatures are not on one
counterpart of the document. 
 15.20. Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to
confer any rights or remedies upon any person, other than the parties hereto, and subject to any restrictions on assignment herein contained, their respective successors and assigns. 

15.21. Knowledge. As used in this Agreement, the words “to Seller’s knowledge,” to “Seller’s actual
knowledge” or words of similar import shall be deemed to mean and shall be limited to, the actual (as distinguished from implied, imputed, or constructive) knowledge of Seller based upon the actual knowledge of Keiri Custodio and Matthew J.
Reidy, the 

  
 37 

 
representatives for Seller most responsible for the Hotel, without any duty on the part of such persons to conduct any independent investigation or make any inquiry of any person or entity,
except for reasonable inquiry of Manager. 
 15.22. Submission Non-binding. This Agreement shall not be binding upon either party
until executed by both Buyer and Seller. Submission of this Agreement by either party shall not bind either party to the provisions of this Agreement as submitted until this Agreement is fully executed. 

15.23. Like-Kind Exchange. Buyer’s rights and obligations under this Agreement may be assigned by Buyer for purposes of securing
a reverse “like-kind” exchange treatment of the Hotel to be conveyed to Buyer under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to the provisions of this Section 15.23, Seller will cooperate
with Buyer and take such actions as may be reasonably necessary to qualify the conveyance of the Hotel pursuant to this Agreement as a reverse “like-kind” exchange under the Code. All expenses relative to the “like-kind” exchange
hereunder, including, without limitation, any fees due to a qualified intermediary or escrow agent, shall be paid by Buyer. Buyer’s rights under this Section 15.23, and Seller’s obligation to cooperate, are subject to such assignment
and cooperation not (i) extending the Closing Date or (ii) increasing Seller’s liability, costs or expenses under this Agreement or the documents executed at Closing. No such assignment by Buyer shall release the original Buyer from
its obligations under this Agreement. 
 15.24. Further Acts. Each party, at the request of the other, shall execute, acknowledge
and/or have notarized (if appropriate) and deliver in a timely manner such additional documents, and do such other additional acts, also in a timely manner, as may be reasonably required in order to accomplish the intent and purposes of this
Agreement. 
 [Balance of page intentionally blank; 

signatures appear on following pages] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

  

			
	SELLER:	 	
	
	CSC GEORGIAN TERRACE LIMITED
	PARTNERSHIP, a Delaware limited partnership
		
	By:	 	 CSC Georgian Terrace GP Corporation, a

		 	Delaware corporation, its General Partner
		
	By:	 	 /s/ MATTHEW J. REIDY

	Name:	 	MATTHEW J. REIDY
	Title:	 	VICE PRESIDENT

 [Signatures continue on following pages] 

  

			
	BUYER:	 	
	
	SOTHERLY HOTELS INC.,
	a Maryland corporation, its general partner
		
	By:	 	 /s/ DAVID R. FOLSOM

	Name:	 	DAVID R. FOLSOM
	Title:	 	PRESIDENT

 [Signatures continue on following pages] 

  

 JOINDER BY ESCROW AGENT 

METROPOLITAN TITLE AGENCY, INC., referred to in this Agreement as “Escrow Agent,” hereby acknowledges that it received this Agreement executed by
Seller and Buyer as of the      day of January, 2014, and accepts the obligations of Escrow Agent as set forth herein. Escrow Agent hereby agrees to hold and distribute the Earnest Money in accordance with the provisions of the
Agreement. 
  

			
	 ESCROW AGENT:

	
	 METROPOLITAN TITLE AGENCY, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 JOINDER BY ESCROW AGENT 

METROPOLITAN TITLE AGENCY, INC., referred to in this Agreement as “Escrow Agent,” hereby acknowledges that it received this Agreement executed by
Seller and Buyer as of the 13th day of January, 2014, and accepts the obligations of Escrow Agent as set forth herein. Escrow Agent hereby agrees to hold and distribute the Ernest Money in
accordance with the provisions of the Agreement. 
  

			
	 ESCROW AGENT:

	
	 METROPOLITAN TITLE AGENCY, INC.

		
	By:	 	 /s/ Ray Zemanek

	Name:	 	 Ray Zemanek

	Title:	 	As President

  

 SCHEDULE OF EXHIBITS 

 

			
	Exhibit A-1:	  	Legal Description of Land
		
	Exhibit A-2:	  	Definition of Property
		
	Exhibit A-3:	  	Legal Description of Alleyway Parcel
		
	Exhibit B:	  	Service Contracts
		
	Exhibit C:	  	Litigation
		
	Exhibit D:	  	Equipment Leases
		
	Exhibit E:	  	Permits
		
	Exhibit F:	  	Limited Warranty Deed
		
	Exhibit G:	  	Bill of Sale
		
	Exhibit H:	  	Assignment of Other Contracts and Agreements, Leases and Rents, Intangible Property, Software Programs, Bookings, Service Contracts and Other Property

  

 EXHBIT A-1 

Legal Description of Land 

Tract 1-A (The Hotel Land) 
 All that tract or
parcel of land lying and being in Land Lot 49 of the 14th District, City of Atlanta, Fulton County, Georgia and being more particularly described as follows: 

To find the TRUE POINT OF BEGINNING, COMMENCE at the point of intersection of the northerly right of way line of Ponce de Leon Avenue (variable right of way)
with the easterly right of way line of Peachtree Street , as such rights of way lines are extended to form an angle instead of a curve; THENCE, along said easterly right of way line of Peachtree Street North 4 degrees 39 minutes 34 seconds East a
distance of 22.52 feet to a nail set, said nail being the TRUE POINT OF BEGINNING; 
 THENCE from THE TRUE POINT OF BEGINNING as thus established,
continue along said easterly right of way line of Peachtree Street North 04 degrees 39 minutes 34 seconds East a distance of 252.91 feet to a nail found; THENCE leaving said easterly right of way of Peachtree Street South 89 degrees 38 minutes 18
seconds East a distance of 150.12 feet to a nail found; THENCE South 04 degrees 29 minutes 44 seconds West a distance of 11.48 feet to a point; THENCE South 85 degrees 23 minutes 10 seconds East a distance of 121.80 feet to a point; THENCE South 05
degrees 06 minutes 26 seconds West a distance of 172.25 feet to a nail set on the northerly right of way line of Ponce de Leon Avenue (variable right of way); THENCE along said northerly right of way line of Ponce de Leon the following courses and
distances: South 87 degrees 13 minutes 14 seconds West a distance of 15.86 feet to a point; South 84 degrees 23 minutes 38 seconds West a distance of 34.49 feet to a point; South 80 degrees 29 minutes 41 seconds West a distance of 20.66 feet to a
point; South 76 degrees 08 minutes 56 seconds West a distance of 33.03 feet to a point; South 71 degrees 59 minutes 39 seconds West a distance of 130.98 feet to a nail set; South 18 degrees 00 minutes 02 seconds East a distance of 8.00 feet to a
nail set; South 71 degrees 59 minutes 58 seconds West a distance of 33.17 feet to a nail set; along a curve to the right with a radius of 15.00 feet and an arc length of 29.49 feet, said curve having a chord bearing of North 51 degrees 40 minutes 14
seconds West and a chord distance of 24.97 feet to a nail set, said nail being the TRUE POINT OF BEGINNING. 
 TOGETHER WITH: 

TRACT 1-B (The Parking Garage Land) 
 All that tract
or parcel of land lying and being in Land Lot 49 of the 14th District, City of Atlanta, Fulton County, Georgia and being more particularly described as follows: 

To find the TRUE POINT OF BEGINNING, COMMENCE at the point of intersection of the northerly right of way line of Ponce de Leon Avenue (variable right
of way) with the easterly right of way line of Peachtree Street , as such rights of way lines are extended to form an angle instead of a curve; THENCE, along said easterly right of way line of Peachtree Street North 4 degrees 39 minutes 34 seconds
East a distance of 22.52 feet to a nail set; THENCE North 04 degrees 39 minutes 34 seconds East a distance of 252.91 feet to a nail found; THENCE leaving said easterly right of way of Peachtree Street South 89 degrees 38 minutes 18 seconds East a
distance of 150.12 feet to a nail found, said nail being THE TRUE POINT OF BEGINNING; 

  
 Exhibit A-1 - Page 1 

 THENCE from THE TRUE POINT OF BEGINNING as thus established, North 04 degrees 45 minutes 42 seconds
East a distance of 200.26 feet to a point on the southerly right of way line of Third Street (variable right of way); THENCE along said southerly right of way line of Third Street South 85 degrees 25 minutes 34 seconds East a distance of 129.10 feet
to a nail set; THENCE leaving said southerly right of way line of Third Street South 04 degrees 27 minutes 16 seconds West a distance of 190.89 feet to a nail set; THENCE North 89 degrees 28 minutes 26 seconds West a distance of 8.17 feet to a nail
set; THENCE South 05 degrees 06 minutes 26 seconds West a distance of 20.36 feet to a point; THENCE North 85 degrees 23 minutes 10 seconds West a distance of 121.80 feet to a point; THENCE North 04 degrees 29 minutes 44 seconds East a distance of
11.48 feet to a nail found, said nail being the TRUE POINT OF BEGINNING. 
 Said tract or parcel is shown as Tract 1-B on that certain
ALTA/ACSM Land Title Survey for Fremont Realty Capital, L.P., CSC Georgian Terrace Limited Partnership, a Delaware limited partnership, and Commonwealth Land Title Insurance Company, dated March 13, 2013, and prepared by Wayne A. Powers,
G.R.L.S. No. 2891 for the firm of Travis Pruitt & Associates, P.C. 
 TOGETHER WITH: 

TRACT 1-C (Development Parcel A) 
 All that tract or
parcel of land lying and being in Land Lot 49 of the 14th District, City of Atlanta, Fulton County, Georgia and being more particularly described as follows: 

BEGINNING at a building corner of a two story building located at the intersection of the southerly right of way line of Third Street (variable right
of way) and the easterly right of way line of Peachtree Street; THENCE along said southerly right of way line of Third Street South 85 degrees 28 minutes 25 seconds East a distance of 140.00 feet to a point; THENCE leaving said southerly right of
way line of Third Street South 04 degrees 46 minutes 19 seconds West a distance of 50.35 feet to a nail found; THENCE North 85 degrees 21 minutes 48 seconds West a distance of 140.00 feet to a point on the easterly right of way line of Peachtree
Street; THENCE along said easterly right of way line of Peachtree Street North 04 degrees 46 minutes 18 seconds East a distance of 50.08 feet to a building corner, said building corner being the TRUE POINT OF BEGINNING. 

Said tract or parcel is shown as Tract 1-C on that certain ALTA/ACSM Land Title Survey for Fremont Realty Capital, L.P., CSC Georgian Terrace Limited
Partnership, a Delaware limited partnership, and Commonwealth Land Title Insurance Company, dated March 13, 2013, and prepared by Wayne A. Powers, G.R.L.S. No. 2891 for the firm of Travis Pruitt & Associates, P.C. 

  
 Exhibit A-1 - Page 2 

 TOGETHER WITH: 

TRACT 1-D (Development Parcel B) 
 All that tract or
parcel of land lying and being in Land Lot 49 of the 14th District, City of Atlanta, Fulton County, Georgia and being more particularly described as follows: 

To find the TRUE POINT OF BEGINNING, COMMENCE at a building corner of a two story building located at the intersection of the southerly right of way
line of Third Street (variable right of way) and the easterly right of way line of Peachtree Street; THENCE along said easterly right of way line of Peachtree Street South 04 degrees 46 minutes 18 seconds West a distance of 50.08 feet to a point,
said point being the TRUE POINT OF BEGINNING. 
 THENCE from THE TRUE POINT OF BEGINNING as thus established, leaving said
easterly right of way line of Peachtree Street South 85 degrees 21 minutes 48 seconds East a distance of 140.00 feet to a nail found; THENCE South 04 degrees 50 minutes 52 seconds West a distance of 45.13 feet to a nail found; THENCE North 87
degrees 23 minutes 23 seconds West a distance of 140.04 feet to a nail found on the easterly right of way line of Peachtree Street; THENCE along said easterly right of way line of Peachtree Street North 04 degrees 46 minutes 18 seconds East a
distance of 50.08 feet to a point, said point being the TRUE POINT OF BEGINNING. 
 Said tract or parcel is shown as Tract 1-D on that certain
ALTA/ACSM Land Title Survey for Fremont Realty Capital, L.P., CSC Georgian Terrace Limited Partnership, a Delaware limited partnership, and Commonwealth Land Title Insurance Company, dated March 13, 2013, and prepared by Wayne A. Powers,
G.R.L.S. No. 2891 for the firm of Travis Pruitt & Associates, P.C. 
 TOGETHER WITH: 

All of the development rights, and any other rights and interests, if any, transferred from CSC Georgian Terrace Limited Partnership to CSC Georgian Terrace
Limited Partnership, pursuant to that certain Transfer of Development Rights, dated as of October 22, 2013, and recorded with the Clerk of Superior Court, Fulton County Georgia in Deed Book 53283, Page 625. 

  
 Exhibit A-1 - Page 3 

 EXHIBIT A-2 

Definition of “Property” 

Capitalized terms which are used but not otherwise defined in this Exhibit A-2 shall have the meanings ascribed thereto in this
Agreement. 
 As used in this Agreement, the term “Property” shall mean all of Seller’s right, title and interest in and to
the following: 
 (a) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs,
replacements and improvements on or which constitute a part of the Land (the “Improvements”); 
 (b) Easements. All
easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests,
privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way belonging, relating or pertaining to the Land and the Improvements and the reversion and reversions, remainder and remainders, and all
land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, dower and rights of dower, curtesy and rights of curtesy,
property, possession, claim and demand whatsoever, both at law and in equity, of Seller in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto; 

(c) Fixtures and Personal Property. All machinery, equipment, fixtures (including, but not limited to, all heating, air conditioning,
plumbing, lighting, communications and elevator fixtures, inventory and goods), inventory and articles of personal property and accessions thereof and renewals, replacements and substitutions thereof or therefor (including, but not limited to, beds,
bureaus, chiffonniers, chests, chairs, desks, lamps, mirrors, bookcases, tables, rugs, carpeting, drapes, draperies, curtains, shades, venetian blinds, screens, paintings, hangings, pictures, divans, couches, luggage carts, luggage racks, stools,
sofas, chinaware, linens, pillows, blankets, glassware, silverware, foodcarts, cookware, dry cleaning facilities, dining room wagons, keys or other entry systems, bars, bar fixtures, liquor, and other drink dispensers, icemakers, radios, television
sets, intercom and paging equipment, electric and electronic equipment, dictating equipment, private telephone systems, medical equipment, potted plants, heating, lighting and plumbing fixtures, fire prevention and extinguishing apparatus, cooling
and air-conditioning systems, elevators, escalators, fittings, plants, apparatus, stoves, ranges, refrigerators, laundry machines, tools, machinery, engines, dynamos, motors, boilers, incinerators, switchboards, conduits, compressors, vacuum
cleaning systems, floor cleaning, waxing and polishing equipment, call systems, brackets, electrical signs, bulbs, bells, ash and fuel, conveyors, cabinets, lockers, shelving, spotlighting equipment, dishwashers, garbage disposals, washers and
dryers), other customary hotel equipment and other tangible property of every kind and nature whatsoever owned by Seller, or in which Seller has an interest, located upon the Land and the Improvements, or appurtenant thereto, and usable in
connection with the operation and occupancy of the Land and the Improvements and all building equipment, materials and supplies of any nature whatsoever owned by Seller, or in which Seller has an interest, located upon the Land and the Improvements,
or appurtenant thereto, or usable in connection with the operation and occupancy of the Land and the Improvements (collectively, the “Personal Property”); 

  
 Exhibit A-2 – Page 1

 (d) Leases and Rents. All leases (including, without limitation, the Sixt Agreement and
the ATM Agreement), subleases, rental agreements, registration cards, if any, and other agreements affecting the use, enjoyment or occupancy of the Land and/or the Improvements entered into by or on behalf of Seller and all extensions, amendments
and modifications thereto, but specifically excluding the Terminated Contracts (the “Leases”), and all right, title and interest of Seller, its successors and assigns therein and thereunder, including, without limitation, any
guaranties of the lessees’ obligations thereunder, cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents, additional rents, payments in connection with any termination,
cancellation or surrender of any Lease, revenues, issues, registration fees, if any, and profits (including all oil and gas or other mineral royalties and bonuses) from the Land, the Improvements, all income, rents, room rates, issues, profits,
revenues, deposits, accounts and other benefits from the operation of the Hotel on the Land and/or the Improvements, including, without limitation, all revenues and credit card receipts collected from guest rooms, restaurants, bars, mini-bars,
meeting rooms, banquet rooms, and recreational facilities and otherwise, all receivables, customer obligations, installment payment obligations and other obligations arising or created out of the sale, lease, sublease, license, concession, or other
grant of the right of the possession, use or occupancy of all or any portion of the Land and/or Improvements, or personalty located thereon, or rendering of services by Seller or any operator or manager of the Hotel or the commercial space located
in the Improvements or acquired from others, including, without limitation, from the rental of any office space, retail space, commercial space, guest room or other space, halls, stores or offices, including any deposits securing reservations of
such space, exhibit or sales space of every kind, license, lease, sublease and concession fees, and rentals, health club membership fees, food and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from
business interruption or other loss of income insurance relating to the use, enjoyment or occupancy of the Land and/or the Improvements and all proceeds from the sale or other disposition of the Leases (the “Rents”); 

(e) Agreements. All agreements, contracts, equipment leases (including, without limitation, the Equipment Leases), certificates,
instruments, drafted papers, franchises, permits, licenses, plans, specifications and other documents entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction (including, without limitation, the
Existing Construction Contract), management, upkeep, repair, maintenance, development, marketing (including, without limitation, the Preferred Hotel Group Agreement and agreements relating to the Hotel’s website), enjoyment or operation of the
Land and any part thereof and any Improvements or respecting any business or activity conducted on the Land and any part thereof and all right, title and interest of Seller therein and thereunder, including, without limitation, the right to receive
and collect any sums payable to Seller thereunder, and any and all rights of Seller granted to Seller pursuant to that certain Transfer of Development Rights, dated as of October 22, 2013, by CSC Georgian Terrace Limited Partnership, to CSC
Georgian Terrace Limited Partnership, recorded in Deed Book 53283, Page 625, Fulton County, Georgia records, but specifically excluding the Terminated Contracts; and provided, however, that, in no event shall Seller be obligated or in any
manner liable to maintain any websites, or computer servers related thereto, in connection with the Hotel from and after the Closing, all of which obligations and liabilities shall be assumed by Buyer at Closing; 

  
 Exhibit A-2 – Page 2

 (f) Records and Plans. All (i) books and records maintained in connection with the
ownership, development, construction, maintenance or operation of the Property, (ii) preliminary, final and “as-built” plans and specifications, blueprints and/or drawings respecting the Improvements, and (iii) surveys,
structural reviews, architectural drawings, and engineering, environmental, soil, seismic, geologic and architectural reports, studies and certificates and other documents pertaining to the Land (including those which include comments by any
building or safety engineer, inspector or other person who regularly makes such inspections) which are within the possession of, under the control of, or reasonably available to, Seller (collectively, the “Records and Plans”); 

(g) Intangibles. All of Seller’s interest, if any, in any and all intellectual property owned by Seller or licensed to Seller and
used in connection with the Hotel or its operation, including, but not limited to, trade names, trademarks, servicemarks, logos, copyrights, derivations, slogans and other marks owned or used by or licensed to Seller and associated with the Hotel,
goodwill, books and records, tenant or guest lists, advertising materials, website(s), internet marketing materials, social media sites, electronic data, telephone exchange numbers identified in such materials and all other general intangibles
relating to or used in connection with the operation of the Property; 
 (h) Accounts. All reserves, escrows and deposit accounts
maintained by or on behalf of Seller with respect to the Property; 
 (i) Accounts Receivables. All right, title and interest of
Seller arising from the operation of the Land and the Improvements in and to all payments for goods or property sold or leased or for services rendered, whether or not yet earned by performance, and not evidenced by an instrument or chattel paper
(hereinafter referred to as “Accounts Receivable”) including, without limiting the generality of the foregoing, (i) all accounts, contract rights, book debts, and notes arising from the operation of the Hotel on the Land and
the Improvements or arising from the sale, lease or exchange of goods or other property and/or the performance of services, (ii) Seller’s rights to payment from any consumer credit/charge card organization or entities which sponsor and
administer such cards as the American Express Card, the Visa Card and the Mastercard, (iii) Seller’s rights in, to and under all purchase orders for goods, services or other property, (iv) Seller’s rights to any goods, services
or other property represented by any of the foregoing, (v) monies due to or to become due to Seller under all contracts for the sale, lease or exchange of goods or other property and/or the performance of services including the right to payment
of any interest or finance charges in respect thereto (whether or not yet earned by performance on the part of Seller), and (vi) all collateral security and guaranties of any kind given by any person or entity with respect to any of the
foregoing. Accounts Receivable shall include substitutions therefor, proceeds (whether cash or non-cash, movable or immovable, tangible or intangible) received upon the sale, exchange, transfer, collection or other disposition or substitution
thereof and any and all of the foregoing and proceeds therefrom; and 
 (j) Alleyway Parcel. All of Seller’s right, title and
interest, if any, in and to the Alleyway Parcel. 
 Notwithstanding the foregoing or anything in this Agreement to the contrary, in no event shall the
“Property” include the following: cash, any fixtures, personal property or equipment owned by 

  
 Exhibit A-2 – Page 3

 any party other than Seller, including, without limitation, those fixtures, personal property or equipment owned
by Manager or any supplier or vendor, or any guests or customers of the Property, and any other items excluded from transfer to the Buyer pursuant to the terms of the Agreement. 

  
 Exhibit A-2 – Page 4

 EXHIBIT A-3 

Legal Description of Alleyway Parcel 

TRACT 1-E 
 All that tract or parcel of
land lying and being in Land Lot 49 of the 14th District, City of Atlanta, Fulton County, Georgia and being more particularly described as follows: 
 To
find the TRUE POINT OF BEGINNING, COMMENCE at a building corner of a two story building located at the intersection of the southerly right of way line of Third Street (variable right of way) and the easterly right of way line of Peachtree
Street; THENCE along said southerly right of way line of Third Street South 85 degrees 28 minutes 25 seconds East a distance of 140.00 feet to a point, said point being the TRUE POINT OF BEGINNING. 

THENCE from THE TRUE POINT OF BEGINNING as thus established, and continue along the southerly right of way line of Third Street South 85 degrees 28
minutes 25 seconds East a distance of 9.99 feet to a point; THENCE leaving said southerly right of way line of Third Street South 04 degrees 45 minutes 42 seconds West a distance of 200.26 feet to a nail found; THENCE North 89 degrees 38 minutes 18
seconds West a distance of 5.10 feet to a point; THENCE North 04 degrees 45 minutes 04 seconds East a distance of 105.32 feet to a point; THENCE North 87 degrees 23 minutes 23 seconds West a distance of 4.96 feet to a nail found; THENCE North 04
degrees 50 minutes 52 seconds East a distance of 45.13 feet to a nail found; THENCE North 04 degrees 46 minutes 19 seconds East a distance of 50.35 feet to a point, said point being the TRUE POINT OF BEGINNING. 

  
 Exhibit A-3 - Page 1 

 EXHIBIT B 

Service Contracts 

[See attached] 

  

 EXHIBIT C 

Litigation 
 None 

  

 EXHIBIT D 

Equipment Leases 

[See attached] 

  

 EXHIBIT E 

Permits 
  

	•	 	State of Georgia Office of Insurance and Safety Fire – Renewal Invoice (Equipment Number: E 235355) 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Statement of Account 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Description of Fees 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Statement of Account 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Description of Fees 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Statement of Account 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Description of Fees 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Statement of Account 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Description of Fees 

  

	•	 	Fulton County Department of Health and Wellness – Extended Food Service Permit – Mims Café 

  

	•	 	Fulton County Department of Health and Wellness – Food Service Permits – Livingston Restaurant 

  

	•	 	Fulton County Department of Health and Wellness – Food Service Permits – Proof & Provision 

  

	•	 	Fulton County Department of Health and Wellness – Food Service Permits – The Georgian Terrace Hotel Main Kitchen 

  

	•	 	Fulton County Department of Health and Wellness – Tourist Accommodation Permit 

  

	•	 	State of Georgia – Certificate of Registration 

  

	•	 	City of Atlanta – Certificate of Occupancy 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235356 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235360 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235357 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235353 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235359 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235352 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235351 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235350 

  
 Exhibit E – Page 2

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235358 

  

	•	 	State of Georgia Office of Insurance and Safety Fire – Elevator Permit E 235354 

  

	•	 	Diversified Fire & Safety Suppression System Report 

  

	•	 	Diversified Fire & Safety Suppression System Report 

  

	•	 	Diversified Fire & Safety Suppression System Report 

  

	•	 	Atlanta Fire Rescue Department Permit – Processing Fee 

  

	•	 	Atlanta Fire Rescue Department Permit – Occupancy Inspection Fee 

  

	•	 	Atlanta Fire Rescue Department Permit – Place of Public Assembly – Livingston Restaurant & Bar 

  

	•	 	Atlanta Fire Rescue Department Permit – Place of Public Assembly – Case study room 

  

	•	 	Atlanta Fire Rescue Department Permit – Place of Public Assembly – Piedmont Ballroom 

  

	•	 	Atlanta Fire Rescue Department Permit – Place of Public Assembly – Historic Lobby 

  

	•	 	Atlanta Fire Rescue Department Permit – Place of Public Assembly – The Grand Terrace 

  

	•	 	Atlanta Fire Rescue Department Permit – Flammable Liquid – 300 gallon diesel storage tank 

  

	•	 	Atlanta Fire Rescue Department Permit – Processing Fee 

  

	•	 	Atlanta Fire Rescue Department Permit – Occupancy Inspection Fee 

  

	•	 	Atlanta Fire Rescue Department Permit – Place of Public Assembly – P&P 

  

	•	 	City of Atlanta – Food Service Wastewater Discharge Permit 

  
 Exhibit E – Page 2

 EXHIBIT F 

Limited Warranty Deed 
 Return
recorded document to: 
  

	
	  

	  

	  

	  

 STATE OF GEORGIA 
 COUNTY OF
FULTON 
 LIMITED WARRANTY DEED 

THIS INDENTURE, made as of the     day of             ,
20    , between CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a Delaware limited partnership (hereinafter referred to as “Grantor”), whose address is 199 Fremont Street, San Francisco, CA 94105, and
                    , a                     , as
party of the second part whose address is                     (hereinafter referred to as “Grantee”); the words “Grantor”
and “Grantee” include their respective heirs, successors, and assigns where the context requires or permits. 
 W I T N E S S E T
H: 
 THAT, Grantor, for and in consideration of the sum of Ten and No/100 Dollars ($10.00), and other good and valuable consideration, in
hand paid at and before the sealing and delivery of these presents, the receipt and sufficiency whereof are hereby acknowledged, has granted, bargained, sold, aliened, conveyed and confirmed, and by these presents does hereby grant, bargain, sell,
alien, convey and confirm unto Grantee those certain tracts or parcels of real property lying and being in Land Lot 49 of the 14th District, City of Atlanta, Fulton County, Georgia, being more particularly described on Exhibit “A”
attached hereto and made a part hereof, together with all improvements thereon and appurtenances thereto. 
 This conveyance is made subject
to those certain matters described on Exhibit “B” attached hereto and made a part hereof (collectively, the “Permitted Exceptions”). 

TO HAVE AND TO HOLD said tract or parcel of real property, with all and singular the rights, members and appurtenances thereof, to the same
being, belonging, or in any manner appertaining, to the only proper use, benefit and behoof of Grantee, forever in FEE SIMPLE. 
 AND
GRANTOR will warrant and forever defend the right and title to the above described property, subject to the Permitted Exceptions, unto Grantee against the claims of all persons claiming by, through or under Grantor, but not otherwise. 

  
 Exhibit F - Page 1 

 IN WITNESS WHEREOF, Grantor has signed and sealed this deed the day and year first above written.

  

											
		 		 		 	GRANTOR:
			
	  
	 		 	CSC GEORGIAN TERRACE LIMITED
	 Unofficial Witness
	 		 	PARTNERSHIP, a Delaware limited
	Name:	 	  
	 		 	partnership
					
		 		 		 	By:	 	CSC Georgian Terrace GP Corporation, a
		 		 		 		 	Delaware corporation, its General Partner
					
	 SWORN TO AND SUBSCRIBED before me,
	 		 		 	By:	 	  

	 the undersigned Notary Public, this day of             ,
20    .
	 		 		 	Name:	 	
		 		 		 	Title:	 	
					
	  
	 		 		 		 	
	 Notary Public
	 		 		 		 	
					
	 My Commission Expires: 
	 		 		 		 	
					
	 (Notary Seal)
	 		 		 		 	

  
 Exhibit F - Page 2 

 EXHIBIT “A” TO LIMITED WARRANTY DEED 

Land and Alleyway Parcel Description 

  
 Exhibit F - Page 3 

 EXHIBIT “B” TO LIMITED WARRANTY DEED 

Permitted Exceptions 

[TO BE TAKEN FROM THE FINAL TITLE COMMITMENT] 

  
 Exhibit F - Page 4 

 EXHIBIT G 

BILL OF SALE 
 This
“Bill of Sale” is entered into on the     day of             20    by CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a
Delaware limited partnership (“Seller”), whose mailing address is 199 Fremont Street, San Francisco, CA 94105, in favor of
                    (“Buyer”), whose mailing address is
                    . 
 SALE OF
PERSONAL PROPERTY: 
 In consideration of TEN and No/100 Dollars ($10.00) and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 Sale of Personal Property. Seller hereby
sells, transfers, assigns, conveys, grants, delivers and quitclaims to Buyer, all of Seller’s right, title, and interest in and to the “Personal Property” (as defined in Exhibit “A” to that certain Hotel
Purchase and Sale Agreement, dated as of             , 20    , by and between Seller and Buyer (together with all amendments and modifications thereto, if any, the
“Purchase and Sale Agreement”), which is incorporated herein by reference. 
 No Warranties. Other than those
representations and warranties of Seller expressly set forth in Section 7.1, Section 7.3 and Section 15.4(a) of the Purchase and Sale Agreement, Seller makes no representations or warranties whatsoever, and the
Personal Property is conveyed on an as-is-where-is-with-all-faults basis. Other than those representations and warranties of Seller expressly set forth in Section 7.1, Section 7.3 and Section 15.4(a) of the
Purchase and Sale Agreement, Seller hereby disclaims making any, and Buyer, by its acceptance of the Personal Property, acknowledges and agrees that it is not relying upon, and that this conveyance is made without, any representations or warranties
concerning the physical or economic condition of the Personal Property or its fitness for any particular purpose, or any other matter with respect to the Personal Property. Buyer acknowledges and agrees that Seller expressly disclaims and negates,
as to all of the Personal Property transferred hereby: (a) any implied or express warranty of merchantability and (b) any implied or express warranty of fitness for a particular purpose. 

[Balance of page intentionally blank; 

signature appears on following page] 

  
 Exhibit G - Page 1 

 IN WITNESS WHEREOF, Seller has executed this Bill of Sale as of the date first above written.

  

					
	SELLER:
	
	CSC GEORGIAN TERRACE LIMITED
	PARTNERSHIP, a Delaware limited partnership
		
	By:	 	CSC Georgian Terrace GP Corporation, a
		 	Delaware corporation, its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit G - Page 2 

 EXHIBIT H 

Assignment of Other Contracts and Agreements, Leases and Rents, Intangible Property, 

Software Programs, Bookings, Service Contracts and Other Property 

ASSIGNMENT OF OTHER CONTRACTS AND AGREEMENTS, LEASES AND RENTS, 

INTANGIBLE PROPERTY, SOFTWARE PROGRAMS, BOOKINGS, SERVICE 

CONTRACTS AND OTHER PROPERTY 

THIS ASSIGNMENT OF OTHER CONTRACTS AND AGREEMENTS, LEASES AND RENTS, INTANGIBLE PROPERTY, SOFTWARE PROGRAMS, BOOKINGS, SERVICE CONTRACTS AND
OTHER PROPERTY (“Assignment”) is entered into on the     day of             20    (the “Effective Date”) by and
CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a Delaware limited partnership (“Assignor”), whose mailing address is 199 Fremont Street, San Francisco, CA 94105, and
                    , whose mailing address is
                    (“Assignee”). 

AGREEMENT: 
 In
consideration of Ten and No/100 Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

Definitions. All capitalized terms used but not defined herein shall have the meanings ascribed thereto in Exhibit A-1 of that
certain Hotel Purchase and Sale Agreement (the “Purchase and Sale Agreement”), dated as of             , 20    , by and between Assignor and
                    , which Purchase and Sale Agreement is incorporated herein and made a part hereof by reference. 

Assignment. Assignor hereby quitclaims, remises and releases to Assignee, all of Assignor’s right, title, and interest in and to:
(a) all contracts and other agreements pertaining to the use, occupation, management, maintenance or operation of the Land and/or the hotel located on the Land which is commonly and presently known as The Georgian Terrace Hotel, including,
without limitation, the Preferred Hotel Group Agreement and the Existing Construction Contract, together with all other buildings and improvements located on the Land and all fixtures therein (collectively, the “Hotel”), but
specifically excluding the Terminated Contracts (as defined in the Purchase and Sale Agreement); (b) the leases, subleases, rental agreements and other agreements affecting the use, enjoyment or occupancy of the Land and/or the Hotel,
including, without limitation, the Sixt Agreement and the ATM Agreement, but specifically excluding the Terminated Contracts; (c) the leases for equipment pertaining to the use, occupation, management or operation of the Land and/or the Hotel,
including, without limitation, the Equipment Leases, but specifically excluding the Terminated Contracts; (d) the trade names, trademarks, and other general intangibles relating to or used in connection with the use, occupation, management or
operation of the Property; (e) the licenses to use certain computer software programs in connection with the use, occupation, management or operation of the Land and/or the Hotel, but specifically excluding any licenses granted to Assignor
pursuant to the Terminated Contracts; and (f) the reservations or contracts for the use of guest rooms, banquet facilities, meeting rooms and/or 

  
 Exhibit H - Page 1 

 conference facilities in the Hotel after the Cut-Off Time (as defined in the Purchase and Sale Agreement); and
(g) any and all other assets, rights, claims, causes of action, or interests constituting Property; including such rights and titles being more fully described in Exhibit A-1 of the Purchase and Sale Agreement, which is incorporated herein by
reference, but, in each case, specifically excluding the Terminated Contracts and any rights and interests of Assignor thereunder; TO HAVE AND TO HOLD the same, together with all rents, issues and profits thereof and all tenements, buildings,
easements, appurtenants, rights, easements, privileges, encumbrances, exceptions and reservations thereunto belonging or appertaining or held or enjoyed therewith. 

Further Assurances. Assignor covenants and agrees with Assignee to hereafter furnish to Assignee such further assignments, consents,
acknowledgements, documents or other instruments as Assignee may reasonably require, and to take any other action deemed reasonably necessary or desirable by Assignee in furtherance of this Assignment or to carry out the intent hereof. 

No Warranties. Other than those representations and warranties expressly set forth in Section 7.1, Section 7.3
and 
Section 15.4(a) of the Purchase and Sale Agreement, Assignor makes no representations or warranties whatsoever, and Assignor hereby disclaims making any, and Assignee, by its acceptance of the property subject to this Assignment,
acknowledges and agrees that it is not relying upon, and that this conveyance is made without any representations or warranties concerning the physical or economic condition of the Property or its fitness for any particular purpose, or any other
matter with respect to the Property. Assignee acknowledges and agrees that Assignor expressly disclaims and negates, as to all of the property transferred hereby: (a) any implied or express warranty of merchantability and (b) any implied
or express warranty of fitness for a particular purpose. 
 Amendments. This Assignment may not be amended, changed or modified in
any manner orally, and may only be changed by an agreement in writing signed by both Assignor and Assignee. 
 Captions. The captions
set forth in this Assignment are used solely for convenience of reference and shall not control or affect the meaning or interpretation of any of the provisions. 

Governing Law. This Assignment shall be governed by the laws of the State of Georgia without regard to Georgia conflict of laws
principles. 
 Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the parties hereto and their
successors and assigns. 
 Counterparts. This Assignment may be executed in any number of counterparts and each such counterpart
shall be deemed to be an original, but all of which, when taken together, shall constitute one and the same instrument. Duplicate, unexecuted counterpart pages may be discarded and the remaining pages assembled as one document. 

Use of Terms. The terms “Assignor” and “Assignee” as and when used herein, or any pronouns used in place thereof,
shall mean and shall include the masculine, feminine or neuter, the singular or plural, and individuals, corporations, partnerships or limited liability companies, and each of their respective successors, successors in trusts, heirs, personal
representatives and assigns, according to the context thereof. 

  
 Exhibit H - Page 2 

 IN WITNESS WHEREOF, Assignor and Assignee have executed these presents as of the date first above
written. 
  

					
	ASSIGNOR:
	
	CSC GEORGIAN TERRACE LIMITED
	PARTNERSHIP, a Delaware limited partnership
		
	By:	 	CSC Georgian Terrace GP Corporation, a Delaware corporation, its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ASSIGNEE:
	
	  

		
	By:	 	  

	Name:	 	
	Title:	 	

 LOULibrary 0110570.0612501 1580180v11 

  
 Exhibit H - Page 3 

 FIRST AMENDMENT TO HOTEL PURCHASE AND SALE AGREEMENT 

This FIRST AMENDMENT TO HOTEL PURCHASE AND SALE AGREEMENT (“Amendment”) is dated as of February 11 2014, and
entered into by and between CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a Delaware limited partnership, having an address at c/o Fremont Realty Capital, L.P., 199 Fremont Street, San Francisco, CA 94105 (“Seller”), and
SOTHERLY HOTELS INC., a Maryland corporation, having an address at 410 West Francis Street, Williamsburg, VA 23185 (“Buyer”). 

RECITALS 

WHEREAS, Seller and Buyer have entered into that certain Hotel Purchase and Sale Agreement, dated as of January 13,2014 (the
“Purchase Agreement”). 
 WHEREAS, Buyer has requested an extension of the time period within which to respond to
the Title Objection Response under Section 6.1 of the Purchase Agreement, and Seller has so agreed. 
 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree that the fourth sentence of Section 6.1 of the Purchase Agreement is hereby amended to read as follows: 
 “If Seller
is unable to or elects not to satisfy Buyer’s objections, then Buyer may terminate this Agreement as provided in Section 5.1 above, by providing written notice of such termination on or before the expiration of the Due Diligence
Period.” 
  

	 	1.	Miscellaneous. 

 (a) Definitions. Capitalized terms used in this Amendment
that are not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement. 
 (b) Partial
Invalidity. If any term or provision of this Amendment or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Amendment, or the application of such term or provision to
persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each such term and provision of this Amendment shall be valid and enforced to the fullest extent permitted by law. 

(c) No Waivers. No waiver of any breach of any covenant or provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof, or of any other covenant or provision herein contained. No extension of time for performance of any obligation or act shall be deemed an extension of the time for performance of any other obligation or act. 

					
	  
 First Amendment to Georgian Terrace PSA

 
	  		  	
		  	1	  	

  

 (d) Binding Effect. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective permitted successors and assigns. 
 (e) Entire Agreement; No Other Modification. This Amendment
is the final expression of, and contains the entire agreement among, the parties hereto with respect to the subject matter set forth herein and may not be modified other than by an agreement in writing signed by each party hereto. Except as
expressly modified by this Amendment, all terms and conditions of the Purchase Agreement, together with any and all exhibits thereto, shall remain unmodified and are in full force and effect and enforceable in accordance with their terms. In the
event of a conflict between the Purchase Agreement and this Amendment, the terms and provisions of this Amendment shall control. 
 (f)
Captions/Headings. The section headings appearing in this Amendment are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof. 

(g) Counterparts. This Amendment may be executed in counterparts, each of which shall constitute a separate document but all of which
together shall constitute one and the same agreement. Signature pages may be detached and reattached to physically form one document. A signature scanned and sent by facsimile and/or e-mail shall be binding as an original signature. 

[Balance of page intentionally blank; 

signatures appear on following page] 

					
	  
 First Amendment to Georgian Terrace PSA

 

			
		  	2	  	

  

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the dale first set
forth above. 
  

			
	SELLER
	
	 CSC GEORGIAN TERRACE LIMITED PARTNERSHIP,

a Delaware limited partnership

		
	 By:
	 	 CSC Georgian Terrace GP Corporation, a

	Delaware corporation, its General Partner
		
	By:	 	 /s/ CLAUDE J. ZINNGRABE, JR.

	Name:	 	CLAUDE J. ZINNGRABE, JR.
	Its:	 	PRESIDENT
	
	BUYER
	
	 SOTHERLY HOTELS INC.,
 a
Maryland corporation, its general partner

		
	By:	 	  

	Name:	 	
	Its:	 	

					
	First Amendment to Georgian Terrace PSA	  		  	

  

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set
forth above. 
  

			
	SELLER
	
	 CSC GEORGIAN TERRACE LIMITED PARTNERSHIP,

a Delaware limited partnership

	
	By: CSC Georgian Terrace GP Corporation, a
	Delaware corporation, its General Partner
		
	By:	 	  

	Name:	 	
	Its:	 	
		
	BUYER	 	
	
	 SOTHERLY HOTELS INC.,

a Maryland corporation, its general partner

		
	By:	 	 /s/ DAVID R. FOLSOM

	Name:	 	DAVID R. FOLSOM
	Its:	 	PRESIDENT

					
	First Amendment to Georgian Terrace PSA	  		  	

  

 SECOND AMENDMENT TO HOTEL PURCHASE AND SALE AGREEMENT 

This SECOND AMENDMENT TO HOTEL PURCHASE AND SALE AGREEMENT (“Amendment”) is dated as of February 21, 2014, and
entered into by and between CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a Delaware limited partnership, having an address at c/o Fremont Realty Capital, L.P., 199 Fremont Street, San Francisco, CA 94105 (“Seller”), and
SOTHERLY HOTELS INC., a Maryland corporation, having an address at 410 West Francis Street, Williamsburg, VA 23185 (“Buyer”). 

RECITALS 

WHEREAS, Seller and Buyer have entered into that certain Hotel Purchase and Sale Agreement, dated as of January 13, 2014, as
amended by that certain First Amendment to Hotel Purchase and Sale Agreement, dated February 11, 2014 (collectively, the “Purchase Agreement”). 

WHEREAS, Buyer’s Due Diligence Period expires as of the date hereof, and Buyer has accepted the results of Buyer’s Due
Diligence and elected to move forward with the purchase of the Property subject to the remaining terms and conditions of the Purchase Agreement, as modified pursuant to this Amendment. 

WHEREAS, Seller and Buyer desire to modify the Purchase Agreement as set forth in this Amendment. 

AGREEMENT 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Acknowledgment of Waiver of Buyer’s Due Diligence. Buyer hereby acknowledges that Buyer’s Due Diligence Period
expires as of the date hereof, and, except as specifically set forth in the following two paragraphs of this Section 1, Buyer hereby waives Buyer’s Due Diligence, the Purchase Agreement shall remain in full force and effect in
accordance with its terms and conditions (as amended by this Amendment), and the Earnest Money shall become nonrefundable to Buyer and the sole property of Seller. 

Seller hereby agrees to use commercially reasonable efforts (but which efforts shall not require Seller to pay money or to bring suit against
any party) to deliver, or cause to be delivered, to Buyer, on or before February 28, 2014 (the “Estoppel Delivery Date”), (i) an Estoppel Certificate (the “Reciprocal Easement Estoppel”) in connection with
that certain Reciprocal Easement Agreement, dated as of August 22, 1990, originally by and between Diversified Peachtree, Ltd. (“Diversified”) and Georgian Terrace L.P., and recorded in the Fulton County, Georgia records (the
“Records”) in Deed Book 13655, Page 183, and (ii) an Estoppel Certificate (the “Joint Declaration Estoppel”; and, together with the Reciprocal Easement Estoppel, the “Estoppels”) in connection
with that certain Joint Declaration of Easements and Covenants, dated as of March 26, 2007, 

					
	  

Second Amendment to Georgian Terrace Purchase and Sale Agreement

		  	  
 1

 
	  	

  

 
originally by and between Diversified and Seller, and recorded in the Records in Deed Book 44867, Page 221 and re-recorded in the Records in Deed Book 45022, Page 509, which shall be, in form and
substance, (a) (1) with respect to the Reciprocal Easement Estoppel, substantially in the form of Exhibit A attached hereto and incorporated herein by reference, and (2) with respect to the Joint Declaration Estoppel,
substantially in the form of Exhibit B attached hereto and incorporated herein by reference, or (b) with respect to one or both of the Estoppels, in other reasonably acceptable form. In the event Seller fails to timely deliver, or cause
to be delivered, the Estoppels in accordance with the immediately preceding sentence, then Seller shall not be in default hereunder or under the Purchase Agreement (as amended hereby), but Buyer, as its sole remedy, may terminate the Purchase
Agreement by delivering written notice (the “Estoppel Termination Notice”) to Seller and Escrow Agent on or prior to 5:00 P.M. Eastern Standard Time on March 3, 2014 (the “Estoppel Termination Deadline”), in
which event Escrow Agent shall disburse the entire Earnest Money to Buyer, and, upon such disbursement, the Purchase Agreement shall automatically terminate, and shall be deemed null and void and of no further force or effect, and neither party
shall have any rights or obligations against or to the other except those which expressly survive such termination. If Buyer fails to deliver the Estoppel Termination Notice to Seller and Escrow Agent on or prior to the Estoppel Termination
Deadline, Buyer shall be deemed to have accepted the Estoppels or waived the requirement for Seller to deliver, or cause to be delivered, the Estoppels, this Agreement shall remain in full force and effect in accordance with its terms and
conditions, and, except as expressly provided in the following paragraph of this Section 1, the Earnest Money shall become nonrefundable to Buyer and the sole property of Seller. It is understood and agreed that TIME SHALL BE OF THE
ESSENCE with respect to the giving of the Estoppel Termination Notice. 
 Buyer is in the process of evaluating Buyer’s ability to
obtain, as of the Closing, any and all necessary liquor licenses for the Hotel in order to allow for Buyer to continue to operate any and all facilities at the Property that serve alcohol and related beverages following the Closing (such evaluation
being, the “Liquor License Evaluation”). In the event Buyer is not satisfied with the results of the Liquor License Evaluation, then Seller shall not be in default hereunder or under the Purchase Agreement (as amended hereby), but
Buyer, as its sole remedy, may terminate the Purchase Agreement by delivering written notice (the “LL Evaluation Termination Notice”) to Seller and Escrow Agent on or prior to 5:00 P.M. Eastern Standard Time on February 28,
2014 (the “LL Evaluation Termination Deadline”), in which event Escrow Agent shall disburse the entire Earnest Money to Buyer, and, upon such disbursement, the Purchase Agreement shall automatically terminate, and shall be deemed
null and void and of no further force or effect, and neither party shall have any rights or obligations against or to the other except those which expressly survive such termination. If Buyer fails to deliver the LL Evaluation_Termination Notice to
Seller and Escrow Agent on or prior to the LL Evaluation_Tennination Deadline, Buyer shall be deemed to have accepted the results of the Liquor License Evaluation, this Agreement shall remain in full force and effect in accordance with its terms and
conditions, and, except as expressly provided in the immediately preceding paragraph of this Section 1, the Earnest Money shall become nonrefundable to Buyer and the sole property of Seller. It is understood and agreed that TIME SHALL BE
OF THE ESSENCE with respect to the giving of the LL Evaluation Termination Notice. 

					
	  

Second Amendment to Georgian Terrace Purchase and Sale Agreement

		  	2	  	

  

 2. Existing Construction Contract. Section 9.1(q) of the Purchase
Agreement is hereby amended and restated in its entirety as follows: 
 “(q) Existing Construction Contract. Buyer agrees to
assume the Existing Construction Contract at closing. Notwithstanding the foregoing or anything contained in this Agreement to the contrary, Buyer shall receive a credit at Closing in the amount of ONE HUNDRED TWENTY-FOUR THOUSAND SIX HUNDRED
FIFTY-SIX AND 50/100 DOLLARS ($124,656.50) for the purpose of paying any amounts that are or will be due and payable under the Existing Construction Contract on or after the Closing with respect to both work actually performed thereunder prior to
the Closing and for any future work to be performed after the Closing pursuant to the Existing Construction Contract. In addition, notwithstanding the fact that the Existing Construction Contract is a lump sum contract, in the event additional sums
(“Additional Sums”) are incurred by Buyer under the Existing Construction Contract in order to perform the remaining work to be performed under the Existing Construction Contract without alteration or modification thereto, without
undue delay in commencing performance of the work, and without incurring any overtime or requiring any accelerated work schedule or any other change to the performance of the Existing Construction Contract in its ordinary course, Seller agrees to
pay to Buyer the Additional Sums promptly following Buyer’s submission to Seller of a request for payment of such Additional Sums, which request shall be made, if at all, on or prior to the date which is one hundred eighty (180) days
following the Closing, and which request shall include written evidence of the Additional Sums and a detailed accounting of the reasons therefor. For further clarification, “Additional Sums” shall not include costs incurred:
(i) following the date which is one hundred eighty (180) days following the Closing; (ii) pursuant to change orders or amendments or modifications to the Existing Construction Contract; (iii) as a result of work that is beyond
the scope of work currently contemplated in the Existing Construction Contract, or requiring materials or finishes that are not currently contemplated in the Existing Construction Contract; or (iv) as a result of expedited work schedules
(e.g., evening or weekend work) resulting in higher labor costs than that currently contemplated under the Existing Construction Contract, it being understood and agreed that it is currently estimated that the outstanding work under the
Existing Construction Contract will take approximately twelve (12) weeks to complete if the work is conducted during normal business hours. Any Additional Sums hereunder owed by Seller to Buyer pursuant to this Section 9.1(q) shall
not be subject to the “Loss Basket” requirement set forth in Section 13.3 of this Agreement.” 
 3.
Re-Proration of Taxes and Assessments. Buyer and Seller hereby acknowledge and agree that Section 9.2(a) of the Purchase Agreement will not apply to Section 9.1(a) of the Purchase Agreement and that any amounts
owed by Seller to Buyer pursuant to such Section 9.1(a) shall not be subject to the “Loss Basket” requirement set forth in Section 13.3 of the Purchase Agreement. 

					
	  

Second Amendment to Georgian Terrace Purchase and Sale Agreement

 

		  	3	  	

  

 4. Miscellaneous. 

(a) Definitions. Capitalized terms used in this Amendment that are not otherwise defined herein shall have the meanings ascribed to such
terms in the Purchase Agreement. 
 (b) Partial Invalidity. If any term or provision of this Amendment or the application thereof to
any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Amendment, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable,
shall not be affected thereby, and each such term and provision of this Amendment shall be valid and enforced to the fullest extent permitted by law. 

(c) No Waivers. No waiver of any breach of any covenant or provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof, or of any other covenant or provision herein contained. No extension of time for performance of any obligation or act shall be deemed an extension of the time for performance of any other obligation or act. 

(d) Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. 
 (e) Entire Agreement; No Other Modification. This Amendment is the final expression of, and contains the
entire agreement among, the parties hereto with respect to the subject matter set forth herein and may not be modified other than by an agreement in writing signed by each party hereto. Except as expressly modified by this Amendment, all terms and
conditions of the Purchase Agreement, together with any and all exhibits thereto, shall remain unmodified and are in full force and effect and enforceable in accordance with their terms. In the event of a conflict between the Purchase Agreement and
this Amendment, the terms and provisions of this Amendment shall control. 
 (f) Captions/Headings. The section headings appearing in
this Amendment are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof. 

(g) Counterparts. This Amendment may be executed in counterparts, each of which shall constitute a separate document but all of which
together shall constitute one and the same agreement. Signature pages may be detached and reattached to physically form one document. A signature scanned and sent by facsimile and/or e-mail shall be binding as an original signature. 

[Signature Page Follows] 

					
	  

Second Amendment to Georgian Terrace Purchase and Sale Agreement

 

		  	4	  	

  

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set
forth above. 
  

			
	SELLER
	
	 CSC GEORGIAN TERRACE LIMITED PARTNERSHIP,

a Delaware limited partnership

	
	 

	
	BUYER
	
	 SOTHERLY HOTELS INC.,

a Maryland corporation, its general partner

		
	By:	 	  

	Name:	 	
	Its:	 	

					
	Second Amendment to Georgian Terrace Purchase and Sale Agreement	  		  	

  

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set
forth above. 
  

			
	 SELLER

	
	 CSC GEORGIAN TERRACE LIMITED PARTNERSHIP,

a Delaware limited partnership

	
	By: CSC Georgian Terrace GP Corporation, a Delaware corporation, its General Partner
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	 BUYER

	
	 SOTHERLY HOTELS INC.,

	 a Maryland corporation, its general partner

		
	By:	 	 /s/ DAVID R. FOLSOM

	Name:	 	 DAVID R. FOLSOM

	Its:	 	 PRESIDENT

  
 Second Amendment to Georgian Terrace
Purchase and Sale Agreement 

 Exhibit A 

Form of Reciprocal Easement Estoppel 

(See attached) 

  
 Second Amendment to Georgian Terrace
Purchase and Sale Agreement 

 ESTOPPEL CERTIFICATE 

February     , 2014 
 CSC
Georgian Terrace Limited Partnership 
 c/o Fremont Realty Capital, L.P. 

199 Fremont Street 
 San Francisco, CA 94105 

Attn: Matthew J. Reidy 
 Sotherly Hotels Inc. 

410 West Francis Street 
 Williamsburg, Virginia 23185 

Attn: Andrew M. Sims 
 Bank of the Ozarks 

8201 Preston Road 
 Suite 700 

Dallas, Texas 75225 
 Attn: Dan Thomas 

 

	 	Re:	Reciprocal Easement Agreement, dated as of August 22, 1990, originally by and between Diversified Peachtree, Ltd. (“Diversified”) and Georgian Terrace L.P. (“GT”), and recorded in the
Fulton County, Georgia records in Deed Book 13655, Page 183 (the “Easement Agreement”); all capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Easement Agreement 

Ladies and Gentlemen: 
 The undersigned, the
successor in interest to Diversified under the Easement Agreement, understands that CSC Georgian Terrace Limited Partnership (“CSC”), the successor in interest to GT under the Easement Agreement, intends to convey to Sotherly Hotels
Inc., or its successor or assignee (collectively, “Purchaser”), among other things, certain real and personal property commonly known as the Georgian Terrace Hotel (the “Property”), which is encumbered by the
Easement Agreement. 
 In connection with such conveyance, and pursuant to Section 6.11 of the Easement Agreement, the undersigned
hereby certifies to CSC, Purchaser and their respective successors and assigns, as follows: 
 1. To the undersigned’s knowledge, the
Easement Agreement is presently in full force and effect and, to the undersigned’s knowledge, except as set forth in Exhibit A attached hereto, has not been amended, modified or supplemented. 

  
 -1- 

 2. To the undersigned’s knowledge, there is neither any default or violation, nor any event
which, with the passage of time or the giving of notice, or both, would constitute a default or a violation under the Easement Agreement by either of the parties thereto or the Property. 

3. From and after the date hereof, the address for notices and communications to be sent to the undersigned under the Easement Agreement is as
follows: 
 Sotherly Hotels Inc. 

410 West Francis Street 

Williamsburg, Virginia 23185 

Attn: Andrew M. Sims 
 Email:
DrewSims@sotherlyhotels.com 
 This certificate is given with the understanding that CSC, Purchaser, Purchaser’s lender, if any, any of
their respective successors and assigns and any title company insuring title to the Property may rely hereon. 
  

			
	Very truly yours,
	
	Pennbridge 683 Peachtree S, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Pennbridge 683 Peachtree 22, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 -2- 

 EXHIBIT A 

Amendment to Reciprocal Easement Agreement and Subordination of Security Interest, recorded in the Fulton County, Georgia records in Deed Book
31391, Page 555. 

  
 -3- 

 Exhibit B 

Form of Joint Declaration Estoppel 

(See attached) 
 Second Amendment to Georgian
Terrace Purchase and Sale Agreement 

 ESTOPPEL CERTIFICATE 

February     , 2014 
 CSC
Georgian Terrace Limited Partnership 
 c/o Fremont Realty Capital, L.P. 

199 Fremont Street 
 San Francisco, CA 94105 

Attn: Matthew J. Reidy 
 Sotherly Hotels Inc. 

410 West Francis Street 
 Williamsburg, Virginia 23185 

Attn: Andrew M. Sims 
 Bank of the Ozarks 

8201 Preston Road 
 Suite 700 

Dallas, Texas 75225 
 Attn: Dan Thomas 

 

	 	Re:	Joint Declaration of Easements and Covenants, dated as of March 26, 2007, originally by and between Diversified Peachtree, Ltd. (“Diversified”) and CSC Georgian Terrace Limited Partnership
(“CSC”), and recorded in the Fulton County, Georgia records in Deed Book 44867, Page 221 and re-recorded in the Fulton County, Georgia records in Deed Book 45022, Page 509 (the “Joint Declaration”); all capitalized
terms used but not defined herein shall have the meanings ascribed thereto in the Joint Declaration 

 Ladies and Gentlemen: 

The undersigned, the successor in interest to Diversified under the Joint Declaration, understands that CSC intends to convey to Sotherly
Hotels Inc., or its successor or assignee (collectively, “Purchaser”), among other things, the Ceebraid Property, which is encumbered by the Joint Declaration. 

In connection with such conveyance, and pursuant to Section 5.15 of the Joint Declaration, the undersigned hereby certifies to and agrees
with CSC, Purchaser and their respective successors and assigns, as follows: 
 1. To the undersigned’s knowledge, the Joint
Declaration is presently in full force and effect and has not been amended, modified or supplemented. 
 2. To the undersigned’s
knowledge, there is neither any default or violation, nor any event which, with the passage of time or the giving of notice, or both, would constitute a default or a violation under the Joint Declaration by either of the parties thereto or the
property encumbered thereby. 

  
 -1- 

 3. From and after the date hereof, the address for notices and communications to be sent to the
undersigned under the Joint Declaration is as follows: 
 Sotherly Hotels Inc. 

410 West Francis Street 

Williamsburg, Virginia 23185 

Attn: Andrew M. Sims 
 Email:
DrewSims@sotherlyhotels.com 
 This certificate is given with the understanding that CSC, Purchaser, Purchaser’s lender, if any, any of
their respective successors and assigns and any title company insuring title to the Property may rely hereon. 
  

			
	Very truly yours,
	
	 Pennbridge 683 Peachtree S, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Pennbridge 683 Peachtree 22, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 -2- 

 THIRD AMENDMENT TO HOTEL PURCHASE AND SALE AGREEMENT 

This THIRD AMENDMENT TO HOTEL PURCHASE AND SALE AGREEMENT (“Amendment”) is dated as of March 26, 2014, and
entered into by and between CSC GEORGIAN TERRACE LIMITED PARTNERSHIP, a Delaware limited partnership, having an address at c/o Fremont Realty Capital, L.P., 199 Fremont Street, San Francisco, CA 94105 (“Seller”), and
SOTHERLY HOTELS INC., a Maryland corporation, having an address at 410 West Francis Street, Williamsburg, VA 23185 (“Buyer”). 

RECITALS 

WHEREAS, Seller and Buyer have entered into that certain Hotel Purchase and Sale Agreement, dated as of January 13, 2014, as
amended by that certain First Amendment to Hotel Purchase and Sale Agreement, dated as of February 11, 2014, and as further amended by that certain Second Amendment to Hotel Purchase and Sale Agreement, dated as of February 21, 2014 (as
modified and amended, the “Purchase Agreement”); and 
 WHEREAS, Seller and Buyer desire to modify the Purchase
Agreement as set forth in this Amendment. 
 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. Payment of Accrued Pay. Notwithstanding anything in the
Purchase Agreement to the contrary, including, without limitation, Section 9.1(p) thereof, Buyer and Seller agree that all of the employees providing services to the Hotel (“Hotel Employees”) shall be terminated by Manager as
of the Closing Date and that Seller shall pay or cause Manager to pay all Accrued Pay and Compensation as of the Cut-Off Time with respect to all such terminated Hotel Employees, which payment shall be made within the time period provided by law,
or, with respect to employment taxes, when such payment is due. Any and all obligations with respect to any Hotel Employees which accrue before the Closing will be the sole obligation of Seller. It is further understood and agreed that Buyer or
Buyer’s manager will hire substantially all of the Hotel Employees as of the Closing, and that any and all obligations with respect to all such hired Hotel Employees which accrue on and after the Closing will be the sole obligation of Buyer.

 2. Miscellaneous. 

(a) Definitions. Capitalized terms used in this Amendment that are not otherwise defined herein shall have the meanings ascribed to such
terms in the Purchase Agreement. 

  
 1 

 (b) Partial Invalidity. If any term or provision of this Amendment or the application
thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Amendment, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and each such term and provision of this Amendment shall be valid and enforced to the fullest extent permitted by law. 

(c) No Waivers. No waiver of any breach of any covenant or provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof, or of any other covenant or provision herein contained. No extension of time for performance of any obligation or act shall be deemed an extension of the time for performance of any other obligation or act. 

(d) Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. 
 (e) Entire Agreement; No Other Modification. This Amendment is the final expression of, and contains the
entire agreement among, the parties hereto with respect to the subject matter set forth herein and may not be modified other than by an agreement in writing signed by each party hereto. Except as expressly modified by this Amendment, all terms and
conditions of the Purchase Agreement, together with any and all exhibits thereto, shall remain unmodified and are in full force and effect and enforceable in accordance with their terms. In the event of a conflict between the Purchase Agreement and
this Amendment, the terms and provisions of this Amendment shall control. 
 (f) Captions/Headings. The section headings appearing in
this Amendment are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof. 

(g) Counterparts. This Amendment may be executed in counterparts, each of which shall constitute a separate document but all of which
together shall constitute one and the same agreement. Signature pages may be detached and reattached to physically form one document. A signature scanned and sent by facsimile and/or e-mail shall be binding as an original signature. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set
forth above. 
  

			
	SELLER
	
	CSC GEORGIAN TERRACE LIMITED PARTNERSHIP,
	a Delaware limited partnership
	
	By: CSC Georgian Terrace GP Corporation, a Delaware corporation, its General Partner
		
	By:	 	 /s/ CLAUDE J. ZINNGRABE, JR.

	Name:	 	CLAUDE J. ZINNGRABE, JR.
	Its:	 	President and CEO
	
	BUYER
	
	 SOTHERLY HOTELS INC.,
 a
Maryland corporation, its general partner

		
	By:	 	  

	Name:	 	
	Its:	 	

 Third Amendment to Georgian Terrace Purchase and Sale Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set
forth above. 
  

			
	SELLER
	
	 CSC GEORGIAN TERRACE LIMITED PARTNERSHIP,

a Delaware limited partnership

	
	By: CSC Georgian Terrace GP Corporation, a Delaware corporation, its General Partner
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	BUYER

	
	 SOTHERLY HOTELS INC.,

a Maryland corporation, its general partner

		
	By:	 	 /s/ DAVID R. FOLSOM

	Name:	 	DAVID R. FOLSOM
	Its:	 	PRESIDENT

 Third Amendment to Georgian Terrace Purchase and Sale Agreement

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