Document:

Nov 14 2014 Exhibit 10.2

Exhibit 10.2

RETIREMENT AGREEMENT AND RELEASE 

THIS RETIREMENT AGREEMENT AND RELEASE (“Agreement”) is made and entered into by and between Invacare Corporation, an Ohio corporation (the "Company") and Joseph B. Richey, II ("Executive"), with an Effective Date as defined herein.

W I T N E S S E T H:

WHEREAS, Executive has been employed by the Company as its President, Invacare Technologies and Senior Vice President, Electronics and Design Engineering; and

WHEREAS, Executive desires to retire from his employment with the Company, and the Company accepts his retirement effective November 30, 2014 on the terms set forth herein; and 

WHEREAS, the Company and Executive wish to resolve all matters and issues between them arising from or relating to Executive's employment by the Company or service on its Board of Directors. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, Executive and the Company hereby agree as follows:

ARTICLE I -- CONSIDERATION

Section 1.1.Retirement.  Executive, through his signature below, voluntarily retires from his employment with the Company and retires as an employee, director, officer, manager, or from other service in any role for any Affiliate of the Company, effective November 30, 2014 ("Date of Retirement").  The Company, through its execution below, hereby consents to and accepts Executive’s retirement and resignations as of the Date of Retirement.  Executive’s employment records with the Company will reflect the voluntary nature of the cessation of his employment, and the Company and Executive each expressly acknowledge that he has not been "discharged" or "terminated" by the Company, constructively or otherwise. 

Section 1.2. Retention Period.  During the period between the date of signing this Agreement and the Date of Retirement, Executive shall continue to be employed by the Company (the “Retention Period”).   

		
	(a)
	During the Retention Period, Executive will perform his current duties and/or other appropriate duties reasonably comparable to his current duties as may be assigned by the Company, including, but not limited to, transitioning pending business matters and training any person or persons designated by the Company to undertake any of the duties of Executive’s position; and

		
	(b)
	During the Retention Period, through and including the Date of Retirement, Executive shall continue to be compensated at his regular pay and employee benefits at such level as his pay and benefits existed immediately prior to the date of this Agreement.    

Section 1.3.Initial Payments.  Provided that the Executive signs, before December 22, 2014, the General Release of Claims attached hereto and incorporated herein as Exhibit A (the “Release”), and such Release is not revoked during the time period specified therein, then, upon the Effective Date of 

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the Release (as defined in the Release), Executive will be entitled to the following payments as retirement benefits in recognition of Executive’s service to the Company:

		
	(a)
	the continuation of his salary at a rate equal to 100 percent (100%) of his base salary as it existed immediately prior to the Date of Retirement, in accordance with the Company’s regular payroll cycle for the period beginning on the day after the Date of Retirement and continuing through the end of the payroll period for which payment would be made on or most closely preceding March 15, 2015 (the “March 15 Payroll Period”); and,  

		
	(b)
	additional payments of $550 per month for the period commencing on November 30, 2014 and ending on February 28, 2015 (but subject to earlier termination pursuant to §1.6 if Executive commences employment which provides health insurance coverage).

Such payments will commence following the later of (i) the Date of Retirement and (ii) the Effective Date of the Release, but shall be paid retroactive to the first day of the applicable periods for which they are to be made as indicated above, and shall be payable less any applicable payroll taxes and withholdings and in a manner consistent with the Company’s regular payroll practices.

Section 1.4.  Further Salary Continuation Payments. Provided that the Effective Date of the Release has occurred as referenced in §1.3 above, then upon such Effective Date, Executive will be entitled to the continuation of his salary, as a retirement benefit, as it existed immediately prior to the Date of Retirement, in accordance with the Company’s regular payroll cycle, for the period commencing with the payroll period after the March 15 Payroll Period and continuing thereafter until November 30, 2015 (the “Salary Continuation Period”), all less applicable payroll taxes and withholdings and payable in a manner consistent with the Company’s regular payroll practices; provided that payment of any amounts otherwise due under this §1.4 prior to six months after Executive’s Date of Retirement shall be delayed until as soon as practicable on or after the first day of the seventh month following such Date of Retirement (or if later, such other earliest date as is permitted under Section 409A of the Code).
Section 1.5.  Welfare Benefits.  Provided that the Effective Date of the Release has occurred as referenced in §1.3 above, then upon such Effective Date, Executive will be entitled to payment by the Company of additional monthly payments of Five Hundred and Fifty Dollars ($550.00) (intended to reflect the approximate cost of certain group health, dental, and vision benefits he otherwise would be entitled to receive if he remained an active employee), commencing on March 31, 2015 and ending on October  31, 2015, all less applicable payroll taxes and withholdings and payable in a manner consistent with the Company’s regular payroll practices; provided that payment of any amounts otherwise due under this §1.5 prior to six months after Executive’s Date of Retirement shall be delayed until as soon as practicable on or after the first day of the seventh month following such Date of Retirement (or if later, such other earliest date as is permitted under Section 409A of the Code).  During the Salary Continuation Period, if Executive commences employment which provides health insurance coverage to Executive (as distinguished from eligibility or participation in Medicare coverage as his primary coverage), then only in such instance shall the Company’s obligation to provide such payments as an alternative for group health insurance benefits as described in this §1.5 (and §1.3(c), as applicable) terminate as of the date that Executive becomes covered by such new health insurance coverage.  To that end, Executive agrees to notify the Company of any employment commenced by Executive which provides health insurance during the Salary Continuation Period.  
Section 1.6.  Restricted Stock.  Provided that the Effective Date of the Release has occurred as provided in §1.3 above, then upon such Effective Date, any unvested time-based restricted stock of the 

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Company held by Executive, shall continue to vest following the Date of Retirement in accordance with the vesting schedule set forth in the applicable award agreement as if Executive’s service as President - Invacare Technologies Division and Senior Vice President - Electronic and Design Engineering of the Company continued until the earlier of the end of such vesting period(s) or Executive’s death.  For example, if Executive were to die before all of the restricted stock vested, his estate or personal representatives shall receive the awards and be entitled to all remaining award rights until the award is fully vested and the Executive’s estate or personal representative has received all the remaining shares not delivered to the Executive as of the date of his death.  In the event that the terms of this Agreement cause Executive to recognize taxable income prior to the scheduled vesting date for any restricted shares, then the parties agree that the Company will make the tax withholding deposits in an amount sufficient to cover Executive’s anticipated tax liability and will reduce the number of restricted shares outstanding in Executive’s name by a number of shares (rounded down to the nearest whole share) with a value equal to the tax withholding deposits, based on the market value of the shares at close on the day before the date of the deposit.

Section 1.7.  Stock Options.  Provided that the Effective Date of the Release has occurred as provided in §1.3 above, then upon such Effective Date, (i) all outstanding stock options of the Company held by the Executive will continue to vest in accordance with the vesting schedule set forth in each applicable award agreement as if Executive remained employed by the Company  (notwithstanding any agreement or provision to the contrary in the applicable award agreements) and will remain exercisable for the duration of the term of the option agreement; and (ii) any vested portions of any other stock options held by Executive will remain exercisable following Executive’s retirement for the remaining duration of the term of the option agreement following Executive’s retirement to the extent provided in the applicable award agreement.  
Section 1.8.  Business Expense and Legal Fee Reimbursement.  Provided that the Effective Date of the Release has occurred as provided in §1.3 above, then upon such Effective Date, (a) the Company will reimburse Executive for his actual and reasonable business expenses incurred in 2014 prior to the Date of Retirement, in accordance with the Company’s normal requirements and procedures for same; and (b) the Company will reimburse Executive for his actual and reasonable legal fees and expenses incurred prior to the Date of Retirement, in connection with the consideration, negotiation and documentation of his retirement under this Agreement, in an amount not to exceed an aggregate of $25,000.

Section 1.9.  Death Benefit Only Plan.  Upon the Date of Retirement, Executive will continue as a participant in the Company’s Death Benefit Only Plan at 1x his annual salary, and otherwise in accordance with the terms of such plan, subject to the Company’s right to amend or terminate the plan. 

Section 1.10.  Retirement Benefits.  Upon the Date of Retirement, Executive shall become entitled to any benefits he has accrued, less applicable payroll taxes and withholdings, under the Company’s retirement benefit plans, including the Invacare Corporation Retirement Savings Plan, the Invacare Corporation Deferred Compensation Plus Plan and the Supplemental Executive Retirement Plan (the “Retirement Plans”). Executive acknowledges that his participation as an active employee in the Retirement Plans will cease as of the Date of Retirement and he will not be entitled to any additional benefit accruals thereafter.  Payments made with respect to each Retirement Plan will be made at the earliest practicable time allowable under and subject to the terms and procedures of such plan, including with respect to distribution elections previously made or to be made; provided that Executive’s benefits under the Invacare Corporation Deferred Compensation Plus Plan and the Supplemental Executive Retirement Plan will be paid in a single lump sum payment on the first payroll date following the first day of the seventh month following his Date of Retirement; provided that, in the event of any conflict between the terms of this Agreement and the terms of the Retirement Plans, the terms of the Retirement Plans shall govern.  

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Section 1.11.  Effect of Change in Control.  In the event a Change in Control (as defined by Section 409A of the Internal Revenue Code of 1986) of the Company is consummated on or before January 31, 2016, then any salary continuation and retirement benefit amounts and vesting of equity awards set forth in §§1.3 through 1.7 hereof that have not yet been paid or vested under this Agreement will accelerate and be payable or vest within ten (10) business days following the consummation of such Change in Control.

Section 1.12.  Adequacy of Consideration.  Executive hereby agrees and acknowledges that the certain payments and benefits described in this Agreement are over and above any entitlements that he may have by reason of his retirement from the Company, and that such payments and amounts constitute adequate consideration for all of Executive’s covenants and obligations set forth herein, including, but not limited to, the Release and the other obligations of Executive set forth in Article II of this Agreement. 

Section 1.13.  Receipt of Certain Consideration.  In order to receive the payments and benefits described in §§1.3 through 1.7 of this Agreement, Executive must execute, after (but not before) the Date of Retirement, the Release and such execution of the Release and the expiration of its revocation period without such Release being revoked, must both occur on or prior to December 29, 2014.  Thereafter, upon the Effective Date of the Release, Employee shall be entitled to the payments and benefits described in §§1.3 through 1.7 of this Agreement.

ARTICLE II -- OTHER OBLIGATIONS OF EXECUTIVE

Section 2.1.Restrictive Covenants.  Executive expressly re-affirms and re-acknowledges his agreement to all of his covenants and obligations contained in the Technical Information and Non-Competition Agreement between the Company and Executive dated February 24, 2011 (the “Technical Information and Non-Competition Agreement”), and further acknowledges and agrees that said covenants and obligations of the Technical Information and Non-Competition Agreement (with the date of Retirement being the date that Executive ceases to work for the Company as contemplated under said Agreement) survive Executive’s retirement. 

Section 2.2.Assistance to Company.  Executive agrees to make himself available to answer questions concerning business concerns, operations, pending legal concerns and/or litigation, and other special assistance as reasonably may be requested by the Company, through and including the Salary Continuation Period; provided, however, that Executive’s obligations hereunder shall not exceed twenty (20) hours per month through December 31, 2014, and twelve (12) hours per month thereafter through November 30, 2015; unless mutually agreed otherwise; and provided further, that Executive shall be entitled to reimbursement of expenses reasonably incurred by him in his performance of his obligations under this §2.2.

Section 2.3.Company/Executive Personal Property.  Upon the Effective Date of the Release, the Company will permit Executive to have and keep one (1) old HomeFill prototype device; and will permit Executive’s continued possession and use of the iPad, iPhone, and laptop computer, leased by the Company and provided to Executive, subject to Executive returning such devices to the Company to permit the Company’s information technology personnel to create a record of and remove any and all sensitive Company information from such devices, after which they will be returned to Executive.  On or about the expiration of the Company’s lease of said iPad, iPhone, and laptop computer,  the Company will transfer ownership of such devices to Executive.  Prior to his Retirement Date, Executive shall return all other tangible personal property belonging to the Company, including, but not limited to, all keys, business equipment, and any other computer software and/or hardware not specifically referenced in this §2.3.

Section 2.4.Nondisparagement.  Executive agrees not to make any disparaging or generally negative comments regarding the Company Entities or otherwise to communicate with any person in a manner 

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tending to damage the reputation of the Company Entities; provided that the parties acknowledge that during the period that Executive remains a major shareholder (greater than 5% vote in the election of directors), this provision shall not prevent him from discharging his fiduciary duties or otherwise acting in a manner that he reasonably determines is in the best interests of the Company or its shareholders.  Neither the Company, nor any of those employees of the Company who constitute its “named executive officers” (under SEC regulations) for purposes of the Company’s 2014 proxy statement, will make or issue any public release or other public statement containing disparaging or generally negative comments regarding Executive.  The Company will share with Executive, for his review and comment, its draft of a statement and related talking points regarding his retirement from the Company.  Executive agrees that any discussion or public statements will be consistent with the published statement and talking points. Nothing contained in this Agreement will preclude any party or other person from providing truthful information in any court, regulatory, or governmental proceeding, investigation or inquiry.

Section 2.5.Permitted Disclosure.  Notwithstanding the provisions of the Technical Information and Non-Competition Agreement regarding Non-Disclosure of Confidential Information, all of which are re-affirmed and re-acknowledged in §2.1 of this Agreement, Executive may disclose to such persons, without limitation of any kind, who have a need to know, the tax treatment and any facts that may be relevant to the tax structure of his retirement from employment or other transactions contemplated by this Agreement, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable federal or state securities laws, and except that, with respect to any document or other information that in either case contains information concerning the tax treatment or tax structure of such transactions as well as other information, this §2.5 shall apply only to such portions of the document or similar item that is relevant to an understanding of such tax treatment or tax structure.  The Company will be permitted to disclose a summary of, and copy of, this Agreement in a Form 8-K and other public disclosures to be filed with the U.S. Securities Exchange Commission.

Section 2.6.Remedy for Breach of Article II.  Executive agrees that each of his obligations set forth in Article II of this Agreement are material provisions of this Agreement, without which the Company would not enter into this Agreement, the violation of which by Executive will cause substantial harm to the Company, and that the actual damages resulting from a violation of any section of this Article II by Executive will be difficult or impossible to ascertain.  Accordingly, in the event of any violation by Executive of any section of this Article II, and in addition to all legal or equitable remedies available to the Company to remedy such violation, Executive agrees that (i) the Company may terminate all payments and benefits owed to Executive under this Agreement and retain any remaining payments and benefits not as of then paid to Executive as liquidated damages; and (ii) Executive will repay to the Company, upon demand, all amounts paid to him pursuant to Article I of this Agreement prior to the date the Company learns of such violation by Executive, along with any other relief the Court deems to be appropriate and just; provided, however, it is agreed that the payments and benefits made or owed to Executive under any of the plans, programs or agreement referred to in §1.10 are not subject to termination or repayment by reason of clauses (i) or (ii) of this sentence.

ARTICLE III -- MISCELLANEOUS PROVISIONS 

Section 3.1.Entire Agreement.  Except as provided in §§2.1 and 3.2 of this Agreement, and except for Executive’s continuing rights under the plans, programs and agreements as specified in Article I, this Agreement contains the entire agreement between the parties hereto and replaces any prior agreements, contracts and/or promises, whether written or oral, with respect to the subject matters included herein, including any offer or other letter agreements, any proxy statement description, or any other such agreement 

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or document.  This Agreement may not be changed orally, but only in writing, signed by each of the parties hereto.  

Section 3.2.Survival of Agreements.  Notwithstanding anything to the contrary in this Agreement, the parties agree that (i) the Indemnity Agreement between the Company and Executive dated May 24, 2001 (the “Indemnity Agreement”) shall survive Executive’s retirement and his execution of this Agreement; and (ii) the Change in Control Agreement between the Company and Executive dated as of December 31, 2008 (“Change in Control Agreement”), shall survive and remain in effect until January 31, 2016 whereupon it shall terminate and be of no further force and effect, unless a Change in Control (as defined in said Agreement) has occurred prior to January 31, 2016, in which case the Change in Control Agreement shall not terminate other than by its terms. 

Section 3.3.Warranty/Representation.  Executive and the Company each warrant and represent that, prior to and including the Effective Date of this Agreement, no claim, demand, cause of action, or obligation which is subject to this Agreement has been assigned or transferred to any other person or entity, and no other person or entity has or has had any interest in any such claims, demands, causes of action or obligations, and that each has the sole right to execute this Agreement.

Section 3.4.Invalidity.  The parties to this Agreement agree that the invalidity or unenforceability of any one (1) provision or part of this Agreement shall not render any other provision(s) or part(s) hereof invalid or unenforceable and that such other provision(s) or part(s) shall remain in full force and effect.

Section 3.5.No Assignment.  This Agreement is personal in nature and shall not be assigned by Executive.  All payments and benefits provided Executive herein shall be made to his estate in the event of his death prior to his receipt thereof.

Section 3.6.Originals.  Two (2) copies of this Agreement shall be executed as “originals” so that both Executive and the Company may possess an “original” fully executed document.  The parties hereto expressly agree and recognize that each of these fully executed “originals,” which may be signed in counterparts, shall be binding and enforceable as an original document representing the agreements set forth herein.

Section 3.7.Governing Law; Jurisdiction; Venue.  This Agreement shall be governed under the laws of the State of Ohio.  The Company and Executive each consent to venue and personal jurisdiction over them in any state or federal court with jurisdiction over Cuyahoga County, Ohio, for the purpose of construction and enforcement of this Agreement.

Section 3.8.Acknowledgement by Company.  To the knowledge of the Company, it does not currently have a claim against Executive.  The "knowledge" of the Company means the actual knowledge of the current executive officers of the Company (other than Executive).

Section 3.9.Withholding.  The Company shall have the right to withhold from any payments and benefits under this Agreement any and all amounts necessary for payroll taxes and other withholdings.
  
Section 3.10.Further Assurances.  In case at any time after the Effective Date of the Release, any further actions are necessary or desirable to carry out the purposes of any of the provisions of this Agreement, each party shall, as promptly as reasonably practicable, execute and deliver all such documents, and take all such other actions, in order to give full effect to the provisions of this Agreement. 

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Section 3.11.Compliance with Section 409A; Taxes.  It is the intention and purpose of the Company that this Agreement and all benefits provided hereunder or in connection herewith shall be, at all relevant times, in compliance with (or exempt from) Section 409A of the Internal Revenue Code of 1986, as amended and related regulations (the “Code”), and this Agreement and such benefits shall be so interpreted and administered.  Notwithstanding anything herein to the contrary, (i) if at the Date of Retirement Executive is a “specified employee” as defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of Executive’s termination of employment is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following the Date of Retirement (or the earliest date as is permitted under Section 409A of the Code), (ii) any reimbursements provided under this Agreement shall be made no later than the end of Executive’s taxable year following Executive’s taxable year in which such expense was incurred; in addition, the amounts eligible for reimbursement during any one taxable year under this Agreement may not affect the expenses eligible for reimbursement in any other taxable year under this Agreement, (iii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax or result in an additional cost to the Company, and (iv) each payment hereunder (including without limitation each monthly payment or payment made on a payroll period basis, even if it might otherwise be part of a series of installment payments) shall constitute a separate payment hereunder for purposes of Section 409A of the Code.  The Company shall consult with Executive in good faith regarding the implementation of the provisions of this §3.11; provided that notwithstanding any other provision in this Agreement or otherwise, neither the Company nor any of its employees or representatives shall have any liability to Executive or any beneficiary or dependent with respect thereto or with respect to the tax consequences or effects to them of any of the provisions of, or benefits or payments provided under, pursuant to or in connection with, this Agreement (including under the plans and programs referred to herein).

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IN WITNESS WHEREOF, Executive and the Company agree as set forth above:
	
				
	DATE OF EXECUTION BY EXECUTIVE:
	 
	AGREED TO AND ACCEPTED BY:

	 
	 
	 
	 

	November 14, 2014
	 
	/s/ Joseph B. Richey, II 

	 
	 
	 Joseph B. Richey, II

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	EXECUTION WITNESSED BY:

	 
	 
	 
	 

	 
	 
	/s/ Michael Riley

	 
	 
	 
	 

	 
	 
	 
	 

	DATE OF EXECUTION BY COMPANY:
	 
	AGREED TO AND ACCEPTED BY

	 
	 
	INVACARE CORPORATION

	 
	 
	 
	 

	November 14, 2014
	 
	BY:
	/s/ Robert K. Gudbranson

	 
	 
	 
	 

	 
	 
	TITLE:
	Interim President and CEO

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	EXECUTION WITNESSED BY:

	 
	 
	 
	 

	 
	 
	/s/ Anthony C. LaPlaca

	 
	 
	 
	 

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GENERAL RELEASE OF CLAIMS

Joseph B. Richey, II ("Executive") and Invacare Corporation (the “Company"), in exchange for their mutual covenants and obligations set forth herein, hereby agree as follows:
1.Executive’s Release.  For consideration in the form of the payments and benefits described in the Retirement Agreement and Release between Executive and the Company dated  November __, 2014 (the “Retirement Agreement”), Executive does hereby for himself and for his heirs, executors, successors and assigns, release and forever discharge the Company, its parent company(ies), subsidiaries, divisions, and affiliated businesses, direct or indirect, if any, together with its and their respective officers, directors, shareholders, management, representatives, agents, employees, successors, assigns, and attorneys, both known and unknown, in both their personal and agency capacities (collectively, “the Company Entities”) of and from any and all claims, demands, damages, actions or causes of action, suits, claims, charges, complaints, contracts, whether oral or written, express or implied and promises, at law or in equity, of whatsoever kind or nature, including but not limited to any alleged violation of any state or federal anti-discrimination or anti-retaliation statutes or regulations, including but not limited to Title VII of the Civil Rights Act of 1964 as amended, ERISA, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Family and Medical Leave Act (“FMLA”), Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002, Title VIII of the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the False Claims Act, breach of any express or implied contract or promise, wrongful discharge, violation of public policy, or tort, all demands for attorney's fees, back pay, holiday pay, vacation pay, bonus, group insurance, any claims for reinstatement, all employee benefits and claims for money, out of pocket expenses, any claims for emotional distress, degradation, humiliation, that Executive might now have or may subsequently have, whether known or unknown, suspected or unsuspected, by reason of any matter or thing, arising out of or in any way connected with, directly or indirectly, any acts or omissions of the Company or any of its directors, officers, shareholders, employees and/or agents arising out of Executive's employment and separation from employment which have occurred prior to the date this Release of Claims (“Release”) becomes effective pursuant to Section 7 hereof (the “Effective Date”), or which may arise as a result of his retirement as of the Retirement Date, except those matters specifically set forth herein, and except for any health, welfare, pension or retirement benefits, if any, which may have vested on Executive's behalf prior to his retirement under the generally applicable terms of such programs, and except for any claims arising solely out of Executive’s status as a shareholder of the Company, and except for any rights Executive has under any applicable policies of Directors and Officers liability insurance, and except for any rights Executive has under the Indemnity Agreement.

2.Older Workers Benefit Protection Act (“OWBPA”).  Executive recognizes and understands that, by executing this Release, he shall be releasing the Company Entities from any claims that he now has, may have, or subsequently may have under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §§621, et seq., as amended, by reason of any matter or thing arising out of, or in any way connected with, directly or indirectly, any acts or omissions which have occurred prior to and including the Effective Date of this Release.  In other words, Executive will have none of the legal rights against the aforementioned that he would otherwise have under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §§621, et seq., as amended, by his signing this Release.

3.Consideration Period.  The Company hereby notifies Executive of his right to consult with his chosen legal counsel before signing this Agreement.  Through his signature below, Executive represents that he has consulted with, and been represented by, competent legal counsel in the negotiation of this Release and the related Retirement Agreement.  The Company shall afford, and Executive acknowledges receiving, 

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not less than twenty-one (21) calendar days in which to consider this Release to ensure that Executive’s execution of this Release is knowing and voluntary.  In signing below, Executive expressly acknowledges that he has been afforded the opportunity to take at least twenty-one (21) days to consider this Release and that his execution of same is with full knowledge of the consequences thereof and is of his own free will.  

Notwithstanding the fact that the Company has allowed Executive twenty-one (21) days to consider this Release, Executive may elect to execute this Release prior to the end of such 21-day period.  If Executive elects to execute this Release prior to the end of such 21-day period, then by his signature below, Executive represents that he has consulted with, and been represented by, his chosen legal counsel, and his decision to accept this shortening of the time was knowing and voluntary, and was not induced by fraud, misrepresentation, or any threat to withdraw or alter the benefits provided by the Company herein, or by the Company providing different terms to any similarly-situated Executive executing this Release prior to end of such 21-day consideration period.  The parties agree that changes, whether material or immaterial, to this Release shall not restart the running of the twenty-one (21) day time period.
4.Revocation Period.  Both the Company and Executive agree and recognize that, for a period of seven (7) calendar days following Executive’s execution of this Release, Executive may revoke this Release by providing written notice revoking the same, within this seven (7) day period, delivered by hand or by certified mail, addressed to Patricia A. Stumpp, Senior Vice President--Human Resources, Invacare Corporation, One Invacare Way, Elyria, OH 44035, delivered or postmarked within such seven (7) day period.  In the event Executive so revokes this Release, each party will receive only those entitlements and/or benefits that he/it would have received regardless of this Release. 

5.Acknowledgments.  Executive acknowledges that Executive has carefully read and fully understands all of the provisions of this Release, that Executive has not relied on any representations of the Company or any of its representatives, directors, officers, Executives and/or agents to induce Executive to enter into this Release, other than as specifically set forth herein and that Executive is fully competent to enter into this Release and has not been pressured, coerced or otherwise unduly influenced to enter into this Release and that Executive has voluntarily entered into this Release of Executive's own free will.  Executive further acknowledges that he has consulted with, and been represented by, competent legal counsel in the negotiation of this Release.  The parties agree that any capitalized terms not otherwise defined herein shall have the meaning given to them in the Retirement Agreement.

6.Governing Law.  This Release shall be governed under the laws of the State of Ohio.

7.Effective Date.  This General Release of Claims shall become effective only upon (a) execution of this General Release of Claims by Executive after the expiration of the twenty-one (21) day consideration period described in §3 of this General Release of Claims, unless such consideration period is voluntarily shortened as provided by law; and (b) the expiration of the seven (7) day period for revocation of this General Release of Claims after execution by Executive described in §4 of this General Release of Claims without this General Release of Claims being revoked, but only if such execution and expiration of the revocation period both occur on or prior to December 29, 2014.

CAUTION TO EXECUTIVE:  READ BEFORE SIGNING.  THIS DOCUMENT CONTAINS A RELEASE OF ALL CLAIMS AGAINST THE COMPANY ENTITIES PRIOR TO THE EFFECTIVE DATE OF THIS GENERAL RELEASE OF CLAIMS.

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DATE OF EXECUTION BY EXECUTIVE:        AGREED TO AND ACCEPTED BY:

______________________________        ______________________________
Joseph B. Richey, II 

EXECUTION WITNESSED BY:
________________________________

DATE OF EXECUTION BY COMPANY:        AGREED TO AND ACCEPTED BY
INVACARE CORPORATION
                            
______________________________        BY:_____________________________
TITLE:__________________________

EXECUTION WITNESSED BY:
________________________________

11Exhibit 10.1

PURCHASE AND SALE AGREEMENT

AND ESCROW INSTRUCTIONS

BY AND BETWEEN

SELLER:

Milliken Portland Partners, LLC,

a Massachusetts limited liability company.

 

and

BUYER:

Plymouth Industrial REIT, Inc., 

a Maryland corporation.

 

Dated as of: July 16, 2014

    	 

    	 

    

PURCHASE
AND SALE AGREEMENT and escrow instructions

Buyer and Seller
hereby enter into this Purchase and Sale Agreement and Escrow Instructions (this “Agreement”) as of the Effective
Date. In consideration of the mutual covenants set forth herein, Seller agrees to sell, convey, assign and transfer the Property
to Buyer, and Buyer agrees to buy the Property from Seller, on the terms and conditions set forth in this Agreement.

1.      DEFINED
TERMS. The terms listed below shall have the following meanings throughout this Agreement:

	Approvals:	All permits, licenses, franchises, certifications, authorizations, approvals and permits issued by any governmental or quasi-governmental authorities for the ownership, operation, use and occupancy of the Property or any part thereof, excluding applications for development approvals that have been denied.
	Business Day:	Any day that is not a Saturday or Sunday or a legal holiday in the state in which the Real Property is located.
	Brokers:	CBRE/Boulos Company and Parsons Commercial Group
	Buyer:	Plymouth Industrial REIT, Inc., a Maryland corporation.
	Buyer’s Address:	Plymouth Industrial REIT, Inc.
	 	260 Franklin Street – 19th Floor
	 	Boston, MA 02109
	 	Attn:  Pendleton White, Jr.
	 	Telephone:  (617) 340-3861
	 	Email:  pen.white@plymouthrei.com
	 	 
	 	With a copy to:
	 	 
	 	Brown Rudnick LLP
	 	One Financial Center
	 	Boston, MA 02111
	 	Attn:  Kevin P. Joyce, Esq.
	 	Telephone:  (617) 856-8342
	 	Email:  KJoyce@brownrudnick.com
	Closing:	The consummation of the sale and purchase of the Property, as described in Section 8 below.
	Closing Date:	The date that is the later to occur of either (a) ten (10) days after the end of the Scheduled Contingency Expiration Date, or (b) August 29, 2014.

    	 

    	 

    

 

	Contingency Period:	The period commencing on the Effective Date and expiring at 5:00 p.m. (Eastern) on the date which is forty-five (45) days (the “Scheduled Contingency Expiration Date”) thereafter, subject, however, to extension pursuant to Section 4.
	Deposit:	One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) (the “Deposit”).
	Domain Rights:	All rights, control and ownership of the Websites, and all intellectual property rights and interests relating thereto or arising therefrom.
	Effective Date:	July 16, 2014
	Escrow Holder:	Commonwealth Land Title Insurance Company, a division of Fidelity National Financial
	Escrow Holder’s Address:	Commonwealth Land Title Insurance Company
	 	265 Franklin Street
	 	Boston, MA 02110
	 	Attn:  Robert J. Capozzi, Esq.
	 	Telephone:  
	 	Email:  
	 	 
	Exhibits:	Exhibit A – Legal Description of the Land
	 	Exhibit B – Documents
	 	Exhibit C – Tenant Estoppel
	 	Exhibit D – Leases
	 	Exhibit E – Audit Letter
	 	 
	Existing Contracts:	All written brokerage (other than the brokerage agreement regarding the sale of the Property to Buyer), service, maintenance, operating, repair, supply, purchase, consulting, professional service, advertising and other contracts to which Seller, or its agents, representatives, employees or predecessors-in-interest is a party, relating to the operation or management of the Property (but excluding insurance contracts and any recorded documents evidencing the Permitted Exceptions).

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	Improvements:	All buildings and other improvements owned by Seller located on or affixed to the Land, including, without limitation, the existing building containing approximately 200,625, more or less, rentable square feet (the “Building”) and the existing parking lots, together with all mechanical systems (including without limitation, all heating, air conditioning and ventilating systems and overhead doors), electrical equipment, facilities, equipment, conduits, motors, appliances, boiler pressure systems and equipment, air compressors, air lines, gas-fixed unit heaters, baseboard heating systems, water heaters and water coolers, plumbing fixtures, lighting systems (including all fluorescent and mercury vapor fixtures), transformers, switches, furnaces, bus ducts, controls, risers, facilities, installations and sprinkling systems to provide fire protection, security, heat, air conditioning, ventilation, exhaust, electrical power, light, telephone, storm drainage, gas, plumbing, refrigeration, sewer and water thereto, all internet exchange facilities, telecommunications networks and facilities base IP, conduits, fiber optic cables, all cable television fixtures and antenna, elevators, escalators, incinerators, disposals, rest room fixtures and other fixtures, equipment, motors and machinery located in or upon the Building, and other improvements now or hereafter on the Land.  The Building’s address is 56 Milliken Street, Portland, Maine.
	Intangible Property:	All intangible property now or on the Closing Date owned by Seller in connection with the Real Property or the Personal Property including without limitation all of Seller’s right, title and interest in and to all environmental reports, soil reports, utility arrangements (except as expressly set forth herein), warranties, guarantees, indemnities, claims, licenses, applications, permits, governmental approvals, plans, drawings, specifications, surveys, maps, engineering reports and other technical descriptions, books and records, licenses, authorizations, applications, permits and all other Approvals, Domain Rights, Websites, insurance proceeds and condemnation awards, Seller’s right, title and interest in all Approved Contracts relating to the Real Property or the Personal Property, or any part thereof (but not Seller’s obligations under any Rejected Contracts (as hereinafter defined)), and all other intangible rights used in connection with or relating to the Real Property or the Personal Property or any part thereof.
	Land:	That certain approximately ±31.21 acres of land, located in the City of Portland, Cumberland County, Maine, more particularly described in Exhibit A hereto, together with all rights and interests appurtenant thereto, including, without limitation, any water and mineral rights, development rights, air rights, easements and all rights of Seller in and to any strips and gores, alleys, passages or other rights-of-way.
	Leases:	The leases and/or licenses of space in the Property in effect on the date hereof as listed on Exhibit D, together with leases of space in the Property entered into after the date hereof in accordance with the terms of this Agreement, together with all amendments and guaranties thereof.

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	Permitted Exceptions:	All of the following:  applicable zoning and building ordinances and land use regulations for which there is no violation, the lien of taxes and assessments not yet delinquent, any exclusions from coverage set forth in the jacket of any Owner's Policy of Title Insurance, any exceptions caused by Buyer, its agents, representatives or employees, the rights of the tenants, as tenants only, under the Leases, public utility easements of record without encroachment by any of the Improvements, and any matters deemed to constitute Permitted Exceptions under Section 5(d) hereof.
	Personal Property:	Any and all personal property owned by Seller (if any) and located on the Real Property.
	Property:	The Real Property, the Personal Property, the Approved Contracts (as defined in Section 4), the Leases and the Intangible Property.
	Purchase Price:	Ten Million Five Hundred Thousand Dollars ($10,500,000).
	Real Property:	The Land and the Improvements.
	Seller:	Milliken Portland Partners, LLC
	Seller’s Address:	Milliken Portland Partners, LLC
	 	40 South Street, Suite 305
	 	Marblehead, MA  01945
	 	Attn:  J. Hillary Rockett, Jr.
	 	Telephone:  (781) 631-5015
	 	Email:  jhr@jhrdevelopment.com
	 	 
	 	With a copy to:
	 	Rich May, P.C.
	 	176 Federal Street
	 	Boston, MA  02110
	 	Attn:  James B. Heffernan, Esq.
	 	Telephone:  (617) 556-3823
	 	Email:  jheffernan@richmaylaw.com
	 	 
	Tenant Inducement Costs:	All third-party payments, costs and expenses required to be paid or provided by Seller, as landlord, pursuant to a Lease which is in the nature of a tenant inducement, including tenant improvement costs, tenant allowances, building lease buyout costs, landlord's work costs, brokerage commissions, reimbursement of tenant moving expenses and other out-of-pocket costs.

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	Title Company:	Commonwealth Land Title Insurance Company
	 	265 Franklin Street
	 	Boston, MA 02110
	 	Attn:  Robert J. Capozzi, Esq.
	 	Telephone:  
	 	Email:  
	Websites:	All domain names, web addresses and websites in which Seller has an interest relating to the Property or any portion thereof, including, but not limited to, any other name given to the Property.

2.      DEPOSIT
AND PAYMENT OF PURCHASE PRICE; INDEPENDENT CONSIDERATION. Unless this Agreement terminates prior to the expiration
of the Contingency Period, upon the expiration of the Contingency Period, Buyer shall deposit with Escrow Holder, at Escrow Holder’s
office, by check or by wire transfer, the Deposit as a deposit on account of the Purchase Price. Immediately upon Escrow Holder’s
receipt of the Deposit, Escrow Holder shall place the same in an single interest-bearing account reasonably acceptable to Buyer.
The Deposit shall be deemed to include any interest accrued thereon. The Deposit (as and when paid to Escrow Holder) shall be held
by Escrow Holder in accordance with this Agreement, and, if applicable, in accordance with Escrow Holder's standard form of escrow
agreement which Buyer and Seller agree to execute in addition to this Agreement.

If the transactions
contemplated hereby close as provided herein, the Deposit shall be paid to Seller and shall be credited toward the Purchase Price
and Buyer shall pay through escrow to Seller the balance of the Purchase Price net of all prorations and other adjustments provided
for in this Agreement. If this Agreement is terminated pursuant to the terms hereof or if the transactions do not close, the Deposit
shall be returned to Buyer or delivered to Seller as otherwise specified in this Agreement.

Notwithstanding
anything in this Agreement to the contrary, One Hundred and No/100 Dollars ($100.00) of the Deposit is delivered to the Escrow
Holder for delivery by the Escrow Holder to Seller as “Independent Contract Consideration”, and the Deposit
is reduced by the amount of the Independent Contract Consideration so delivered to Seller, which amount has been bargained for
and agreed to as consideration for Seller’s execution and delivery of this Agreement. At Closing, the Independent Contract
Consideration shall not be applied to the Purchase Price.

3.      DELIVERY
OF MATERIALS FOR REVIEW. On or before the date which is five (5) Business Days after the Effective Date, Seller
shall deliver to Buyer at Buyer’s address set forth in Section 1 above, the materials listed on Exhibit B (collectively,
the “Documents”) for Buyer's review, to the extent the same are in Seller's possession or control. In the alternative,
at Seller’s option and within the foregoing five (5) Business Day period, Seller may make the Documents available to Buyer
on a secure web site, and in such event, Buyer agrees that any item to be delivered by Seller under this Agreement shall be deemed
delivered to the extent available to Buyer on such secured web site. Without limitation on the foregoing, Seller shall make any
other documents, files and information reasonably requested by Buyer concerning the Property and which are in Seller’s possession
or control available for Buyer’s inspection at Seller’s general offices or such other location as shall be mutually
convenient to the parties.

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4.      CONTINGENCIES.
Buyer’s obligation under this Agreement to purchase the Property and consummate the transactions contemplated hereby is subject
to and conditioned upon, among other things, the satisfaction or waiver by Buyer, in its sole and absolute discretion and in the
manner hereinafter provided, of each of the contingencies (individually, a “Contingency”, and collectively,
the “Contingencies”) set forth in this Section 4 in each case within the Contingency Period.

(a)      Property
Review. Beginning on the Effective Date and continuing until the expiration of the Contingency Period, Seller shall have given
Buyer an opportunity to conduct its due diligence review, investigation and analysis of the Property (the “Due Diligence
Review”) independently or through agents of Buyer's own choosing, and Buyer shall have completed and shall be satisfied,
in Buyer’s sole and absolute discretion, with Buyer’s Due Diligence Review, which may include, but shall not necessarily
be limited to, Buyer’s review, investigation and analysis of: (i) all of the Documents; (ii) the physical condition of the
Property; (iii) the adequacy and availability at reasonable prices of all necessary utilities, including, without limitation, the
services necessary to operate the Improvements for Buyer’s intended use of the Property; (iv) the adequacy and suitability
of applicable zoning and Approvals; (v) the Leases and the obligations from and to the tenants thereunder; (vi) market feasibility
studies; and (vii) such tests and inspections of the Property as Buyer may deem necessary or desirable.

(b)      Environmental
Audit. On or before the expiration of the Contingency Period, Buyer shall have completed to the satisfaction of Buyer, in its
sole and absolute discretion, and at its sole cost and expense, an environmental audit and assessment of the Real Property (the
“Environmental Audit”), including but not limited to the performance of such tests and inspections as Buyer
may deem necessary or desirable, subject to the terms and provisions hereof, in order to determine the presence or absence of any
Hazardous Materials (as defined in Section 12(i) hereof).

(c)      Tenant Estoppel.
On or before the expiration of the Contingency Period, Buyer shall have received an estoppel certificate substantially in the form
attached hereto as Exhibit C (the “Tenant Estoppel”), executed by each tenant under each of the Leases
with respect to the status of such Lease, rent payments, tenant improvements, lease defaults and other matters relating to such
Lease, and disclosing no defaults, disputes or other matters objectionable to Buyer in its sole and absolute discretion.

(d)      Board Approval.
On or before the expiration of the Contingency Period, Buyer shall have obtained approval for the transaction contemplated by this
Agreement from its Board of Directors (“Board Approval”).

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The foregoing Due
Diligence Review, Environmental Audit, Tenant Estoppel, and Board Approval Contingencies are solely for Buyer’s benefit and
only Buyer may determine such Contingencies to be satisfied or waived in writing. Buyer shall have the Contingency Period in which
to satisfy or waive such Contingencies by delivering written notice to Seller with a copy to Escrow Holder. A Contingency shall
be deemed not to have been satisfied or waived by Buyer unless prior to the expiration of the Contingency Period, Buyer shall deliver
to Seller a written notice to such effect (each such notice being herein referred to as an “Approval Notice”).
If, at any time during the Contingency Period, Buyer determines in its reasonable discretion that a Phase II Environmental Site
Assessment is necessary to determine whether the Contingencies have been satisfied, Buyer shall have the right to extend the Contingency
Period for an additional thirty (30) days so that the Contingency Period will expire at 5:00 p.m. (Eastern) on the date which is
seventy-five (75) days after the Effective Date; Buyer may exercise this extension right by delivering written notice to Seller
on or before 5:00 p.m. (Eastern) on the Scheduled Contingency Expiration Date.

If Buyer provides
an Approval Notice for each of the Contingencies, then the Contingencies shall be deemed satisfied or waived and the parties shall,
subject to the satisfaction of all other terms and conditions applicable to the respective parties’ obligations hereunder,
be obligated to proceed to Closing. If Buyer does not provide an Approval Notice with respect to any or all of the Contingencies
during the Contingency Period, then such Contingency(ies) shall be deemed not satisfied or waived, and this Agreement shall automatically
terminate and be of no further force and effect at the end of the Contingency Period without the further action of either party;
provided, however, if at any time prior to the end of the Contingency Period Buyer decides not to purchase the Property, Buyer
shall promptly notify Seller, in writing, of said intention not to purchase. During the Contingency Period Buyer may elect not
to purchase the Property for any reason or for no reason whatsoever, all in Buyer's sole and absolute discretion. Upon any such
termination, Escrow Holder shall return the Deposit (if any) to Buyer and, except for those provisions of this Agreement which
expressly survive the termination of this Agreement, the parties hereto shall have no further obligations hereunder.

With respect to
the Existing Contracts only, on or before thirty (30) days after the Effective Date, Buyer may furnish Seller with a written notice
of the contracts and agreements (the “Approved Contracts”) which Buyer has elected to assume at the Closing.
All Existing Contracts not included in any such notice shall be excluded from the Property to be conveyed to Buyer, and are herein
respectively referred to as the “Rejected Contracts”, and, if Buyer fails to deliver such notice, all Existing
Contracts shall be deemed Rejected Contracts. Seller shall at Seller’s sole cost and expense terminate on or before the Closing
Date all Rejected Contracts and shall deliver to Buyer evidence reasonably satisfactory to Buyer of Seller’s termination
on or prior to Closing of all Rejected Contracts. Notwithstanding anything contained herein to the contrary, Seller agrees to cause
any existing property management agreements and any leasing listing agreements to be terminated effective as of the Closing Date
and Seller shall be solely responsible for any fees or payments due thereunder. The parties agree and acknowledge that Existing
Contracts do not include the Leases, which cannot be included as a Rejected Contract.

5.      TITLE
COMMITMENT; SURVEY; SEARCHES. Buyer’s obligation to purchase the Property and to consummate the transactions
contemplated hereby shall also be subject to and conditioned upon Buyer’s having approved the condition of title to the Property
and a survey of the Real Property in the manner provided for in this Section 5.

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(a)      Title Commitment.
On or before the date which is ten (10) days after the Effective Date, Seller shall cause the Title Company to deliver a commitment
(the “Title Commitment”) to Buyer for the Title Policy (as defined in Section 6 hereof), issued by the
Title Company showing Seller as the owner of good and indefeasible fee simple title to the Real Property, together with legible
copies of all documents (“Exception Documents”) referred to in Schedule B of the Title Commitment.

(b)      Survey.
On or before the date which is five (5) Business Days after the Effective Date, Seller shall deliver Seller’s most recent
ALTA/ACSM survey of the Real Property to Buyer, and Seller shall cooperate with Buyer to obtain, at Buyer's sole cost and expense,
an update of Seller’s existing survey from a surveyor licensed in the State of Maine, which shall be certified to Buyer,
Title Company and Buyer’s lender (if applicable) with a certification in accordance with the “Minimum Standard Detail
Requirements for ALTA/ACSM Land Title Surveys,” jointly established and adopted by ALTA and NSPS in 2011 and including items
1, 2, 3, 4, 6(a), 6(b), 7(a), 7(b)(1), 7(c), 8, 9, 10, 11(a), 11(b), 13, 14, 16, 17, 18, 20 and 21 ($1,000,000.00 minimum) of Table
A (the “Survey”).

(c)      Searches.
Buyer may obtain, at its sole cost and expense, current UCC, tax lien and judgment searches with respect to Seller liens, security
interests and adverse claims affecting the Seller’s interest in the Real Property and/or the Personal Property (collectively,
“Searches”).

(d)      Permitted/Unpermitted
Exceptions. Buyer shall have the right, up until on or before seven (7) Business Days before the end of the Contingency Period,
to object in writing (“Buyer’s Exception Notice”) to any title matters that are not Permitted Exceptions
which are disclosed in the Title Commitment or Survey (herein collectively called “Liens”). Unless Buyer shall
timely object to the Liens, such Liens shall be deemed to constitute additional Permitted Exceptions. Any exceptions which are
timely objected to by Buyer shall be herein collectively called the “Title Objections.” If, on or before two
(2) Business Days before the end of the Contingency Period, Seller fails to cause or covenant to Buyer in writing to remove or
endorse over any Title Objections prior to the Closing in a manner satisfactory to Buyer in its sole and absolute discretion (Seller
having no obligation to agree to cure or correct any such Title Objections), Buyer may elect, prior to the expiration of the Contingency
Period to either (a) terminate this Agreement by giving written notice to Seller and Escrow Holder or by failing to deliver the
Approval Notice in accordance with Section 4, in either of which event the Deposit shall be paid to Buyer and, thereafter,
the parties shall have no further rights or obligations hereunder except for those obligations which expressly survive the termination
of this Agreement, or (b) waive such Title Objections, in which event such Title Objections shall be deemed additional “Permitted
Exceptions” and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price.
Buyer shall have the right to amend Buyer’s Exception Notice (“Buyer’s Amended Exception Notice”)
to object to any title matters that are not Permitted Exceptions which are disclosed in any supplemental reports or updates to
the Title Commitment or Survey delivered to Buyer after the end of the Contingency Period (which title matters were not reflected
in the Title Commitment or Survey provided to Buyer prior to the end of the Contingency Period) provided that Buyer objects to
the same within ten (10) Business Days after Buyer’s receipt of the applicable supplemental reports or updates to the Title
Commitment or Survey but in no event after Closing. If Seller fails to take the action requested by Buyer in Buyer’s Amended
Exception Notice, Buyer may elect prior to Closing to proceed under either clause (a) or (b) of the sentence which precedes the
immediately preceding sentence. Notwithstanding anything to the contrary contained in this Agreement, any Lien which is a financial
encumbrance such as a mortgage, deed of trust, or other debt security, attachment, judgment, lien for delinquent real estate taxes
and delinquent assessments, mechanic’s or materialmen’s lien, which is outstanding against the Property, or any part
thereof, that is revealed or disclosed by the Title Commitment or any updates thereto and/or the Searches (herein such matters
are referred to as “Financial Encumbrances”) shall in no event be deemed a Permitted Exception, and Seller hereby
covenants to remove all Financial Encumbrances to which it is a party on or before the Closing Date.

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(e)      Approved
Title and Survey. The condition of title as approved by Buyer in accordance with this Section 5 is referred to herein
as the “Approved Title” and the Survey as approved by Buyer in accordance with this Section 5 is referred
to herein as the “Approved Survey”.

6.      DEED;
TITLE POLICY. Seller shall convey the Real Property to Buyer by a quitclaim deed with covenant (the “Deed”).
As a condition to Buyer’s obligation to consummate the purchase of the Property and other transactions contemplated hereby,
as of Closing the Title Company shall be unconditionally committed to issue to Buyer, at Buyer’s sole expense, an ALTA extended
coverage Owner’s Policy of Title Insurance in the amount of the Purchase Price, dated effective as of the date the Deed is
recorded and insuring Buyer (or its nominee or assignee, if applicable) as the owner of good and indefeasible fee simple title
to the Real Property, free from all Financial Encumbrances and subject to no exceptions other than Permitted Exceptions, together
with such endorsements as required by Buyer in the Buyer's Exception Notice, all in form and substance satisfactory to Buyer in
its sole discretion (the “Title Policy”). Buyer shall be entitled to request that the Title Company provide
such endorsements (or amendments) to the Title Policy as Buyer may require, provided that (a) such endorsements (or amendments)
shall be at no cost to, and shall impose no additional liability on, Seller except to the extent agreed to in writing by Seller
and (b) Buyer's obligations under this Agreement shall not be conditioned upon Buyer's ability to obtain such endorsements
except to the extent the Title Company commits to their issuance prior to the expiration of the Contingency Period. Seller shall
deliver to the Title Company reasonable and customary instruments, documents, payments, indemnities, releases, evidence of authority
and agreements relating to the issuance of the Title Policy based upon the requirements of Schedule B of the Title Commitment applicable
to Seller, including without limitation a no lien, gap and possession affidavit in a form reasonably acceptable to the Title Company
(collectively, the “Owner’s Affidavit”).

7.      PRORATIONS.
The following prorations shall be made between Seller and Buyer on the Closing Date, computed with income and expenses for the
Closing Date itself being allocated to Buyer:

(a)      Rents Payable
Under Leases. The word “Rents” as used herein shall be deemed to include, without limitation, (i) fixed
monthly rents and other fixed charges payable by the tenants under the Leases, (ii), any amounts payable by the tenants by reason
of provisions of the Leases relating to escalations and pass-throughs of operating expenses and taxes, and adjustments for increases
in the Consumer Price Index and the like, (iii) any percentage rents payable by the tenants under the Leases, if any, and (iv)
rents or other charges payable by the tenants under the Leases for services of any kind provided to them (including, without limitation,
making of repairs and improvements, the furnishing of heat, electricity, gas, water, other utilities and air-conditioning) for
which a separate charge is made.

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Seller shall collect
and retain all Rents due and payable prior to the Closing and Buyer shall, net of costs of collection, receive a credit for all
such collected Rents allocable to the period from and after the Closing Date, in each case, to the extent such Rents are actually
received by Seller prior to the Closing Date. Rents collected subsequent to the Closing Date, net of costs of collection, if any,
shall first be applied to such tenant’s current Rent obligations and then to past due amounts in the reverse order in which
they were due. Subject to the foregoing, any such Rents collected by Buyer shall, to the extent properly allocable to periods prior
to the Closing, be paid, promptly after receipt, to the Seller and any portion thereof properly allocable to periods from and after
the Closing Date shall be retained by Buyer. The term “costs of collection” shall mean and include reasonable
attorneys’ fees and other reasonable out-of-pocket costs incurred in collecting any Rents.

Seller shall not be
permitted after the Closing Date to institute proceedings against any tenant to collect any past due Rents for periods prior to
the Closing Date; provided that Buyer agrees for six (6) months after Closing to bill tenants for such Rents and provided further
that in no event shall Buyer be obligated to terminate a Lease or dispossess a tenant after Closing for failure to pay such Rents.
If any past due Rents are not collected from the tenants owing such delinquent amounts, Buyer shall not be liable to Seller for
any such amounts.

Any advance or prepaid
rental payments or deposits paid by tenants prior to the Closing Date and applicable to the period of time subsequent to the Closing
Date and any security deposits or other amounts paid by tenants, together with any interest on both thereof to the extent such
interest is due to tenants shall be credited to Buyer on the Closing Date. Except in the ordinary course of business, Seller shall
not apply any security deposits between the Effective Date and Closing.

No credit shall be
given either party for accrued and unpaid Rent or any other non-current sums due from the tenants until said sums are paid.

(b)      Rent Adjustments.
Pending final adjustments and prorations, as provided in Section 7(a) above, to the extent that any additional rent, adjustment
rent or escalation payments, if any, including, without limitation, estimated payments for Taxes (as defined below), insurance,
utilities (to the extent not paid directly by tenants), common area maintenance and other operating costs and expenses (collectively,
“Operating Costs”) in connection with the ownership, operation, maintenance and management of the Real Property,
are paid by tenants to the landlord under the Leases based on an estimated payment basis (monthly, quarterly, or otherwise) for
which a future reconciliation of actual Operating Costs to estimated payments is required to be performed at the end of a reconciliation
period, Buyer and Seller shall make an adjustment at Closing for the applicable reconciliation period (or periods, if the Leases
do not have a common reconciliation period) based on a comparison of the actual Operating Costs to the estimated payments at and
as of Closing. If, as of Closing, Seller has received additional rent, adjustment rent or escalation payments in excess of the
amount that tenants will be required to pay, based on the actual Operating Costs as of Closing, Buyer shall receive a credit in
the amount of such excess. If, as of Closing, Seller has received additional rent, adjustment rent or escalation payments that
are less than the amount that tenants would be required to pay based on the actual Operating Costs as of Closing, Seller shall
receive the same from Buyer following Closing but only after Buyer collects the same from the applicable tenants. Operating Costs
that are not payable by tenants either directly or reimbursable under the Leases shall be prorated between Seller and Buyer and
shall be reasonably estimated by the parties if final bills are not available.

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(c)      Taxes and
Assessments. Real estate taxes and special assessments, if any, assessed against the Property (“Taxes”)
for the tax year in which the Closing occurs (the “Closing Tax Year”) shall be prorated as follows: Buyer shall
receive a credit for Taxes not paid for the Closing Tax Year prorated based on the number of days of Seller's ownership of the
Property in the Closing Tax Year through the day immediately preceding the Closing Date, all as and to the extent that Seller has
not yet paid the relevant bill therefor; and Seller shall receive a credit for Taxes paid by or on behalf of Seller in the Closing
Tax Year to the relevant taxing authority prior to Closing, prorated based on the period of Buyer's ownership of the Property in
the Closing Tax Year. If bills for Taxes payable in the Closing Tax Year are unavailable on the Closing Date, the taxes will be
pro-rated based upon 105% of the tax applicable for the previous tax period. Subject to reconciliation as provided in Section
7(b) above, Seller shall retain all amounts paid or payable by tenants under the Leases on account of Taxes for the period
prior to Closing, and Buyer shall be entitled to amounts paid by tenants under the Leases on account of Taxes for the period after
Closing.

(d)      Utilities.
Charges attributable to the Property for utilities and fuel, including, without limitation, steam, water, electricity, gas and
oil, except to the extent paid directly by the tenants, shall be prorated as of the Closing Date.

(e)      Other Prorations.
Charges payable under the Approved Contracts assigned to Buyer pursuant to this Agreement shall be prorated as of the Closing Date.
Buyer shall also receive a credit equal to any past due payments (including interest or penalties due) from Seller to any of the
other parties to the Approved Contracts.

Seller and Buyer agree
that (1) none of the insurance policies relating to the Property will be assigned to Buyer (and Seller shall pay any cancellation
fees resulting from the termination of such policies), and (2) no employees of Seller performing services at the Property shall
be employed by Buyer. Accordingly, there will be no prorations for insurance premiums or payroll, and Seller shall be liable for
all premiums and payroll expenses in connection with the foregoing.

If Seller has made
any deposit with any utility company or local authority in connection with services to be provided to the Property, such deposits
shall, if Buyer so requests and if assignable, be assigned to Buyer at the Closing and Seller shall receive a credit equal to the
amounts so assigned. Seller shall cooperate with Buyer to transfer all utility services to Buyer at Closing.

In no event shall
any costs of the operation or maintenance of the Property applicable to the period prior to the Closing be borne by Buyer.

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Buyer shall be responsible
for all Tenant Inducement Costs for or related to all new Leases (i.e., including, without limitation, any amendment to an existing
Lease) signed after the Effective Date with Buyer's prior written consent pursuant to Section 14(c). Seller shall have no
responsibility, whatsoever, with respect to any Tenant Inducement Costs for which Buyer is expressly responsible under this paragraph
(and to the extent Seller has paid, or is otherwise responsible for, any such Tenant Inducement Costs described in this paragraph
at any time following the Effective Date of this Agreement and prior to Closing, Seller shall receive a proration credit therefor
at Closing).

The prorations and
credits provided for in this Section 7 shall be made on the basis of a written statement prepared by Escrow Holder and approved
by both parties. At least five (5) Business Days prior to the Closing Date, Escrow Holder, using information provided by Seller,
shall provide Buyer with a preliminary proration and closing statement, together with backup documentation and substantiating the
prorations provided for and the calculations performed, in order that Buyer may verify Seller’s methods and calculations.
In the event any prorations made pursuant hereto shall prove incorrect for any reason whatsoever, either party shall be entitled
to an adjustment to correct the same provided that it makes written demand on the other within six (6) months after the Closing
Date. The provisions of this Section 7 shall survive the Closing.

8.      CLOSING.

(a)      Closing
Requirements. The consummation of the sale and purchase of the Property (the “Closing”) shall be effected
through a closing escrow which shall be established by Seller and Buyer with the Escrow Holder utilizing a so-called “New
York Style Closing” (i.e., meaning a Closing which has, on the Closing Date, the concurrent delivery of the documents of
title, transfer of interests, delivery of the Title Policy or “marked-up” title commitment as described herein and
the payment of the Purchase Price). Seller shall provide any customary affidavits or undertakings to the Title Company necessary
for the afore-described “New York Style” type of Closing to occur. All documents to be delivered at the Closing and
all payments to be made shall be delivered on or before the Closing Date as provided herein.

(b)      Additional
Conditions to Closing. It is a condition to Buyer’s obligation to proceed to Closing and to consummate the transactions
contemplated hereby, that, as of the Closing Date, (i) all of the Seller’s representations and warranties hereunder shall
be true and correct in all material respects and Seller’s Closing Certificate delivered pursuant to Section 9 hereof
shall not disclose any material qualifications or material changes in Seller’s representations and warranties set forth in
Section 12 hereof; (ii) Seller shall have performed in all material respects all of its covenants hereunder; (iii) this
Agreement shall not have terminated during the Contingency Period; (iv) the Title Company shall be unconditionally committed to
issue the Title Policy at Closing; and (v) Seller shall have delivered all other documents and other deliveries listed in Section
9 hereof. If any condition to Buyer’s obligations hereunder is not fulfilled, including any condition not set forth in
this Section 8(b), then Buyer shall have the right to terminate this Agreement by written notice to Seller delivered on
or before the Closing Date, in which event the Deposit shall be returned to Buyer, all obligations of the parties hereto shall
thereupon cease (except for those which survive the early termination of this Agreement as expressly provided herein) and this
Agreement shall thereafter be of no further force and effect, unless such failure of condition constitutes a default on the part
of Seller under any other provision of this Agreement, in which case the terms of Section 11(b) shall also apply.

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(c)      Seller’s
Conditions to Closing. It is a condition to Seller’s obligation to proceed to Closing and to consummate the transactions
contemplated hereby, that, as of the Closing Date, (i) all of the Buyer’s representations and warranties hereunder shall
be true and correct in all material respects; (ii) Buyer shall have performed in all material respects all of its covenants hereunder;
(iii) this Agreement shall not have terminated during the Contingency Period; and (iv) Buyer shall have delivered all other documents
and other deliveries required of it under Section 9 hereof. If any condition to Seller’s obligations hereunder is
not fulfilled, including any condition not set forth in this Section 8(c), then Seller shall have the right to terminate this Agreement
by written notice to Buyer, in which event all obligations of the parties hereto shall thereupon cease (except for those which
survive the early termination of this Agreement as expressly set forth herein) and this Agreement shall thereafter be of no further
force and effect, and Seller shall be entitled to the Deposit in accordance with Section 11(a) of this Agreement.

9.      ESCROW.

(a)      Seller’s
Closing Deliveries. On or prior to the Closing Date, Seller shall deliver to Escrow Holder the following documents and materials:

(i)      Deed;
Transfer Declarations. The Deed, duly executed, acknowledged and in recordable form, accompanied by all necessary transfer
tax declarations of Seller as may be required under applicable law in order to permit the recording of the Deed.

(ii)      Bill
of Sale. A duly executed and acknowledged bill of sale for the Personal Property and Intangible Property, conveying to Buyer
all of the Personal Property and Intangible Property in a form reasonably acceptable by both parties (the “Bill of Sale”).

(iii)      Assignment
of Leases. Two (2) originals of an assignment of the Leases and all guaranties thereof, duly executed and acknowledged by Seller
in a form reasonably acceptable by both parties (the “Assignment of Leases”).

(iv)      Assignment
of Contracts. Two (2) originals of an assignment of the Approved Contracts, duly executed and acknowledged by Seller and to
the extent required under the terms of any Approved Contract, consented to by the other party to such Contract in a form reasonably
acceptable by both parties (the “Assignment of Contracts”).

(v)      Title
Clearance Documents. An Owner’s Affidavit and a “gap” undertaking duly executed by Seller in a form reasonably
acceptable to the Title Company.

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(vi)      FIRPTA
Affidavit. A non-foreign certification, duly executed by Seller under penalty of perjury, certifying that Seller is not a “foreign
person”, pursuant to Section 1445 (as may be amended) of the Internal Revenue Code of 1986, as amended (“Section
1445”) (the “FIRPTA Affidavit”). If Seller shall fail or be unable to deliver the same, then Buyer
shall have the right to withhold such portion of the Purchase Price as may be necessary, in the reasonable opinion of Buyer and
its counsel, to comply with Section 1445 and applicable law.

(vii)      Authority
Documents. Such other documents as the Title Company may reasonably require including evidence confirming the due authorization,
execution and delivery of this Agreement and the other documents to be executed in connection herewith by Seller.

(viii)      Seller’s
Closing Certificate. A certificate duly executed by Seller regarding representations and warranties in a form reasonably acceptable
by both parties (the “Seller’s Closing Certificate”).

On or prior to the
Closing Date, Seller shall deliver to Buyer the following documents and materials, all of which shall be in form and substance
reasonably acceptable to Buyer:

(1)      Documents.
Originals of all Documents to the extent in Seller's possession or control, if not already delivered, or copies of same to the
extent originals do not exist and all books and records (including those in electronic format) reasonably required in connection
with the maintenance and operation of the Property.

(2)      Keys;
Manuals. Keys to all entrance doors in the Improvements, properly tagged for identification, and, to the extent in Seller's
possession or control, all operating manuals relating to operation of the equipment and systems which are part of the Property.

(3)      Letters
of Credit. With respect to any security deposits under Leases which are in the form of letters of credit, such letters of credit
(including all amendments) together with a duly executed assignment of such letters of credit, in form required by the issuer of
such letters of credit, which cites Buyer as the beneficiary thereof, along with the fees, if any, required to transfer such letters
of credit to Buyer.

(4)      Notices
to Tenants. Notice to each of the tenants and any guarantors under the Leases, notifying them of the sale of the Property and
directing them to pay all future rent as Buyer may direct.

(5)      Notices
to Parties Under Approved Contracts. Notices to each of the parties (other than Seller) under the Approved Contracts, notifying
them of the sale of the Property and directing them to address all matters relating to the Approved Contracts as Buyer may direct.

(6)      Closing
Statement. A duplicate counterpart of a closing statement (the “Closing Statement”) prepared by Escrow Holder,
and signed by Seller, setting forth all prorations and credits required hereunder, signed by Seller.

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(b)      Buyer’s
Deliveries at Closing. On or before the Closing Date, Buyer shall deliver to Escrow Holder the Purchase Price for the Property
as provided in Section 2. On or prior to the Closing Date, Buyer shall deliver to Escrow Holder two (2) duly executed counterparts
of the Assignment of Leases, Assignment of Contracts and the Closing Statement and such other documents as the Title Company may
reasonably require including evidence confirming the due authorization, execution and delivery of this Agreement and the other
documents to be executed in connection herewith by Buyer.

(c)      Closing
Instructions. This Agreement shall constitute both an agreement between Buyer and Seller and escrow instructions for Escrow
Holder. If Escrow Holder requires separate or additional escrow instructions which it reasonably deems necessary for its protection,
Seller and Buyer hereby agree promptly upon request by Escrow Holder to execute and deliver to Escrow Holder such separate or additional
standard escrow instructions of Escrow Holder (the “Additional Instructions”). In the event of any conflict
or inconsistency between this Agreement and the Additional Instructions, this Agreement shall prevail and govern, and the Additional
Instructions shall so provide. The Additional Instructions shall not modify or amend the provisions of this Agreement or impose
any additional obligations upon either Seller or Buyer, unless otherwise agreed to in writing by Seller and Buyer.

(d)      Procedures
Upon Failure of Condition. Except as otherwise expressly provided herein, if any of the conditions set forth in this Agreement
is not timely satisfied or waived for a reason other than the default of Buyer or Seller in the performance of their respective
obligations under this Agreement:

(i)      This
Agreement, the escrow and the respective rights and obligations of Seller and Buyer hereunder shall terminate, subject to the survival
of such obligations hereunder as survive such termination;

(ii)      Escrow
Holder shall promptly return to Buyer all funds of Buyer in its possession, including the Deposit, and to Seller and Buyer all
documents deposited by them respectively, which are then held by Escrow Holder; and

(iii)      Any
escrow cancellation and title charges shall be shared equally buy Buyer and Seller.

(e)      Actions
of Escrow Holder. On the Closing Date, provided Buyer and Seller have satisfied (or waived in writing) the conditions set forth
in this Agreement, Escrow Holder shall take the following actions:

(i)      Record
the Deed in the Recording Location;

(ii)      Deliver
to Buyer the closing documents required to be delivered to Buyer under this Agreement and any supplemental instructions provided
by Buyer;

(iii)      Deliver
to Seller in cash or current funds, all sums due Seller pursuant to this Agreement and any documents required to be delivered to
Seller under this Agreement and any supplemental instructions provided by Seller;

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(iv)      Cause
the Title Company to issue and deliver the Title Policy to Buyer; and

(v)      Deliver
to Seller and Buyer the Closing Statement which has been certified by Escrow Holder to be true and correct.

10.      CLOSING
COSTS; PROPERTY COSTS. Seller shall pay: (a) 1⁄2 of the escrow fees and other charges owing to Escrow Holder;
(b) 1⁄2 of the Maine Real Estate Transfer Tax and other taxes payable in connection with the transfer of the Property to Buyer;
and (c) all of the Seller’s legal fees and expenses and the cost of all performances by Seller of its obligations hereunder.

Buyer shall pay:
(a) all title charges and premiums incurred for the Title Policy, including the Title Commitment; (b) 1⁄2 of the escrow fees
and other charges owing to Escrow Holder; (c) 1⁄2 of the Maine Real Estate Transfer Tax and other taxes payable in connection
with the transfer of the Property to Buyer; (c) the cost of updating the Survey; and (d) all of Buyer’s legal fees and expenses
and the cost of all performances by Buyer of its obligations hereunder (including costs associated with its Due Diligence Review
except as otherwise provided herein).

All other closing
costs shall be allocated between Buyer and Seller in accordance with Maine real estate custom.

11.      REMEDIES.

(a)      LIQUIDATED
DAMAGES ON BUYER’S DEFAULT. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT, IN THE EVENT THE CLOSING FAILS TO OCCUR
DUE TO A BUYER DEFAULT, SELLER WILL SUFFER DAMAGES IN AN AMOUNT WHICH WILL, DUE TO THE SPECIAL NATURE OF THE TRANSACTION CONTEMPLATED
BY THIS AGREEMENT AND THE SPECIAL NATURE OF THE NEGOTIATIONS WHICH PRECEDED THIS AGREEMENT, BE IMPRACTICAL OR EXTREMELY DIFFICULT
TO ASCERTAIN. IN ADDITION, BUYER WISHES TO HAVE A LIMITATION PLACED UPON THE POTENTIAL LIABILITY OF BUYER TO SELLER IN THE EVENT
THE CLOSING FAILS TO OCCUR DUE TO A BUYER DEFAULT, AND WISHES TO INDUCE SELLER TO WAIVE OTHER REMEDIES WHICH SELLER MAY HAVE IN
THE EVENT OF SUCH A BUYER DEFAULT. BUYER AND SELLER, AFTER DUE NEGOTIATION, HEREBY ACKNOWLEDGE AND AGREE THAT THE AMOUNT OF THE
DEPOSIT REPRESENTS A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER WILL SUSTAIN IN THE EVENT OF SUCH BUYER DEFAULT. BUYER AND
SELLER HEREBY AGREE THAT SELLER MAY, IN THE EVENT THE CLOSING FAILS TO OCCUR DUE TO A BUYER DEFAULT, AS ITS SOLE AND EXCLUSIVE
REMEDY TERMINATE THIS AGREEMENT AND CANCEL THE ESCROW BY WRITTEN NOTICE TO BUYER AND ESCROW HOLDER, WHEREUPON ESCROW HOLDER SHALL
DELIVER THE DEPOSIT TO SELLER AND SELLER SHALL RECEIVE THE DEPOSIT AS LIQUIDATED DAMAGES FOR SUCH DEFAULT AND SELLER WAIVES ALL
OTHER REMEDIES. SUCH RETENTION OF THE DEPOSIT BY SELLER IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER AND SHALL NOT BE
DEEMED TO CONSTITUTE A FORFEITURE OR PENALTY. FOLLOWING TERMINATION OF THIS AGREEMENT, CANCELLATION OF THE ESCROW AND THE DELIVERY
TO AND RETENTION OF THE DEPOSIT BY SELLER AS LIQUIDATED DAMAGES PURSUANT TO THIS SECTION 11(a), ALL OF THE RIGHTS AND OBLIGATIONS
OF BUYER AND SELLER UNDER THIS AGREEMENT SHALL BE TERMINATED.

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(b)      Buyer’s
Remedies. In the event of a material default by Seller under this Agreement, Buyer may, at its option, (i) terminate this Agreement
in which case the Deposit shall be immediately returned to Buyer, or (ii) specifically enforce the terms and conditions of this
Agreement.

(c)      Limitation
on Seller’s Liability. In addition to the limitation set forth in Section 16 below, in the event that Buyer has
knowledge, through its Due Diligence Review or otherwise, that any of the representations or warranties made by Seller under this
Agreement were not true or correct when made or that Seller has breached a covenant hereunder, and if Buyer nevertheless closes
the transaction contemplated by this Agreement, then Buyer shall be deemed to have waived any such representation and warranty
or covenant breach (as applicable) and shall have no further claim against Seller with respect thereto.

12.      SELLER’S
REPRESENTATIONS AND WARRANTIES. As a material inducement to the execution and delivery of this Agreement by Buyer
and the performance by Buyer of its duties and obligations hereunder, Seller does hereby acknowledge, warrant, represent and agree
to and with Buyer that as of the Effective Date and as of the Closing Date:

(a)      Delivery
of Written Materials. Seller has not made to Buyer any misstatement of any material fact relating to the Property, or this
Agreement, nor failed to deliver to Buyer any written materials in Seller’s possession or of which Seller has knowledge which
contain information that would have a material adverse impact on Buyer’s ability to use and operate the Property as it is
currently being used and operated or the value of the Property.

(b)      Compliance
With Laws. Seller has received no written notice of, and to Seller’s knowledge there are no violations of, any legal
requirement affecting the Property which have not been entirely corrected.

(c)      Litigation.
Seller has not received written notice of any pending or to Seller’s knowledge threatened litigation or governmental proceeding
affecting Seller, or the Property, that relates to the Property, the validity or enforceability of this Agreement or any instrument
or document to be delivered by Seller in connection with the transactions contemplated hereby.

(d)      Existing
Contracts. Seller has not received any currently effective notice in writing of any uncured material default under any of such
Existing Contracts and, to Seller’s knowledge, Seller is not in default under any such Existing Contracts. Seller is not
a party to, and, to Seller's knowledge, the Property is not subject to, any contract or agreement of any kind whatsoever, written
or oral, with respect to the Property that would be binding upon the Property or Buyer after Closing, other than the Permitted
Exceptions, the Leases, and the Approved Contracts.

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(e)      Proceedings.
There is no pending, or to Seller's knowledge, threatened litigation or other proceeding against Seller related to the Property,
or which may affect Seller's ability to convey the Property (including without limitation any condemnation action).

(f)      Due Authorization.
Seller is a limited liability company organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts.
Seller has full power to execute, deliver and carry out the terms and provisions of this Agreement and each of the other agreements,
instruments and documents herein required to be made or delivered by Seller pursuant hereto, and has taken all necessary action
in connection with the execution, delivery and performance of this Agreement and such other agreements, instruments and documents.
The individuals executing this Agreement and all other agreements, instruments and documents herein required to be made or delivered
by Seller pursuant hereto on behalf of Seller are and shall be duly authorized to sign the same on Seller’s behalf and to
bind Seller thereto.

(g)      Enforceability.
This Agreement has been, and each and all of the other agreements, instruments and documents herein required to be made or delivered
by Seller pursuant hereto have been, or on the Closing Date will have been, executed by Seller and when so executed, are and shall
be legal, valid, and binding obligations of Seller enforceable against Seller in accordance with their respective terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the rights of creditors generally
and, as to enforceability, the general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law).

(h)      No Conflict.
The execution and delivery of, and consummation of the transactions contemplated by, this Agreement by Seller are not prohibited
by, and will not conflict with, constitute grounds for termination of, or result in the breach of any agreement or instrument to
which Seller is now a party or by which it or the Property is bound, or, to the knowledge of Seller, any order, rule or regulation
of any court or other governmental agency or official.

(i)      Environmental
Matters. To Seller's knowledge and except as may be disclosed in the Documents none of the Property, including subsurface soil
and groundwater, contains any Hazardous Materials. As used in this Agreement, “Hazardous Materials” shall mean
any asbestos, flammable substances, explosives, radioactive materials, mold, PCB laden oil, hazardous waste, pollutants, contaminates,
toxic substances, pollution or related materials specified as such in, or regulated under any federal, state or local laws, ordinances,
rules, regulations or policies governing use, storage, treatment, transportation, manufacture, refinement, handling, production
or disposal of such materials but excluding office supplies, cleaning materials, personal grooming items or other items that are
sold for consumer or commercial use and typically used in other similar buildings or space.

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(j)      Leases.
The Building is leased to Barber Foods, LLC and Paradigm Operating Company, LLC, and there are no other leases, licenses, subleases,
occupancy agreements or other agreements for the use, possession or occupancy of any portions of the Real Property, other than
those listed on Exhibit D attached to this Agreement. Exhibit D contains a true, correct and complete list of all
currently existing Leases at the Property to which Seller is a party; full, true and complete copies of all Leases and all amendments
and guarantees relating thereto have heretofore been delivered to Buyer (or will be delivered to Buyer as part of the Documents).
To Seller's knowledge, each Lease is in full force and effect, and to Seller's knowledge, no rent or other amounts payable under
the Leases is more than one (1) month in arrears or has been paid more than one (1) month in advance. . Exhibit D sets forth a
true and correct listing of all security deposits (indicating cash or letter of credit) or prepaid rentals made or paid by the
tenants under the Leases. Seller has not delivered any written notices of tenant default to any tenants under Leases which remain
uncured, nor has Seller received any written notices of a landlord default from any tenants under Leases which remain uncured.
None of Seller's interest in any Lease or of Seller's right to receive the rentals payable by the tenant thereunder has been assigned,
conveyed, pledged or in any manner encumbered by Seller, except in connection with any existing financing encumbering the Property,
which is to be repaid by Seller and released as of the Closing. No tenant has given written notice to Seller of any default or
offsets, claims or defenses available to it. There are no Tenant Inducement Costs due or payable by Seller under the Leases.

(k)      Bankruptcy
Matters. Seller has not made a general assignment for the benefit of creditors, filed any voluntary petition in bankruptcy
or suffered the filing of an involuntary petition by its creditors, suffered the appointment of a receiver to take possession of
substantially all of its assets, suffered the attachment or other judicial seizure of substantially all of its assets, admitted
its inability to pay its debts as they come due, or made an offer of settlement, extension or composition to its creditors generally.

(l)      Approvals.
Seller has heretofore delivered to Buyer (or will make available to Buyer as part of the Documents) true, full and complete copies,
in all material respects, of all currently existing Approvals. Seller has not received any currently effective notice in writing
of any uncured material breach or default under any of the Approvals.

(m)      OFAC.
Seller is not, nor will it become, a person or entity with whom U.S. persons or entities are restricted from doing business under
regulations of the Office of Foreign Asset Control of the Department of the Treasury (including those named on OFAC's Specially
Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action.

As used herein, phrases
such as “to Seller’s knowledge” or like phrases mean the actual present and conscious awareness or knowledge
of J. Hilary Rockett, Jr., without any duty of inquiry or investigation; provided that so qualifying Seller’s knowledge shall
in no event give rise to any personal liability on the part of such individual, or any other partner, member, officer or employee
of Seller, on account of any breach of any representation or warranty made by Seller herein. Said terms do not include constructive
knowledge, imputed knowledge, or knowledge Seller or such persons do not have but could have obtained through further investigation
or inquiry. No broker, agent, or party other than Seller is authorized to make any representation or warranty for or on behalf
of Seller.

13.      BUYER’S
REPRESENTATIONS AND WARRANTIES. As a material inducement to the execution and delivery of this Agreement by Seller
and the performance by Seller of its duties and obligations hereunder, Buyer does hereby acknowledge, warrant, represent and agree
to and with Seller that as of the Effective Date and as of the Closing Date:

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(a)      Due Authorization.
Buyer is a corporation organized, validly existing and in good standing under the laws of the State of Maryland. Buyer has or will
have full power to execute, deliver and carry out the terms and provisions of this Agreement and each of the other agreements,
instruments and documents herein required to be made or delivered by Buyer pursuant hereto, and, subject to Section 4(d)
above, has or will have taken all necessary action to authorize the execution, delivery and performance of this Agreement and such
other agreements, instruments and documents. The individuals executing this Agreement and all other agreements, instruments and
documents herein required to be made or delivered by Buyer pursuant hereto on behalf of Buyer are or will be duly authorized to
sign the same on Buyer’s behalf and to bind Buyer thereto.

(b)      Enforceability.
This Agreement has been, and each and all of the other agreements, instruments and documents herein required to be made or delivered
by Buyer pursuant hereto have been, or on the Closing Date will have been, executed by Buyer or on behalf of Buyer, and when so
executed, are and shall be legal, valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the rights of
creditors generally and, as to enforceability, the general principles of equity (regardless of whether enforcement is sought in
a proceeding in equity or at law).

(c)      No Conflict.
The execution and delivery of, and consummation of the transactions contemplated by, this Agreement by Buyer are not prohibited
by, and will not conflict with, constitute grounds for termination of, or result in the breach of any agreement or instrument to
which Buyer is now a party or by which it is bound, or any order, rule or regulation of any court or other governmental agency
or official, which prohibition or conflict would have an adverse effect on Buyer’s ability to perform its obligations under
this Agreement or the documents to be executed by Buyer in connection with this Agreement.

(d)      OFAC.
Buyer is not, nor will it become, a person or entity with whom U.S. persons or entities are restricted from doing business under
regulations of the Office of Foreign Asset Control of the Department of the Treasury (including those named on OFAC's Specially
Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action.

(e)      AS-IS.
EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND/OR THE DOCUMENTS DELIVERED AT CLOSING, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES,
AND BUYER HEREBY ACKNOWLEDGES THAT NO REPRESENTATIONS HAVE BEEN MADE. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND/OR THE
DOCUMENTS DELIVERED AT CLOSING, SELLER SPECIFICALLY DISCLAIMS, AND NEITHER IT NOR ANY OTHER PERSON IS MAKING, ANY REPRESENTATION,
WARRANTY OR ASSURANCE WHATSOEVER TO BUYER AND NO WARRANTIES OR REPRESENTATIONS OF ANY

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KIND OR CHARACTER,
EITHER EXPRESS OR IMPLIED, ARE MADE BY SELLER OR RELIED UPON BY BUYER WITH RESPECT TO THE STATUS OF TITLE TO OR THE MAINTENANCE,
REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY, OR ANY PORTION THEREOF, INCLUDING BUT NOT LIMITED TO (A) ANY IMPLIED
OR EXPRESS WARRANTY OF MERCHANTABILITY, (B) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (C) ANY
IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (D) ANY RIGHTS OF BUYER UNDER APPROPRIATE STATUTES
TO CLAIM DIMINUTION OF CONSIDERATION, (E) ANY CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, LATENT
OR PATENT, WITH RESPECT TO THE IMPROVEMENTS OR THE PERSONAL PROPERTY, (F) THE FINANCIAL CONDITION OR PROSPECTS OF THE PROPERTY
AND (G) THE COMPLIANCE OR LACK THEREOF OF THE REAL PROPERTY OR THE IMPROVEMENTS WITH GOVERNMENTAL REGULATIONS, IT BEING THE
EXPRESS INTENTION OF SELLER AND BUYER THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE DOCUMENTS TO BE DELIVERED AT
THE CLOSING, THE PROPERTY WILL BE CONVEYED AND TRANSFERRED TO BUYER IN ITS PRESENT CONDITION AND STATE OF REPAIR, "AS IS"
AND "WHERE IS", WITH ALL FAULTS. BUYER REPRESENTS THAT IT IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED BUYER OF
REAL ESTATE, AND THAT IT IS RELYING SOLELY ON ITS OWN EXPERTISE AND THAT OF BUYER'S CONSULTANTS IN PURCHASING THE PROPERTY. EXCEPT
FOR SELLER’S REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT, BUYER ACKNOWLEDGES AND AGREES THAT IT WILL HAVE
THE OPPORTUNITY TO CONDUCT SUCH INSPECTIONS, INVESTIGATIONS AND OTHER INDEPENDENT EXAMINATIONS OF THE PROPERTY AND RELATED MATTERS,
INCLUDING BUT NOT LIMITED TO THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, DURING THE CONTINGENCY PERIOD AND WILL RELY UPON
SAME AND NOT UPON ANY STATEMENTS OF SELLER OR OF ANY MEMBER, MANAGER, OFFICER, DIRECTOR, AGENT OR ATTORNEY OF SELLER. BUYER ACKNOWLEDGES
THAT ALL INFORMATION OBTAINED BY BUYER WILL BE OBTAINED FROM A VARIETY OF SOURCES AND, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT,
SELLER WILL NOT BE DEEMED TO HAVE REPRESENTED OR WARRANTED THE COMPLETENESS, ADEQUACY, TRUTH OR ACCURACY OF ANY OF THE DUE DILIGENCE
ITEMS OR OTHER SUCH INFORMATION HERETOFORE OR HEREAFTER FURNISHED TO BUYER. UPON CLOSING, BUYER ACKNOWLEDGES THE RISK THAT ADVERSE
MATTERS, INCLUDING, BUT NOT LIMITED TO, ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER'S INSPECTIONS
AND INVESTIGATIONS. BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT
AND DOCUMENTS DELIVERED AT CLOSING, SELLER WILL SELL AND CONVEY TO BUYER, AND BUYER WILL ACCEPT THE PROPERTY, "AS IS, WHERE
IS," WITH ALL FAULTS. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS,
COLLATERAL TO OR AFFECTING THE PROPERTY, BY SELLER, ANY AGENT OF SELLER OR ANY THIRD PARTY. SELLER IS NOT LIABLE OR BOUND IN ANY
MANNER BY ANY ORAL OR

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WRITTEN STATEMENTS,
REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER
PERSON, UNLESS THE SAME ARE SPECIFICALLY SET FORTH OR REFERRED TO HEREIN. BUYER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS THE
"AS IS, WHERE IS" NATURE OF THIS SALE AND ANY FAULTS, LIABILITIES, DEFECTS OR OTHER ADVERSE MATTERS THAT MAY BE ASSOCIATED
WITH THE PROPERTY. BUYER, WITH BUYER'S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS AGREEMENT, AND
UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH
HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT, AND THAT SELLER WOULD NOT HAVE AGREED TO SELL THE PROPERTY TO BUYER FOR THE PURCHASE
PRICE WITHOUT THE DISCLAIMER AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS PARAGRAPH WILL
EXPRESSLY SURVIVE THE CLOSING.

14.      ACTIONS
AFTER THE EFFECTIVE DATE. The parties covenant to do the following through the Closing Date:

(a)      Title.
Except as otherwise specifically contemplated in this Agreement or as may be required by legal requirements, and without limiting
any rights that tenants may have under their Leases, from and after the Effective Date, Seller shall not make or permit any changes
to the Property or to the condition of title to the Property that would change the Approved Title or the Approved Survey except
with Buyer’s advance written consent, which consent shall not be unreasonably withheld prior to the expiration of the Contingency
Period but may be withheld in Buyer's sole and absolute discretion after the expiration of the Contingency Period.

(b)      Maintenance
and Operation of Property. From and after the Effective Date, Seller shall maintain existing insurance coverage in full force
and effect, and shall operate and maintain the Property in substantially the same manner as operated and maintained as of the Effective
Date, shall not delay or defer any repair or maintenance item, and shall pay all bills and obligations arising from the Property
as payment becomes due. Seller shall not make any material alterations to or upon the Property or remove any of the Personal Property
therefrom, except with Buyer's advance written consent, which consent shall not be unreasonably withheld. Seller shall promptly
advise Buyer in writing of any significant repair or improvement required to keep in the Property in such condition.

(c)      Leases and
Agreements. From and after the Effective Date, Seller shall not enter into any new leases or other occupancy agreements for
the Property without first obtaining Buyer's advance written consent which shall not be unreasonably withheld prior to the expiration
of the Contingency Period but may be withheld in Buyer's sole and absolute discretion after the expiration of the Contingency Period.
From and after the Effective Date, Seller shall not terminate or amend any of the Leases or Approved Contracts or any other agreement
concerning the Property, without Buyer’s advance written consent, which consent shall not be unreasonably withheld prior
to the expiration of the Contingency Period but may be withheld in Buyer's sole and absolute discretion after the expiration of
the Contingency Period, and Seller shall continue to perform all of its obligations under the Leases and Approved Contracts.

    	22

    	 

    

 

If Seller requests
Buyer’s consent to any new lease or other occupancy agreement or amendment to any existing Lease, Seller shall be required
to provide Buyer with a reasonably detailed written summary of all of the material terms the proposed transaction along with an
itemized list of all Tenant Inducement Costs which will be incurred in connection with the proposed transaction. Buyer shall give
Seller written notice of approval or disapproval of a proposed new lease or other occupancy agreement or amendment to any existing
Lease within ten (10) days after Buyer’s receipt of the items described above. If Buyer does not respond to Seller’s
request within such time period, then Buyer will be deemed to have disapproved such new lease or other occupancy agreement or amendment
to any existing Lease.

(d)      Representations
and Warranties. Each party shall use reasonable efforts to prevent any act or omission that would render any of its representations
and warranties herein untrue or misleading, and shall promptly notify the other party in writing if such act or omission occurs.

(e)      Entry.
As of the Effective Date, during normal business hours prior to the Closing, and subject to the rights of tenants under the Leases,
Buyer and its agents, employees and contractors (collectively, “Permittees”) shall have reasonable access to
the Property at agreed upon times for agreed upon purposes on at least forty-eight (48) hours prior notice to Seller. Seller shall
have the right to have a representative present during any visits to or inspections of the Property by Buyer or any Permittees.
Buyer will conduct its Due Diligence Review in a manner which is not disruptive to tenants or the normal operation of the Property.
In the event Buyer desires to conduct any physically intrusive inspections, such as sampling of soils, other media, building materials,
or the like, Buyer will identify in writing exactly what procedures Buyer desires to perform and request Seller's advance written
consent, which consent may be withheld in Seller’s reasonable discretion. Buyer will: (a) maintain comprehensive general
liability (occurrence) insurance (at least $2,000,000), and deliver a certificate of insurance, which names Seller as an additional
insured thereunder verifying such coverage to Seller promptly upon Seller’s request; (b) promptly pay when due the costs
of all entry and inspections and examinations done with regard to the Property; and (c) to the extent damaged by Buyer or
its Permittees, restore the Property and Improvements to substantially the condition in which the same were found before any such
entry upon the Property and inspection or examination was undertaken.

In addition, Buyer
shall defend, indemnify and hold harmless Seller from and against all losses, costs, damages, claims and liabilities arising out
of injury or death to persons, damage to the Property or mechanics' liens arising out of or in connection with Buyer's Due Diligence
Review, Buyer's breach of its obligations under this Section 15(e) or Buyer's or any Permittees entry upon the Property
unless arising from any pre-existing conditions on the Property or the negligence or willful misconduct of Seller, Seller's managers,
officers, partners, shareholders or members, as applicable. The provisions of this Section 15(e) shall survive the earlier
of the termination of this Agreement or Closing for a period of 6 months.

    	23

    	 

    

 

(f)      Applications.
Following the Effective Date, Seller shall not make application to any governmental entity for any Approvals or any change in the
zoning, affecting the Real Property, except in each case with Buyer’s advance written consent.

15.      DAMAGE
TO PROPERTY; TAKING.

(a)      Taking.
If the Property or any part thereof is taken or is the subject of a notice of taking by eminent domain prior to the Closing Date,
Seller shall promptly notify Buyer. Within ten (10) Business Days after such notice, Buyer shall give notice to Seller (with a
copy to Escrow Holder) that it elects to (a) terminate this Agreement, in which event Escrow Holder shall, upon receipt of Buyer’s
Notice to terminate this Agreement, return the Deposit to Buyer and the parties shall have no further obligations hereunder, or
(b) proceed to Closing, in which event Seller shall pay over and assign to Buyer all awards recovered or recoverable on account
of such taking, net of any reasonable costs incurred by Seller in connection therewith. If Buyer elects to proceed under clause
(b) above, Seller shall not compromise, settle, or adjust any claims to such awards without Buyer’s prior written consent.

(b)      Damage.
Risk of loss up to and including the Closing Date shall be borne by Seller except as expressly set forth herein. In the event of
any Material Damage to or destruction of the Property or any portion thereof, Buyer may, at its option, by notice to Seller (with
a copy to Escrow Holder) given within ten (10) Business Days after Seller notifies Buyer in writing of such damage or destruction
(and if necessary the Closing Date shall be extended to give Buyer the full 10-day period to make such election): (i) terminate
this Agreement, in which event Escrow Holder shall, upon receipt of Buyer’s notice to terminate this Agreement, return the
Deposit to Buyer and the parties shall have no further obligations hereunder (except the indemnity obligations of each party, which
shall survive indefinitely and any other obligations set forth herein which expressly survive the termination of this Agreement),
or (ii) proceed under this Agreement with no adjustment of the Purchase Price, receive any insurance proceeds (including any
rent loss insurance applicable to any period on and after the Closing Date) due Seller as a result of such damage or destruction
and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible amount under said insurance
policies and any uninsured or underinsured loss. If Buyer elects (ii) above, Seller will cooperate with Buyer in obtaining the
insurance proceeds and such agreements from Seller’s insurers. If the Property is not materially damaged, then the parties
shall proceed to Closing as provided in clause (ii) above. “Material damage” and “Materially damaged”
means damage (w) resulting in the Property not complying with all legal requirements applicable to the Property, (x) reasonably
exceeding $300,000 or (y) that entitles any tenant of the Property to terminate its Lease, or (z) which, in Buyer’s
or Seller’s reasonable estimation, will take longer than 120 days to repair.

(c)      Waiver.
Failure of Buyer to timely provide a notice of election in accordance with this Section 15, shall be deemed an election
by Buyer to terminate this Agreement. Seller and Buyer each hereby agree that the provisions of this Section 15 shall
govern the parties’ obligations in the event of any damage or destruction to the Property or the taking of all or any part
of the Real Property and expressly waive any provision of applicable law to the contrary.

    	24

    	 

    

 

16.      SURVIVAL.
All covenants, obligations, representations and warranties and indemnities by the respective parties contained herein are intended
to and shall remain true and correct as of the Closing, shall be deemed to be material, and, unless otherwise provided herein,
shall survive the recordation of the Deed for a period of nine (9) months (the “Survival Period”). Any covenants
and conditions herein that must be operative after recordation of the Deed to be effective shall be so operative and shall not
be deemed to have been merged in the Deed.

17.      SUCCESSORS
AND ASSIGNS. The terms, covenants and conditions herein contained shall be binding upon and inure to the benefit
of the successors and assigns of the parties hereto. Seller shall not have the right, power, or authority to assign, pledge or
mortgage this Agreement or any portion of this Agreement, or to delegate any duties or obligations arising under this Agreement,
voluntarily, involuntarily, or by operation of law. This Agreement and all rights of Buyer hereunder may be assigned or transferred
by Buyer to any of its affiliates, in which event all instruments, documents and agreements required to be delivered to the Buyer
hereunder shall be delivered to, and run for the benefit of such entity, and such entity (rather than Buyer) shall execute and
deliver any instruments, documents or agreements required to be executed and delivered by Buyer hereunder; provided, however, that
in the event of any such assignment to an affiliate, the original Buyer hereunder shall remain fully liable and responsible for
the performance of Buyer’s obligations hereunder prior to Closing or if this Agreement terminates following such termination.

18.      NO
THIRD PARTY BENEFITS. This Agreement is made for the sole benefit of the Buyer and Seller and their respective successors
and assigns, and no other person shall have any right or remedy or other legal interest of any kind under or by reason of this
Agreement.

19.      COUNTERPARTS.
This Agreement may be executed in multiple counterparts and shall be valid and binding with the same force and effect as if all
parties had executed the same Agreement. The parties hereby agree that a PDF copy of each party's original signature to this Agreement
delivered by electronic mail shall be effective as such party's signature to this Agreement.

20.      ENTIRE
AGREEMENT; FURTHER ASSURANCES. This Agreement contains all of the covenants, conditions and agreements between the
parties and shall supersede all prior correspondence, agreements and understandings, both verbal and written. The parties intend
that this Agreement constitutes the complete and exclusive statement of its terms and that no extrinsic evidence may be introduced
in any proceeding involving this Agreement.

The parties each
agree to do, execute, acknowledge and deliver all such further acts, instruments and assurances and to take all such further action
before or after the Closing as shall be necessary or desirable to fully carry out this Agreement and to fully consummate and effect
the transactions contemplated hereby.

21.      ATTORNEYS’
FEES. In the event of any litigation regarding the rights and obligations under this Agreement, the prevailing party
shall be entitled to reasonable attorneys’ fees and court costs, and the right to such fees and costs shall not be limited
by the provisions of Section 11. As used herein, the term "prevailing party" shall mean the party that
has succeeded upon a significant issue in the litigation and achieved a benefit with respect to the claims at issue, taken as a
whole, whether or not damages are actually awarded to such party.

    	25

    	 

    

 

22.      NOTICES.
All notices required or permitted to be given pursuant to the terms hereof shall be in writing and shall be delivered to the applicable
addresses set forth in Section 1 of this Agreement either by (a) certified mail, return receipt requested, in which case
notice shall be deemed delivered three (3) Business Days after deposit, postage prepaid in the U.S. mail, (b) a nationally recognized
and reputable messenger service or overnight courier, in which case notice shall be deemed delivered one (1) Business Day after
deposit with such messenger or courier on or prior to 5:00 p.m., Eastern (if deposited after such time, notice shall be deemed
given upon receipt of the notice by the addressee), (c) electronic mail, in which case notice shall be deemed delivered as of the
date and time that transmission to recipient was completed or (d) personal delivery with receipt acknowledged in writing, in which
case notice shall be deemed delivered when received. The notice address for any party may be changed by written notice to the other
party as provided herein.

23.      CONSTRUCTION
OF AGREEMENT. In construing this Agreement, all headings and titles are for the convenience of the parties only
and shall not be considered a part of this Agreement. Whenever required by the context, the singular shall include the plural and
the masculine shall include the feminine and vice versa. This Agreement shall not be construed as if prepared by one of the parties,
but rather according to its fair meaning as a whole, as if both parties had prepared it. All Exhibits attached hereto are incorporated
in this Agreement by reference thereto.

24.      TIME.
Time is of the essence of every provision herein contained. Whenever the date or deadline for any action to be taken is not a Business
Day, the relevant date or deadline shall be the next Business Day.

25.      APPLICABLE
LAW. This Agreement shall be governed by the internal laws of the state in which the Real Property is located.

26.      NO
ORAL MODIFICATION OR WAIVER. This Agreement may not be changed or amended orally, but only by an agreement in writing.
No waiver shall be effective hereunder unless given in writing, and waiver shall not be inferred from any conduct of either party.

27.      MARKETING
OF PROPERTY. After the Effective Date and until expiration of the Contingency Period, the Seller will work with
Buyer in good faith to further the transaction contemplated by this Agreement. Notwithstanding the foregoing, Buyer may continue
to directly or indirectly solicit and negotiate back-up offers to purchase the Property, provided that (a) any back-up offer must
be subordinate and subject to the Buyer’s right to purchase the Property pursuant to this Agreement and (b) Seller shall
provide notice to Buyer of any such offer within 2 Business Days of Buyer’s receipt of such offer. Upon Buyer’s payment
and delivery to the Escrow Holder the Deposit pursuant to Section 2, the Buyer shall cease to market or offer, directly or indirectly,
the Property or any portion thereof for sale to any other party unless this Agreement is subsequently terminated pursuant to the
terms hereof. For the avoidance of doubt and notwithstanding any term or condition contained in this Agreement, in the event the
Buyer does not exercise its option to purchase the Property on the Closing Date, then any restriction imposed on the Seller by
this Section 27 shall be null and void.

    	26

    	 

    

 

28.      BROKERAGE
COMMISSION. Buyer and Seller each represents and warrants to the other that it has not dealt with any third party
(other than Brokers) in a manner which would obligate the other to pay any brokerage commission, finder’s fee or other compensation
due or payable with respect to the transaction contemplated hereby other than a commission to be paid to Brokers pursuant to a
separate agreement, which shall be paid by Seller only upon the Closing of the purchase and sale contemplated hereby. Buyer shall
indemnify, defend, and hold Seller harmless from and against any losses, damages, costs and expenses (including, but not limited
to, reasonable attorneys’ fees and costs) incurred by Seller by reason of any actual or alleged breach or inaccuracy of the
Buyer’s representations and warranties contained in this Section 28. Seller shall indemnify, defend, and hold
Buyer harmless from and against any losses, damages, costs and expenses (including, but not limited to, reasonable attorneys’
fees and costs) incurred by Buyer by reason of any actual or alleged breach or inaccuracy of Seller’s representations and
warranties contained in this Section 28. The provisions of this Section 28 shall survive the Closing.

29.      INDEMNITY.
Seller hereby agrees to indemnify Buyer and its successors, assigns, and the affiliates, directors, officers, employees and partners
of any of them, and hold each of them harmless from any and all claims, liabilities, damages, and penalties and any and all loss,
cost, or expense incurred by Buyer incident to, resulting from, or in any way arising out of any tort claim or breach of contract
claim or other claim for money due and owing in connection with the ownership or operation of the Property but only to the extent
that such claim arises from circumstances, acts or omissions which occurred prior to the Closing and not caused by Buyer or its
agents. The indemnity set forth herein shall be deemed to be material and shall survive the delivery of the Deed and transfer of
title for the survival period specified in Section 16 hereof.

30.      RECORDATION
NOT PERMITTED. In no event shall this Agreement or any memorandum hereof be recorded in the official or public records
where the Property is located, and any such recordation or attempted recordation shall constitute a default under this Agreement
by the party responsible for such recordation or attempted recordation.

31.      CONFIDENTIALITY.
The parties acknowledge that the terms of this Agreement and the transaction described herein are of a confidential nature and
shall not be disclosed except (a) to Buyer’s or Seller’s respective affiliates, officers, directors, principals, members,
employees, agents, attorneys, partners, accountants, lenders, investors, (b) to the United States Securities and Exchange Commission
(the “SEC”) in connection with any of filing made by Buyer pursuant to federal securities law or regulations,
including but not limited to a Form S-11 registration, or any similar, supplemental or related filing made by Buyer or (c) as otherwise
required by law (including SEC regulations and NYSE requirements) ((a) and (b) together, collectively, the “Permitted
Outside Parties”). In connection with the negotiation of this Agreement and the preparation for the consummation of the
transactions contemplated hereby, each party acknowledges that it will have access to confidential information relating to the
other party. Each party shall treat such information as confidential, preserve the confidentiality thereof, and not duplicate or
use such information, except to Permitted Outside Parties. Except as required by applicable law, neither party shall issue any
press release or make any statement to the media without the other party’s consent, which consent shall not be unreasonably
withheld or delayed. The provisions of this Section shall survive any termination of this Agreement.

    	27

    	 

    

 

32.      INFORMATION
AND AUDIT COOPERATION. Seller shall, at Buyer’s expense, reasonably cooperate with Buyer, Buyer’s designated
representative and/or Buyer’s independent auditor and provide each access to the books and records of the Property and all
related information regarding the Property, including, without limitation, three (3) calendar years of audited books and records
of the Property that qualify, comply with, and can be used in a public offering. Should three (3) calendar years of audited books
and records not be available, then Seller shall supply as many years of audited books and records that exist, but in no event shall
Seller provide less than one (1) year of audited books and records. At Closing, Seller shall provide to Buyer a representation
letter regarding the books and records of the Property, in substantially the form of Exhibit E attached hereto, in connection
with auditing the Property in accordance with generally accepted auditing standards. At Buyer’s request, at any time within
one (1) year after the Closing, Seller shall provide Buyer with such additional books, records, representation letters and such
other matters reasonably determined by Buyer as necessary to satisfy its or its affiliated parties' obligations as a real estate
investment trust and/or the requirements (including, without limitations, any regulations) of the Securities and Exchange Commission.
The provisions of this Section 32 shall survive the Closing.

33.      WAIVER
OF JURY TRIAL. TO THE EXTENTS PERMITTED BY LAW, SELLER AND BUYER HEREBY EXPRESSLY WAIVE THEIR RIGHT TO A TRIAL
BY JURY OF ANY CLAIM (I) ARISING UNDER ANY OF THE DOCUMENTS TO BE EXECUTED AND DELIVERED AT CLOSING, OR (II) CONNECTED WITH OR
RELATED TO THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING. SELLER OR BUYER MAY FILE
AN ORIGINAL OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE FOREGOING WAIVER.

34.      NON-WAIVER.
No waiver of any provision of this Agreement shall be deemed to have been made unless it is expressed in writing and signed by
the party charged with making the waiver. No delay or omission in the exercise of any right or remedy accruing upon a breach of
this Agreement shall impair such right or remedy or be construed as a waiver of such breach. The waiver of any breach of this Agreement
shall not be deemed to be a waiver of any other breach hereof.

[Signatures appear on following page.]

    	28

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed one or more copies of this Agreement as a sealed instrument the day and year first above written.

 

	SELLER:	Milliken Portland Partners, LLC,
	 	a Massachusetts limited liability company.
	 	 	 
	 	By:	JHR DEVELOPMENT, LLC, its Manager
	 	 	 
	 	 	 
	 	By:	/s/ J. Hilary Rockett, Jr.
	 	 	Name: J. Hilary Rockett, Jr.
	 	 	Title:   Manager
	 	 	 
	 	 	 
	BUYER:	PLYMOUTH INDUSTRIAL REIT, INC.,
	 	a Maryland corporation.
	 	 	 
	 	 	 
	 	By:	/s/ Pendleton P. White, Jr.
	 	 	Name: Pendleton P. White, Jr.
	 	 	Title:   President

 

 

 

 

 

 

 

 

 

 

Signature Page to Purchase and Sale Agreement
and Escrow Instructions

56 Milliken Street, Portland, Maine

 

 

 

 

    	 

    	 

    

The undersigned Escrow Holder hereby joins
in to this Agreement to acknowledge its consent to the terms and provisions of this Agreement.

 

COMMONWEALTH
LAND TITLE INSURANCE COMPANY, Escrow Holder

 

 

By: /s/ Robert J. Capozzi             

Name: Robert J. Capozzi

Title   Vice President

Date:  July 16, 2014

 

Escrow Holder Signature Page to Purchase
and Sale Agreement and Escrow Instructions

56 Milliken Street, Portland, Maine

 

    	 

    	 

    

EXHIBIT A

LEGAL
DESCRIPTION OF THE LAND

TRACT 1

 

A certain lot or parcel of land situated easterly
of Riverside Industrial Parkway and Northerly of Milliken Street in the City of Portland, County of Cumberland, State of Maine,
to wit;

 

Beginning at a point on the westerly side of
land now or formerly of the Portland Terminal Company at the northerly corner of the land now or formerly owned by the Portland
Water District, thence;

 

S 55° 14' 20" W 71.28' along said
Water District Land to a point, thence;

 

N 21° 15' 40" W 17.82' along said
Water District Land to a point, thence;

 

S 74° 52' 45" W 31.62' along said
Water District Land to a point near an iron pipe, thence; S 55° 51' 08" W 75.26' along land now or formerly owned by Milliken
Street LLC to a point near a 5/8" rebar, thence;

 

N 21° 16' 37"
W 555.77' along land said Milliken Street LLC land to a 5/8" rebar, thence;

 

S 68° 44' 47" W 114.56' along said
Milliken Street LLC land to a point near a 5/8" rebar, thence;

 

N 14° 55' 55" W 14.08' along said
Milliken Street LLC land, passing over an iron pipe, said pipe being distant 1.2' from the terminus of said course, to a point,
thence;

 

S 75° 08' 46" W 328.45' along said
Milliken Street LLC land to a point, thence;

 

S 13° 13' 08" W 61.39' along said
Milliken Street LLC land to a point, thence;

 

S 68° 44' 47" W 143.78' to a point
in the easterly line of Milliken Street, thence;

 

along said easterly line N 56° 10' 30"
W 92.98' to a point, thence;

 

N 56° 04' 53" W 117.32' to a point,
thence;

 

leaving said easterly line N 34° 51' 20"
E 213.80' to a point, thence;

 

N 35° 56' 16" W 781.79' to a point
in the easterly right of way line N 18° 39' 48" E 204.96' to a point, thence;

 

leaving said easterly right-of-way line N 68°
40' 30" E 849.45' to a point in the westerly side line of said Portland Terminal Company land, thence;

 

    	A-1

    	 

    

 

along said westerly line along a curve deflecting
to the left having a radius of 2902.78, an arc of 178.13', a chord bearing of S 15° 42' 18" E, a chord of 178.10' to a
point, thence;

 

along a curve deflecting to the left having
a radius of 6422.46', an arc of 427.82', a chord bearing of S 19° 21' 10" E, a chord of 427.74' to a point, thence; S
21° 15' 40" E 521.66' to a point, thence;

 

S 57° 03' 20" W 16.85' to a point,
thence;

 

S 21° 15' 40" E 619.95' to the point
of beginning, containing 25.75 acres.

 

 

TRACT 2

 

A certain lot or parcel of land situated Easterly
of Riverside Industrial Parkway & Northerly of Milliken Street in the City of Portland, County of Cumberland, Maine, to wit:

 

Commencing at a point on the westerly side of
land now or formerly of the Portland Terminal Company at the northerly corner of the land now or formerly owned by the Portland
Water District, thence;

 

S 55° 14' 20" W 71.28' along said
Water District Land to a point, thence;

 

N 21° 15' 40" W 17.82' along said
Water District Land to a point, thence;

 

S 74° 52' 45" W 31.62' along said
Water District Land to a point near an iron pipe, thence;

 

S 55° 51' 08" W 75.26' along land
now or formerly owned by Milliken Street LLC to a point near a 5/8" rebar, thence;

 

N 21° 16' 37" W 555.77' along land
said of Milliken Street LLC land to a 5/8" rebar, thence;

 

S 68° 44' 47" W 114.56' along said
Milliken Street LLC land to a point near a 5/8" rebar, thence;

 

N 14° 55' 55" W 14.08' along said
Milliken Street LLC land, passing over an iron pipe, said pipe being distant 1.2' from the terminus of said course, to a point,
thence;

 

S 75° 08' 46" W 328.45' along said
Milliken Street LLC land to a point, thence;

 

S 13° 13' 08" W 61.39' along said
Milliken Street LLC land to a point, thence;

 

S 68° 44' 47" W 143.78' to a point
in the easterly line of Milliken Street, thence; along said easterly line N 56° 10' 30" W 92.98' to a point, thence;

 

    	A-2

    	 

    

 

N 56° 04' 53" W 117.32' to the point
of beginning, thence continuing along the easterly line of Milliken Street N56°-04'-53"W 280.50 ft. to a point;

 

thence N63°-50'-00"W
258.77 ft. to a point at the intersection of said easterly line & the southern line of land conveyed to ADC Building Fund Inc.
by Davis-Greene Co. dated December 18, 1962, recorded in Bk. 2723, Pg. 182;

 

thence leaving said easterly line along said southern
line N55°-47'-03"W 91.92 ft. to a point at the intersection of said easterly line & said southern line;

 

thence leaving said southern line along said easterly
line of Milliken Street along a curve deflecting to the right having a radius of 50.00 ft., & arc of 49.66 ft., a chord bearing
of N06°-39'-55"E, a chord of 47.64 ft., to a point at the intersection of said easterly line of Milliken Street &
the easterly line of Riverside Industrial Parkway;

 

thence leaving said easterly
line of Milliken Street along said easterly line of Riverside Industrial Parkway along a curve deflecting to the left having a
radius of 1171.67 ft., an arc of 336.46 ft., a chord bearing of N26°-53'-24"E, a chord of 335.31 ft. to a point;

 

thence N18°-39'-48"E
147.48 ft. to a point;

 

thence leaving said easterly line along a line
between Tract 1 & 2 S35°-56'-16"E 781.79 ft. to a point;

 

thence S34°-51'-20"W
213.80 ft. to the point of beginning, containing 5.46 acres.

 

    	A-3

    	 

    

 

EXHIBIT B

DOCUMENTS

		1.	Operating Statements. Operating statements of the Property for the 3 years preceding the
date of this Agreement and the current year-to-date (“Operating Statements”). Copies of all of Seller’s
books and records with respect to the Property.

		2.	Management and/or Leasing Agreements. Copies of any management and/or leasing agreements
under which the Property is managed and/or leased.

		3.	Tax Statements. Copies or a summary of ad valorem tax statements for the current or most
recently available tax period and for the prior 36 months including the Property’s tax identification number(s); and latest
value renditions.

		4.	Insurance. Copies of Seller’s certificate of insurance for the Property, all insurance
policies, a loss history, a list of any current claims relating to the Property, and any notices received by Seller from insurance
carriers within the last 12 months.

		5.	Budget. Seller’s most recent budget for the Property, including the forthcoming year,
if applicable.

		6.	Service Contracts. A list together with copies of all management, leasing, security, maintenance,
service, supply, equipment rental and other contracts related to the operation of the Property (“Service Contracts”).

		7.	Proceedings. Copies of any documents or materials relating to any current litigation, investigation,
condemnation, or other proceeding pending or threatened against Seller or affecting the Property.

		8.	Tangible Personal Property. A current inventory of all tangible personal property and fixtures
owned by Seller (if any).

		9.	Maintenance Records. All maintenance work orders for the prior 12 months.

		10.	List of Capital Improvements. A list of all capital improvements performed on the Property
within the prior 24 months.

		11.	Reports. Any environmental, geotechnical, soil, engineering and drainage reports, assessments,
audits and surveys.

		12.	As-Built Survey; Title Policy. All existing as-built surveys of the Property; and all existing
title policies related to the Property.

		13.	Site Plans. All site plans relating to the Property.

    	B-1

    	 

    

 

		14.	As-Built Plans and Specifications. All as-built construction, architectural, mechanical,
electrical, plumbing, landscaping and grading plans and specifications relating to the Property.

		15.	Permits and Warranties. Copies of all warranties and guaranties (including without limitation
any roof warranty), permits, certificates of occupancy, licenses and other approvals related to the Property.

		16.	General. N/A

		17.	Financial Statements. Copies of financial statements reflecting the operation of the Property
for the prior 2 calendar years, including statements of cash flow and year-end balance sheets, and statements of income, expense,
accounts payable and accounts receivable for each such year, each prepared in accordance with generally accepted accounting principles
consistently applied, and fairly presenting the financial position of Seller with respect to the Property at the end of each such
year and the results of the operations thereof for such year.

		18.	Leases. Copies of all Leases and any amendments thereto.

		19.	Commission Schedule and Agreements. A schedule (“Commission Schedule”)
and copies of all commission agreements related to the Leases or the Property.

		20.	Financial Statements. Copies of financial statements for the prior year.

 

    	B-2

    	 

    

EXHIBIT C

FORM
OF TENANT ESTOPPEL CERTIFICATE

___________, 2014

The undersigned (“Tenant”),
hereby states, certifies and affirms the following with respect to the possible sale of the Property (as defined below) to _________________,
a [Delaware limited liability company], and its successors and assigns (the “Buyer”), with the knowledge and
intent that the Buyer shall rely hereon:

1.      The Tenant, as the tenant, and
____________ (“Landlord”), as the landlord, are parties to that certain lease dated ________________ __, ____ (“Original
Lease”), whereby the Tenant leased approximately ________ square feet of space (the “Leased Premises”) in a portion
of the Property known as ___________________________________, and more particularly described in the Original Lease (the “Property”).

2.      The Original Lease has not been
amended or modified in any respect whatsoever except for the amendments or modifications listed on Exhibit A attached hereto,
if any (collectively with the Original Lease, hereinafter referred to as the “Lease”) and constitutes the complete
agreement between the Landlord and the Tenant with respect to the Leased Premises.

3.      The minimum rent currently payable
under the Lease is in the amount of $___________ per month which has been paid through ___________, 2014; and except for the current
month, no rent has been paid in advance. Excluding electricity charges, Tenant’s pro rata share of operating expenses, real
estate taxes and other “pass-through” charges [in excess for the amount of such charges during the base year] is
__________% and is currently paying $______ per month in additional rent for estimated “pass through” charges.

4.      Tenant has no current known claims,
counterclaims, defenses or setoffs against Landlord or to the payment of rent or other charges arising from the Lease or otherwise,
nor is Tenant entitled to any tenant improvement allowance or other concession payment from Landlord or any free rent for any period
after the date of this certification except as follows: (state none, if applicable) _______________.

5.      The Tenant has accepted and is
in possession of the Leased Premises. All improvements, alterations and space required to be furnished by Landlord pursuant to
the Lease have been completed, all sums required to be paid by Landlord to Tenant in connection with the improvements (including,
without limitation, any tenant allowance or rebate) have been paid in full, and all other conditions precedent to the commencement
of the term of the Lease have been satisfied.

The term of the Lease commenced on _____________,
____, and the current term is scheduled to expire on _____________, 20__. Except as set forth in the Lease, the Tenant does not
have (i) a right to renew the Lease, or (ii) any option to expand the Leased Premises. Tenant has no right or option to purchase
any part of the Leased Premises or the Property.

    	C-1

    	 

    

 

6.      To Tenant’s knowledge, there
is no event of default nor any fact or circumstance that, with the giving of notice or the passage of time or both, would constitute
an event of default under the Lease by Landlord or Tenant.

7.      Tenant has paid to Landlord, and
Landlord is holding on behalf of Tenant, a security deposit in the amount of $__________________ and in the form of ____________.

8.      No actions, whether voluntary
or otherwise, are pending against Tenant under the bankruptcy laws of the United States or any state thereof.

9.      The address of Tenant for receipt
of notices is as set forth in the Lease.

10.      Neither the Lease nor the Leased
Premises have been sublet, assigned, mortgaged or encumbered (in whole or in part), except as follows: (state none, if applicable)
____________.

11.      To Tenant’s actual knowledge,
Tenant has not generated, used, stored, spilled, or disposed of, or released any Hazardous Substances at, on or in the Leased Premises
in violation of any applicable law or which requires a cleanup or remediation or reporting to a governmental body under any applicable
law. “Hazardous Substances” shall not include those materials that are technically within the definition provided for
in the Lease but that are contained in prepackaged office supplies, cleaning materials, or personal grooming items or other items
that are sold for consumer or commercial use and typically used in other similar buildings or space.

12.      This certification shall be binding
upon Tenant and shall inure to the benefit of Landlord, Buyer and any lender (“Lender”) to Buyer (or to Buyer’s
owners), each of the respective successors and assigns of Landlord, Buyer and Lender, and all parties claiming through or under
such persons or any such successor or assign; and Tenant acknowledges that Buyer is purchasing the Property in reliance on this
certification.

IN WITNESS WHEREOF,
the undersigned has caused this Certificate to be duly executed as of the ___ day of ____________, 2014.

TENANT:

______________________, a ____________

 

 

By:__________________________

Name:

Title:

 

    	C-2

    	 

    

 

EXHIBIT A TO TENANT ESTOPPEL

[LIST OF AMENDMENTS AND MODIFICATIONS]

 

    	C-3

    	 

    

EXHIBIT
D

leaseS

 

 

 

		1.	Lease Agreement, dated September 17, 2010, by and between KDJS Partners, LLC (as initial Landlord)
and Paradigm Operating Company, LLC, as amended by the First Amendment to Lease, dated May 10, 2013, by and between Milliken Portland
Partners, LLC (as subsequent Landlord) and Paradigm Operating Company, LLC.

Security Deposit: $24,878.40

 

		2.	Amended and Restated Lease Agreement, dated May 31, 2011, by and between KDJS Partners, LLC (as
initial Landlord) and Barber Foods, LLC, as amended by the First Amendment to Lease, dated March 29, 2013, by and between Milliken
Portland Partners, LLC (as subsequent Landlord) and Barber Foods, LLC.

Security Deposit: None

 

 

    	D-1

    	 

    

EXHIBIT E

AUDIT
LETTER

Marcum LLP

117 Kendrick Street, Suite 800

Needham, MA 02494

[Current Date]

Ladies and Gentlemen:

We are providing this letter in connection
with your audit of the Statement of Revenue over Certain Operating Expenses (“Statement”) of <> (the “Property”)
for the year ended December 31, 201_ for the purpose of expressing an opinion as to whether the Statement presents fairly, in all
material respects, the revenue and certain operating expenses in conformity with the accrual method of accounting.

Certain representations in this letter
are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve
an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the
judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement.

We confirm, to the best of our knowledge
and belief, the following representations made to you during your audit:

		1.	We have made available to you all financial records and related data.

		2.	There are no:

		a.	Violations or possible violations of laws or regulations, whose effects should be considered for disclosure
in the Statement or as a basis for recording a loss contingency.

		b.	Unasserted claims or assessments that our lawyers have advised us are probable of assertion and must
be disclosed in accordance with FASB Accounting Standards Codification (ASC) 450, Contingencies.

		c.	Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by FASB
ASC 450, Contingencies.

		d.	Material transactions that have not been properly recorded in the accounting records underlying the
Statement.

		e.	Events that have occurred subsequent to the Statement date and through the date of this letter that
would require adjustment to or disclosure in the Statement.

    	 

    	 

    

 

		3.	We acknowledge our responsibility for the design and implementation of programs and controls to prevent,
deter and detect fraud. We understand that the term “fraud” includes misstatements arising from fraudulent financial
reporting and misstatements arising from misappropriation of assets.

		4.	We have no knowledge of any fraud or suspected fraud affecting the entity involving:

		a.	Management,

		b.	Employees who have significant roles in internal control over financial reporting, or

		c.	Others where the fraud could have a material effect on the Statement.

		5.	We have no knowledge of any allegations of fraud or suspected fraud affecting the entity received
in communications from employees, former employees, or others.

		6.	We have no knowledge of any officer or director of the Property, or any other person acting under
the direction thereof, having taken any action to fraudulently influence, coerce, manipulate or mislead you during your audit.

		7.	The Property has complied with all aspects of contractual agreements that would have a material effect
on the Statement in the event of noncompliance.

		8.	All income from operating leases is included as revenue in the Statement. No other forms of revenue
are included in the Statement.

Further, we confirm that we are
responsible for the fair presentation in the Statement of the results of revenue over certain operating expenses for the year ended
December 31, 201__ in conformity with the accrual method of accounting.

Very truly yours,

<> 

By:______________________________________

Name: ___________________________________

Title: ___________________________________

Date: _____________________

 

and

 

By: ________________________

Name:_______________________

Title:________________________

(Primary accounting decision maker)

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