Document:

Asset Purchase Agreement

 Exhibit 10.1 
 ASSET PURCHASE AGREEMENT 
 BETWEEN 

MMIC LEAWOOD MOB, LLC 
 MMIC HARBOUR VIEW, LLC 
 MMIC JCL MOB, LLC 

MMIC EMA MOB, LLC AND 
 MMIC CHESTNUT COMMONS, LLC 
 COLLECTIVELY AS SELLERS, 

AND 
 CHP
PARTNERS, LP 
 AS PURCHASER 
 Dated as of June 21, 2013 

 TABLE OF CONTENTS 

 

									
	 1.
	 	 DEFINITIONS
	  	 	8	  
				
		 	 1.1
	  	 Definitions
	  	 	8	  
			
	 2.
	 	 PURCHASE AND SALE, ASSETS AND LIABILITIES
	  	 	17	  
				
		 	 2.1
	  	 Purchase and Sale
	  	 	17	  
				
		 	 2.2
	  	 Description of the Assets
	  	 	17	  
				
		 	 2.3
	  	 Excluded Assets
	  	 	18	  
				
		 	 2.4
	  	 Retained Liabilities
	  	 	19	  
				
		 	 2.5
	  	 Assumed Liabilities
	  	 	19	  
			
	 3.
	 	 PURCHASE PRICE
	  	 	20	  
				
		 	 3.1
	  	 Purchase Price
	  	 	20	  
				
		 	 3.2
	  	 Deposit
	  	 	20	  
				
		 	 3.3
	  	 Payment of Purchase Price
	  	 	21	  
				
		 	 3.4
	  	 Allocation of Purchase Price
	  	 	21	  
			
	 4.
	 	 DUE DILIGENCE AND INSPECTION
	  	 	22	  
				
		 	 4.1
	  	 Right to Inspect
	  	 	22	  
				
		 	 4.2
	  	 Matters Relating to Title
	  	 	23	  
				
		 	 4.3
	  	 Assignment and Assumption of Facility Contracts, Tenant Leases, and Transferred Licenses and Permits
	  	 	25	  
				
		 	 4.4
	  	 Purchaser’s Election Whether or Not to Proceed
	  	 	25	  
				
		 	 4.5
	  	 Release and Indemnification
	  	 	26	  
			
	 5.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	26	  
				
		 	 5.1
	  	 Sellers’ Representations and Warranties
	  	 	26	  
				
		 	 5.2
	  	 Purchaser’s Representations and Warranties
	  	 	31	  
			
	 6.
	 	 COVENANTS
	  	 	33	  
				
		 	 6.1
	  	 Confidentiality
	  	 	33	  

  
 - i -

									
		 	6.2	  	 Assessments
	  	 	34	  
				
		 	6.3	  	 Conduct of the Businesses
	  	 	34	  
				
		 	6.4	  	 Tax Contests
	  	 	35	  
				
		 	6.5	  	 Notices and Filings
	  	 	36	  
				
		 	6.6	  	 Further Assurances
	  	 	36	  
				
		 	6.7	  	 Estoppel Certificates and SNDAs
	  	 	36	  
				
		 	6.8	  	 Good Faith
	  	 	37	  
				
		 	6.9	  	 Bulk Sales
	  	 	37	  
				
		 	6.10	  	 Employees
	  	 	37	  
				
		 	6.11	  	 Post-Closing Audit
	  	 	38	  
			
	 7.
	 	 CLOSING CONDITIONS
	  	 	38	  
				
		 	 7.1
	  	 Purchaser’s Closing Conditions
	  	 	38	  
				
		 	 7.2
	  	 Failure of Any Purchaser’s Closing Condition
	  	 	39	  
				
		 	 7.3
	  	 Sellers’ Closing Conditions
	  	 	39	  
				
		 	 7.4
	  	 Failure of Sellers’ Closing Conditions
	  	 	40	  
			
	 8.
	 	 CLOSING
	  	 	41	  
				
		 	 8.1
	  	 Closing Date
	  	 	41	  
				
		 	 8.2
	  	 Closing Escrow
	  	 	41	  
				
		 	 8.3
	  	 Sellers’ Closing Deliveries
	  	 	41	  
				
		 	 8.4
	  	 Purchaser’s Closing Deliveries
	  	 	43	  
			
	 9.
	 	 EXPENSES
	  	 	44	  
				
		 	 9.1
	  	 Closing Statement
	  	 	44	  
				
		 	 9.2
	  	 Closing and Other Costs, Adjustments and Prorations
	  	 	44	  
				
		 	 9.3
	  	 Cash
	  	 	46	  
				
		 	 9.4
	  	 Employees
	  	 	46	  

  
 - ii -

									
	10.	 	DEFAULT AND REMEDIES	  	 	47	  
				
		 	 10.1
	  	 Sellers’ Default
	  	 	47	  
				
		 	 10.2
	  	 Purchaser’s Default
	  	 	47	  
				
		 	 10.3
	  	 Liquidated Damages
	  	 	47	  
			
	 11.
	 	 RISK OF LOSS
	  	 	48	  
				
		 	 11.1
	  	 Casualty
	  	 	48	  
				
		 	 11.2
	  	 Condemnation
	  	 	48	  
			
	 12.
	 	 SURVIVAL, INDEMNIFICATION AND RELEASE
	  	 	48	  
				
		 	 12.1
	  	 Survival
	  	 	48	  
				
		 	 12.2
	  	 Indemnification by Sellers
	  	 	49	  
				
		 	 12.3
	  	 Indemnification by Purchaser
	  	 	49	  
				
		 	 12.4
	  	 Indemnification Procedure. Notice of Indemnification Claim
	  	 	49	  
			
	 13.
	 	 MISCELLANEOUS PROVISIONS
	  	 	51	  
				
		 	 13.1
	  	 Notices
	  	 	51	  
				
		 	 13.2
	  	 Time is of the Essence
	  	 	52	  
				
		 	 13.3
	  	 Assignment
	  	 	52	  
				
		 	 13.4
	  	 Successors and Assigns
	  	 	52	  
				
		 	 13.5
	  	 Third Party Beneficiaries
	  	 	53	  
				
		 	 13.6
	  	 Rules of Construction
	  	 	53	  
				
		 	 13.7
	  	 Severability
	  	 	53	  
				
		 	 13.8
	  	 Governing Law; Venue
	  	 	53	  
				
		 	 13.9
	  	 WAIVER OF JURY TRIAL
	  	 	54	  
				
		 	 13.10
	  	 Attorneys’ Fees
	  	 	54	  
				
		 	 13.11
	  	 Incorporation of Recitals
	  	 	54	  
				
		 	 13.12
	  	 No Other Agreements
	  	 	54	  

  
 - iii -

									
		 	13.13	  	Further Actions	  	 	54	  
				
		 	 13.14
	  	 No Waiver
	  	 	55	  
				
		 	 13.15
	  	 Modifications
	  	 	55	  
				
		 	 13.16
	  	 Counterpart and Facsimile Execution
	  	 	55	  
				
		 	 13.17
	  	 Required Disclosures
	  	 	55	  
				
		 	 13.18
	  	 No Personal Liability
	  	 	55	  
				
		 	 13.19
	  	 No Recordation
	  	 	55	  

  
 - iv -

 LISTS OF EXHIBITS AND SCHEDULES 

List of Exhibits 

Exhibit A-1 – Leawood Fee Properties 
 Exhibit A-2 – Harbour View Ground Lease Property 
 Exhibit A-3 – Lincoln
Plaza Ground Lease Property 
 Exhibit A-4 – North Plaza Ground Lease Property 

Exhibit A-5 – Escondido Fee Property 
 Exhibit A-6 – Cleveland Clinic Fee Property 
 Exhibit 8.3.1 –
Seller’s Closing Certificate Form 
 Exhibit 8.3.2A – Special Warranty Deed Form 

Exhibit 8.3.2B – Quitclaim Deed Form [this Exhibit is not attached] 
 Exhibit 8.3.3 – Bill of Sale Form 
 Exhibit 8.3.5 – Assignment and
Assumption of Ground Lease Form 
 Exhibit 8.3.6 – Assignment and Assumption of Tenant Leases Form 

Exhibit 8.3.7 – Assignment and Assumption of Intellectual Property Form 
 Exhibit 8.4.3 – Purchaser’s Closing Certificate Form 
 List of
Schedules 
 Schedule 1.1 – Earn Out Agreement 
 Schedule 2.2.5 – Tenant Leases 
 Schedule 2.2.6 – Intellectual Property

 Schedule 2.2.7 – Facility Contracts 
 Schedule 2.2.8 – Licenses and Permits 
 Schedule 2.3.1 – Excluded Assets:
Third-Party Assets 

  
 - v -

 Schedule 2.40 – Retained Liabilities 
 Schedule 3.4 – Purchase Price Allocations 
 Schedule 5.1.13 – Rights of
First Refusal/Rights of First Offer 
 Schedule 5.1.16 – Labor and Employment Matters 

Schedule 5.1.17 – Construction Contracts 
 Schedule 5.1.20 – Environmental Condition of MOB Properties 
 Schedule 6.7A
– Form of Estoppel 
 Schedule 6.7B – Form of SNDA 
  

  
 - vi -

 ASSET PURCHASE AGREEMENT 

THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is made as of June 21, 2013 (the
“Effective Date”), by and between MMIC LEAWOOD MOB, LLC, a Delaware limited liability company (“MMIC-Leawood”), MMIC HARBOUR VIEW MOB, LLC, a Delaware limited liability company
(“MMIC-Harbour View”), MMIC JCL MOB, LLC, a Delaware limited liability company (“MMIC-JCL”), MMIC EMA MOB, LLC, a Delaware limited liability company (“MMIC-EBA”)
and MMIC CHESTNUT COMMONS MOB, LLC, a Delaware limited liability company (“MMIC-Chestnut”)(each also a “Seller” and collectively “Sellers”), and CHP PARTNERS, LP,
a Delaware limited partnership (“Purchaser”) (Sellers and Purchaser are at times hereinafter referred to individually as a “Party” and collectively as the “Parties”).

 R E C I T A L S 
 A. MMIC-Leawood is the owner of a fee simple interest in the land and all of the improvements which constitute the medical office building known as Doctors Specialty Hospital at Leawood, located at 4901
College Boulevard, Leawood, Kansas 66211 (the “Leawood MOB”). 
 B. MMIC-Harbour View is the owner of a
ground lease interest in the land and is the owner of fee simple interest in all of the improvements which constitute the medical office building known as Bon Secours Health Center at Harbor View, located at 5818 Harbor View Boulevard, Suffolk,
Virginia 23435 (the “Harbour View MOB”). 
 C. MMIC-JCL is the owner of a ground lease interest in the
land and is the owner of fee simple interest in all of the improvements which constitute the medical office buildings known as John C. Lincoln Medical Plaza I and II located at 9225 and 9327 North Third Street, Phoenix, Arizona (together, the
“Lincoln Plaza MOB”). 
 D. MMIC-JCL is the owner of a ground lease interest in the
land and is the owner of fee simple interest in all of the improvements which constitute the medical office building known as North Mountain Medical Plaza located at 9100 North 2nd Street, Phoenix, Arizona (the “North Mountain MOB”). 

E. MMIC-EMA is the owner of a fee simple interest in the land and all of the improvements which constitute the
medical office building known as Escondido Medical Arts Center, located at 225 East 2nd Avenue, San Diego, California 92025 (the “Escondido MOB”). 
 F. MMIC-Chestnut is the owner of a fee simple interest in the land and all of the assets and interests which constitute the medical office building known as Cleveland Clinic Chestnut Commons MOB, located
at 303 Chestnut Commons Drive, Elyria, Ohio 44035 (the “Cleveland Clinic MOB”). 
 G. Purchaser desires
to purchase, and Sellers desire to sell the Assets on the terms and conditions set forth in this Agreement. 

 NOW, THEREFORE, in consideration of the provisions contained in this Agreement, and
intending to be legally bound hereby, the Parties agree as follows: 
  

	1.	DEFINITIONS 

 1.1
Definitions. In addition to the terms defined in the body of this Agreement, the following terms will have the following meanings in this Agreement: 
 “Affiliate” has the following meaning: two entities are “Affiliates” if 
  

	 	(a)	one of the entities is a Subsidiary of the other entity; 

  

	 	(b)	both of the entities are Subsidiaries of the same entity; or 

  

	 	(c)	both of the entities are Controlled by the same Person. 

 “Agreement” has the meaning set forth in the first paragraph of this Agreement. 
 “Allocated Purchase Price” has the meaning set forth in Section 3.4 of this Agreement. 
 “Applicable Law” means (i) all federal, state, and local statutes, laws, common law, rules, regulations, ordinances, codes, guidances, policies, or other legal requirements of any
Governmental Authority, stock exchange, board of fire underwriters and similar quasi-governmental authority, and (ii) any judgment, injunction, restrictive covenant, declaration, order or other similar requirement of any court or other
adjudicatory authority of competent jurisdiction, in effect at the time in question and in each case to the extent the Person or real or personal property in question is subject to the same. 

“Assets” has the meaning set forth in Section 2.2 of this Agreement. 

“Assumed Liabilities” has the meaning set forth in Section 2.5 of this Agreement. 

“Bankruptcy Code” has the meaning set forth in Section 5.1.15 of this Agreement. 

“Books and Records” has the meaning set forth in Section 2.2.12 of this Agreement. 

“Business Day” means any day other than a Saturday, Sunday or any United States federal or state legal holiday.

 “Casualty” has the meaning set forth in Section 11.1 of this Agreement. 

“Cleveland Clinic MOB” has the meaning set forth in Recital F of this Agreement. 

“Cleveland Clinic Fee Properties” means that certain real property more particularly described as such on Exhibit
“A-6” attached hereto. 

  
 - 8 -

 “Cleveland Clinic Improvements” means all buildings, structures, and
improvements located on or affixed to the Cleveland Clinic Fee Properties, including all fixtures which constitute real property under Applicable Law. 
 “Closing” has the meaning set forth in Section 8.1 of this Agreement. 
 “Closing Date” means the date on which the Closing takes place. 

“Closing Escrow” has the meaning set forth in Section 8.2 of this Agreement. 

“Closing Escrow Agreement” has the meaning set forth in Section 8.2 of this Agreement. 

“Closing Statement” has the meaning set forth in Section 9.1 of this Agreement. 

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations, rulings and guidance
issued by the Internal Revenue Service. 
 “Condemnation” has the meaning set forth in Section 11.2
of this Agreement. 
 “Control” means: 
 (a) the right to exercise, directly or indirectly, a majority of the votes which may be voted at a meeting of (i) the shareholders of the corporation, in the case of a corporation, (ii) the
shareholders of the general partner, in the case of a limited partnership, or (iii) the equity holders or other voting participants of a Person that is not a corporation or limited partnership; or 

(b) the right to elect or appoint, directly or indirectly, a majority of (i) the directors of the corporation, in the case of a
corporation, (ii) the directors of the general partner, in the case of a limited partnership, or (iii) a majority of the Persons who have the right to manage or supervise the management of the affairs and business of a Person that is not a
corporation or limited partnership, 
 (c) and “Controlled” has a corresponding meaning. 

“Covered Person” has the meaning set forth in Section 6.12 of this Agreement. 

“Deeds” means the deeds to be delivered by Sellers to Purchaser pursuant to Section 8.3.2. 

“Deposit” has the meaning set forth in Section 3.2.1 of this Agreement. 

“Earn Out Agreement” shall meant the Earn Out Agreement attached hereto as Schedule 1.1. 

“Effective Date” has the meaning set forth in the opening paragraph of this Agreement. 

  
 - 9 -

 “Employees” means at the time in question all Persons employed by or for
the benefit of Sellers in connection with the MOB Properties, if any. 
 “Environmental Claims” means all
claims for reimbursement, remediation, abatement, removal, clean up, contribution, personal injury, property damage or damage to natural resources made by any Governmental Authority or other Person arising from or in connection with (i) the
presence or actual or potential spill, leak, emission, discharge or release of any Hazardous Materials over, on, in, under or from the MOB Properties, or (ii) any violation of any Environmental Laws with respect to the Assets. 

“Environmental Laws” means all Applicable Law relating to industrial hygiene or to environmental or unsafe conditions or
to human health including, but not limited to, those relating to the generation, manufacture, storage, handling, transportation, disposal, release, emission or discharge of Hazardous Materials, including those in connection with the construction,
fuel supply, power generation and transmission, waste disposal or any other operations or processes relating to the Assets, including, without limitation, the MOB Properties, and those relating to the atmosphere, soil, surface and ground water,
wetlands, stream sediments and vegetation on, under, in or about the Assets, including, without limitation, the MOB Properties. 

“Environmental Liabilities” means all Liabilities under any Environmental Laws arising from or in connection with the
Assets, including, without limitation, any obligations to manage, control, contain, remove, remedy, respond to, clean up or abate any actual or potential presence, spill, leak, emission, discharge or release of any Hazardous Materials, pollution,
contamination or radiation into any water, soil, sediment, air, Improvements or other environmental media. 

“Environmental Reports” means those certain environmental reports obtained in connection with the transactions
contemplated herein with respect to the MOB Properties, as applicable, or any portion thereof. 
 “ERISA” means
the Employee Retirement Income Security Act, as amended from time to time and any regulations, ratings and guidance issued pursuant thereto. 
 “Escondido MOB” has the meaning set forth in Recital E of this Agreement. 
 “Escondido Fee Properties” means that certain real property more particularly described as such on Exhibit “A-5” attached hereto. 

“Escondido Improvements” means all buildings, structures, and improvements located on or affixed to the Escondido Fee
Properties, including all fixtures which constitute real property under Applicable Law. 
 “Escrow Agent” means
Title Company, acting in its capacity as escrow agent pursuant to the terms hereof, or such other escrow agent as is mutually acceptable to Sellers and Purchaser. 
 “Exception Cure Period” has the meaning set forth in Section 4.2.1 of this Agreement. 
 “Excluded Assets” has the meaning set forth in Section 2.3 of this Agreement. 

  
 - 10 -

 “Facility Contracts” has the meaning set forth in Section 2.2.7
of this Agreement. 
 “Fee Properties” means, collectively, the Leawood Fee Property, Escondido Fee Property
and the Cleveland Clinic Fee Property. 
 “Governmental Authority” means any federal, state or local government
or other political subdivision thereof, including, without limitation, any Person exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the extent the same has jurisdiction over
the Person or real or personal property in question. 
 “Ground Lease Properties” means the respective
Sellers’ interests as tenants under the Harbour View Ground Lease, the Lincoln Plaza Ground Lease and the North Mountain Ground Lease. 
 “Harbour View MOB” has the meaning set forth in Recital B of this Agreement. 
 “Harbour View Ground Lease” means that certain Ground Lease dated February 27, 1998 between Bon Secours Hampton Roads Health System, Inc., as landlord, and Tri-City Development
Company, L.L.C., at tenant, as amended by that certain Second Amendment to Ground Lease dated June 25, 2004 and that certain Third Amendment to Ground Lease dated July 18, 2008 for the Harbour View Ground Lease Property. 

“Harbour View Ground Lease Property” means that certain real property more particularly described as such on Exhibit
“A-2” attached hereto. 
 “Harbour View Improvements” means all buildings, structures, and
improvements located on or affixed to the Harbor View Ground Lease Property. 
 “Hazardous Materials” means
petroleum and petroleum products, flammable explosives, radioactive materials (excluding radioactive materials in smoke detectors), polychlorinated biphenyls, radon, lead/asbestos in any form, hazardous waste, toxic or hazardous substances, molds,
microbiological agents, and other related materials whether in the form of a chemical, biologic, element, natural agent, compound, solution, mixture or otherwise, all to the extent identified, managed, regulated or governed by Environmental Law,
including, but not limited to, those materials defined under Environmental Laws as “hazardous substances,” “extremely hazardous substances,” “hazardous chemicals,” “hazardous materials,” “toxic
substances,” “solid waste,” “toxic chemicals,” “air pollutants,” “toxic pollutants,” “hazardous wastes,” “extremely hazardous waste,” or “restricted hazardous waste”.

 “Holdback” has the meaning set forth in Section 12.4.5. 

“Improvements” means the Cleveland Clinic Improvements, the Escondido Improvements, the Harbour View Improvements, the
Leawood Improvements, the Lincoln Plaza Improvements and the North Mountain Improvements. 
 “Indemnification
Loss” means, with respect to any Indemnitee, any Liability, including, without limitation, reasonable attorneys’ fees and expenses and court costs, actually incurred by such Indemnitee and resulting directly from the act, omission or
occurrence in question. 

  
 - 11 -

 “Indemnification Claim” has the meaning set forth in
Section 12.4 of this Agreement. 
 “Indemnitee” has the meaning set forth in
Section 12.4 of this Agreement. 
 “Indemnitor” has the meaning set forth in
Section 12.4 of this Agreement. 
 “Indemnity Cap” has the meaning set forth in
Section 12.4.4 of this Agreement. 
 “Indemnity Floor” has the meaning set forth in
Section 12.4.412.4 of this Agreement. 
 “Inspection Period” means the period
beginning on the Effective Date of this Agreement and ending at 5:00 p.m., Eastern Standard Time, on the thirtieth
(30th) day following such Effective Date. 

“Inspections” means any inspections, examinations, tests, investigations, or studies of the Assets, including, without
limitation, the Fee Properties, the Ground Lease Properties or the Improvements conducted by or on behalf of Purchaser (or any Affiliate thereof). 
 “Intangible Assets” has the meaning set forth in Section 2.2.11 of this Agreement. 
 “Intellectual Property” means as to all items described below and to the extent owned by Seller and which Seller has the authority to convey to Purchaser, all works of authorship,
including without limitation, all literary works, pictorial, graphic and sculptural works, architectural works, software, works of visual art, and any other work that may be the subject matter of copyright protection and all worldwide registrations
thereof; any trademarks, service marks, brand names, trade dress, trade names, designs and any other word, symbol, device, product configuration, slogan or any combination thereof used to distinguish or identify goods or services that may be the
subject matter of trademark protection, including all worldwide applications and registrations therefore and associated goodwill; any patents, invention disclosures or inventions, including all processes, machines, manufactures and compositions of
matter, designs and any other invention that may be the subject matter of patent protection, and all worldwide statutory or other legal protection obtained or obtainable therein, including without limitation all published and granted patents and
pending applications and provisionals, reissues, divisionals, renewals, extensions, continuations, and continuations-in-part, design patents and industrial design registrations; all domain names, URLs, websites, and all data, content, “look and
feel”, operating and underlying code or software of all websites; all trade secrets, proprietary information, data, and knowledge and experience of a technical, commercial or administrative nature, including all proprietary information,
know-how, information processes, operating, maintenance and other manuals, data and databases, computer programs, including all documentation, design specifications, and flowcharts, operational and other plans, schematics and drawings, customer data
and lists, advertising, marketing and product concepts and campaigns and other valuable or proprietary information or data; and all worldwide statutory protection obtained or obtainable thereon on all of the preceding; all rights to enforce, enjoin
or sue, any claims, judgments, causes of action or other legal and equitable rights and remedies arising out of or related to any infringement, misappropriation or violation of any of the foregoing; and all right, title and interest to claim
royalties, residuals, damages and other remuneration for use of any of the foregoing rights. The foregoing shall not, however, include any information, the disclosure of which would violate any binding confidentiality agreement or potentially waive
any attorney-client privilege. 

  
 - 12 -

 “Leawood MOB” has the meaning set forth in Recital A of this Agreement.

 “Leawood Fee Properties” means that certain real property more particularly described as such on Exhibit
“A-1” attached hereto. 
 “Leawood Improvements” means all buildings, structures, and
improvements located on or affixed to the Leawood Fee Properties, including all fixtures which constitute real property under Applicable Law. 
 “Liability” means any liability, obligation, damage, loss, cost or expense of any kind or nature whatsoever, whether accrued or unaccrued, and “Liabilities” has a corresponding
meaning. 
 “Licenses and Permits” has the meaning set forth in Section 2.2.8 of this Agreement.

 “Lincoln Plaza MOB” has the meaning set forth in Recital C of this Agreement. 

“Lincoln Plaza Ground Lease” means that certain Ground Lease between John C. Lincoln Health Network, as landlord, and
MMIC-JCL, as tenant, dated February 29, 2008 for the Lincoln Plaza Ground Lease Property. 
 “Lincoln Plaza Ground
Lease Property” means that certain real property more particularly described as such on Exhibit “A-3” attached hereto. 
 “Lincoln Plaza Improvements” means all buildings, structures, and improvements located on or affixed to the Lincoln Plaza Ground Lease Property. 

“Major Tenants” means Bon Secours Health System, Graybill Medical, The Cleveland Clinic, John C. Lincoln Health Network
and Doctor’s Specialty Hospital, Wardell Orthopaedic, and any other tenants or related entity leasing more than 18,000 square feet, on a combined basis 
 “MOBs” means, collectively, the Harbour View MOB, the Leawood MOB, the Lincoln Plaza MOB, the North Mountain MOB, the Escondido MOB and the Cleveland Clinic MOB. 

“MOB Property” means and one of the Fee Properties or the Ground Lease Property and the Improvements located thereon.

 “MOB Properties” means, collectively, the Fee Properties, the Ground Lease Property and the Improvements.

 “New Survey Defect” has the meaning set forth in Section 4.2.3 of this Agreement. 

“New Title Exception” has the meaning set forth in Section 4.2.3 of this Agreement. 

“North Mountain MOB” has the meaning set forth in Recital D of this Agreement. 

  
 - 13 -

 “North Mountain Ground Lease” means that certain Ground Lease between John
C. Lincoln Health Network, as landlord, and MMIC-JCL, as tenant, dated February 29, 2008 for the North Mountain Ground Lease Property. 
 “North Mountain Ground Lease Property” means that certain real property more particularly described as such on Exhibit “A-4” attached hereto. 

“North Mountain Improvements” means all buildings, structures, and improvements located on or affixed to the Lincoln
Plaza Ground Lease Property. 
 “Ordinary Course of Business” means the ordinary course of business consistent
with Sellers’ past custom and practice for the applicable Asset , taking into account the seasonality of the business and such other facts and circumstances in existence from time to time. 

“Party” or “Parties” has the meaning set forth in the first paragraph of this Agreement. 

“Person” means any natural person, firm, corporation, general or limited partnership, limited liability company,
association, joint venture, trust, estate, Governmental Authority or other legal entity, in each case whether in its own or a representative capacity. 
 “Permitted Exception” has the meaning set forth in Section 4.2.1 of this Agreement. 
 “Personal Property” has the meaning set forth in Section 2.24 of this Agreement. 
 “Property Condition Evaluations” means the property condition evaluations obtained by Purchaser in connection with the transaction contemplated herein with respect to the Assets or any
portion thereof. 
 “Proration Date” has the meaning set forth in Section 9.2.4 of this Agreement.

 “Proration Schedule” has the meaning set forth in Section 9.2.4 of this Agreement. 

“Purchase Price” has the meaning set forth in Section 3.1 of this Agreement. 

“Purchaser” has the meaning set forth in the opening paragraph of this Agreement. 

“Purchaser’s Closing Condition Failure” has the meaning set forth in Section 7.2 of this Agreement.

 “Purchaser’s Closing Conditions” has the meaning set forth in Section 7.2 of this
Agreement. 
 “Purchaser’s Closing Deliveries” has the meaning set forth in Section 8.4 of
this Agreement. 
 “Purchaser’s Default” has the meaning set forth in Section 10.2 of this
Agreement. 
 “Purchaser’s Documents” has the meaning set forth in Section 5.2.2 of this
Agreement. 

  
 - 14 -

 “Purchaser’s Due Diligence Reports” means all studies, reports and
assessments prepared by any Person for or on behalf of Purchaser and at Purchaser’s direction (other than any internal studies, reports and assessments prepared by any of Purchaser’s employees, attorneys or accountants) in connection with
the Inspections. 
 “Purchaser’s Indemnitees” means Purchaser and its Affiliates, and each of their
respective shareholders, members, partners, trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 

“Purchaser’s Inspectors” means any Person that conducted any Inspections for or on behalf of Purchaser or any
Affiliate thereof. 
 “Purchaser’s Transaction Costs” means the Purchase Price plus Purchaser’s due
diligence costs and costs incurred pursuant to Section 9.5 of this Agreement. 
 “Retained
Liabilities” has the meaning set forth in Section 2.4 of this Agreement. 
 “ROFRs” has
the meaning set forth in Section 5.1.13 of this Agreement. 
 “Seller” and
“Sellers” have the meanings set forth in the opening paragraph of this Agreement. 
 “Sellers’
Certificate” means that certain document, the form of which is attached hereto as Exhibit “8.3.1”, to be delivered by each Seller at Closing. 
 “Sellers’ Closing Condition Failure” has the meaning set forth in Section 7.4 of this Agreement. 
 “Sellers’ Closing Conditions” has the meaning set forth in Section 7.3 of this Agreement. 
 “Sellers’ Closing Deliveries” has the meaning set forth in Section 8.3 of this Agreement. 
 “Sellers’ Default” has the meaning set forth in Section 10.1 of this Agreement. 
 “Sellers’ Documents” has the meaning set forth in Section 5.1.2 of this Agreement. 
 “Sellers’ Due Diligence Materials” means all documents and materials provided by Sellers to Purchaser, pursuant to this Agreement or otherwise, together with any copies or
reproductions of such documents or materials. 
 “Sellers’ Indemnitees” means Sellers and their
Affiliates, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 

“Subsidiary” means, in respect of any Person: 
 (a) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect the majority of the board of directors of such corporation is at the time directly or
indirectly owned by (i) such Person, (ii) such Person and one or more subsidiaries of such Person, or (iii) one or more subsidiaries of such Person; or 

  
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 (b) any limited or general partnership, joint venture, limited liability company or other
entity as to which (i) such Person, (ii) such Person and one or more of its subsidiaries, or (iii) one or more subsidiaries of such Person owns, more than a 50% ownership, equity or similar interest or has power to direct or cause the
direction of management and policies, or the power to elect the general partner or managing partner (or equivalent thereof), of such limited or general partnership, joint venture, limited liability company or other entity, as the case may be.

 “Survey Defects” has the meaning set forth in Section 4.2.1 of this Agreement. 

“Surveys” means the as-built surveys of the MOB Properties, or any portion thereof, to be obtained by Purchaser, at
Purchaser’s option, during the Inspection Period. 
 “Taxes” means any federal, state, local or foreign,
real property, personal property, sales, use, room, occupancy, ad valorem or similar taxes, assessments, levies, charges or fees imposed by any Governmental Authority on any Seller with respect to the Assets, including, without limitation, any
interest, penalty or fine with respect thereto, but expressly excluding any (i) federal, state, local or foreign income, capital gain, gross receipts, capital stock, franchise, profits, estate, gift or generation skipping tax, or
(ii) transfer, documentary stamp, recording or similar tax, levy, charge or fee incurred with respect to the transactions described in this Agreement. 
 “Tenant Leases” has the meaning set forth in Section 2.2.5 of this Agreement.  
 “Third-Party Claim” means, with respect to the Person in question, any claim, demand, lawsuit, arbitration or other legal or administrative action or proceeding against the Person in
question by any other Person which is not an Affiliate of the Person in question. 
 “Third-Party Estoppels”
has the meaning set forth in Section 6.7 of this Agreement. 
 “Title Commitment” has the meaning
set forth in Section 4.2.1 of this Agreement. 
 “Title Company” means First American Title
Insurance Company, whose address is 420 South Orange Avenue, Suite 250, Attention: Keren Marti. 
 “Title
Exceptions” has the meaning set forth in Section 4.2.1 of this Agreement. 
 “Title
Notice” has the meaning set forth in Section 4.2.1 of this Agreement. 
 “Title Policies”
has the meaning set forth in Section 4.2.4 of this Agreement. 
 “Transferred Licenses and Permits”
means those Licenses and Permits which are labeled as “Transferred Licenses and Permits” on Schedule 2.2.8. 

“Unpermitted Exceptions” has the meaning set forth in Section 4.2.1 of this Agreement. 

  
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 “Warranties” has the meaning set forth in Section 2.2.10 of
this Agreement. 
 “WARN Act” means the Worker’s Adjustment and Retraining Notification Act, 29 U.S.C.
§2101 et seq., and any similar state and local laws, as amended from time to time, and any regulations, rules and guidance issued pursuant thereto. 
  

	2.	PURCHASE AND SALE, ASSETS AND LIABILITIES 

 2.1 Purchase and Sale. Sellers agree to sell the Assets to Purchaser and Purchaser agrees to buy the Assets from Sellers, all in accordance with the terms and conditions set forth in this
Agreement. 
 2.2 Description of the Assets. In this Agreement, the term “Assets” means all of the
following, but expressly excluding the Excluded Assets: 
 2.2.1 Real Property. The Fee Properties.

 2.2.2 Fixtures. All fixtures located on, attached to and/or forming a part of the Fee Properties, other
than those which constitute the Improvements (the “Fixtures”). 
 2.2.3 Ground Lease
Interests. The Ground Lease Properties. 
 2.2.4 Personal Property. All tangible personal property,
including, without limitation, any and all furniture, equipment, machinery, tools, and appliances, located at the MOB Properties (the “Personal Property”). 

2.2.5 Tenant Leases. All of Sellers’ right, title and interest in and to all leases, subleases, licenses,
concessions and similar agreements granting to any other Person the right to use or occupy any portion of the MOB Properties, a complete listing of which is attached hereto as Schedule 2.2.5 (the “Tenant Leases”)
together with all security deposits held by Sellers thereunder. 
 2.2.6 Intellectual Property. Any and
all Intellectual Property relating solely to the use and operation of the MOB Properties, including, without limitation, the Intellectual Property identified on Schedule 2.2.6. 

2.2.7 Facility Contracts. To the extent assignable or transferable without any cost or fee, all of Sellers’
right, title and interest in and to any contracts which are applicable to the operation of the MOB Properties (the “Facility Contracts”), which Facility Contracts are set forth in Schedule 2.2.7, together with all
deposits made or held by Sellers thereunder. Any Facility Contracts not assigned to and assumed by Purchaser shall be terminated by Seller at or prior to Closing. 

  
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 2.2.8 Transferred Licenses and Permits. All of Sellers’ right,
title and interest in and to the Transferred Licenses and Permits together with any deposits made by Sellers thereunder, provided that Sellers shall receive a credit at Closing for the amount of any such deposits assigned to Purchaser. A complete
listing of all licenses, permits, consents, authorizations, approvals, registrations and certificates issued by any Governmental Authority which are currently held by Sellers with respect to the Assets, including, without limitation, all such
licenses, permits, consents, authorizations, approvals, registrations and certificates issued by any Governmental Authority necessary for the use, operation, or occupancy of the MOB Properties is attached hereto as Schedule 2.2.8 (the
“Licenses and Permits”). 
 2.2.9 Plans and Specifications. To the extent
assignable or transferable, all of Sellers’ right, title and interest in and to any plans and specifications, blue prints, architectural plans, engineering diagrams and similar items in Seller’s possession which specifically relate to the
MOB Properties (the “Plans and Specifications”). 
 2.2.10 Warranties. To the
extent assignable or transferable, all warranties and guaranties held by Sellers with respect to any of the Assets (the “Warranties”). 
 2.2.11 Intangible Assets. To the extent assignable or transferable, all of Sellers’ right, title and interest in and to any and all drawings, surveys, environmental and soil reports, telephone
and facsimile numbers listing in directories, customer and supplier lists and files, guest lists, credit records, labels, security codes, all records and sales and other customer data, and any unexpired guaranties or warranties (collectively with
the Tenant Leases, Transferred Licenses and Permits, Plans and Specifications and Warranties referred to as the “Intangible Assets”). 
 2.2.12 Books and Records. Copies of all of Sellers’ books and records which relate solely to the use and operation of the MOB Properties, but expressly excluding all documents and other
materials which are confidential or which are legally privileged or constitute attorney work product (the “Books and Records”). 
 2.2.13 Other Assets. All other assets, rights, and interest of Sellers in and to the Fee Properties, Ground Lease Properties and Improvements, not constituting Excluded Assets. 

2.3 Excluded Assets. Notwithstanding anything to the contrary in Section 2.2, the following property, assets,
rights and interests (the “Excluded Assets”) are excluded from the Assets: 
 2.3.1
Third-Party Assets. Any removable fixtures, personal property or intellectual property owned by tenants under Tenant Leases and third-parties. 
 2.3.2 Accounts Receivable. Sellers’ accounts receivable and rents receivable accruing prior to the Closing Date, subject to appropriate prorations for same as may be provided below, in which
event these items will not be considered Excluded Assets under this Agreement. 

  
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 2.3.3 Unwanted Assets. Any other assets of Sellers that,
notwithstanding their inclusion within the definition of Assets, Purchaser specifically declines to accept by written notice to Sellers prior to the expiration of the Inspection Period; provided, however, that Purchaser may not reject any Tenant
Leases, Fee Properties or Ground Lease Properties. As to the individual Asset, Purchaser cannot pick and choose or terminate as to a specific asset. As to any other “Unwanted Assets” Purchaser must notify Seller during the inspection
period and Seller to consider the request at that time. In addition, Purchaser cannot reject or “not accept” any leases. 
 2.4 Retained Liabilities. At Closing, Sellers shall retain all Liabilities for, and Purchaser shall not have any obligation or Liability concerning: 

(a) any Liabilities under the Tenant Leases, Contracts, and Licenses and Permits which have arisen, accrued or pertain to a period prior
to the Closing Date, including, without limitation, the Liability for the payment of any amounts due and payable or accrued but not yet due or payable prior to the Closing Date under the Tenant Leases, Contracts, and Licenses and Permits; and

 (b) the payment of all Taxes and assessments due and payable or accrued but not yet paid prior to the Closing Date, except to
the extent Purchaser has received a credit for such Taxes and assessments under Article 9; and 
 (c) the employment and
employment benefits of any Employees, if any, including the payment of any compensation, accrued paid time off, sick time, personal days and any amounts accrued under any employee benefit or welfare plan of Sellers; and 

(d) any claim for personal injury or property damage to a Person which is based on any event which occurred at the MOB Properties prior to
the Closing Date; and 
 (e) any actual, pending or threatened litigation as set forth on Schedule 2.40 (collectively, all
items contained in this Section 2.4 being the “Retained Liabilities”). 
 The rights and
obligations of the Parties under this Section 2.4 shall survive the Closing. 
 2.5 Assumed
Liabilities. At Closing, Purchaser shall assume (i) all Liabilities under the Tenant Leases, Facility Contracts and Transferred Licenses and Permits that are not Retained Liabilities and which arise or accrue on or after the Closing
Date, (ii) the payment of Taxes and assessments which arise or accrue on or after the Closing Date, and (iii) all Liabilities in connection with Purchaser’s ownership and operation of the Properties from and after the Closing Date
(“Assumed Liabilities”). The Parties agree and acknowledge that Sellers shall be responsible for certain of the Assumed Liabilities after the Closing Date pursuant to the Lease Agreements. The rights and obligations of the
Parties under this Section 2.5 shall survive Closing. 

  
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	3.	PURCHASE PRICE 

 3.1
Purchase Price. The purchase price for the Assets is One Hundred Six Million Dollars ($106,000,000) (the “Purchase Price”), which shall be allocated and adjusted at Closing as expressly set forth in this
Agreement. 
 3.2 Deposit. 

3.2.1 Deposit. Within three (3) Business Days after the Effective Date, Purchaser shall deliver to Escrow
Agent the sum of Two Million Dollars ($2,000,000), which shall be held by the Escrow Agent as a deposit under this Agreement (the “Deposit”) in good funds either by certified bank or cashier’s check or by federal wire
transfer . 
 3.2.2 Maintenance of Deposit. The Deposit shall be held by the Escrow Agent in an
interest-bearing account, under Purchaser’s taxpayer identification number of 27-2963394, pursuant to the terms and conditions of this Agreement with such changes thereto as may be agreed to by Sellers and Purchaser pursuant thereto. The
Deposit shall be fully refunded to Purchaser upon termination of this Agreement by Purchaser prior to the expiration of the Inspection Period and otherwise if this Agreement is terminated by Purchaser in accordance with any right of Purchaser to do
so under this Agreement. Otherwise, it shall be non-refundable to Purchaser except as expressly provided in this Agreement. If the Deposit is to be paid to Sellers under the provisions of this Agreement, Escrow Agent shall pay the Deposit to Sellers
in the manner and on the terms and conditions set forth herein. 
 3.2.3 Disbursement of Deposit to
Sellers. At Closing, Purchaser shall cause the Escrow Agent to disburse the Deposit to Sellers, and Purchaser shall receive a credit against the Purchase Price in the amount of the Deposit disbursed to Sellers. 

3.2.4 Refund of Deposits to Purchaser. If this Agreement is terminated and Purchaser is entitled to a refund of the
Deposit under any express provision of this Agreement, then the Escrow Agent shall disburse the Deposit to Purchaser no later than two (2) Business Days after termination. 

3.2.5 Forfeiture of Deposit. In addition to any other facts or circumstances which would cause the Deposit to be
delivered to Seller as expressly set forth in this Agreement, if Purchaser’s Default occurs and remains uncured beyond any applicable cure period, upon the expiration of such cure period, Purchaser shall forfeit the Deposit and Escrow Agent
shall disburse the Deposit to Sellers no later than two (2) Business Days after the expiration of such cure period. 
 3.2.6 Disagreements Regarding Deposit. If Escrow Agent shall be unable to determine at any time to whom the Deposit should be paid or if a dispute should develop between Sellers and Purchaser
concerning the disposition of the Deposit, then in any such event, Escrow Agent shall pay the Deposit in accordance with the joint 

  
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(or consistent) written instructions of Sellers and Purchaser. In the event that such joint (or consistent) written instructions shall not be received by Escrow Agent within ten (10) days
after Escrow Agent shall have served written requests for such joint (or consistent) written instructions upon Sellers and Purchaser, Escrow Agent shall have the right to pay all of the Deposit into a court of competent jurisdiction in Orlando,
Florida and to interplead Sellers and Purchaser in respect thereof; and, thereafter, Escrow Agent shall be discharged of any further or continuing obligations in connection with the Deposit. 

3.2.7 Escrow Agent’s Costs and Expenses. If costs and expenses (including reasonable attorneys’ fees) are
incurred by Escrow Agent because of litigation or any dispute between Sellers and Purchaser arising out of the holding of the Deposit, the non-prevailing party in such dispute shall reimburse Escrow Agent for reasonable costs and expenses incurred.
Sellers and Purchaser hereby agree and acknowledge that Escrow Agent assumes no Liability in connection with the holding or investment of the Deposit pursuant hereto, except for the negligence or willful misconduct of Escrow Agent and its employees
and agents. Escrow Agent shall not be responsible for the validity, correctness or genuineness of any document or notice referred to herein; and, in the event of any dispute under this Agreement relating to the disposition of the Deposit, Escrow
Agent may seek advice from its own counsel and, provided that Escrow Agent tenders the deposit into a court of competent jurisdiction in Orlando, Florida, Escrow Agent shall be fully protected in any action taken in good faith in accordance with the
opinion of Escrow Agent’s counsel. 
 3.3 Payment of Purchase Price. 

3.3.1 Payment at Closing. At Closing, Purchaser shall pay to the applicable Seller (as directed by the Sellers) by
wire transfer an amount equal to cash portion of the Purchase Price (as adjusted pursuant hereto), less the Deposit. 
 3.3.2 Method of Payment. All amounts to be paid by Purchaser to Sellers pursuant to this Agreement shall be paid by wire transfer of immediately available U.S. federal funds. 

3.4 Allocation of Purchase Price. The Parties agree that the Purchase Price shall be allocated (i) between the
Properties as set forth on Schedule 3.4, and (ii) between the Fee Properties, Ground Lease Properties and the Personal Property for each MOB Property for federal, state and local transfer tax purposes as mutually determined by Purchaser and
Seller prior to the end of the Inspection Period . The Parties shall file all transfer tax forms consistent with the allocation as so determined by Purchaser and Seller, as the same may be adjusted pursuant to Article 9 or any other provision
of this Agreement. Each party may determine their own respective allocations for all other tax purposes. 

  
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	4.	DUE DILIGENCE AND INSPECTION 

 4.1 Right to Inspect. At all reasonable times prior to Closing, Purchaser and Purchaser’s Inspectors shall, subject to reasonable advance notice to the applicable Seller, have the right
to enter upon the MOB Properties and to perform, at Purchaser’s expense, such inspections of and concerning the Assets, and other tests, studies, reviews and investigations, as Purchaser may deem appropriate, including invasive testing if
required by any Phase I report; provided, however, that, notwithstanding anything contained herein to the contrary, Seller must approve any such invasive testing in its reasonable commercial discretion prior to Purchaser undertaking same, and, if so
approved by Seller, any such testing shall be done in the least intrusive manner reasonably possible and shall be coordinated with Seller so as to minimize interruptions of normal activities. Upon not less than two (2) Business Days’
notice, Purchaser shall have the right to meet and interview (with the applicable Seller present if such Seller so elects) Persons involved in the management and operation of the MOB Properties to discuss the business operations, including the
revenues, expenses, operation and physical condition of the Assets. In addition, Purchaser shall have the right, but not the obligation, with not less than two (2) Business Days’ notice, to contact such Governmental Authorities as it may
elect in connection with the transactions contemplated by this Agreement, with Seller having the right to be present if such Seller so elects. The Inspections shall not unreasonably interfere with the operation of the MOB Properties. To the extent
in Sellers’ possession or reasonable control, Sellers has furnished to Purchaser copies of the following, each of which will be a true, correct and complete copy of the document it purports to be: 

(i) All Warranties which are still in effect to which Sellers may be entitled to make a claim; 

(ii) All Licenses and Permits; 
 (iii) The most recent real estate tax statements with respect to the MOB Properties, if any; 
 (iv) All surveys, engineering and architectural plans, drawings and specifications relating to the MOB Properties, as applicable, including, without limitation, the Plans and Specifications; 

(v) All Facility Contracts affecting the Assets ; 

(vi) Copies of the Books and Records, including but not limited to GAAP internally prepared financial statements for the
prior three (3) years for each Property; 
 (vii) All Tenant Leases and all agreements for real estate
commissions, brokerage fees, finder’s fees or other compensation payable in connection therewith which will be binding on Purchaser; 
 (viii) All other non-confidential or non-proprietary information and documentation that Purchaser may reasonably request in writing and which is in Seller’s possession or reasonable control regarding
the Assets. 

  
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 Purchaser and Purchaser’s Inspectors shall take all reasonable precautions to minimize
the impact on the Assets of any Inspections and shall coordinate with Sellers regarding communications with Sellers’ employees and Governmental Authorities relating to the Inspections. With respect to physical Inspections of the Assets to be
conducted by Purchaser (e.g., environmental Inspections), Purchaser shall retain professional third-party consultants to complete such Inspections and shall require such third-party consultants to maintain liability insurance coverage for
their activities that is consistent with liability insurance coverage customarily maintained by similar professional third-party consultants. Such third-party consultants will be notified of and advised to comply with the confidentiality provisions
set forth in this Agreement. Seller acknowledges that Purchaser has provided it with satisfactory evidence of liability coverage. If Purchaser or Purchaser’s Inspectors intend to take any sample from the MOB Properties in connection with any
physical investigations permitted herein and Sellers permit such sampling, then Purchaser shall give reasonable advance notice to the applicable Seller to enable such Seller to have the opportunity to simultaneously obtain a similar sample in order
to allow such Seller, if it so chooses, to perform its own analysis. Purchaser shall, immediately after any entry, inspection or test, restore the Assets, in all material respects and at its sole cost, to the condition which existed immediately
prior thereto (to the extent practicable), including replacing paving and landscaping. If a lien is placed against any Property as a result of Purchaser’s inspections, Purchaser shall immediately take whatever action is necessary to remove such
lien. The foregoing restoration obligations of Purchaser shall survive the Closing or earlier termination of this Agreement. In the event the transaction contemplated by this Agreement is not consummated, Purchaser shall return to Sellers any and
all due diligence materials provided by Sellers to Purchaser hereunder. Purchaser agrees to provide to Sellers, upon request, copies of all reports and other due diligence materials generated during its inspections at no cost. 

4.2 Matters Relating to Title. 
 4.2.1 State of Title. Purchaser shall order current title commitments (the “Title Commitments”) with respect to the MOB Properties, together with legible copies of all title
exception documents within five (5) Business Days of the Effective Date. Purchaser may also obtain, at its own cost, the Surveys during the Inspection Period. Within ten (10) Business Days after the date of receipt by Purchaser of the
Title Commitments and Surveys, but in any event prior to the expiration of the Inspection Period, Purchaser may submit to Sellers a written Notice from Purchaser (“Title Notice”) specifying any alleged defects in or
objections to the title shown in the Title Commitments or any of the Surveys. Any matters to which Purchaser objects in the Title Notice shall constitute “Title Exceptions”, and any survey defects to which Purchaser objects
in the Title Notice which adversely affect title to the MOB Properties shall constitute “Survey Defects” (the Title Exceptions and Survey Defects shall collectively be referred to as the “Unpermitted
Exceptions”). Sellers shall notify Purchaser in writing within ten (10) Business Days of receiving the Title Notice (the “Exception Cure Period”) whether Sellers will cure any Unpermitted Exceptions set
forth in the Title Notice and, if Sellers elect to cure such Unpermitted Exceptions, Sellers shall endeavor do so at their own expense (the failure to so notify Purchaser within such ten (10) Business Days being deemed an election to not cure
such Unpermitted Exceptions). Seller shall have no obligation to cure any Unpermitted Exceptions set forth in the Title 

  
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Notice. Upon Purchaser’s failure to timely object, all matters shown on the Title Commitment or on the Surveys shall thereafter be deemed a “Permitted Exception”. Any
matter which Sellers elect (or are deemed to have elected) not to cure shall also be deemed a Permitted Exception unless Purchaser elects to terminate this Agreement by written notice to Sellers within ten (10) days after Purchaser receives
written notice of Sellers’ election not to cure such objection. If Sellers elect to cure any or all of the Unpermitted Exceptions, but are unable to complete the cure of such Unpermitted Exceptions before Closing, each of Purchaser and Seller
shall have the right, in its absolute discretion, to elect, upon written notice to the other Party, to defer the Closing Date for a reasonable period not exceeding ten (10) days to give Sellers an opportunity, to cure such Unpermitted
Exceptions. Alternatively, Purchaser, in its sole and absolute discretion may (A) agree to accept affirmative title insurance coverage with respect to such Unpermitted Exceptions to insure Purchaser against any loss arising from such
Unpermitted Exceptions, or (B) to proceed pursuant to Section 4.2.2 below. Failure by Purchaser to deliver the notice referred to in the immediately preceding sentence shall be deemed an election under (B) above. 

4.2.2 Failure of Title. If on the Closing Date title to the Fee Properties, Ground Lease Properties and
Improvements is subject to any Unpermitted Exceptions which Seller has elected to cure under the preceding Section but has failed to cure after exercising reasonable commercial efforts, Purchaser may elect, as its sole right and remedy, either
(i) to take such title to the interests as can be conveyed, with no abatement of the Purchase Price, or (ii) to terminate this Agreement and receive a return of the Deposit. 

4.2.3 Updated Title Commitment or Surveys. If prior to Closing any update of the Title Commitments discloses any
Title Exception which attaches to or first affects an MOB Property after the effective date of the original Title Commitments previously obtained by Purchaser (a “New Title Exception”), or any update of the Surveys obtained
by Purchaser discloses any Survey Defect which attaches to or first affects an MOB Property after the date of the Surveys previously obtained by Purchaser (a “New Survey Defect”), upon written objection from Purchaser,
Sellers shall remove or cure such New Title Exception or New Survey Defect at or prior to Closing. To the extent a Net Title Exception or New Survey Defect occurs, the same procedure for curing such matters as is set forth in Section 4.2.1
shall be followed. In the event that Sellers fail to remove or cure such New Title Exception or New Survey Defect at or prior to Closing, Purchaser shall be entitled, as its sole right and remedy, either (i) to take such title to the interests
as can be conveyed, with no abatement of the Purchase Price, or (ii) to terminate this Agreement and receive a full refund of the Deposit. Sellers will not create or permit to exist any New Title Exception or New Survey Defect after the
Effective Date and any New Title Exception or New Survey Defect created with Seller’s permission or consent shall constitute an Unpermitted Exception and be addressed pursuant to Section 4.2.2 above. 

4.2.4 Title Policies. At Closing, Purchaser shall take such steps as may be necessary to cause the Title Company to
issue owner’s or leasehold owner’s title insurance policies (as applicable) to Purchaser, subject only to the applicable Permitted Exceptions (the “Title Policies”). 

4.2.5 Conveyance of the Fee Properties, Ground Lease Properties and Improvements. At Closing Sellers shall convey
the Fee Properties, Ground Lease Properties and Improvements to Purchaser subject only to the Permitted Exceptions. 

  
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 4.3 Assignment and Assumption of Facility Contracts, Tenant Leases, and Transferred
Licenses and Permits. On the Closing Date, the applicable Facility Contracts and Transferred Licenses and Permits approved by Purchaser during the Inspection Period and all Tenant Leases shall be assigned by Sellers and assumed by Purchaser
as of the Closing Date pursuant to an “Assignment and Assumption” with Purchaser being responsible for the payment of any fee or other charge imposed by any party in connection with such transfer. Notwithstanding the foregoing, on or
before the termination of the Inspection Period, Purchaser shall identify in writing to Sellers (i) which Facility Contracts, and Licenses and Permits it agrees to assume, and (ii) any such Facility Contracts and Licenses and Permits it
does not agree to assume, and Sellers shall retain such Facility Contracts and Licenses and Permits as Retained Liabilities or terminate such disapproved Facility Contracts and Licenses and Permits at its sole cost and expense as of the Closing
Date. If the costs of such termination are not paid by Sellers prior to the Closing Date, Sellers shall use the proceeds of the Purchase Price to pay the same, and shall instruct the Escrow Agent to deliver such costs to the appropriate party at
Closing. With respect to any equipment lease that Purchaser agrees to assume, it shall be a condition to such assumption that at least five (5) Business Days prior to the Closing Date, the applicable Seller will obtain and deliver to Purchaser
written statements from the equipment lessors which demonstrate to Purchaser’s satisfaction that (i) all payments under such equipment lease are current and that there are no charges owed, and (ii) Purchaser shall not be responsible
for the payment of any charges, penalties or other costs relating to damage, destruction or loss of such equipment, or a breach or violation of the terms of such equipment leases that occurred or became due prior to said Closing Date, and the
applicable Seller agrees to pay the same upon five (5) days written demand by Purchaser or equipment lessor. Notwithstanding anything to the contrary, Purchaser shall not be responsible for the obligations under any Facility Contracts and
Licenses and Permits that it does not expressly approve in writing during the Inspection Period and assume in the Assignment and Assumption. 
 4.4 Purchaser’s Election Whether or Not to Proceed. If Purchaser determines in its sole discretion for any reason, or no reason at all, that it does not desire to acquire the Assets and
Purchaser notifies Sellers and the Escrow Agent of such determination in writing prior to the expiration of the Inspection Period, then the Deposit shall be returned to Purchaser, this Agreement shall be of no further force or effect, and the
Parties hereto shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement). Upon the expiration of the Inspection Period, the Deposit shall be nonrefundable to
Purchaser except in the case of a Sellers’ Default, the failure to occur of a Purchaser’s Closing Condition, or as otherwise expressly set forth herein. In the above instance where Purchaser has the discretion to elect to terminate this
Agreement in its 

  
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entirety during the Inspection Period, and in fact does elect to terminate this Agreement pursuant to this Section 4, Escrow Agent shall return the Deposit to Purchaser without further
instructions, consent or written authorization by Sellers. This provision shall constitute the mutual escrow instructions to Escrow Agent and Escrow Agent shall be entitled and required to rely upon such instructions to return the Deposit to
Purchaser without consent or further action by Sellers. 
 4.5 Release and Indemnification. Purchaser shall
indemnify, save, insure pay, defend and hold harmless Sellers’ Indemnitees in accordance with Article 12 from and against any Indemnification Loss incurred by Sellers’ Indemnitee arising from or in connection with the Inspections,
except to the extent resulting from the gross negligence or willful misconduct of Sellers’ Indemnitee. This section 4.5 shall survive the Closing and any termination of this Agreement. 

 

	5.	REPRESENTATIONS AND WARRANTIES 

 5.1 Sellers’ Representations and Warranties. To induce Purchaser to enter into this Agreement and to consummate the transactions described in this Agreement, each Seller hereby makes
the representations and warranties in this Section 5.1 as to their respective Assets, upon which Sellers acknowledge and agree that Purchaser is entitled to rely, and as of Closing shall provide a certificate reconfirming that all such
representations and warranties remain true and correct in all material respects as of the Closing Date. 
 5.1.1
Organization and Power. Seller is duly incorporated or formed (as the case may be), validly existing, in good standing in the jurisdiction of its incorporation or formation, and is qualified to do business in the jurisdictions in which the
Assets which it owns are located and has all requisite power and authority to own the Assets and conduct the operation of the MOB Properties as currently owned and conducted. 

5.1.2 Authority and Binding Obligation. Except as required by the ROFRs, (i) each Seller has obtained the
approval of its members of this Agreement and the transactions described herein and has full power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by each of them pursuant to this Agreement
(the “Sellers’ Documents”), and to perform all obligations required of them under this Agreement and each of Sellers’ Documents; (ii) the execution and delivery by Seller of this Agreement and, when executed
and delivered, Sellers’ Documents, and the performance by Seller of its obligations under this Agreement and, when executed and delivered, each of Sellers’ Documents, have been duly and validly authorized by all necessary action by Seller;
and (iii) this Agreement and, when executed and delivered, Sellers’ Documents constitutes, or will constitute, legal, valid and binding obligations of Seller enforceable against Seller in accordance with its and their terms, except to the
extent Purchaser itself is in default hereunder or thereunder. 
 5.1.3 Intentionally Deleted. 

  
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 5.1.4 Ownership of Assets. The Assets, together with the Excluded
Assets, constitute all interests in all assets owned or controlled by Sellers, and any of their respective Affiliates located at or used in connection with the operation of the MOB Properties. 

5.1.5 Consents and Approvals; No Conflicts. Subject to the recording of Sellers’ Documents, as appropriate,
and subject to the ROFRs, (i) no filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for execution or delivery by Sellers of any of Sellers’ Documents, or the
performance by Sellers of any of their obligations under this Agreement or any of Sellers’ Documents or the consummation by Sellers of the transactions described in this Agreement, except to the extent such permit, authorization, consent or
approval (a) has been or will be obtained by the applicable Seller prior to or at Closing or (b) obtaining such permit, authorization, consent or approval is Purchaser’s responsibility hereunder, and (ii) neither the execution
and delivery by Sellers of this Agreement or any of Sellers’ Documents, nor the performance by Sellers of any of their obligations under this Agreement or any of Sellers’ Documents, nor the consummation by Sellers of the transactions
described in this Agreement, will (A) violate any provision of Sellers’ organizational or governing documents, (B) violate any Applicable Law to which Sellers are subject, (C) result in a violation or breach of, or constitute a
default under any of the Contracts that affect Sellers or any of the Assets in any respect, or (D) result in the creation or imposition of any lien or encumbrance on any of the Assets or any portion thereof. 

5.1.6 Condemnation. Seller has not received any written notice of any pending condemnation proceeding or other
proceeding in eminent domain, and to Seller’s actual knowledge without independent investigation, no such condemnation proceeding or eminent domain proceeding is threatened affecting any of the MOB Properties, or any portion thereof.

 5.1.7 Compliance with Applicable Law. Seller has not received any written notice of any violation of
any provision of Applicable Law (including, but not limited to, the Americans with Disabilities Act, the WARN Act, COBRA, and those of environmental agencies), with respect to the ownership, operation, use, maintenance or condition of any of the
Assets which has not been cured or dismissed with prejudice. 
 5.1.8 Litigation. Except as set forth on
Schedule 2.4(f), Seller has not been served or threatened with any court filing in any litigation with respect to any Assets in which Seller is named a party which has not been resolved, settled or dismissed and which could result in an
adverse impact on the Assets or Seller’s title to any of the Assets. 
 5.1.9 Taxes. All Taxes which
would be delinquent if unpaid at Closing will be paid in full or prorated at Closing as part of the prorations pursuant to Article 9; provided, however, that if any Taxes are payable in installments, such representation and warranty shall
apply only to such installments which would be delinquent if unpaid at Closing. Seller has not received any written notice for an audit or delinquency of any Taxes with respect to any Assets which has not been resolved or completed. No Seller is

  
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currently contesting any Taxes with respect to any Assets. All state and local tax returns and tax reports required to be filed by Seller with respect to the Assets on or before the date hereof
have been timely filed (taking into account any extension rights) with the appropriate governmental agencies in all jurisdictions in which such returns and reports are required to be filed. 

5.1.10 Licenses and Permits. Sellers have made available to Purchaser a true and complete copy of the Licenses and
Permits in Seller’s possession concerning the ownership and operation of the Assets. A complete listing of the Licenses and Permits is attached hereto as Schedule 2.2.8. As of the Effective Date, to Seller’s knowledge, all material
License and Permits and other authorizations necessary for the current use, occupancy and operation of the MOB Properties are in effect. 
 5.1.11 Tenant Leases. Schedule 2.2.5 sets forth a true, correct and complete list and rent roll with respect to the Tenant Leases, and Seller has made available to Purchaser for review a
copy of each of the Tenant Leases in Seller’s possession, which are true, correct and complete copies of the Tenant Leases in all material respects. Seller has not given nor received any written notice of any breach or default under any of the
Tenant Leases which has not been cured. Except as set forth in Schedule 2.2.5, no tenants are entitled to any rebates, rent concessions or free rent. No rents due under any of the Tenant Leases are presently assigned, hypothecated or
encumbered by Seller, other than in connection with any mortgage encumbering the MOB Properties which shall be satisfied prior to or in connection with the Closing. There are no unpaid brokerage commissions or unpaid landlord obligations for tenant
improvements in connection with the current term of occupancy of tenants under the Tenant Leases. No rent under any of the Tenant Leases has been prepaid (except for rental for the current month and payments that are required to be made in advance
pursuant to the terms and provisions of the Tenant Leases and except for prepayments set forth in the Tenant Leases). No tenant has notified Seller in writing of its intent to terminate its Tenant Lease prior to expiration of the term of such Tenant
Lease. To Sellers’ knowledge, no party to the Tenant Leases in breach or default under any material obligation thereunder. Prior to Closing, and upon Purchaser’s written request, the applicable Seller will deliver to Purchaser updated
information current as of no earlier than five (5) Business Days prior to Closing on an updated rent roll signed by a representative of Seller which shall replace Schedule 2.2.5 for all purposes under this Agreement. 

5.1.12 Possession. Except pursuant to the Tenant Leases and the ROFRs, no Person other than Sellers have any right
to the use or possession of the MOB Properties or any part thereof. 
 5.1.13 Purchase Rights. Other than
as set forth on Schedule 5.1.13 (collectively, the “ROFRs”), there are no options or other agreements of any kind, whereby any Person other than Purchaser will have acquired or will have any right to acquire title or interest
to all or any portion of the Assets, and there are no purchase contracts, options or other agreements of any kind, whereby any Person will have acquired or will have any right to acquire title or interest to all or any portion of the

  
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Assets. To the extent any party exercises its purchase right, then the applicable Fee Property or Ground Lease Property shall be removed from the Assets and the Purchase Price reduced according
to the Allocated Purchase Price for such Fee Property or Ground Lease Property and Purchaser shall be obligated to purchase the remaining Assets. 
 5.1.14 Facility Contracts. Schedule 2.2.7 sets forth a true, correct and complete list of the Facility Contracts. The copies heretofore delivered to Purchaser are true, correct and complete
in all material respects. To Seller’s knowledge, no party to the Facility Contracts is in breach or default under any obligation thereunder or any provisions thereof. The consent of all Persons whose consent for such assignment is required has
been or will be secured on or prior to the Closing Date. Except as set forth on Schedule 2.2.7, no consent of any Person is required as a condition to Sellers’ assignment of the Facility Contracts to Purchaser at Closing. With respect to
any Persons whose consent is required as a condition to Sellers’ assignment of the Facility Contracts to Purchaser at Closing, Seller covenants to employ commercially reasonable and diligent, good faith efforts to obtain such consent(s) in
writing (in a form reasonably acceptable to Purchaser) and to deliver same to Purchaser prior to Closing and, if Seller fails to obtain such written consent(s) prior to the expiration of the Inspection Period, the applicable Seller shall continue
such efforts thereafter until the Closing Date. 
 5.1.15 Bankruptcy. Seller is not insolvent within the
meaning of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), and is able to repay its debts as they become due. Seller has not filed or taken any action to file a voluntary petition, case or proceeding
under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such
petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal and Seller has not been adjudicated as a bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to
contest an allegation of bankruptcy or insolvency. Seller has not sought, or consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and Seller has not made or
taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax lien or other governmental or similar lien has been filed, against it or a material part of its
properties, which has not been duly and fully discharged prior to the date hereof. 
 5.1.16 Labor and
Employment Matters. No Seller is a party to any collective bargaining agreement or relationship with any labor union that affects the Assets. 
 5.1.17 Construction Contracts. Except as set forth in Schedule 5.1.17, there are no outstanding Contracts made by Seller for the construction or repair of any Improvements, and Seller shall
discharge and have released of record or bonded all mechanic’s, builder’s or materialman’s liens, if any, arising from any labor or materials furnished to the MOB Properties prior to the Closing to the extent any such lien is not
bonded over pursuant to Applicable Law. 

  
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 5.1.18 Intentionally Deleted. 

5.1.19 Insurance Policies. Seller has not received written notice from any insurance carrier of defects or
inadequacies in the Assets which, if uncorrected, would result in a termination of insurance coverage or a material increase in the premiums charged therefor. 
 5.1.20 Environmental Condition of MOB Properties. To the best of Seller’s knowledge, except as set forth in Schedule 5.1.20 and any environmental reports provided to Purchaser, there
are no underground storage tanks on the MOB Properties and the Seller has received no written notice as to the presence of any Hazardous Materials (other than any Hazardous Materials situated at the MOB Properties in the Ordinary Course of Business
or the ordinary course of business of any tenant or other occupant of the MOB Properties which are stored, held, used and disposed of in compliance with Environmental Laws), nor have Sellers received written notice of any Environmental Claims,
Environmental Liabilities or violations of Environmental Laws in respect of the MOB Properties. 
 5.1.21
Management Agreements. As of the Closing Date, there will be no management agreements with respect to the Assets, other than those approved and/or assumed in writing by Purchaser prior to Closing. 

5.1.22 Compliance with Of-Record Matters. To Seller’s knowledge, Seller has not received, nor given, any
written notice of any material violation of any exception item listed on Schedule B of those certain title reports more which has not been cured or dismissed, nor does there exist any breach or default with respect to any of those exception items.

 5.1.23 Finders and Investment Brokers. Other than CBRE, Seller has not dealt with any Person who has
acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of Seller in connection with the transactions contemplated by this Agreement in a manner which would entitle such Person to any fee or
commission in connection with this Agreement or the transactions contemplated by this Agreement. 
 5.1.24
Foreign Person. Seller is a “United States person” (as defined in Section 7701(a)(30)(B) or (C) of the Code) for the purposes of the provisions of Section 1445(a) of the Code. 

5.1.25 Financial Statements. The profit and loss statements for the MOB Properties which were provided to
Purchaser: (i) are true and complete copies of the operating statements for such periods prepared by Seller in the ordinary course of its business operations with respect to the MOB Properties; and (ii) have been prepared in accordance
with GAAP . 
 5.1.26 ERISA. Neither (i) any assets of Seller, nor (ii) any funds to be used by
Seller with respect to the transactions contemplated pursuant to this Agreement, are, or at the Closing will be, pursuant to ERISA or the Code, considered for any purpose 

  
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of ERISA or Section 4975 of the Code to be assets of a Plan. Seller is not executing this Agreement and will not be performing its obligations or exercising its rights or remedies under the
Agreement on behalf of or for the benefit of any Plan. Neither the execution or delivery of this Agreement by Seller, nor the performance by Seller of its obligations or the exercise of its rights or remedies under this Agreement, nor any
transaction contemplated under this Agreement, is or will be a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code. For the purposes hereof the following terms shall have the following
meanings: “Code” shall mean the Internal Revenue Code of 1986, as amended; “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended (and any successor statute and any
applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a “plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of the Code. 

5.1.27 Intellectual Property. Except as set forth in Schedule 2.2.6, and to Seller’s knowledge, Seller
owns all rights in, and has all rights necessary to transfer the, Intellectual Property to be transferred hereunder. 
 5.1.28 Intentionally Deleted. 
 5.1.29 Patriot Act.
Sellers and their officers and shareholders, and their respective principals, shall not transfer the proceeds obtained as a result of this Agreement to any Person listed on the Office of Foreign Assets Control list as “Terrorists” and
“Specially Designated Nationals and Blocked Persons”, or otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 

5.1.30 Intentionally Deleted. 

5.1.31 Restriction of Access. Seller has no knowledge of any current federal, state, county or municipal plans to
materially restrict or materially change access to any part of the MOB Properties from any highway or road leading directly to or abutting any part of the MOB Properties. 

Any references to the knowledge of Seller in the foregoing representations and warranties shall mean the actual knowledge
of David McNeil, after consultation with property-level managers at each of the MOB Properties Purchaser hereby acknowledges and agrees that, except with respect to the foregoing representations and warranties set forth in this Section 5.1, the
Assets are to be conveyed by Sellers to Purchaser in “as-is, where-is” condition without warranty or representation, express or implied, as to zoning, physical condition, environmental condition, suitability for a particular purpose or any
other matter whatsoever. 
 5.2 Purchaser’s Representations and Warranties. To induce Seller to enter into
this Agreement and to consummate the transactions described in this Agreement, Purchaser hereby makes the representations and warranties in this Section 5.2, upon which Purchaser acknowledges and agrees that Sellers are entitled to rely.

  
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 5.2.1 Organization and Power. Purchaser is duly incorporated or
formed (as the case may be), validly existing and in good standing in the laws of the jurisdiction of its incorporation or formation, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as
currently being conducted. 
 5.2.2 Authority and Binding Obligation. Purchaser has full power and
authority to execute and deliver this Agreement and to perform all obligations of Purchaser arising under this Agreement. Subject to Purchaser obtaining approval from its Board of Directors during the Inspection Period, Purchaser has full power and
authority to execute and deliver all other documents to be executed and delivered by Purchaser pursuant to this Agreement (the “Purchaser’s Documents”), and to perform all obligations of Purchaser arising under each of
Purchaser’s Documents. The execution and delivery by the signer on behalf of Purchaser of this Agreement and, when executed and delivered, each of Purchaser’s Documents, and the performance by Purchaser of its obligations under this
Agreement, and when executed and delivered, each of Purchaser’s Documents, has been, or will be, duly and validly authorized by all necessary actions by Purchaser. This Agreement and, when executed and delivered, each of Purchaser’s
Documents, constitutes, or will constitute, legal, valid and binding obligations of Purchaser, enforceable against Purchaser in accordance with its and their terms, except to the extent Sellers are in default thereunder. Unless Purchaser terminates
this Agreement prior to the end of the Inspection Period as provided for herein, following the expiration of the Inspection Period, Purchaser shall be deemed to have represented that it has obtained all necessary Board approvals. 

5.2.3 Consents and Approvals; No Conflicts. No filing with, and no permit, authorization, consent or approval of,
any Governmental Authority or other Person is necessary for the execution or delivery by Purchaser of this Agreement or the performance by Purchaser of any of its obligations under this Agreement. Subject to Purchaser obtaining the approval of its
Board of Directors during the Inspection Period, no filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for the execution or delivery by Purchaser of any of Purchaser’s
Documents, the performance by Purchaser of any of its obligations under any of Purchaser’s Documents, or the consummation by Purchaser of the transactions contemplated by this Agreement or any of Purchaser’s Documents. With approval of
Purchaser’s Board of Directors, neither the execution and delivery by Purchaser of any of Purchaser’s Documents, nor the performance by Purchaser of any of its obligations under any of Purchaser’s Documents, nor the consummation by
Purchaser of the transactions described in this Agreement, will: (A) violate any provision of the organizational or governing documents of Purchaser; (B) violate any Applicable Law to which Purchaser is subject; or (C) result in a
violation or breach of or constitute a default under any contract, agreement or other instrument or obligation to which Purchaser is a party or by which any of Purchaser’s properties are subject. Unless Purchaser terminates this Agreement prior
to the end of the Inspection Period as provided for herein, following the expiration of the Inspection Period, Purchaser shall be deemed to have represented that it has obtained all necessary Board approvals. 

  
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 5.2.4 Finders and Investment Brokers. Purchaser has not dealt with
any Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of Purchaser in connection with the transactions described by this Agreement in any manner which would entitle such
Person to any fee or commission in connection with this Agreement or the transactions described in this Agreement. 
 5.2.5 Bankruptcy. Purchaser is not insolvent within the meaning of the Bankruptcy Code, and is able to repay its debts as they become due. Seller has not filed or taken any action to file a
voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition
or adjustment of its debts and no such petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal and Purchaser has not been adjudicated as a bankrupt or insolvent or consented to, nor filed an
answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Purchaser has not sought, or consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part
of its assets, and Purchaser has not made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax lien or other governmental or similar lien has been filed,
against it or a material part of its properties, which has not been duly and fully discharged prior to the date hereof. 
  

	6.	COVENANTS 

 6.1
Confidentiality. 
 6.1.1 Disclosure of Confidential Information. The Parties acknowledge
and agree that the existence of this Agreement, the terms of this Agreement and any other information disclosed in Sellers’ Due Diligence Materials, Purchaser’s Due Diligence Reports or any other documents, materials, data or other
information with respect to the Assets which is not generally known to the public shall be confidential. Nothing herein shall restrict or limit Sellers from communicating with tenants, lenders, contract parties, owner’s associations, or
government officials or bodies in connection with obtaining estoppels or other required consents or approvals, as may be reasonably necessary to consummate the transactions contemplated under this Agreement, or Purchaser from contacting
Sellers’ company officials, property engineers and architects, and other third-party consultants assisting Purchaser in its investigation of the Assets, subject to Section 6.1.3. Nothing herein shall restrict or limit Sellers from
communicating the existence and progress of the transactions contemplated by this Agreement to their lenders or from making disclosures required under Applicable Law including, but not limited to securities-related filings. 

6.1.2 Public Announcements. No Party shall have the right to make a public announcement regarding the transactions
described in this Agreement without the prior approval of the other Party. Sellers and Purchaser shall approve the timing, form and substance of any such public announcement, which approval shall not be

  
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unreasonably withheld, conditioned or delayed, except if a Party is required to make a public announcement under Applicable Law, in which case no such approval by any other Party shall be
required. The Parties acknowledge and approve of Purchaser’s filing of an 8-K statement upon execution of this Agreement, at such time as the Inspection Period expires and the Deposit becomes non-refundable and upon consummation of the Closing.

 6.1.3 Communication with Governmental Authorities. Purchaser and its representatives and consultants
shall have the right to review building department, health department and other local Governmental Authority records with respect to the Assets and the operation of the MOB Properties and request written or verbal confirmation of zoning and any
other compliance by the Assets with any Applicable Law. Purchaser and its representatives and consultants shall have the right to contact Governmental Authorities to pursue the issuance of any Licenses and Permits desired by Purchaser. Purchaser
shall use reasonable efforts to coordinate such communication with Sellers. 
 6.2 Assessments». Any
assessments for improvements or other work at the MOB Properties incurred prior to and applicable to the time period before Closing shall be the responsibility of and paid by Sellers and Sellers shall indemnify, save, insure, pay, defend and hold
Purchaser harmless from and against any claims therefor any Liability arising therefrom. The obligations under this Section 6.2 shall survive Closing. 
 6.3 Conduct of the Businesses. 
 6.3.1 Operation,
Maintenance and Repair in Ordinary Course of Business. From the Effective Date until Closing or earlier termination of this Agreement, Sellers shall conduct the operations of the MOB Properties in the Ordinary Course of Business. Sellers shall
maintain the Assets in accordance with the Ordinary Course of Business (such obligation to include the maintenance of Sellers’ casualty and liability insurance policies in the Ordinary Course of Business), subject to reasonable wear and tear
and further subject to destruction by casualty or eminent domain. Purchaser shall have the right to inspect the Assets prior to Closing to determine if any Seller has breached the covenants of such Seller in this Section 6.3.1. Sellers
in all material respects shall comply with the terms conditions and requirements under the Contracts, Tenant Leases, and Licenses and Permits, and shall continue to make all payments due thereunder prior to delinquency (whether or not Purchaser
shall assume the same). No Seller shall sell, remove or otherwise dispose of any items of Personal Property other than in the Ordinary Course of Business. 
 6.3.2 Contracts, Tenant Leases and Licenses and Permits. From the Effective Date until Closing or earlier termination of this Agreement, no Seller shall, (i) without Purchaser’s prior
written consent, which shall not be unreasonably withheld, conditioned or delayed, amend, extend, renew or terminate any of the existing Facility Contracts, Tenant Leases or Licenses and Permits except in the Ordinary Course of Business, or
(ii) without Purchaser’s prior written 

  
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consent in its sole discretion procure any new contract, tenant leases or licenses and permits, except, in each instance, in the Ordinary Course of Business, or in the event that any Seller is
required to act on an emergency basis to enter into any such contract to prevent material damages to the Assets or the operation of the MOB Properties. Notwithstanding the foregoing, from the Effective Date until the Closing or earlier termination
of this Agreement, should any Seller enter into any such new contracts, tenant leases or licenses and permits, whether or not in the Ordinary Course of Business, or should any Seller become aware of any contracts or licenses and permits that were
not previously disclosed to Purchaser, such Seller shall immediately disclose the same to Purchaser in writing, and Purchaser shall have the right take an assignment of such contracts and licenses and permits at Closing pursuant to the terms of this
Agreement. If Purchaser elects not to take an assignment of any such new contracts and licenses and permits, such contracts and licenses and permits shall be deemed Retained Liabilities of Sellers. 

6.4 Tax Contests. 
 6.4.1 Taxable Period Terminating Prior to Closing Date. Following Closing, each Seller shall retain the right, at its sole cost and expense, to commence, continue and settle any proceeding to
contest any Taxes for any taxable period which terminates prior to the Closing Date, and shall be entitled to any refunds or abatements of Taxes awarded in such proceedings; provided, however, Sellers shall indemnify and hold Purchaser harmless from
and against any Indemnification Loss incurred by Purchaser as a result of any Seller exercising its rights to so contest any Taxes under this Section 6.4.1. Following Closing, Purchaser shall have the right, at its sole cost and expense,
to commence, continue and settle any proceeding to contest any Taxes for any taxable period which commences on or following the Closing Date, and shall be entitled to any refunds or abatements of Taxes awarded in such proceedings. For any tax period
which falls both before and after the Closing Date, if either Purchaser or Seller desires to contest any Taxes for such taxable period, it shall provide written notice of such desire to the other Party. If both parties desire to proceed with the
contest of the applicable Taxes, then they shall work jointly in so doing. If the non-initiating party declines to participate in the contest of such Taxes or fails to respond within thirty (30) days of the written request, then the initiating
party may proceed with the contest of such Taxes and the other party shall not have the right to contest such Taxes. The contesting party shall be entitled to any refunds or abatements of Taxes awarded in such proceedings; provided, however, the
contesting party shall indemnify and hold the non-contesting harmless from and against any Indemnification Loss incurred by the non-contesting party as a result of the contesting party exercising its rights to so contest any Taxes under this
Section 6.4.1. This Section 6.4.1 shall survive the Closing. 
 6.4.2 Taxable Period
Including the Closing Date. Sellers shall have the right to commence, continue and settle any proceeding to contest any Taxes for any taxable period which includes the Closing Date. Any refunds or abatements awarded in such proceedings shall be
used first to reimburse the Party contesting such Taxes for the reasonable costs and expenses incurred by such Party in contesting such Taxes, and the remainder of such refunds or abatements shall be prorated between the applicable Seller

  
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and Purchaser (subject to the terms of the Lease Agreements) as of the cut-off time, and the Party receiving such refunds or abatements promptly shall pay such prorated amount due to the other
Party. This Section 6.4.2 shall survive the Closing. 
 6.4.3 Cooperation. Sellers and
Purchaser shall use commercially reasonable efforts to cooperate with the Party contesting the Taxes (at no cost or expense to the Party not contesting the Taxes other than any de minimis cost or expense or any cost or expense which the
requesting Party agrees in writing to reimburse) and to execute and deliver any documents and instruments reasonably requested by the Party contesting the Taxes in furtherance of the contest of such Taxes. This Section 6.4.3 shall
survive the Closing. 
 6.5 Notices and Filings. Sellers and Purchaser shall use commercially reasonable efforts
to cooperate with each other (at no cost or expense to the Party whose cooperation is requested, other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) to provide written
notice to any Person under any Facility Contracts, Tenant Leases, or Licenses and Permits and to effect any required registrations or filings with any Governmental Authority or other Person, regarding the change in ownership of the Assets.

 6.6 Further Assurances. From the Effective Date until the Closing or termination of this Agreement, Sellers and
Purchaser shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate the transactions described in this Agreement, including, without
limitation, (i) obtaining all necessary consents, approvals and authorizations required to be obtained from any Governmental Authority or other Person under this Agreement or Applicable Law, and (ii) effecting all registrations and filings
required under this Agreement or Applicable Law. After Closing, Sellers and Purchaser shall use commercially reasonable efforts (at no cost or expense to such Party, other than any de minimis cost or expense or any cost or expense which the
requesting Party agrees in writing to reimburse) to further effect the transactions contemplated in this Agreement. 
 6.7
Estoppel Certificates and SNDAs. Sellers shall exercise commercially reasonable efforts to obtain estoppel certificates and deliver the same to Purchaser as of or prior to the Closing Date, from each of the ground lessors for the
Ground Lease Properties and for from (i) all of the Major Tenants and (ii) other tenants under the Leases, which when considered together with the Major Tenants, represent at least eighty percent (80%) of the annualized base rent from
the MOB Properties (the “Estoppels”) in the form attached hereto as Schedule 6.7A. If Sellers are unable to obtain the required estoppels following the use of commercially reasonable efforts, Purchaser shall, with its
lender’s approval, accept estoppels from the Sellers, provided that the same include indemnification language with respect to the matters contained therein, which indemnification shall continue until the expiration of the term of any lease for
which the estoppel relates, and which indemnification obligation 

  
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shall be separate and apart from any indemnification obligations otherwise arising under this Agreement. Sellers shall use reasonable commercial efforts to obtain subordination non-disturbance
and attornment agreements (“SNDAs”) from (x) the Major Tenants and (y) any tenant whose Lease (1) provides twenty percent (20%) or more of the annualized base rent at a MOB Property, or (2) contains an
option to purchase any portion of any MOB Property, rights of first refusal or rights of first offer to purchase any portion of any MOB Property, or any other provision unacceptable to Purchaser’s lender and (z) any tenant whose Tenant
Lease (or memorandum or short form thereof) is recorded in the applicable public records. Seller shall use reasonable commercial efforts to furnish any SNDAs required by Purchaser’s lender at least fifteen (15) days before Closing. The
form of SNDA is attached hereto as Schedule 6.7B, subject to revision based upon review of the underlying leases. The parties acknowledge that certain tenants may have negotiated estoppel and/or SNDA forms as part of their individual leases,
and agree to work with any such tenants in good faith to negotiate forms of such documents reasonably acceptable to both such tenants and Purchaser’s lender. Notwithstanding anything to the contrary otherwise contained herein, so long as
Sellers have exercised commercially reasonable efforts to obtain the Estoppels and SNDAs, the failure to obtain the required amounts set forth above shall not be an event of default, but rather a failure of a Purchaser’s closing condition.

 6.8 Good Faith. The parties agrees to deal with each other in good faith toward the completion of the
transactions contemplated herein unless this Agreement shall be terminated as provided herein. 
 6.9 Bulk Sales.
Sellers, at no expense to Purchaser, shall comply with all applicable “bulk sales laws” in a timely manner, taking into account the timing of the Closing. 
 6.10 Employees. At Closing, Sellers shall terminate all of its employees located at the MOB Properties. With respect to wages and benefits of Employees, each Seller shall be solely
responsible for all wages, salaries, bonuses, employment taxes, withholding taxes, and all accrued vacation days, sick days and personal days accruing prior to the Closing Date in its capacity as Seller. Purchaser shall never be or be deemed the
employer of any Employee and shall not be liable to any Employee for any wages, salaries, bonuses, vacation days, sick days or personal days in which said Employee may have acquired an accrued or vested right by virtue of their employment. Sellers
shall and hereby agree to indemnify, save, defend, pay, insure and hold Purchaser harmless from and against any Liability for wages, salaries, bonuses, accrued vacation days, sick days and personal days to be paid to Employees. Sellers shall remain
liable for and hereby agree to indemnify, save, defend, pay, insure and hold Purchaser harmless from and against any Liability arising out of or relating to medical, pension, welfare benefits, other employee benefits or other fringe benefits
(hereinafter collectively referred to as “benefits”) due to Employees under plans in which employees of the Sellers participate whether prior to or after Closing, and all payments due on the plans providing such benefits. Sellers shall
also remain responsible for and hereby agree to indemnify, save, defend, pay, insure and hold Purchaser 

  
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harmless from and against any loss, cost, damage, claims, expense or Liability arising out of or relating to any Sellers’ failure to pay (a) any Employee of the Sellers’ wages,
salary, bonuses, employment taxes, accrued vacation pay, sick days and personal days, and withholding taxes, (b) benefits, whenever due, provided under plans in which Employees of the Sellers participate, (c) liability under
Section 4980B, Part 6 of Title I of ERISA or Title IV of ERISA and (d) liability under the WARN Act. 
 6.11
Post-Closing Audit. Sellers acknowledge and agree to assist the Purchaser in conducting, no later than seventy-four (74) days following a Closing Date, an audit of property-level financials for the Property as specified by Rule
3-14 of Regulation S-X of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, provided such audit shall be at the sole cost and expense of Purchaser. In connection therewith, Sellers agree to obtain and
provide to the auditors any and all data and financial information in the possession of Sellers which are reasonably necessary or required by the auditors in connection with their preparation and conducting of the foregoing audit. The rights and
obligations of Purchaser and Sellers under this Section 6.11 shall survive Closing. 
  

	7.	CLOSING CONDITIONS 

 7.1
Purchaser’s Closing Conditions. Purchaser’s obligations to close the transactions described in this Agreement are subject to the satisfaction at or prior to Closing of the following conditions precedent (the
“Purchaser’s Closing Conditions”): 
 7.1.1 Sellers’ Deliveries. All of
the applicable Sellers’ Closing Deliveries shall have been delivered to Purchaser or deposited with Escrow Agent in the Closing Escrow, to be delivered to Purchaser at the Closing. 

7.1.2 Representations and Warranties. The representations or warranties of the Sellers in this Agreement shall be
true and correct in all material respects as of the Closing (or as such other date to which such representation and warranties expressly were made). 
 7.1.3 Covenants and Obligations. The covenants and obligations of the Sellers in this Agreement shall have been performed in all material respects. 

7.1.4 Title Policies. The Title Company shall have irrevocably committed to issue the applicable Title Policies
pursuant to Section 4.2.4 with all standard exceptions deleted and all requirements for issuance of each such Title Policy satisfied and deleted. 
 7.1.5 Change in Environmental Condition of Property. No event shall have occurred following the Effective Date and prior to the Closing Date which would result in a violation of any Environmental
Law. 

  
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 7.1.6 Adverse Proceedings. No litigation or other court action shall
have been commenced seeking to obtain an injunction or other relief from such court to enjoin the consummation of the transactions described in this Agreement, and no preliminary or permanent injunction or other order, decree or ruling shall have
been issued by a court of competent jurisdiction or by any Governmental Authority, would make illegal or invalid or otherwise prevent the consummation of the transactions described in this Agreement. 

7.1.7 Adverse Law. No Applicable Law shall have been enacted that would make illegal or invalid or otherwise
prevent the consummation of the transactions described in this Agreement. 
 7.1.8 Contracts. There shall
be no material continuing default by any Seller under any of the Facility Contracts which Purchaser has agreed to assume. 
 7.1.9 Estoppels and SNDAs. Sellers shall have obtained and delivered to Purchaser the Estoppels and SNDAs required under Section 6.7 above. 

7.1.10 Closing Deliveries. Sellers shall have satisfied all of Sellers’ Closing Deliveries under
Section 8.3 below. 
 7.2 Failure of Any Purchaser’s Closing Condition. If any of Purchaser’s
Closing Conditions is not satisfied at Closing (a “Purchaser’s Closing Condition Failure”), and Sellers fail to cure such condition failure within fifteen (15) days after written notice is delivered by Purchaser to Sellers
(excepting a failure to deliver Sellers’ Closing Deliveries at Closing for which there shall be no cure period) then Purchaser shall have the right (unless such Purchaser’s Closing Condition Failure was within the discretion or control of
Purchaser), in Purchaser’s absolute discretion, to either (i) terminate this Agreement by providing written notice to Sellers, in which case the Deposit shall be refunded to Purchaser in accordance with Section 3.2.4, and the
Parties shall have no further rights or obligations under this Agreement, except as set forth herein below and except with respect to those which expressly survive such termination, or (ii) complete the transactions set out herein in which case
Purchaser shall be deemed to have waived any unsatisfied closing condition. If Purchaser terminates this Agreement pursuant to clause (i) above and if such termination is by reason of a Purchaser’s Closing Condition Failure (other than
Sections 7.1.6, 7.1.7 or 7.1.9 (provided Sellers shall have used commercially reasonable efforts to cause the satisfaction of such Purchaser’s Closing Condition)) which was within the control or discretion of Sellers, then
Sellers shall reimburse Purchaser for all reasonable out-of-pocket expenses incurred by Purchaser in connection with the transactions contemplated by this Agreement, such costs not to exceed $250,000. 

7.3 Sellers’ Closing Conditions. Sellers’ obligations to close the transactions contemplated in this Agreement
are subject to the satisfaction at or prior to Closing of the following conditions precedent, as applicable (the “Sellers’ Closing Conditions”): 

7.3.1 Receipt of the Purchase Price. Purchaser shall have (i) paid to Sellers or deposited with Escrow Agent
with irrevocable written direction to disburse the same to Sellers, the Purchase Price (as allocated, and as adjusted for prorations pursuant to Article 9) and (ii) delivered irrevocable written direction to Escrow Agent to disburse the
Deposit to the Sellers. 

  
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 7.3.2 Purchaser’s Deliveries. All of the Purchaser’s
Closing Deliveries shall have been delivered to Sellers or deposited with Escrow Agent in the Closing Escrow, to be delivered to the applicable Sellers at the Closing. 

7.3.3 Representations and Warranties. The representations and warranties of Purchaser in this Agreement shall be
true and correct in all material respects as of the Closing (or as of such other date to which such representation or warranty expressly is made). 
 7.3.4 Covenants and Obligations. The applicable covenants and obligations of Purchaser in this Agreement shall have been performed in all material respects. 

7.3.5 Adverse Proceedings. No litigation or other court action shall have been commenced by a third-party seeking
to obtain an injunction or other relief from such court to enjoin the consummation of the transactions described in this Agreement, and no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of
competent jurisdiction or by any Governmental Authority, would make illegal or invalid or otherwise prevent the consummation of the transactions described in this Agreement. 

7.3.6 Adverse Law. No Applicable Law shall have been enacted that would make illegal or invalid or otherwise
prevent the consummation of the transactions described in this Agreement. 
 7.3.7 Closing Deliveries.
Purchaser shall have satisfied all of Purchaser’s Closing Deliveries under Section 8.4 below. 
 7.4 Failure of
Sellers’ Closing Conditions. If any of applicable Sellers’ Closing Conditions is not satisfied at Closing (a “Sellers’ Closing Condition Failure”), and Purchaser fails to cure such condition failure
within fifteen (15) days after written notice from Sellers to Purchaser of such failure (excepting a failure to deliver the Purchase Price at Closing for which there shall be no cure period) then Sellers shall have the right, in Sellers’
absolute discretion (unless such Sellers’ Closing Condition Failure was within the discretion or control of Sellers), to either (i) terminate this Agreement by providing written notice to Purchaser, in which case the Deposit shall be
disbursed to Sellers in accordance with Section 3.2.3 (unless such termination is as a result of Sellers’ Closing Condition under Sections 7.3.5 or 7.3.6 (provided Purchaser shall have used commercially reasonable
efforts to cause the satisfaction of such Sellers’ Closing Condition), in which case the Deposit shall be returned to Purchaser) and the Parties shall have no further rights or obligations under this Agreement, except those which expressly
survive the termination, or (ii) complete the transactions set out herein, without prejudice to any right or remedy of Sellers. 

  
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	8.	CLOSING 

 8.1
Closing Date. If both Purchaser’s Closing Conditions and Sellers’ Closing Conditions have been satisfied or waived pursuant to Article 7, the closing of the transactions described in this Agreement (the
“Closing”) shall occur on the date which is the later of (a) ten (10) days following the expiration of the Inspection Period and (b) the satisfaction or waiver of Purchaser’s Closing Conditions, other than
the Sellers’ Closing Deliveries. The Closing shall occur at the offices of Purchaser’s attorney in Orlando, Florida or such other place as agreed to in writing between Sellers and Purchaser. At the request of a Party, the Parties shall
reasonably cooperate to accomplish the Closing “by mail.” Purchaser agrees to use commercially reasonable efforts to close as quickly following the expiration of the Inspection Period as possible. 

8.2 Closing Escrow. If the Parties agree to effect the Closing through an escrow (the “Closing
Escrow”), then, prior to the Closing, the Parties shall enter into joint or separate closing escrow instructions with the Escrow Agent with respect to the Closing Escrow in form and substance reasonably acceptable to Sellers, Purchaser
and the Escrow Agent (the “Closing Escrow Agreement”) pursuant to which (i) the Purchase Price to be paid by Purchaser pursuant to Section 3.3 shall be deposited with Escrow Agent, (ii) all of the
documents required to be delivered by Sellers and Purchaser at Closing pursuant to this Agreement shall be deposited with Escrow Agent, and (iii) at Closing, the Purchase Price (as adjusted for prorations pursuant to Article 9) and the
Deposit shall be disbursed to the Sellers and the documents deposited into the Closing Escrow shall be delivered to the Sellers and Purchaser (as the case may be) pursuant to the Closing Escrow Agreement. 

8.3 Sellers’ Closing Deliveries. At Closing, the Sellers shall deliver or cause to be delivered to Purchaser, or
deposited with Escrow Agent in the Closing Escrow to be delivered to Purchaser at Closing, or (with the approval of Purchaser, acting reasonably) otherwise to be delivered or made available to Purchaser upon Closing, all of the following documents,
each of which shall have been duly executed by the applicable Seller and acknowledged (if required), and other items, set forth in this Section 8.3 (the “Sellers’ Closing Deliveries”), as follows: 

8.3.1 Closing Certificate. A closing certificate substantially in the form attached hereto as Exhibit
“8.3.1”. 
 8.3.2 Deeds. For each of the Fee Properties, Special Warranty Deeds
substantially in the form attached hereto as Exhibit “8.3.2A”, conveying the Fee Properties and the Improvements to Purchaser, free and clear of all liens restrictions and encumbrances, subject only to Permitted Exceptions and for
each of the Ground Lease Properties, Quitclaim Deeds substantially in the form attached hereto as Exhibit “8.3.2B”,conveying the Improvements to Purchaser, free and clear of all liens restrictions and encumbrances, subject only to
Permitted Exceptions. 

  
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 8.3.3 Bill of Sale. A Bill of Sale substantially in the form attached
hereto as Exhibit “8.3.3”, transferring the Personal Property and Fixtures to Purchaser. 

8.3.4 Assignment and Assumption of Ground Leases. For each of the Ground Lease Properties, an Assignment and
Assumption of Ground Lease in substantially the form attached hereto as Exhibit “8.3.4”, transferring the applicable Seller’s interest as tenant under the applicable Ground Lease to Purchaser. 

8.3.5 Assignment and Assumption of Tenant Leases. For each of the Tenant Leases, an Assignment and Assumption of
Leases in substantially the form attached hereto as Exhibit 8.3.5” transferring the applicable Seller’s interest as landlord thereunder to Purchaser. 

8.3.6 Assignment and Assumption of Intellectual Property. An Assignment and Assumption of Intellectual Property
substantially in the form attached hereto as Exhibit “8.3.6” assigning the Intellectual Property to Purchaser. 
 8.3.7 Title Requirements. Such agreements, affidavits or other documents as may be reasonably required by the Title Company from Sellers to issue the Title Policies. 

8.3.8 Other Declarations. Any transfer tax declarations or other documents required under Applicable Law in
connection with the conveyance of the Assets. 
 8.3.9 FIRPTA Certificates and Title Affidavits. An
affidavit from Sellers with respect to compliance with the Foreign Investment in Real Property Tax Act (Internal Revenue Code Sec. 1445, as amended) and the regulations issued thereunder and any similar state tax requirements and an affidavit from
Sellers in favor of the Title Company which shall be sufficient to delete the standard exceptions from the Title Policy. 
 8.3.10 Closing Statement. The Closing Statement prepared pursuant to Section 9.1. 
 8.3.11 Authority Documents. Such resolutions, and incumbency certificates as required to evidence the capacity and authority of any Person signing on behalf of Sellers. 

8.3.12 Tenant Notices. Executed written notices, to be delivered post-Closing, from Sellers to each tenant under
the Tenant Leases advising such tenants of the transaction. 
 8.3.13 Estoppel Certificates. All
Third-Party Estoppels not previously delivered to Purchaser. 

  
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 8.3.14 Possession and Keys. Possession of the MOB Properties free and
clear of all parties in possession, except tenants in possession pursuant to the Tenant Leases, and duplicates of or access information for all keys, codes and other security devices relating to the Improvements and the MOB Properties. 

8.3.15 Property Related Deliveries. On the Closing Date, (1) originals, or copies if originals are not
available, of all Tenant Leases; and (2) in addition, to the extent the foregoing have not heretofore been delivered to Purchaser, Sellers shall cause to be delivered to Purchaser: (i) any plans and specifications for the Improvements in
Sellers’ possession or control; (ii) all unexpired warranties and guarantees which Sellers have received in connection with any work or services performed with respect to, or equipment installed in, the Improvements; (iii) originals,
or copies if originals are not available, of all Facility Contracts that will be assigned to Purchaser and remain in effect after Closing; (v) copies of all Licenses and Permits that will be assigned to Purchaser; (vi) copies of all Books
and Records, whether kept in paper or electronic form; and (vii) duplicates of all keys and lock combinations relating to the Assets. 
 8.3.16 Waivers of Third-Party Purchase Rights. Waivers of the Rights of First Refusal/Rights of First Offer set forth on Schedule 5.1.13 or an amendment to this Agreement satisfactory to
Purchaser removing any property for which such right has been exercised from this Agreement and reducing the Purchase Price accordingly. 
 8.3.17 Other Documents. Such other documents and instruments as may be reasonably requested by Purchaser or the Title Company in order to consummate the transactions described in this Agreement.

 8.4 Purchaser’s Closing Deliveries. At Closing, Purchaser shall deliver or cause to be delivered to
Sellers or deposited with Escrow Agent in the Closing Escrow to be delivered to Sellers all of the following, each of which, to the extent applicable, shall have been duly executed by Purchaser and acknowledged (if required), and other items, set
forth in this Section 8.4 (the “Purchaser’s Closing Deliveries”): 

8.4.1 Purchase Price. The Purchase Price (as adjusted for prorations pursuant to Article 9) in the form of
immediately available funds delivered by wire transfer, to be paid by Purchaser. 
 8.4.2 Disbursement
Letter. A letter of direction to Escrow Agent directing Escrow Agent to disburse the Deposit to the Sellers. 

8.4.3 Closing Certificate. A closing certificate substantially in the form attached hereto as Exhibit
“8.4.3”. 
 8.4.4 Counterpart Execution Documents. A counterpart of each of the documents
and instruments to be delivered by Sellers under Section 8.3 which require execution by Purchaser; 

  
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 8.4.5 Earn Out Agreement. Purchaser’s counterpart to the Earn
Out Agreement. 
 8.4.6 Authority Documents. Such resolutions, and incumbency certificates as required to
evidence the capacity and authority of any Person signing on behalf of Purchaser. 
 8.4.7 Other
Documents. Such other documents and instruments as may be reasonably requested by Sellers or the Title Company in order to consummate the transactions described in this Agreement. 

 

	9.	EXPENSES 

 9.1
Closing Statement. The Parties shall jointly prepare prior to Closing a closing statement (the “Closing Statement”). The Closing Statement shall be approved and executed by the Parties at Closing, and such
adjustments and prorations shall be final with respect to the items set forth in the Closing Statement. 
 9.2 Closing and
Other Costs, Adjustments and Prorations. The Closing costs shall be allocated and other closing adjustments and prorations made between Sellers and Purchaser as follows: 

9.2.1 The Seller shall be charged with the following items, all of which shall be paid by Seller at
the Closing: (i) costs of removing any lien, assessment or encumbrance required to be discharged hereunder in order to convey title to the MOB Properties as herein provided, including, without limitation, any prepayment penalties or fees
incurred in connection therewith; (ii) legal fees and expenses of Seller; (iv) one-half (1/2) of the Closing fees charged by the Title Company, (vi)  1/2 of all recordation and transfer taxes relating to the conveyance of the MOB Properties (but not Purchaser’s financing); and (vii) such other costs as are typically borne by Sellers in the
applicable jurisdiction where each MOB Property is located. 
 9.2.2 The Purchaser
shall be charged with the following items in addition to the Purchase Price payable to Seller at Closing: (i) fees and expenses of Purchaser’s counsel; (ii) Buyer’s third-party inspection, review and other acquisition costs,
including, but not limited to, appraisal, survey, environmental assessment, and property condition assessments; (iii) costs charged by the Title Company to issue owner’s and lender’s policies of title insurance, such Endorsements as
Buyer may request; (iv) one-half (1/2) of the Closing fees charged by the Title Company,
(v)  1/2 of all recordation and transfer taxes relating to the conveyance of the MOB Properties; and (vi) all recordation and transfer taxes relating to any Purchaser financing, and (vii) such other
costs as are typically borne by Purchasers in the applicable jurisdiction where each MOB Property is located. 

  
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 9.2.3 Certified, confirmed and ratified special assessments liens as of the
Closing Date are to be paid by Seller; provided, however, if the same are paid in installments and applicable to time period after closing, the same shall be prorated. Seller shall also pay and be responsible for any “rollback” taxes or
retroactively assessed taxes which arise out of or relate to any prior use of the Property or any improper or inadequate assessment of the Property for the period prior to the Closing, which obligation shall expressly survive the Closing.

 9.2.4 All income and expenses (including prepaid expenses) of the MOB Properties shall be prorated on a daily
basis between Sellers and Purchasers as of 11:59 p.m., on the date (the “Proration Date”) immediately preceding the Closing Date. Such items to be prorated shall include: 

9.2.5 Rents and other income, if any, including prepaid rents; 

9.2.6 Utility charges, if any; 
 9.2.7 Payments under agreements assigned to Purchaser, if any; 

9.2.8 Taxes; and 
 9.2.9 Payments under any leases of personal property used in connection with the operation of the MOB Properties, to the extent such leases remain in place at Closing. 

Sellers shall prepare a proposed schedule (the “Proration Schedule”) including the items listed above and any other
items the parties determine necessary. Such Proration Schedule shall include all applicable income and expenses with regard to the Properties. Seller and Buyer will use all reasonable efforts to finalize and agree upon the Proration Schedule at
least two (2) business days prior to Closing. 
 9.2.10 Any escrow accounts held by any utility companies,
and any cash deposits made by Seller prior to Closing to secure obligations under contracts which will continue after Closing, shall be either paid to Seller or, if assigned to Purchaser, Seller shall receive a credit at Closing for any such
deposits. 
 9.2.11 Seller shall receive all income from the Property attributable to the period prior to the
Proration Date and shall, except as otherwise provided for in this Agreement, be responsible for all expenses of the Property attributable to the period prior to the Proration Date. In the event Purchaser receives any payment for rent due for any
period prior to the Proration Date or payment of any other receivable attributable to the period prior to the Proration Date, Purchaser shall forward such payment to Seller. Following Closing, any payments received from tenants shall be allocated
first to any current balances due to such party receiving payment. 
 9.2.12 Purchaser shall receive all income
from the Property attributable to the period from and after the Proration Date and shall, except as 

  
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otherwise provided for in this Agreement, be responsible for all expenses of the Property attributable to the period from and after the Proration Date. In the event Seller receives any payment
for rent due for any period from and after the Proration Date, Seller shall forward such payment to Purchaser. In addition, in the event any Seller has received any pre-paid rent from a tenant for any period from and after the Proration Date, Seller
shall forward such pre-paid rent to Purchaser or provide Purchaser with a credit at closing. 
 9.2.13 Any
amounts that may become due under this Paragraph 9 shall be paid at Closing as can best be determined. A post-closing reconciliation of prorated items shall be made within sixty (60) days after Closing and any amounts due at that time shall be
promptly forwarded to the respective party in a lump sum payment. Any additional amounts that may become due after such determination shall be forwarded at the time they are received. Any amounts due under this Paragraph 9 which cannot be determined
within sixty (60) days after Closing (such as, for example, fiscal year end real estate taxes) shall be reconciled as soon as such amounts can be determined. Seller agrees that Purchaser shall have the right to audit the records of Seller in
connection with any such post-closing reconciliation. Purchaser agrees that Seller shall have the right to audit the records of Purchaser in connection with any post-closing reconciliation. Notwithstanding the foregoing, the parties agree that, to
the extent current tax bills are not available at closing, the Parties shall assume that taxes are 102% of the prior year’s taxes and do a final tax proration on that basis. 

9.3 Cash. All cash on hand, escrow and reserve accounts of Sellers, accounts receivable and accounts payable, indebtedness
or liabilities for the period prior to the Closing Date shall remain the property or responsibility, as applicable, of Sellers. Sellers shall be responsible for the payment of all expenses on account of services and supplies furnished to and for the
benefit of the Assets through and including the day preceding the Closing Date and Purchaser shall be responsible for the payment of all expenses on account of services and supplies furnished to and for the benefit of the Assets from and including
the Closing Date. 
 9.4 Employees. If applicable, Sellers will comply with the notice requirements under the WARN
Act, the COBRA or any similar federal, state or local legislation with respect to any Employees terminated by Sellers in connection with this transaction. It is expressly understood and agreed that Purchaser is not and shall not be responsible or
liable, directly or indirectly, for payment of any benefits, severance liability, compensation, pay or other obligations, of whatever nature, due or alleged to be due to any Employee of Sellers attributable to any time period up to, upon and after
Closing. 

  
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	10.	DEFAULT AND REMEDIES 

10.1 Sellers’ Default. If, at or any time prior to Closing, any Seller fails to perform in any material respect any of
its covenants or obligations under this Agreement which breach or default is not caused in whole or in part by a Purchaser’s Default (and, if such failure is other than a failure to deliver Sellers’ Closing Deliveries, Sellers fail to cure
such condition failure within fifteen (15) days after written notice of such failure is delivered by Purchaser to Sellers) (a “Sellers’ Default”), and no material Purchaser’s Default has occurred which remains
uncured, Purchaser may elect, as its sole and exclusive remedy, to (a) terminate this Agreement by providing written notice to applicable Sellers, in which case the Deposit shall be refunded to Purchaser in accordance with
Section 3.2.4, applicable Sellers shall reimburse Purchaser for all reasonable, actual, third party out-of-pocket expenses not to exceed $250,000 incurred by Purchaser in connection with the transactions contemplated by this Agreement,
and the Parties shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (b) waive such default and proceed to Closing without any reduction in or setoff against the Purchase
Price, or (c) obtain a court order for specific performance, with Purchaser being required to file suit for specific performance within thirty (30) days of the scheduled closing date. 

10.2 Purchaser’s Default. If at any time prior to Closing, Purchaser fails to perform in any material respect any of
its covenants or obligations under this Agreement which breach or default is not caused in whole or in part by a Sellers’ Default (and, if such failure is other than a failure to deliver Purchaser’s Closing Deliveries, Purchaser fails to
cure such condition failure within fifteen (15) days after written notice of such failure is delivered by Sellers to Purchaser) (a “Purchaser’s Default”), and no material Sellers’ Default has occurred which
remains uncured, then Seller may elect, as their sole and exclusive remedy, to (a) terminate this Agreement by providing written notice to Purchaser, in which case the Deposit shall be disbursed to Sellers in accordance with
Section 3.2.3, and the Parties shall have no further rights or obligations under this Agreement, except those which expressly survive such termination or (b) waive such default and proceed to Closing without any reduction in or
setoff against the Purchase Price. 
 10.3 Liquidated Damages. The Parties acknowledge and agree that if this
Agreement is terminated pursuant to Section 10.2, the damages that Sellers would sustain as a result of such termination would be difficult if not impossible to ascertain. Accordingly, the Parties agree that Sellers shall retain the
Deposit as full and complete liquidated damages (and not as a penalty) as Sellers’ sole and exclusive remedy for such termination; provided, however, that in addition to the Deposit, Sellers shall retain all rights and remedies under this
Agreement with respect to those obligations of Purchaser which expressly survive such termination. 

  
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	11.	RISK OF LOSS 

 11.1
Casualty. As to Sellers, if, at any time after the Effective Date and prior to Closing or earlier termination of this Agreement, the Assets of any Seller or any portion thereof are materially damaged (which for purposes of this
provision shall mean damage equal to or exceeding 15% of the applicable MOB Property’s allocated Purchase Price) or fully destroyed by fire or any other casualty (a “Casualty”), Sellers shall give written notice of each
such Casualty to Purchaser promptly after the occurrence of such Casualty, and Purchaser shall have the right to elect, by providing written notice to Sellers within thirty (30) days after Purchaser’s receipt of Sellers’ written
notice of such Casualty, to (i) terminate this Agreement with respect to the Assets comprising the Facilities which are the subject of such Casualty and receive a reduction in the Purchase Price equal to the value allocated to such Facility
pursuant to Section 3.4 hereof, as applicable, or (ii) proceed to Closing, without terminating this Agreement, in which case Sellers shall assign to Purchaser all of any such Sellers’ right, title and interest in all insurance
proceeds and a credit against the Purchase Price equal to any applicable deductible. If Purchaser fails to provide written notice of its election to Sellers within such thirty (30) day time period, then Purchaser shall be deemed to have elected
to proceed to Closing pursuant to clause (ii) of the preceding sentence. If the Closing is scheduled to occur within Purchaser’s thirty (30) day election period, the Closing Date shall, upon Purchaser’s election, be postponed
until the date which is five (5) Business Days after the expiration of such thirty (30) day election period. 
 11.2
Condemnation. As to Sellers, if, at any time after the Effective Date and prior to Closing or the earlier termination of this Agreement, any Governmental Authority commences any condemnation proceeding or other proceeding in eminent
domain with respect to all or any portion of the MOB Properties of such Seller (a “Condemnation”), Sellers shall give written notice of such Condemnation to Purchaser promptly after the applicable Seller receives notice of
such Condemnation, and if and only if such Condemnation would give any tenant under any of the Lease Agreements the right to terminate any such Lease Agreement, then Purchaser shall have the right to elect, by providing written notice to Sellers
within thirty (30) days after Purchaser’s receipt of Sellers’ written notice of such Condemnation, to (i) terminate this Agreement with respect to the Assets comprising the Facilities which are the subject of such Condemnation
and receive a reduction in the Purchase Price equal to the value allocated to such Facility pursuant to Section 3.4 hereof, as applicable, or (ii) proceed to Closing, without terminating this Agreement, in which case Sellers shall
assign to Purchaser all of any such Sellers’ right, title and interest in all proceeds and awards from such Condemnation. If Purchaser fails to provide written notice of its election to Sellers within such time period, then Purchaser shall be
deemed to have elected to proceed to Closing pursuant to clause (ii) of the preceding sentence. If the Closing is scheduled to occur within Purchaser’s thirty (30) day election period, the Closing shall, upon Purchaser’s
election, be postponed until the date which is five (5) Business Days after the expiration of such thirty (30) day election period. 
  

	12.	SURVIVAL, INDEMNIFICATION AND RELEASE 

 12.1 Survival. The representations and warranties, covenants and obligations (including without limitations obligations of defense and indemnification) of Sellers and Purchaser shall survive
termination or Closing of this Agreement until the date which is six (6) months after the Effective Date. 

  
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 12.2 Indemnification by Sellers. Subject to the limitations set forth in this
Article 12 and any other express provision of this Agreement, Sellers shall indemnify, save, insure, pay, defend and hold harmless Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser’s
Indemnitee to the extent resulting from (i) any breach of any material representation or warranty of any Seller in this Agreement, (ii) any breach by any Seller of any of its material covenants or obligation under this Agreement, and
(iii) any Retained Liabilities. 
 12.3 Indemnification by Purchaser. Subject to the limitations set forth in
this Article 12, Purchaser shall indemnify, defend and hold harmless Sellers’ Indemnitees from and against any Indemnification Loss incurred by Sellers’ Indemnitee the extent resulting from (i) any breach of any representation
or warranty of Purchaser in this Agreement, (ii) any breach by Purchaser of any of its covenants or obligations under this Agreement, and (iii) any Assumed Liabilities. 

12.4 Indemnification Procedure. Notice of Indemnification Claim. If any of Sellers’ Indemnitees or Purchaser’s
Indemnitees (as the case may be) (each, an “Indemnitee”) is entitled to defense or indemnification under any other provision in this Agreement (each, an “Indemnification Claim”), the Party required to
provide defense indemnification to such Indemnitee (the “Indemnitor”) shall not be obligated to defend, indemnify and hold harmless such Indemnitee unless and until such Indemnitee provides written notice to such Indemnitor
promptly after such Indemnitee has actual knowledge of any facts or circumstances on which such Indemnification Claim is based or a Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts
and circumstances or Third-Party Claim with respect to such Indemnification Claim. 
 12.4.1 Resolution of
Indemnification Claim Not Involving Third-Party Claim. If the Indemnification Claim does not involve a Third-Party Claim and is disputed by the Indemnitor, the dispute shall be resolved by litigation or other means of alternative dispute
resolution as the Parties may agree in writing. 
 12.4.2 Resolution of Indemnification Claim Involving
Third-Party Claim. If the Indemnification Claim involves a Third-Party Claim, the Indemnitor shall have the right (but not the obligation) to assume the defense of such Third-Party Claim, at its cost and expense, and shall use good faith efforts
consistent with prudent business judgment to defend such Third-Party Claim, provided that (i) the counsel for the Indemnitor who shall conduct the defense of the Third-Party Claim shall be reasonably satisfactory to the Indemnitee (unless
selected by Indemnitor’s insurance company, in which case Indemnitee shall have no such approval rights), (ii) the Indemnitee, at its cost and expense, may participate in, but shall not control, the defense of such Third-Party Claim, and
(iii) the Indemnitor shall not enter into any settlement or other agreement which requires any performance by the Indemnitee, other than the payment of money which 

  
 - 49 -

 
shall be paid by the Indemnitor. The Indemnitee shall not enter into any settlement agreement with respect to the Indemnification Claim, without the Indemnitor’s prior written consent. If
the Indemnitor elects not to assume the defense of such Third-Party Claim, the Indemnitee shall have the right to retain the defense of such Third-Party Claim and shall use good faith efforts consistent with prudent business judgment to defend such
Third-Party Claim in an effective and cost-efficient manner. 
 12.4.3 Accrual of Indemnification
Obligation. Notwithstanding anything to the contrary in this Agreement, the Indemnitee shall have no right to indemnification against the Indemnitor for any Indemnification Claim which (i) does not involve a Third-Party Claim but is
disputed by Indemnitor until such time as such dispute is resolved by written agreement or by a final, non-appealable order of court of competent jurisdiction or (ii) which involves a Third-Party Claim until such time as such Third-Party Claim
is concluded, including any appeals with respect thereto in the case of a claim in litigation. 
 12.4.4
Limitations on Indemnification Obligation. Notwithstanding anything herein to the contrary, (a) Sellers shall have no indemnification obligation with respect to any Indemnification Claim arising out of (i) any breach of any
representation or warranty of any Seller in this Agreement, (ii) any breach by any Seller of any of its covenants or obligation under this Agreement unless the amount of such Indemnification Claim, individually or when taken together with all
other Indemnification Claims, is at least equal to Fifty Thousand and No/100 Dollars ($50,000) (the “Indemnity Floor”), and (b) Seller shall not be obligated to incur costs in excess of One Million Two Hundred Fifty
Thousand and No/100 Dollars ($1,250,000.00) (the “Indemnity Cap”) in performing its obligations under this Article 12. For the avoidance of doubt, if the aggregate amount of Indemnification Claims exceeds the Indemnity
Floor, the Indemnitor shall indemnify the Indemnitee for the entire amount of such Indemnification Claims (up to the Indemnity Cap). Notwithstanding anything herein contained to the contrary, in no event shall an Indemnitor have any indemnification
obligation if (y) prior to Closing, the Indemnitee had actual knowledge of the facts upon which any Indemnification Claim is based, or (z) such facts are set forth in the disclosure schedules attached hereto. There shall be no Indemnity
Floor or Indemnity Cap with respect to any Seller’s Retained Liabilities. 
 12.4.5 Holdback. Seller
agrees to escrow $1,250,000 of its closing proceeds with the Escrow Agent (the “Holdback”) as security for the indemnity obligations hereunder. If no Indemnification Claim has been made as of the three (3) month anniversary of
the Closing Date, then Escrow Agent shall be instructed to release $625,000 of the Holdback to Sellers. If no Indemnification Claim has been made as of the end of the six (6) month anniversary of the Closing Date, then Escrow Agent shall
release the balance of the Holdback to Sellers. 

  
 - 50 -

	13.	MISCELLANEOUS PROVISIONS 

13.1 Notices. 
 13.1.1 Method of Delivery. Any notice pursuant to this Agreement shall be given in writing by (a) reputable overnight delivery service with proof of delivery, or (b) United States Mail,
postage prepaid, registered or certified mail, return receipt requested. Any notice so given shall be deemed to have been given upon receipt or refusal to accept delivery. Unless changed in accordance with the preceding sentence, the addresses for
notices given pursuant to this Agreement shall be as follows: 
  

			
	If to Sellers:	  	 c/o Montecito Medical Investment Company 
 201 West Montecito Street
 Santa Barbara, California 93101

Attention: Edward Conk
 Telephone No.: (805)
568-0862
 E-Mail: chipconk@montecitomac.com

		
	with a copy to:	  	 Beavers/Rogers Law & Advisory Group, LLC 
 500 Jesse Jewell Parkway, Suite 300
 Gainesville, Georgia 30501-3782

Attention: William S. Rogers, Jr., Esquire

Telephone No.: (678) 928-5275
 E-Mail:
BRogers@beaversrogers.com

		
	with a copy to:	  	 Harrison Street Real Estate Capital
 71 South Wacker Drive
 Suite 3575
 Chicago, IL 60606
 ATTN: General Counsel

		
	If to Purchaser:	  	 CHP Partners, LP 
 c/o
CNL Healthcare Properties, Inc.
 450 South Orange Avenue, Suite 1200
 Orlando, Florida 32801
 Attention: Tracey Bracco, Esquire

Telephone No.: (407) 540-7595
 E-Mail:
Tracey.Bracco@cnl.com

		
	with a copy to:	  	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 North Eola Drive
 Orlando, Florida 32801

Attention: John D. Ruffier, Esquire
 Telephone
No.: (407) 418-6414
 E-Mail: John.Ruffier@lowndes-law.com

  
 - 51 -

 13.1.2 Receipt of Notices. All Notices sent by a Party (or its
counsel as contemplated below) under this Agreement shall be deemed to have been received by the Party to whom such Notice is sent upon (i) delivery to the address of the recipient Party, provided that such delivery is made prior to 5:00 p.m.
(local time for the recipient Party) on a Business Day, otherwise the following Business Day, or (ii) the attempted delivery of such Notice if (A) such recipient Party refuses delivery of such Notice, or (B) such recipient Party is no
longer at such address and such recipient Party failed to provide the sending Party with its current address pursuant to Section 13.1.3. 
 13.1.3 Change of Address. The Parties and their respective counsel shall have the right to change their respective address for the purposes of this Section 13.1 by providing a Notice of
such change in address as required under this Section 13.1. 
 13.1.4 Delivery by Party’s
Counsel. The Parties agree that the attorney for a Party shall have the authority to deliver Notices on such Party’s behalf to the other Parties hereto. 
 13.2 Time is of the Essence. Time is of the essence of this Agreement; provided, however, that notwithstanding anything to the contrary in this Agreement, if the time period for the
performance of any covenant or obligation, satisfaction of any condition or delivery of any Notice or item required under this Agreement shall expire on a day other than a Business Day, such time period shall be extended automatically to the next
Business Day. 
 13.3 Assignment. Neither Purchaser nor Sellers shall assign this Agreement or any interest
therein to any Person, without the prior written consent of the other Party which consent may be withheld in the other Party’s sole discretion, except however, Purchaser shall have the right to assign this Agreement, in whole or in part, to a
CNL-sponsored fund or funds, or one or more Affiliates of such CNL-sponsored fund or funds, by providing written notice to Sellers no later than ten (10) Business Days prior to Closing; provided, however, that (a) such designation or
assignment shall not be effective until Purchaser has provided Sellers with a fully executed copy of such designation or assignment and assumption instrument pursuant to which the assignee shall assume all of the obligations of Purchaser hereunder,
and (b) no such assignment will relieve Purchaser from any of its duties or obligations under this Agreement. 
 13.4
Successors and Assigns. This Agreement shall be binding upon the Parties hereto and their respective heirs and permitted successors, and assigns, each of whom shall be entitled to enforce performance and observance of this Agreement,
to the same extent as if such heirs, successors, and assigns, were parties, hereto. 

  
 - 52 -

 13.5 Third Party Beneficiaries. This Agreement shall not confer any rights or
remedies on any Person other than (i) the Parties and their respective successors and permitted assigns, and (ii) any Indemnitee to the extent such Indemnitee is expressly provided any right of defense or indemnification in this Agreement.

 13.6 Rules of Construction. The following rules shall apply to the construction and interpretation of this
Agreement: 
 (i) Singular words shall connote the plural as well as the singular, and plural words shall connote
the singular as well as the plural, and the masculine shall include the feminine and the neuter, as the context may require. 
 (ii) All references in this Agreement to particular articles, sections, subsections or clauses (whether in upper or lower case) are references to articles, sections, subsections or clauses of this
Agreement. All references in this Agreement to particular exhibits or schedules (whether in upper or lower case) are references to the exhibits and schedules attached to this Agreement, unless otherwise expressly stated or clearly apparent from the
context of such reference. 
 (iii) The headings in this Agreement are solely for convenience of reference and
shall not constitute a part of this Agreement nor shall they affect its meaning, construction or effect. 
 (iv)
Each Party and its counsel have reviewed and revised (or requested revisions of) this Agreement and have participated in the preparation of this Agreement, and therefore any rules of construction requiring that ambiguities are to be resolved against
the Party which drafted the Agreement or any exhibits hereto shall not be applicable in the construction and interpretation of this Agreement or any exhibits hereto. 

(v) The terms “sole discretion” and “absolute discretion” with respect to any determination to be made
a Party under this Agreement shall mean the sole and absolute discretion of such Party, without regard to any standard of reasonableness or other standard by which the determination of such Party might be challenged. 

13.7 Severability. If any provision of this Agreement is ultimately determined to be invalid or unenforceable, such
provision shall be deemed limited by construction in scope and effect to the minimum extent necessary to render the same valid and enforceable, and, in the event no such limiting construction is possible, such invalid or unenforceable provision
shall be deemed severed from the Agreement without affecting the validity of any other provision hereof if the essential provisions of this Agreement for each party remain valid, binding and enforceable. 

13.8 Governing Law; Venue. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws
of the State of Florida. Purchaser and Sellers agree 

  
 - 53 -

 
to submit to the jurisdiction of Florida in connection with any claims or controversy arising out of this Agreement and that venue for such actions shall be in Orange County, Florida. Sellers
(for itself and all Sellers’ Indemnitees) and Purchaser (for itself and all Purchaser’s Indemnitees) hereby submit to jurisdiction and consent to venue in such courts, and waive any defense based on forum non conveniens, provided
that any Party may seek injunctive relief or specific performance with respect to any of the Assets in the courts of the State in which such Assets are situated and may incorporate a claim against Sellers of such Asset with respect to any claim for
injunctive relief or specific performance. 
 13.9 WAIVER OF JURY TRIAL. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE ANY RIGHT THAT ANY PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH, OR IN
RESPECT OF ANY COURSE OF CONDUCT, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT. 

13.10 Attorneys’ Fees. In connection with any disputes or actions arising out of the transactions contemplated by this
Agreement, or the breach, enforcement or interpretation of this Agreement, the substantially prevailing party shall be entitled to recover, from the party not substantially prevailing, all reasonable costs and attorney, paralegal and expert fees
incurred by the substantially prevailing party before trial, at trial, at retrial, on appeal, at all hearings and rehearings, and in all administrative, bankruptcy and reorganization proceedings. 

13.11 Incorporation of Recitals. The recitals to this Agreement, and all exhibits and schedules referred to in this
Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to this Agreement shall be deemed to be incorporated in all other schedules to this Agreement. For the limited purpose of
updating the certificates to be executed and delivered at Closing reconfirming that all representations and warranties remain true and correct as of the Closing Date, the schedules shall be deemed supplemented by any relevant matters disclosed to
Purchaser in any of the written reports, studies or like materials obtained by Purchaser from Purchaser’s consultants or agents after the Effective Date and/or any matters subsequently disclosed in writing by Sellers after the Effective Date;
provided, however, that such disclosure shall in no way limit Purchaser’s pre-Closing rights hereunder.  
 13.12
No Other Agreements. This Agreement and the agreements to be executed and delivered in connection therewith set forth the entire understanding and agreement of the Parties hereto and shall supersede any other agreements and
understandings (written or oral) between the Parties on or prior to the Effective Date with respect to the transactions described in this Agreement. 
 13.13 Further Actions. Each of the Parties covenants and agrees to do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and delivered, any and all such further
acts, instruments, papers and documents as may be reasonably necessary to carry out and effectuate the intent and purposes of this Agreement. 

  
 - 54 -

 13.14 No Waiver. No delay or omission to exercise any right or power accruing
prior to or upon any breach, omission, or failure of performance hereunder shall impair any such right or power, or shall be construed to be a waiver thereof, and any such right or power may be exercised from time to time and as often as may be
deemed expedient. In the event of any breach of any provision contained in this Agreement, thereafter waived by another Party, such waiver shall be limited to the particular waiving Party and to the particular breach in question and no other. No
waiver or release of any term or provision of this Agreement shall be established by conduct, custom, or course of dealing, but solely by a document in writing duly authorized and executed by the waiving or releasing Party. 

13.15 Modifications. No amendment or modification to any terms or provisions of this Agreement, waiver of any covenant,
obligation, breach or default under this Agreement or termination of this Agreement, shall be valid unless in writing and executed and delivered by each of the Parties. 
 13.16 Counterpart and Facsimile Execution. A Party may deliver executed signature pages to this Agreement by facsimile or PDF scanned transmission to any other Party, which facsimile copy
shall be deemed to be an original executed signature page. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which counterparts together shall constitute one agreement with the same
effect as if the Parties had signed the same signature page. 
 13.17 Required Disclosures. Notwithstanding
anything in this Agreement to the contrary, in accordance with Section 1.6011-4(b)(3)(iii) of the Treasury Regulations, Purchaser and Sellers (and each employee, representative, or other agent of Purchaser and Sellers) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to Purchaser or Sellers
relating to such tax treatment and tax structure. However, any information relating to tax treatment or tax structure shall remain subject to the confidentiality provisions hereof (and the foregoing sentence shall not apply) to the extent, but only
to the extent, reasonably necessary to enable Purchaser and Sellers to comply with applicable securities laws. For purposes hereof, “tax structure” means any fact that may be relevant to understanding the federal income tax treatment of
the transaction. 
 13.18 No Personal Liability. Nothing contained in this Agreement shall be construed to create
or impose any liabilities or obligations and no such liabilities or obligations shall be imposed on any of the shareholders, beneficial owners, direct or indirect, officers, directors, trustees, employees or agents of Sellers or Purchaser or their
respective Affiliates for the payment or performance of the obligations or liabilities of Sellers or Purchaser. 
 13.19
No Recordation. Neither party shall record any memorandum or notice of this Agreement in the public land records. 

[Remainder of page intentionally left blank; 
 Signatures on following pages] 

  
 - 55 -

 IN WITNESS WHEREOF, each Party has caused this Agreement to be executed and delivered
in its name by a duly authorized officer as of the date first set forth above. 
  

			
	SELLERS:
	
	MMIC LEAWOOD MOB, LLC, a Delaware limited liability company
		
	By:	 	/s/ William S. Rogers Jr.
	Name:	 	William S. Rogers, Jr.
	Title:	 	Vice President
	
	MMIC HARBOUR VIEW, LLC, a Delaware limited liability company
		
	By:	 	/s/ William S. Rogers Jr.
	Name:	 	William S. Rogers, Jr.
	Title:	 	Vice President
	
	MMIC JCL MOB, LLC, a Delaware limited liability company
		
	By:	 	/s/ William S. Rogers Jr.
	Name:	 	William S. Rogers, Jr.
	Title:	 	Vice President
	
	MMIC EMA MOB, LLC, a Delaware limited liability company
		
	By:	 	/s/ William S. Rogers Jr.
	Name:	 	William S. Rogers, Jr.
	Title:	 	Vice President
	
	MMIC CHESTNUT COMMONS, LLC, a Delaware limited liability company
		
	By:	 	/s/ William S. Rogers Jr.
	Name:	 	William S. Rogers, Jr.
	Title:	 	Vice President

  
 - 56 -

 
							
	PURCHASER:
	
	CHP PARTNERS, LP, a Delaware limited partnership
		
	By:	 	CHP GP, LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	CNL Healthcare Properties, Inc., a Maryland corporation, its sole member
				
		 		 	By:	 	 /s/ Tracey Bracco

		 		 	Name:	 	Tracey Bracco
		 		 	Title:	 	Vice President

  
 - 57 -

 The undersigned hereby joins in the execution of this Agreement for the purposes of
acknowledging and accepting its obligations as Escrow Agent hereunder: 
  

			
	ESCROW AGENT:
	
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	/s/ Keren Marti
		
	Name:	 	Keren Marti
		
	Title:	 	Vice President

  
 - 58 -

 EXHIBIT A-1 

LEAWOOD FEE PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT A-2 

HARBOUR VIEW GROUND LEASE PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT A-3 

LINCOLN PLAZA GROUND LEASE PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT A-4 

NORTH PLAZA GROUND LEASE PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT A-5 

ESCONDIDO FEE PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT A-6 

CLEVELAND CLINIC FEE PROPERTY 
 [Intentionally Omitted] 
 EXHIBIT 8.3.1 

SELLER’S CLOSING CERTIFICATE 
 [Intentionally Omitted] 
 EXHIBIT 8.3.2A 

SPECIAL WARRANTY DEED FORM 
 [Intentionally Omitted] 
 EXHIBIT 8.3.2B 

QUITCLAIM DEED FORM 
 [Intentionally Omitted] 

 EXHIBIT 8.3.3 

BILL OF SALE FORM 
 [Intentionally Omitted] 
 EXHIBIT 8.3.5 

ASSIGNMENT AND ASSUMPTION OF GROUND LEASE FORM 
 [Intentionally Omitted] 
 EXHIBIT 8.3.6 

ASSIGNMENT AND ASSUMPTION OF TENANT LEASES FORM 
 [Intentionally Omitted] 
 EXHIBIT 8.3.7 

ASSIGNMENT AND ASSUMPTION OF INTELLECTUAL PROPERTY FORM 

[Intentionally Omitted] 
 EXHIBIT 8.4.3 
 PURCHASER’S CLOSING CERTIFICATE FORM

 [Intentionally Omitted] 
 SCHEDULE 1.1 
 EARN OUT AGREEMENT 

[Intentionally Omitted] 

 SCHEDULE 2.2.5 

TENANT LEASES 
 [Intentionally Omitted] 
 SCHEDULE 2.2.6 

INTELLECTUAL PROPERTY 
 NONE 
 SCHEDULE 2.2.7 

FACILITY CONTRACTS 
 [Intentionally Omitted] 
 SCHEDULE 2.2.8 

LICENSES AND PERMITS 
 [Intentionally Omitted] 
 SCHEDULE 2.3.1 

EXCLUDED ASSETS: THIRD-PARTY ASSETS 
 [Intentionally Omitted] 
 SCHEDULE 2.40 

RETAINED LIABILITIES 
 [Intentionally Omitted] 

 SCHEDULE 3.4 

PURCHASE PRICE ALLOCATIONS 
 [Intentionally Omitted] 
 SCHEDULE 5.1.13 

RIGHTS OF FIRST REFUSAL/RIGHTS OF FIRST OFFER 
 1. Right of First Refusal held by Bon Secours Hampton Roads Health System, Inc. with respect to the Harbour View MOB. 
 2. Right of First Offer held by the John C. Lincoln Health Network with respect to the Lincoln Plaza MOB 
 3. Right of First Offer held by the John C. Lincoln Health Network with respect to the North Mountain MOB 
 4. Right of First Refusal held by the Cleveland Clinic Foundation with respect to the Cleveland Clinic MOB. 
 SCHEDULE 5.1.16 
 LABOR AND EMPLOYMENT MATTERS

 [Intentionally Omitted] 

 SCHEDULE 5.1.17 

CONSTRUCTION CONTRACTS 
 [Intentionally Omitted] 
 SCHEDULE 5.1.20 

ENVIRONMENTAL CONDITION OF MOB PROPERTIES 
 [Intentionally Omitted] 
 SCHEDULE 6.7A 

FORM OF ESTOPPEL 
 [Intentionally Omitted] 
 SCHEDULE 6.7B 

FORM OF SNDA 
 [Intentionally Omitted]EX-4.3

 Exhibit 4.3 
 SMART TECHNOLOGIES INC. 
 AMENDED AND RESTATED EQUITY INCENTIVE PLAN

  

	1.	Purpose 

 The purpose of the SMART
Technologies Inc. Amended and Restated Equity Incentive Plan (the “Plan”) is to encourage selected employees, officers and members of the Board of Directors of SMART Technologies Inc. (together with any corporate successor, the
“Corporation”) and the Affiliates (as defined below) to acquire a proprietary interest in the growth and performance of the Corporation. The Plan is intended to generate an increased incentive to contribute to the Corporation’s
future success and prosperity, thereby enhancing the value of the Corporation for the benefit of its shareholders, and to enhance the ability of the Corporation and the Affiliates to attract and retain exceptionally qualified individuals upon whom,
in large measure, the sustained progress, growth and profitability of the Corporation depends. The Plan seeks to achieve these purposes by providing for Awards in the form of Options, Restricted Share Units and Deferred Share Units (all as defined
below). 
 The Plan amends and restates the SMART Technologies Inc. 2010 Equity Incentive Plan. Each award granted pursuant to the SMART
Technologies Inc. 2010 Equity Incentive Plan shall continue to be governed by the terms and conditions of such plan as in effect at the time the Award was granted and by the terms and conditions of the related Award Agreement. 

 

	2.	Definitions 

 As used in the Plan,
the following terms will have the meanings set out below: 
 “Account” means a Deferred Share Unit Account or Restricted Share
Unit Account, as applicable. 
 “Affiliate” means, except as provided in Section 6(c)(ii) of the Plan, any entity that,
directly or through one or more intermediaries, is controlled by the Corporation, including any entity in which the Corporation owns a significant equity interest, as determined by the Committee, provided that an “Affiliate” shall only
include those corporations which are “related” to the Corporation, within the meaning of the Tax Act. 
 “Aggregate Purchase
Price” has the meaning set out in Section 7(b) of the Plan. 
 “Award” means any Option, Deferred Share Unit,
Restricted Share Unit or Other Share or Performance-Based Award granted under the Plan. 
 “Award Agreement” means any written
agreement, contract or other instrument or document evidencing any Award granted under the Plan. 
 “Beneficiary” means any
person designated by a Participant by written instrument filed with the Corporation to receive any amount, securities or property payable under the Plan in the event of a Participant’s death or, failing any such effective designation, the
Participant’s estate, provided that a “Beneficiary” in respect of Deferred Share Units granted to a Participant under the Plan shall be an individual who is a dependent or relation of the Participant or the legal representative
of the Participant. 

 “Board” means the Board of Directors of the Corporation. 

“Broker” means a broker who is independent (pursuant to the rules and policies of the Principal Market) from the Corporation and any
Affiliate. 
 “Cause” as used in connection with the termination of a Participant’s employment, means (1) with
respect to any Participant employed under a written employment agreement with the Corporation or an Affiliate which agreement includes a definition of “cause”, “cause” as defined in that agreement or, if that agreement contains
no such definition, a material breach by the Participant of that agreement, or (2) with respect to any other Participant, the failure to perform adequately in carrying out the Participant’s employment responsibilities, including any
directives from the Board, or the Participant engaging in behavior in the Participant’s personal or business life as to lead the Committee in its reasonable judgment to determine that it is in the best interests of the Corporation to terminate
the Participant’s employment. 
 “Committee” means the Compensation Committee of the Board, provided, however, to the
extent deemed necessary or appropriate, a committee other than the Compensation Committee may be designated by the Board to administer the Plan and such other committee may be vested with any of the powers and responsibilities hereunder and shall be
considered the Committee for any and all of such purposes hereunder. To the extent the Corporation is no longer a “foreign private issuer” as defined in Exchange Act Rule 3b-4 and wishes to have acquisitions of beneficial ownership of
Shares pursuant to the Plan be exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3(d) thereunder, such committee shall be composed solely of two or more members of the Board, each of whom are “non-employee
directors” for purposes of Exchange Act Section 16 and Rule 16b-3 thereunder. 
 “Control Person” means, with respect
to the Corporation or an Affiliate, a person that controls such entity. 
 “Deferred Share Unit” means a unit credited by means
of a bookkeeping entry on the books of the Corporation to a Participant’s Deferred Share Unit Account pursuant to Section 6(c) of the Plan, representing the right to receive a cash payment therefor or its equivalent in fully paid Shares
(or a combination thereof) equal to the Fair Market Value of a Share calculated at the date of such payment, at the time, in the manner, and subject to the terms contained herein. 
 “Deferred Share Unit Account” has the meaning set out in Section 6(c)(i) of the Plan. 
 “Deferred Share Unit Entitlement Date” has the meaning set out in Section 6(c)(vi) of the Plan. 
 “Dividend Payment Date” has the meaning set out in Section 6(b)(iii) of the Plan. 
 “Dividend Record Date” has the meaning set out in Section 6(b)(iii) of the Plan. 
 “Employee” means any employee of the Corporation or of any Affiliate. 

  
 - 2 -

 “Employer” means with respect to a Participant that is an officer, employee or consultant,
the corporation that employs or contracts, as applicable, the Participant or that employed or contracted, as applicable, the Participant immediately prior to the termination of his or her employment or consulting arrangement, as applicable, and,
with respect to a Participant who is a member of the Board of Directors, the corporation on whose board the Participant serves or served at the time an Award was granted to the Participant, which corporation may be in either case, the Corporation or
an Affiliate. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means (1) with respect to any property other than the Shares, Deferred Share Units, or Restricted Share Units,
the fair market value of that property determined by those methods or procedures as may be established from time to time by the Committee, and (2) with respect to the Shares, Deferred Share Units, or Restricted Share Units, the closing trading
price reported for such Shares on the date of reference on the Principal Market. If there is no closing trading price reported on any such date, then Fair Market Value with respect to the Shares, Deferred Share Units, or Restricted Share Units shall
be the volume weighted average trading price for such Shares on the Principal Market for the five (5) days preceding the date of reference on which the Shares traded. If the Shares did not trade, then the Fair Market Value with respect to the
Shares, Deferred Share Units, or Restricted Share Units will be determined by the Committee, acting reasonably, using any other appropriate method selected by the Committee. 
 “Good Reason”, as used in connection with the termination of a Participant’s employment, means (1) with respect to any Participant employed under a written employment agreement
with the Corporation or an Affiliate, “good reason” or similar term as defined in that written agreement or, if such agreement contains no such definition, a material breach by the Corporation of that agreement, or (2) with respect to
any other Participant, a failure by the Corporation to pay that Participant any amount otherwise vested and due and a continuation of that failure for 30 business days following notice to the Corporation of that failure. 

“insider” has the same meaning as found in the Securities Act (Alberta), as amended, and also includes associates and affiliates
of the insider; and “issuances to insiders” includes direct and indirect issuances to insiders. 
 “Option” means an
option to acquire Shares in the capital of the Corporation granted under Section 6(a) of the Plan. 
 “Other Share or
Performance-Based Award” has the meaning set out in Section 6(e) of the Plan. 
 “Participant” means any
individual granted an Award under the Plan. 
 “Participant Compensation” has the meaning set out in Section 6(c)(vii) of
the Plan. 
 “Performance Criteria” means, in respect of a Performance Option or Performance Restricted Share Unit, as
applicable, that performance criteria determined by the Committee as set forth in an Award Agreement provided that such performance criteria shall relate to the performance of the Corporation and/or any Affiliate. 

  
 - 3 -

 “Performance Option” means any Option that is granted to a Participant and is designated as
a Performance Option pursuant to Section 6(a)(v). 
 “Performance Restricted Share Unit” means any Restricted Share Unit
that is granted to a Participant and is designated as a Performance Restricted Share Unit pursuant to Section 6(b)(v). 

“Person” means any individual, corporation, partnership, association, joint-share corporation, trust, unincorporated organization, or
government or political subdivision of a government. 
 “Principal Market” means the principal stock exchange, quotation system
or other market on which the Shares are listed, admitted to trading, posted for trading or quoted upon which has occurred the greatest trading volume of the Shares for the six months (or, to the extent the Shares have not been listed, admitted to
trading, posted for trading or quoted for at least six months, the next longest period since the Shares were initially listed, admitted to trading, posted for trading or quoted) prior to the date of reference provided, however, that to the extent
deemed necessary or appropriate, the Principal Market shall be as determined by the Committee in accordance with applicable law, rules and regulations. 
 “Restricted Share Unit” means a unit credited by means of a bookkeeping entry on the books of the Corporation to a Participant pursuant to Section 6(b) of the Plan, representing the
right to receive a cash payment therefor or its equivalent in fully paid Shares (or a combination thereof), equal to the Fair Market Value of a Share calculated at the date of such payment, at the time, in the manner and subject to the terms
contained herein. 
 “Restricted Share Unit Account” has the meaning set out in Section 6(b)(i) of the Plan. 

“Restricted Share Unit Entitlement Date” has the meaning set out in Section 6(b)(iv) of the Plan. 

“RSU Service Year” has the meaning set out in Section 6(b)(ii) of the Plan. 

“Shares” means any or all, as applicable, of the Class A Subordinate Voting Shares of the Corporation and any other shares of the
Corporation as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under Section 4(b) of the Plan, and any other shares of the Corporation or any Affiliate or any successor that may be so designated by
the Committee. 
 “Significant Event” means, unless otherwise defined in an Award Agreement or a written employment agreement
between the Corporation and a Participant (which definition shall govern), the occurrence of any of the following events: (1) a person or group of persons becomes the beneficial owner of securities of the Corporation constituting 50% or more of
the voting power of all outstanding voting securities of the Corporation, (2) individuals who were proposed as nominees (but not including nominees under a shareholder proposal) to become members of the Board immediately prior to a meeting of
the shareholders of the Corporation involving a contest for, or an item of business relating to the election of members of the Board of the Corporation, not constituting a majority of the members of the Board following such election; (3) a
merger, consolidation, amalgamation or arrangement of the Corporation (or a similar transaction) occurs, unless after the event, 50% or more of the voting power of the combined 

  
 - 4 -

 
corporation is beneficially owned by the same person or group of persons as immediately before the event; or (4) the Corporation’s shareholders approve a plan of complete liquidation or
winding-up of the Corporation, or the sale or disposition of all or substantially all the Corporation’s assets (other than a transfer to an Affiliate); provided that the following shall not constitute a Significant Event: (i) any person or
group of persons becoming the beneficial owner of the threshold of securities specified in (1) as a result of the acquisition of securities by the Corporation or an Affiliate which, by reducing the number of securities outstanding, increases
the proportional number of securities beneficially held by that person or group of persons, (ii) any acquisition of securities directly from the Corporation in connection with a bona fide financing or series of financings by the Corporation,
(iii) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Corporation and/or an Affiliate or (iv) beneficial ownership by Affiliates and/or Control Persons of the Corporation or Affiliates or any
increased ownership by any of them. 
 “Tax Act” means the Income Tax Act (Canada) and the regulations thereto, as
amended from time to time. 
 “Triggering Event” has the meaning set out in Section 6(c)(ii) of the Plan. 

“Vested Awards” means an Award which has become vested in accordance with the provisions of the Plan and applicable Award Agreement or
in respect of which the vesting date has been accelerated pursuant to Section 4(c), Section 8 or Section 9 of the Plan. 

“Vested Deferred Share Unit” means a Deferred Share Unit which has vested. 
 “Vested Restricted Share Unit” means a Restricted Share Unit which has vested. 

“Window Period” has the meaning ascribed thereto in the Corporation’s insider trading policy in force, and as may be amended, from
time to time. 
  

	3.	Administration 

  

	 	(a)	The Plan will be administered by the Committee subject to the Committee reporting to the Board as required by the Committee’s mandate. 

 

	 	(b)	Subject to the Committee reporting to the Board on all matters relating to the Plan and obtaining approval of the Board for those matters required by the
Committee’s mandate, the Plan will be administered by the Committee which has the sole and absolute discretion to: (i) interpret and administer the Plan; (ii) establish, amend and rescind any rules and regulations relating to the
Plan; and (iii) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the
manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable. Any decision of the Committee with respect to the administration and interpretation of the Plan shall be final, conclusive and binding on all
parties concerned. 

  
 - 5 -

	 	(c)	Any reference in the Plan to the date of termination or cessation of a Participant’s employment shall mean the Participant’s last day of active employment and
shall not include any period of statutory, contractual, reasonable or common law notice period or any period of deemed employment. 

  

	 	(d)	Notwithstanding the foregoing, the maximum number of Shares underlying or relating to Awards which may be granted to any one Participant under the Plan in any calendar
year will not exceed 2.5% of the outstanding Shares, subject to the adjustments provided in Section 4(b). 

  

	 	(e)	Notwithstanding anything to the contrary in the Plan: 

  

	 	(i)	the maximum number of securities of the Corporation issuable to insiders at any time under (A) the Plan and (B) all of the Corporation’s other security
based compensation arrangements, shall not exceed ten percent (10%) of the Corporation’s total issued and outstanding securities, subject to the adjustments provided in Section 4(b); and 

 

	 	(ii)	the maximum number of securities of the Corporation issued to insiders within any one year period under (A) the Plan and (B) all of the Corporation’s
other security based compensation arrangements, shall not exceed five percent (5%) of the Corporation’s total issued and outstanding securities, subject to the adjustments provided in Section 4(b). 

 

	 	(f)	The aggregate number of Shares issuable to members of the Board who are not officers or employees of the Corporation or an Affiliate shall be limited to one percent
(1%) of the issued and outstanding Shares and such members of the Board shall not be eligible to be granted Options or Restricted Share Units pursuant to the Plan. 

 

	4.	Shares Available for Awards 

  

	 	(a)	Shares Available. Subject to adjustment as provided in Section 4(b): 

 

	 	(i)	Calculation of Number of Shares Available. The number of Shares available for granting Awards under the Plan initially will be 10% of the total
outstanding Class A Subordinate Voting Shares and Class B Shares of the Corporation. 

  

	 	(ii)	Shares Becoming Again Available. If, after the effective date of the Plan, any Shares covered by an Award granted under the Plan or to which such
an Award relates lapses, expires, terminates, is surrendered; or is forfeited; are settled in cash; or otherwise terminate or are canceled without the delivery of Shares or other consideration will to that extent again be, or will become, available
for granting Awards under the Plan. 

  
 - 6 -

	 	(iii)	Accounting for Awards. For purposes of this Section 4, 

 

	 	(A)	If, in the case of Options or Restricted Share Units, an Award is denominated in or based upon Shares, the number of Shares covered by that Award or to which that Award
relates will be counted on the date of grant of that Award against the total number of Shares available for granting Awards under the Plan and against the maximum number of Awards available to any Participant; and 

 

	 	(B)	Awards not denominated in Shares may be counted against the total number of Shares available for granting Awards under the Plan and against the maximum number of Awards
available to any participant in that amount and at such time as the Committee determines under procedures adopted by the Committee consistent with the purposes of the Plan; 

provided, however, that Awards that operate in tandem with (whether granted simultaneously with or at a different time from), or that are
substituted for, other Awards may be counted or not counted under procedures adopted by the Committee in order to avoid double counting. 
 Any Shares that are delivered by the Corporation, and any Awards that are granted by, or become obligations of, the Corporation, through the assumption by the Corporation or an Affiliate of, or in
substitution for, outstanding awards previously granted by an acquired corporation will, in the case of Awards granted to Participants who are executive officers or members of the Board, be counted against the Shares available for granting Awards
under the Plan. 
  

	 	(iv)	Sources of Shares Deliverable Under Awards. Any Shares delivered pursuant to the exercise, vesting or settlement of an Award may consist, in whole
or in part, of authorized and unissued Shares or (except in respect of Options) of outstanding Shares acquired on the open market through the facilities of a Broker. 

 

	 	(b)	 Adjustments In the event that the Committee determines that any dividend or other distribution (whether in the form of cash, Shares, other
securities or other property), recapitalization, share split, share dividend, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Corporation,
issuance of warrants or other rights to purchase Shares or other securities of the Corporation, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan and any Awards granted under the Plan, then the Committee will, in any manner as it may deem equitable subject to, if applicable,
approval of the Toronto Stock Exchange and NASDAQ Stock Market, adjust any or all of (1) the number and kind of Shares which thereafter may be made the subject of Awards, provided that the value of Deferred Share Units shall always be based on
the fair market value of a share of the capital stock of the Corporation, (2) the number and kind of Shares subject to outstanding Awards, and (3) the Fair Market Value or

  
 - 7 -

	 	
the grant or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, however, that the number of
Shares subject to any Award denominated in Shares will always be a whole number. Notwithstanding the foregoing, any adjustments made pursuant to this Section 4(b) shall be such that the “in-the-money” value of any Option granted
hereunder shall not be increased, that all Options are continuously governed by section 7 of the Tax Act, and that all Deferred Share Units and Restricted Share Units shall continuously meet the requirements to be exempted from the definition of
“salary deferral arrangement” in subsection 248(1) of the Tax Act. 

  

	 	(c)	Significant Events. If a Significant Event occurs, and unless otherwise provided in an Award Agreement or a written employment contract between the Corporation
and a Participant and except as otherwise set out in this paragraph, the Committee, in its sole discretion, may provide that (1) the successor corporation will assume each Award or replace it with a substitute Award on terms substantially
similar to the existing Award, (2) the Committee may permit the acceleration of vesting of any or all Awards, (3) the Awards will be surrendered for a cash payment equal to the Fair Market Value thereof, or (4) any combination of the
foregoing will occur, provided that the replacement of any Option with a substitute Option shall, at all times, comply with the provisions of subsection 7(1.4) of the Tax Act, and the replacement of any Award with a substitute Option, substitute
Deferred Share Unit or Restricted Share Unit shall be such that the substitute Award shall continuously be governed by Section 7 of the Tax Act (in the case of a substitute Option) or meet the requirements to be exempted from the definition of
“salary deferral arrangement” in subsection 248(1) of the Tax Act (in the case of a substitute Deferred Share Unit or Restricted Share Unit). 

  

	5.	Eligibility 

 Any Employee,
including any officer, employee, consultant or member of the Board of the Corporation or of any Affiliate or any provider of services to the Corporation or of any Affiliate will be eligible to be designated a Participant. 

 

	6.	Awards 

  

	 	(a)	Options. The Committee is hereby authorized to grant to Participants options to purchase Shares (each, an “Option”) which will
contain the following terms and conditions and with any additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee determines at the time of the grant: 

 

	 	(i)	Exercise Price. The purchase price per Share purchasable under an Option will be determined by the Committee; provided, however, that the exercise
price will not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant of that Option. 

  
 - 8 -

	 	(ii)	Time and Method of Exercise. Subject to the terms of Section 6(a)(iv), the Committee will determine the vesting conditions, the time or times
at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms in which payment of the exercise price with respect thereto may be made. 

 

	 	(iii)	Cashless Exercise. Notwithstanding anything else contained herein, at or after the time that any Option could be exercised by a Participant, the
Participant may elect to surrender, in whole or in part, his or her rights under any Option by written notice to the Corporation stating that such Participant wishes to surrender his or her Option in exchange for a payment by his or her Employer of
a cash amount equal to the difference between the Fair Market Value of the Shares that could be acquired under the Option on the date of surrender and the exercise price of the Option. The Board has the sole discretion to consent to or disapprove of
the election of the Participant to surrender the Option and receive cash pursuant to this Section 6(a)(iii). If the Board disapproves the election, the Participant can exercise the Option in the normal course or retain the Option unexercised.

  

	 	(iv)	Exercisability Upon Death, Retirement and Termination of Employment. Subject to the condition that no Option may be exercised in whole or in part
after the expiration of the Option period specified in the applicable Award Agreement: 

  

	 	(A)	Subject to the terms of paragraph (D) below, upon the death of a Participant while employed or within three (3) months of retirement or disability as defined
in paragraph (B) below, the Person or Persons to whom such Participant’s rights with respect to any Option held by such Participant are transferred by will or the laws of descent and distribution may, prior to the expiration of the earlier
of: (1) the outside exercise date determined by the Committee at the time of granting the Option, or (2) six (6) months after such Participant’s death, purchase any or all of the Shares with respect to which such Participant was
entitled to exercise such Option immediately prior to such Participant’s death (including the date of the Participant’s death), or may surrender such Options pursuant to Section 6(a)(iii), and any Options not so exercisable will
forfeit and be terminated on the date of such Participant’s death; 

  

	 	(B)	 Subject to the terms of paragraph (D) below, upon termination of a Participant’s employment with the Corporation or an Affiliate, as
applicable, (x) as a result of retirement pursuant to a retirement plan of the Corporation or an Affiliate or disability (as determined by the Committee) of such Participant, (y) by the Corporation or an Affiliate, as applicable, other
than for Cause, or (z) by the Participant with Good Reason, such Participant may, prior to the 

  
 - 9 -

	 	
expiration of the earlier of: (1) the outside exercise date determined by the Committee at the time of granting the Option, or (2) 90 days after the date of such termination, purchase
any or all of the Shares with respect to which such Participant was entitled to exercise any Options immediately prior to the termination of the Participant’s employment or may surrender such Options pursuant to Section 6(a)(iii), and any
Options not so exercisable will forfeit and be terminated on the date of termination; 

  

	 	(C)	Subject to the terms of paragraph (D) below, upon termination of a Participant’s employment with the Corporation or an Affiliate, as applicable, under any
circumstances not described in paragraphs (A) or (B) above, such Participant’s Options will (whether vested or unvested) be immediately canceled to the extent not theretofore exercised; 

 

	 	(D)	Upon expiration of the respective periods set out in each of paragraphs (A) and (B) above, the Options of a Participant who has died or whose employment has
been terminated will be canceled to the extent not theretofore canceled, exercised, or surrendered; and 

  

	 	(E)	For purposes of paragraphs (A) through (D) above, the period of service of an individual as a member of the Board of the Corporation or an Affiliate will be
deemed the period of employment. 

  

	 	(v)	Performance Options. The Committee has the ability, at the time Options are granted to Participants under the Plan, to designate all or a portion of such
Options as Performance Options and in the event that Options are designated as Performance Options, such Performance Options shall vest based in whole or in part on the Performance Criteria set forth in the applicable Award Agreement.

  

	 	(b)	Restricted Share Units. The Committee is hereby authorized to grant to eligible Participants Restricted Share Units each of which will consist of the right to
receive one Share or a payment of cash equal to the Fair Market Value of one Share (or a combination thereof), subject to the terms of any applicable Award Agreement and which are subject to such restrictions as the Committee may impose, which
restrictions may lapse separately or in combination at any time or times, in such installments or otherwise, as the Committee may deem appropriate. The Committee may impose any conditions or restrictions on the vesting of Restricted Share Units as
it may deem appropriate, provided that no such condition or restriction shall cause the Restricted Share Unit to fail to or cease to comply with the requirements of paragraph (k) of the exception to the definition of “salary deferral
arrangement” in subsection 248(1) of the Tax Act. 

  

	 	(i)	Restricted Share Unit Account. An Account, to be known as a “Restricted Share Unit Account”, shall be maintained by the
Corporation for each Participant. On the date of grant, the Account will be credited with the Restricted Share Units granted to a Participant on that date. 

  
 - 10 -

	 	(ii)	RSU Service Year. At the time of grant of a Restricted Share Unit, the Committee shall specify the year of service of the Participant in respect of which
the Restricted Share Units are granted (the “RSU Service Year”). Notwithstanding anything contained herein, all Restricted Share Units shall be in addition to, and not in substitution for or in lieu of, ordinary salary and wages
received by such Participant in respect of his or her services to the Corporation or an Affiliate, as applicable. 

  

	 	(iii)	Dividend Equivalents. Unless otherwise determined by the Committee in its sole discretion or as may otherwise be set out in the applicable Award
Agreement, on the payment date for cash dividends paid on Shares (the “Dividend Payment Date”), the Restricted Share Unit Account of each Participant shall be credited with additional Restricted Share Units in respect of Restricted
Share Units credited to and outstanding in the Participant’s Restricted Share Unit Account as of the record date for payment of such dividends (the “Dividend Record Date”). The number of such additional Restricted Share Units
to be credited to the Participant’s Restricted Share Unit Account will be calculated (to two decimal places) by dividing the total amount of the dividends that would have been paid to such Participant if the Restricted Share Units in the
Participant’s Restricted Share Unit Account (including fractions thereof), as of the Dividend Record Date, were Shares, by the Fair Market Value of a Share on the Dividend Payment Date. However, no Restricted Share Units will be credited to a
Participant’s Restricted Share Unit Account in respect of dividends paid on Shares where the Dividend Record Date relating to such dividends falls after the termination of the Participant’s employment or services, as applicable.

  

	 	(iv)	Redemption of Restricted Share Units. On a date to be determined by the Committee, in its sole discretion, following the day on which any Restricted Share
Units become Vested Restricted Share Units, which date, notwithstanding anything else herein contained, shall be on or before that date which is three years following the end of the relevant RSU Service Year (the “Restricted Share Unit
Entitlement Date”), such Vested Restricted Share Units shall be redeemed and paid by the Participant’s Employer to the Participant or the Participant’s Beneficiary, as applicable. The Fair Market Value of the Vested Restricted
Share Units so redeemed shall, after deduction of any applicable taxes and other source deductions required to be withheld by the Employer, be paid in cash or Shares, at the choice of the Employer. 

 

	 	(v)	 Performance Restricted Share Units. The Committee has the ability, at the time Restricted Share Units are granted to Participants under
the Plan, to designate all or a portion of such Restricted Share Units as Performance Restricted Share Units and in the event that Restricted Share Units are 

  
 - 11 -

	 	
designated as Performance Restricted Share Units, such Performance Restricted Share Units shall vest based in whole or in part on the Performance Criteria set forth in the applicable Award
Agreement. Notwithstanding any other provision of the Plan, but subject to the limits described in Sections 3 and 4 and any other applicable requirements of the Principal Market or other regulatory authority, the Committee reserves the right to
make any additional adjustments to the number of Shares to be issued pursuant to any Performance Restricted Share Unit if, in the sole discretion of the Committee, such adjustments are appropriate in the circumstances having regard to the principal
purposes of the Plan. 

  

	 	(c)	Deferred Share Units. The Committee may also grant to eligible Participants Deferred Share Units, which may have all of the rights and restrictions that may be
applicable to Restricted Share Units, except that the Deferred Share Units may not be redeemed until the Participant has ceased to hold all offices, employment and directorships with the Corporation and all Affiliates. 

 

	 	(i)	Deferred Share Unit Account. An Account, to be known as a “Deferred Share Unit Account” shall be maintained by the Corporation for
each Participant. On the date of grant, the Account will be credited with the Deferred Share Units granted to a Participant on that date. 

  

	 	(ii)	 No Payment Until Cessation of Employment. Notwithstanding any other provision of the Plan, no payments shall be made in respect of a
Deferred Share Unit until after the earliest time of: (i) the Participant’s death; or (ii) the latest time that the Participant ceases to be an employee, officer, consultant or member of the Board of the Corporation or any Affiliate
(such time is referred to as the “Triggering Event”). All payments in respect of a Deferred Share Unit shall be made no later than December 31st of the year commencing immediately after the occurrence of the Triggering Event. For the purposes of this
Section 6(c)(ii), “Affiliate” of the Corporation shall have the meaning specified in paragraph 8 of the Canada Revenue Agency’s Interpretation Bulletin IT-337R4, Retiring Allowances [Consolidated], or any successor
publication thereto. 

  

	 	(iii)	Payment based on Fair Market Value. All amounts to be paid in respect of any Deferred Share Unit granted to a Participant shall depend on the Fair Market
Value of a share in the share capital of the Corporation at a time within the period that commences one year before the date of the Triggering Event and ends at the time the amount is paid. 

 

	 	(iv)	 Dividend Equivalents. Unless otherwise determined by the Committee in its sole discretion or as may otherwise be set out in the
applicable Award Agreement, on the Dividend Payment Date, the Deferred Share Unit Account of each Participant shall be credited with additional Deferred Share Units in respect of Deferred Share Units credited to and outstanding in the
Participant’s Deferred Share Unit Account as of the Dividend Record Date. The number of such additional Deferred Share Units to be 

  
 - 12 -

	 	
credited to the Participant’s Deferred Share Unit Account will be calculated (to two decimal places) by dividing the total amount of the dividends that would have been paid to such
Participant if the Deferred Share Units in the Participant’s Deferred Share Unit Account (including fractions thereof), as of the Dividend Record Date, were Shares, by the Fair Market Value of a Share on the Dividend Payment Date. However, no
Deferred Share Units will be credited to a Participant’s Deferred Share Unit Account in respect of dividends paid on Shares where the Dividend Record Date relating to such dividends falls after the termination of the Participant’s
employment or directorship, as applicable. 

  

	 	(v)	No Additional Amounts. No Participant or any person who deals at non-arm’s length, within the meaning of the Tax Act, with the Participant, shall be
entitled, under the Plan or otherwise, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted or to be granted for the purposes of reducing the impact, in whole or in part, of any
reduction in the Fair Market Value of any shares of the Corporation. 

  

	 	(vi)	Redemption of Deferred Share Units. On a date to be determined by the Committee, in its sole discretion, after the occurrence of a Triggering Event in
respect of a Participant, which date, notwithstanding anything else herein contained, shall be on or before December 15 of the calendar year commencing immediately after the date of the Triggering Event (the “Deferred Share Unit
Entitlement Date”), the Fair Market Value of the Vested Deferred Share Units credited to the Participant’s Deferred Share Unit Account, shall be redeemed and paid by the Participant’s Employer to the Participant or the
Participant’s Beneficiary, as applicable. The Fair Market Value of the Vested Deferred Share Units so redeemed shall, after deduction of any applicable taxes and other source deductions required to be withheld by the Employer, be paid in cash
or Shares, at the choice of the Employer. 

  

	 	(vii)	 Conversion of compensation into Deferred Share Units. Subject to such rules, regulations and conditions as the Committee, in its sole
discretion, may impose, a Participant may elect, irrevocably, no later than December 15th of the calendar year preceding the year in which the election is to be effective, to have all, or any portion, of the ordinary cash compensation (the “Participant Compensation”) to be
paid by his or her Employer to such Participant for services to be performed in the calendar year following the date of the election, satisfied by way of Deferred Share Units credited to his or her Deferred Share Unit Account (with the remainder to
be paid in cash), by completing and delivering to the Corporation an initial written election, in a form substantially similar to the form specified in Schedule “A” or “A-1”, as applicable. Such election shall set out
the percentage of each Participant’s compensation that the Participant wishes to be satisfied in the form of Deferred Share Units (with 

  
 - 13 -

	 	
the remaining percentage to be paid in cash), within the limitations of Section 6(c)(vii)(C), for the calendar year with respect to which the election is made and for subsequent years unless
the Participant amends his or her election under Section 6(c)(vii)(A). 

  

	 	(A)	An employee may initiate or change the percentage of his or her Participant Compensation to be satisfied in the form of Deferred Share Units for any subsequent calendar
year by completing and delivering to the Corporation a new written election no later than December 15 of the calendar year immediately preceding the calendar year to which the Participant Compensation relates. 

 

	 	(B)	 Notwithstanding anything in this Section 6(c)(vii), an election can only be made during the Window Period; provided that no election will be
permitted to be made or altered after December 15th
of the calendar year immediately preceding the year in which the election is to be effective. 

  

	 	(C)	Any election made by a Participant under this Section 6(c)(vii) shall be in the form attached to the Plan as Schedule “A”, or such other form as may be
prescribed by the Committee, and shall designate the percentage, if any, of the Participant Compensation that is to be satisfied in the form of Deferred Share Units, all such designations to be in increments of five percent (5%).

  

	 	(D)	A Participant’s election received by the Corporation under Section 6(c)(vii) shall be irrevocable and shall continue to apply with respect to his or her
Participant Compensation for any subsequent calendar year unless the Participant amends his or her election under Section 6(c)(vii)(A). 

  

	 	(E)	Where there is no election that complies with this Section 6(c)(vii) in effect for a Participant for a particular calendar year, such Participant shall be deemed
to have elected to receive his or her Participant Compensation for the applicable calendar year in cash. 

  

	 	(d)	General 

  

	 	(i)	No Cash Consideration for Awards. Awards may be granted for no cash consideration or for such minimal cash consideration as may be required by
applicable law. 

  

	 	(ii)	Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem
with, or in substitution for any other Award. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other awards. 

  
 - 14 -

	 	(iii)	Forms of Payment Under Awards. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the
Corporation or an Affiliate upon the grant, exercise, surrender, redemption or payment of an Award may be made in such form or forms as the Committee will determine, including, without limitation, cash, Shares, other securities, other Awards, or
other property, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee provided however that in no
circumstances shall any Class B Shares of the Corporation be issued or issuable pursuant to any Award. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or
deferred payments. The Committee may provide for financing by broker-dealers (including payment by the Corporation of commissions) and may establish procedures (including broker-dealer assisted cashless exercise) for payment of withholding tax
obligations in cash or in Shares. 

  

	 	(iv)	Limits on Transfer of Awards. 

  

	 	(A)	No Award, and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than
by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale or other transfer or encumbrance will be void and unenforceable against the Corporation or any Affiliate.

  

	 	(B)	Each Award, and each right under any Award, will be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law,
by the Participant’s guardian or legal representative. 

  

	 	(v)	Terms of Awards. Subject to the terms of the Plan, the term of each Award will be for such period as may be determined by the Committee; provided,
however, that the term of any Award of Options shall not exceed a period of 10 years from the date of its grant. 

  

	 	(vi)	Share Certificates. All certificates for Shares delivered under the Plan pursuant to any Award or the exercise or redemption thereof will be
subject to any stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of Canadian securities regulators, the Securities and Exchange Commission, any stock
exchange upon which such Shares are then listed, and any applicable federal, state, provincial or territorial securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions. 

  
 - 15 -

	 	(vii)	Delivery of Shares or Other Securities and Payment by Participant of Consideration. No Shares or other securities will be delivered pursuant to any
Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement is received by the Corporation. Such payment may be made by such method or methods and in such form or forms as the Committee will
determine, including, without limitation, cash, Shares, other securities, other Awards or other property, or any combination thereof; provided that the combined value, as determined by the Committee, of all cash and cash equivalents and the Fair
Market Value of any such Shares or other property so tendered to the Corporation, as of the date of such tender, is at least equal to the full amount required to be paid pursuant to the Plan or the applicable Award Agreement to the Corporation.

  

	 	(viii)	No Shareholder Rights. Under no circumstances shall Options, Restricted Share Units, Deferred Share Units or any other Award made under the Plan be
considered Shares or other securities of the Corporation, nor shall they entitle any Participant to exercise voting rights or any other rights attaching to the ownership of Shares or other securities of the Corporation, including, without
limitation, voting rights, dividend entitlement rights (except as provided in Sections 6(b)(iii) and 6(c)(iv)) or rights on liquidation, nor shall any Participant be considered the owner of Shares by virtue of any Award. 

 

	 	(e)	Other Awards. The Committee is hereby authorized to grant to Participants “Other Share or Performance-Based Awards”, which shall consist
of a right that: (i) is not an Award described in any other provision of the Plan, and (ii) is (A) denominated or payable in, (B) valued, in whole or in part, by reference to, or (C) otherwise based on or related to, Shares
(including, without limitation, units or securities convertible into Shares) or cash, in each case as may be deemed by the Committee, in its sole discretion, to be consistent with the purposes of the Plan. 

 

	7.	Discretion to Pay Restricted Share Units and Deferred Share Units in Shares 

 

	 	(a)	Discretion to Pay in Shares. Subject to Sections 7(b) and (e) and the entitlement dates prescribed in Section 6(b)(iv) or Section 6(c)(vi), as
applicable, the Employer shall have the right, in its sole discretion, to require that the cash value of the Restricted Share Units or Deferred Share Units redeemed by or in respect of a Participant shall, after deduction of any applicable
withholding taxes, be used to purchase on behalf of such Participant or the Participant’s Beneficiary, as applicable, Shares on the open market in accordance with the provisions of Sections 7(b) and (d), and on delivery or credit of such Shares
to or for the account of the Participant or the Participant’s Beneficiary, as applicable, the Employer shall be fully discharged of its obligations pursuant to the Plan in so doing and the Restricted Share Units or Deferred Share Units in
respect of which such payment was made shall be cancelled and no further payments shall be made from the Plan in respect of such Restricted Share Units or Deferred Share Units, as applicable. 

  
 - 16 -

	 	(b)	Purchase of Shares. In the event the Employer exercises its right under Section 7(a), prior to 11:00 a.m. on the Participant’s Restricted Share
Unit Entitlement Date or Deferred Share Unit Entitlement Date, as applicable (or, where such entitlement date is not a business day, on the next business day), the Committee shall notify the Broker as to the cash value of the redeemed Restricted
Share Units or Deferred Share Units, as applicable, in the Participant’s Restricted Share Unit Account or Director’s Share Unit Account, as applicable, after deduction of applicable withholding taxes, to be used by the Broker to purchase
Shares on behalf of the Participant on the open market. As soon as practicable thereafter, and subject to the entitlement dates prescribed in Section 6(b)(iv) or Section 6(c)(vi), as applicable, the Broker shall purchase on the open market
the maximum number of Shares possible at such time with the cash value disclosed by the Committee and shall notify the Participant and the Committee of: (i) the number of Shares purchased; (ii) the aggregate purchase price of the Shares
(“Aggregate Purchase Price”); (iii) the purchase price per share or, if the Shares were purchased at different prices, the average purchase price (computed on a weighted average basis) per share; (iv) the amount of any
related brokerage commission; and (v) the settlement date for the purchase of the Shares. On the settlement date in respect of the Shares purchased hereunder, upon payment of the Aggregate Purchase Price and related brokerage commission by the
Employer, the Broker shall, in accordance with the instructions of the Participant or the Participant’s Beneficiary, as applicable, deliver to the Participant or the Participant’s Beneficiary, as applicable, a certificate representing such
Shares, or credit such Shares to an account with the Broker in the name of the Participant or the Participant’s Beneficiary, as applicable. 

  

	 	(c)	Payment of Balance Remaining on Share Purchase. If, after the Broker applies the value of a Participant’s Restricted Share Units or Deferred Share Units, as
applicable, to the purchase of whole Shares as provided for in Section 7(b), an amount remains payable under the Plan in respect of the Participant, the Employer shall pay such amount in cash to the Participant or the Participant’s
Beneficiary as applicable. 

  

	 	(d)	 Purchase by Broker. Purchases of Shares pursuant to the Plan shall be made on the open market by the Broker. Any designation of a Broker may be
changed by the Participant from time to time. Upon designation of a Broker or at any time thereafter, the Committee may on behalf of the Corporation and any Employer elect to provide the designated Broker with a letter agreement to be executed by
the Broker and entered into with the Participant and to which the Corporation and any Employer would also be a party, setting forth, inter alia, (i) the Broker’s concurrence to being so designated, and agreement to act for the
Participant’s account in accordance with customary usage of the trade with a view to obtaining the best share price for the Participant and to settle the purchase by delivering share certificates for the Shares purchased or by crediting such
Shares to an 

  
 - 17 -

	 	
account in the name of the Participant or the Participant’s Beneficiary, as applicable, in accordance with the instructions of the Participant or the Participant’s Beneficiary, as
applicable, upon payment by the applicable Employer of the purchase price and related reasonable brokerage commission; and (ii) the Employer’s agreement to notify the Broker of the number of Shares to be purchased and to pay the purchase
price and the related reasonable brokerage commission on behalf of the Participant or the Participant’s Beneficiary, as applicable, provided however that no terms of said letter agreement shall have the effect of making the Broker or deeming
the Broker to be an affiliate of (or not independent from) the Corporation and any corporation related (within the meaning of the Tax Act) to the Corporation for purposes of any applicable corporate, securities or stock exchange requirement.

  

	 	(e)	Payment where no market for Shares. In the event that, at the time contemplated for the purchase of Shares under the Plan, there is no public market for the
Shares, the obligations of the Employer under the Plan shall be met by a payment in cash in such amount as is reasonably determined by the Board to be equitable in the circumstances based on the value of the Shares at the time of payment, less
applicable withholding taxes, such determination to be final and binding for all purposes. 

  

	8.	Death or Disability of Participant 

At the discretion of the Committee, the Restricted Share Units of a Participant shall either (in each case, to the extent designated by the Committee
provided that, for greater certainty, the Committee shall have the discretion to designate all or any part of the Restricted Share Units covered thereby as being subject to Section 8(a) and/or Section 8(b)): 

 

	 	(a)	become Vested Awards immediately, and not terminate nor be forfeited, on the death, retirement pursuant to a retirement plan of the Corporation or an Affiliate or
termination of employment by reason of the disability (as determined by the Committee) of the Participant; or 

  

	 	(b)	terminate and become null and void on the death, retirement pursuant to a retirement plan of the Corporation or an Affiliate or termination of employment by reason of
the disability (as determined by the Committee) of the Participant. 

  

	9.	Acceleration 

 Notwithstanding
anything else herein contained, the Committee may, in its sole discretion, at any time permit the acceleration of vesting of any or all Awards. 

  
 - 18 -

	10.	Amendments and Adjustments 

 Except
to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan: 
  

	 	(a)	Amendments to the Plan. Subject to the requirements of applicable law, rules and regulations, the Board may amend, alter, suspend, discontinue, or terminate the
Plan without the consent of any shareholder, Participant, other holder or Beneficiary of an Award, or other Person; provided, however, that, subject to the Corporation’s rights to adjust Awards under Section 10(c) and (d), any amendment,
alteration, suspension, discontinuation, or termination that would impair the rights of any Participant, or any other holder or beneficiary of any Award previously granted, will not to that extent be effective without the consent of that
Participant, other holder or beneficiary of an Award, as the case may be; and provided further, however, that notwithstanding any other provision of the Plan or any Award Agreement, without the approval of the shareholders of the Corporation no
amendment, alteration, suspension, discontinuation, or termination will be made that would: 

  

	 	(i)	increase the total number of Shares available for Awards under the Plan, except as provided in Section 4; 

 

	 	(ii)	reduce the exercise price or extend the term of any Award benefiting an insider of the Corporation; and 

 

	 	(iii)	otherwise cause the Plan to cease to comply with any tax or regulatory requirement, including for these purposes any approval or other requirement.

  

	 	(b)	Amendments to Awards. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award
previously granted, prospectively or retroactively; provided, however, that, subject to the Corporation’s rights to adjust Awards under Section 10(c) and (d), any amendment, alteration, suspension, discontinuation, cancellation or
termination that would impair the rights of any Participant or holder or beneficiary of any Award previously granted, will not to that extent be effective without the consent of the Participant or holder or beneficiary of an Award, as the case may
be. 

  

	 	(c)	Adjustment of Awards Upon Certain Acquisitions. In the event the Corporation or any Affiliate assumes outstanding employee awards or the right or obligation to
make future awards in connection with the acquisition of another business or another corporation or business entity, the Committee may, subject to, if applicable, approval of the Toronto Stock Exchange and NASDAQ Stock Market, make any adjustments,
not inconsistent with the terms of the Plan, in the terms of Awards as it deems appropriate in order to achieve reasonable comparability or other equitable relationship between the assumed awards and the Awards granted under the Plan as so adjusted.

  

	 	(d)	 Adjustments of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. Subject to, if applicable, approval of the Toronto Stock
Exchange and NASDAQ Stock Market, the Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in, 

  
 - 19 -

	 	
Awards in recognition of unusual or non-recurring events (including, without limitation, the events described in Section 4(b) or Section 4(c)) affecting the Corporation, any Affiliate,
or the financial statements of the Corporation or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that those adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan. 

  

	11.	General Provisions 

  

	 	(a)	No Right to Awards. No Employee or other Person will have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of
treatment of Employees, or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. 

 

	 	(b)	Delegation. Subject to the terms of the Plan and applicable law, the Committee may delegate to one or more officers or managers of the Corporation or any
Affiliate, or to a committee of such officers or managers, the authority, subject to such terms and limitations as the Committee will determine, to cancel, modify, waive rights with respect to, alter, discontinue, suspend, or terminate Awards.

  

	 	(c)	Correction of Defects, Omissions, and Inconsistencies. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or
any Award in the manner and to the extent it will deem desirable to carry the Plan into effect. 

  

	 	(d)	Withholding. The Corporation or any Affiliate will be authorized to withhold from any Award granted, from any payment due or transfer made under any Award or
under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other securities, other Awards, or other property) of withholding, taxes or other amounts which are due or payable in respect of an Award,
its exercise, or any payment or transfer under such Award or under the Plan and to take any other action as may be necessary in the opinion of the Corporation or any Affiliate, acting reasonably, to satisfy all obligations for the payment of those
taxes. Neither the Corporation nor any Affiliate shall be held responsible for any tax or other liabilities or consequences which result from the Participant’s participation in the Plan, including any employment related taxes or benefit costs,
whether or not such costs are the primary responsibility of the Corporation or the Affiliate. 

  

	 	(e)	No Limit on Other Compensation Arrangements. Nothing contained in the Plan will prevent the Corporation or any Affiliate from adopting or continuing in effect
other or additional compensation arrangements, and those arrangements may be either generally applicable or applicable only in specific cases. 

  

	 	(f)	 Collection of Personal Information. Each Participant shall provide the Corporation, the Board and the Committee with all information they
require in 

  
 - 20 -

	 	
order to administer the Plan. The Corporation, the Board and the Committee may from time to time transfer or provide access to such information to a third party service provider for purposes of
the administration of the Plan provided that such service providers will be provided with such information for the sole purpose of providing such services to the Corporation. By participating in the Plan, each Participant acknowledges that
information may be so provided and agrees to its provision on the terms set forth herein. Except as specifically contemplated in this Section 11(f), the Corporation, the Board and the Committee shall not disclose the personal information of a
Participant except: (i) in response to regulatory filings or other requirements for the information by a governmental authority with jurisdiction over the Corporation; (ii) for the purpose of complying with a subpoena, warrant or other
order by a court, person or body having jurisdiction to compel production of the information; or (iii) as otherwise required by law. In addition, personal information of Participants may be disclosed or transferred to another party during the
course of, or completion of, a change in ownership of, or the grant of a security interest in, all or a part of the Corporation or any Affiliate, including through an asset or share sale, or some other form of business combination, merger or joint
venture, provided that such party is bound by appropriate agreements or obligations. 

  

	 	(g)	No Right to Employment. The grant of an Award will not be construed as giving a Participant the right to be retained in the employ, as an officer or director of
the Corporation or any Affiliate. Further, the Corporation or any Affiliate may at any time dismiss a Participant from employment, as an officer or member of the Board, free from any liability, or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award Agreement. 

  

	 	(h)	Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan will be determined in accordance with the
laws of the Province of Alberta and the federal laws of Canada applicable in Alberta. 

  

	 	(i)	Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any
Person or Award under any law deemed applicable by the Committee, that provision will be construed or deemed amended to conform to applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan or the Award, that provision will be stricken as to that jurisdiction, Person or Award and the remainder of the Plan and any such Award will remain in full force and effect. 

 

	 	(j)	No Trust or Fund Created. The Plan shall be unfunded in all respects. Neither the Plan nor any Award will create or be construed to create a trust or separate
fund of any kind or a fiduciary relationship between the Corporation or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Corporation or any Affiliate pursuant to an
Award, that right will be no greater than the right of any unsecured general creditor of the Corporation or any Affiliate. 

  
 - 21 -

	 	(k)	No Fractional Shares. No fractional Shares will be issued or delivered pursuant to the Plan or any Award, and the Committee will determine whether cash, other
securities, or other property will be paid or transferred in lieu of any fractional Shares or whether those fractional Shares or any rights thereto will be canceled, terminated, or otherwise eliminated. 

 

	 	(l)	Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Those headings will not be deemed in
any way material or relevant to the construction or interpretation of the Plan or any provision of the Plan. 

  

	12.	Adoption, Approval and Effective Date of the Plan 

 The Plan will be adopted by the Board and the shareholders of the Corporation prior to the completion of the Corporation’s initial public offering (the “IPO”) and will become
effective immediately prior to the closing of the IPO. The Plan shall continue in effect until its termination by the Committee. 
  

	13.	Special Provisions Applicable to U.S. Participants 

 Any provision of the Plan to the contrary notwithstanding, any grant of an Award to a Participant who is a U.S. Participant (as defined in the Special Appendix attached to the Plan) shall be subject to
the provisions of the Special Appendix attached to the Plan. 

  
 - 22 -

 SCHEDULE “A” 

SMART Technologies Inc. 
 Amended and Restated Equity Incentive Plan (the “Plan”) 
 Participation and Election Agreement 
 I hereby confirm that, as of the date written
below, I am an employee, officer, consultant and/or member of the Board of Directors of SMART Technologies Inc. (the “Corporation”) or an Affiliate and acknowledge that I have been or will be granted Deferred Share Units under the
Plan and/or have elected or will elect herein to have all or a percentage of my Participant Compensation satisfied in the form of Deferred Share Units under Section 6(c)(vii) of the Plan, subject to and in accordance with the terms of the Plan
and my Notice of Deferred Share Unit Award (“Award Notice”). 
 The terms and conditions of the Plan and my Award Notice are
hereby incorporated by reference as terms and conditions of this election and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan. 

I hereby acknowledge and confirm that: 
  

	 	1.	I elect to have     % of my Participant Compensation satisfied in the form of Deferred Share Units. 

 

	 	2.	I have received and reviewed a copy of the Plan and agree to be bound by the terms and conditions of the Plan. 

 

	 	3.	I understand that any election I make with respect to my Participant Compensation shall be effective only with respect to compensation paid for services performed in
calendar years after this Participation and Election Agreement is filed, and shall be irrevocable in respect of the calendar year it is made for and shall remain in effect until modified or revoked by the filing of a new election form in accordance
with the terms of the Plan. 

  

	 	4.	I understand that I will not be able to cause the Corporation to redeem Deferred Share Units granted under the Plan until I am no longer an employee, officer or member
of the Board of the Corporation or of an Affiliate. 

  

	 	5.	I recognize that when Deferred Share Units credited pursuant to the Plan are redeemed in accordance with the terms of the Plan after I am no longer either an employee,
officer, consultant or member of the Board of the Corporation or of an Affiliate, income tax and other withholdings as required by law will arise at that time. Upon redemption of the Deferred Share Units, the Corporation or an Affiliate, as
applicable, will make all appropriate withholdings as required by law at that time. Neither the Corporation nor any Affiliate has provided me with any tax advice with respect to the Plan and I acknowledge that I should confirm with my own advisor(s)
the tax treatment of my Deferred Share Units. 

	 	6.	The value of Deferred Share Units is based on the value of the Shares of the Corporation from time to time and therefore is not guaranteed. 

 

	 	7.	No funds will be set aside to guarantee payment of the amounts due upon the redemption of Deferred Share Units. Future payment of such amounts will remain an unfunded
and unsecured liability recorded on the books of the Corporation. 

  

	 	8.	I understand that all distributions in respect of any Deferred Share Units in my Deferred Share Unit Account will be in the form of cash or Shares, at the discretion of
the Committee. 

  

	 	9.	As a Participant in the Plan, I am required to provide the Corporation with all information (including personal information) required to administer and operate the Plan
and I hereby consent to the collection and use of all such information by the Corporation and the Committee. I understand that the Corporation may from time to time transfer or provide access to Participant information to (i) third party
service providers for purposes of the administration of the Plan and, (ii) Affiliates for purposes of preparing financial statements or other necessary reports and facilitating payment or reimbursement of Plan expense, and that such persons
will be provided with such information for such purposes only. I also understand that the Corporation may from time to time disclose personal information about me in response to regulatory filings or other requirements for the information by a
governmental authority or regulatory body, or for the purpose of complying with a subpoena, warrant or other order by a court, person or body having jurisdiction over the Corporation to compel production of the information. 

The foregoing is only a brief outline of certain key provisions of the Plan. For more complete information, reference should be made to the Plan
text. In the event of any conflict between the terms of the Plan and this Participation and Election Agreement or the Award Notice, the terms of the Plan will prevail and govern. 

 

					
	  
	 		 	  

	Date	 		 	(Name of Participant) [Please Print]
			
		 		 	  

		 		 	(Signature of Participant)

  
 - 24 -

 Special Appendix 

to 

SMART Technologies Inc. 
 Amended and Restated Equity Incentive Plan (the “Plan”) 
 Special Provisions Applicable to U.S. Participants 
 This special appendix sets
forth special provisions of the Plan that apply to U.S. Participants. 
  

	1.	Definitions 

 For purposes of this
Special Appendix: 
  

	 	(a)	“Code” means the United States Internal Revenue Code of 1986, as amended, and any applicable Treasury Regulations and other binding regulatory guidance
thereunder. 

  

	 	(b)	“Section 409A” means Section 409A of the Code. 

  

	 	(c)	“Separation from Service” means a “separation from service” for purposes of Section 409A(a)(2)(A)(i) of the Code.

  

	 	(d)	“Specified Employee” means a “specified employee” as determined by the Board in a manner that complies with Section 409A(a)(2)(B)(i) of
the Code. 

  

	 	(c)	“U.S. Participant” means a Participant who is a “United States person” under Section 7701(a)(30) of the Code. 

 

	2.	Compliance with Section 409A 

 The
Plan and Awards granted to any U.S. Participant under the Plan are intended to be exempt from or comply with the requirements of Section 409A so as to avoid any tax arising under Section 409A and shall be interpreted and administered in a
manner consistent with that intent, provided, however, that in the case of a U.S. Participant who is also subject to taxation under the Tax Act in respect of Awards granted hereunder, the intent is also that the Participant will not be subject to
material adverse tax consequences under the Tax Act. In furtherance of this intent, and any provision of the Plan to the contrary notwithstanding, with respect to Awards granted to a U.S. Participant: 

 

	 	(a)	 All Options granted to U.S. Participants are intended to be exempt stock rights pursuant to Section 1.409A-1(b)(5) of the United States Treasury
Regulations. Any Award Agreement evidencing the grant of an Option to a U.S. Participant shall be written in a manner consistent with that intent. In addition, for purposes of determining the exercise price of Shares on the date of grant of an
Option under Section 6(a)(i) of the Plan, “Fair Market Value” means the closing trading price reported for such Shares on the date of reference on the Principal Market, provided that if there is no closing trading price reported on
any such date, then 

	 	
Fair Market Value with respect to the Shares shall be the volume weighted average trading price for such Shares on the Principal Market for the five (5) days preceding the date of reference
on which the Shares traded, but not less than the closing trading price reported for such Shares on the last preceding business day on which there was a closing trading price on the Principal Market. 

 

	 	(b)	If an Award other than an Option is granted under the Plan to a U.S. Participant, such Award shall be designed in a manner intended to avoid any tax arising under
Section 409A and shall be evidenced by an Award Agreement that is designed to comply with Section 409A or be exempt therefrom and also, if the Participant is subject to taxation under the Tax Act, that is designed so that the Participant
will not be subject to material adverse tax consequences under the Tax Act to the extent both goals can be achieved. In furtherance of such intent, with respect to Awards other than Options, such Award Agreements may vary from the general terms of
the Plan, where necessary, including without limitation the following: 

  

	 	(i)	Where applicable, any reference or requirement relating to the termination or cessation of a U.S. Participant’s employment may instead refer to or require such
U.S. Participant’s Separation from Service; 

  

	 	(ii)	Where an Award Agreement is designed to be exempt from Section 409A, “Good Reason” may be defined so that a Separation from Service for Good Reason
effectively constitutes an “involuntary separation from service” in accordance with Section 1.409A-1(n)(2) of the United States Treasury Regulations unless not required to satisfy the exemption requirements. 

 

	 	(iii)	To the extent that a payment that is intended to be compliant with Section 409A is to occur upon the occurrence of a Significant Event, “Significant
Event” may be limited, as needed, so that it will constitute a change in the ownership or effective control of the Corporation or a change in the ownership of a substantial portion of the assets of the Corporation in accordance with
Section 409A(a)(2)(A)(v) of the Code. 

  

	 	(iv)	The payment provisions of an Award Agreement may be designed to maintain the status of the Award as either compliant with or exempt from Section 409A. If required
for an Award subject to Section 409A, an Award Agreement may include, without limitation, a requirement that a Specified Employee not be paid earlier than six months following the date of the U.S. Participant’s Separation from Service (or,
if earlier, the date of death of the U.S. Participant). 

  

	 	(c)	Any adjustments or amendments made with respect to an Award granted to a U.S. Participant, such as those referenced under Sections 4(b), 6(b)(v) and 10 of the Plan,
will be performed in a manner designed to maintain the status of the Award as either compliant with or exempt from Section 409A except where necessary to avoid material adverse tax consequences to the Participant under the Tax Act with respect
to a Participant subject to the Tax Act. 

  
 - 2 -

 SCHEDULE “A-1” 

SMART Technologies Inc. 
 Amended and Restated Equity Incentive Plan (the “Plan”) 
 Participation and Election Agreement for U.S. Participant 
 I hereby confirm that,
as of the date written below, I am an employee, officer, consultant and/or member of the Board of Directors of SMART Technologies Inc. (the “Corporation”) or an Affiliate and acknowledge that I have been or will be granted Deferred
Share Units under the Plan and/or have elected or will elect herein to have all or a percentage of my Participant Compensation satisfied in the form of Deferred Share Units under Section 6(c)(vii) of the Plan, subject to and in accordance with
the terms of the Plan and my Notice of Deferred Share Unit Award for U.S. Participant (“Award Notice”). 
 The terms and
conditions of the Plan and my Award Notice are hereby incorporated by reference as terms and conditions of this election and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the
Plan. 
 I hereby acknowledge and confirm that: 
  

	 	1.	I elect to have     % of my Participant Compensation satisfied in the form of Deferred Share Units. 

 

	 	2.	I have received and reviewed a copy of the Plan and a related Memorandum to Participants and I agree to be bound by the terms and conditions of the Plan.

  

	 	3.	I understand that any election I make with respect to my Participant Compensation shall be effective only with respect to compensation paid for services performed in
calendar years after this Participation and Election Agreement is filed, and shall be irrevocable in respect of the calendar year it is made for and shall remain in effect until modified or revoked by the filing of a new election form in accordance
with the terms of the Plan.  

  

	 	4.	I understand that I will not be able to cause the Corporation to redeem Deferred Share Units granted under the Plan until I have had a “Separation from
Service” (as defined in the Special Appendix to the Plan) with respect to the Corporation or, if I perform services for an Affiliate, such Affiliate. 

  

	 	5.	I recognize that when Deferred Share Units credited pursuant to the Plan are redeemed in accordance with the terms of the Plan after I am no longer either an employee,
officer, consultant or member of the Board of the Corporation or of an Affiliate, income tax and other withholdings as required by law will arise at that time. Upon redemption of the Deferred Share Units, the Corporation or an Affiliate, as
applicable, will make all appropriate withholdings as required by law at that time. Neither the Corporation nor any Affiliate has provided me with any tax advice with respect to the Plan and I acknowledge that I should confirm with my own advisor(s)
the tax treatment of my Deferred Share Units. 

	 	6.	The value of Deferred Share Units is based on the value of the Shares of the Corporation from time to time and therefore is not guaranteed. 

 

	 	7.	No funds will be set aside to guarantee payment of the amounts due upon redemption of Deferred Share Units. Future payment of such amounts will remain an unfunded and
unsecured liability recorded on the books of the Corporation. 

  

	 	8.	I understand that all distributions in respect of any Deferred Share Units in my Deferred Share Unit Account will be in the form of cash or Shares, in the discretion of
the Committee. 

  

	 	9.	As a Participant in the Plan, I am required to provide the Corporation with all information (including personal information) required to administer and operate the Plan
and I hereby consent to the collection and use of all such information by the Corporation and the Committee. I understand that the Corporation may from time to time transfer or provide access to Participant information to (i) third party
service providers for purposes of the administration of the Plan and, (ii) Affiliates for purposes of preparing financial statements or other necessary reports and facilitating payment or reimbursement of Plan expense, and that such persons
will be provided with such information for such purposes only. I also understand that the Corporation may from time to time disclose personal information about me in response to regulatory filings or other requirements for the information by a
governmental authority or regulatory body, or for the purpose of complying with a subpoena, warrant or other order by a court, person or body having jurisdiction over the Corporation to compel production of the information. 

The foregoing is only a brief outline of certain key provisions of the Plan. For more complete information, reference should be made to the Plan
text and the Memorandum to Participants. In the event of any conflict between the terms of the Plan and this Participation and Election Agreement, the Memorandum to Participants or the Award Notice, the terms of the Plan will prevail and govern.

  

					
	  
	 		 	  

	Date	 		 	(Name of Participant) [Please Print]
			
		 		 	  

		 		 	(Signature of Participant)

  
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