Document:

exv10w3

Exhibit 10.3

INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of
____________ (the “Effective Date”), by and between Campus Crest Communities, Inc., a Maryland
corporation (the “Company”), and
____________ (the “Indemnitee”).

     WHEREAS,
the Indemnitee currently serves as a ____________ of the Company and may, in
connection therewith, be subjected to claims, suits or proceedings arising from such service; and

     WHEREAS,
as an inducement to the Indemnitee to continue to serve as such ____________, the
Company has agreed to indemnify and to advance expenses and costs incurred by the Indemnitee in
connection with any such claims, suits or proceedings, to the maximum extent permitted by law as
hereinafter provided; and

     WHEREAS, the parties by this Agreement desire to set forth their agreement regarding
indemnification and advance of expenses;

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

     Section 1. Definitions. For purposes of this Agreement:

          (a) “Change in Control” means a change in control of the Company occurring after the Effective
Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated
under the Securities Exchange Act of 1934, as amended (the “Act”), whether or not the
Company is then subject to such reporting requirement; provided, however, that,
without limitation, such a Change in Control shall be deemed to have occurred if after the
Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of
securities of the Company representing ten percent (10%) or more of the combined voting power of
all the Company’s then-outstanding securities entitled to vote generally in the election of
directors without the prior approval of at least two-thirds of the members of the Board of
Directors of the Company (the “Board of Directors”) in office immediately prior to such
person attaining such percentage interest; (ii) there occurs a proxy contest, or the Company is a
party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not
approved by at least two-thirds of the members of the Board of Directors then in office, as a
consequence of which members of the Board of Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii)
during any period of two consecutive years, other than as a result of an event described in clause
(a)(ii) of this Section 1, individuals who at the beginning of such period constituted the
Board of Directors (including for this purpose any new director whose election or nomination for
election by the Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office who were directors at the beginning of such period) cease for any
reason to constitute at least a majority of the Board of Directors.

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          (b) “Corporate Status” means the status of a person who is or was a director or officer of the
Company and the status of a person who, while a director of the Company, is or was serving at the
request of the Company as a director, officer, partner or trustee of another corporation, real
estate investment trust, partnership, joint venture, trust, employee benefit plan or any other
enterprise.

          (c) “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification and/or advance of Expenses is sought by the
Indemnitee.

          (d) “Expenses” means all expenses, including, but not limited to, all reasonable attorneys’
fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being
or preparing to be a witness in a Proceeding.

          (e) “Independent Counsel” means a law firm, or a member of a law firm, selected by the
Indemnitee and reasonably acceptable to the Company, that is experienced in matters of business law
and that neither is, nor in the past two years has been, retained to represent (i) the Company or
the Indemnitee in any matter material to either such party (other than with respect to matters
concerning the Indemnitee under this Agreement or of other indemnitees of the Company under similar
indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding
giving rise to a claim for indemnification or advance of Expenses hereunder.

          (f) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding, whether civil, criminal, administrative or investigative (including on appeal), except
one initiated by an Indemnitee pursuant to Section 9.

     Section 2. Indemnification — General. The Company shall indemnify, and advance
Expenses to, the Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum
extent permitted by Maryland law in effect on the Effective Date and as amended from time to time;
provided, however, that no change in Maryland law shall have the effect of reducing
the benefits available to the Indemnitee hereunder based on Maryland law as in effect on the
Effective Date. The rights of the Indemnitee provided in this Section 2 shall include,
without limitation, the rights set forth in the other sections of this Agreement, including any
additional indemnification permitted by Section 2-418 (g) of the Maryland General Corporation Law
(“MGCL”).

     Section 3. Proceedings Other Than Derivative Proceedings by or in the Right of the
Company. The Indemnitee shall be entitled to the rights of indemnification provided in this
Section 3 if, by reason of his or her Corporate Status, he or she is, or is threatened to
be, made a party to any threatened, pending, or completed Proceeding, other than a derivative
Proceeding by or in the right of the Company (or, if applicable, such other enterprise at which the
Indemnitee is or was serving at the request of the Company). Pursuant to this Section 3,
the Indemnitee shall be

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indemnified against all judgments, penalties, fines and amounts paid in settlement and all
Expenses incurred by him or her, or on his or her behalf, in connection with a Proceeding by reason
of the Indemnitee’s Corporate Status unless it is established that (i) the act or omission of the
Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad
faith or (b) was the result of active and deliberate dishonesty, (ii) the Indemnitee actually
received an improper personal benefit in money, property or services, or (iii) with respect to any
criminal Proceeding, the Indemnitee had reasonable cause to believe that his conduct was unlawful.

     Section 4. Derivative Proceedings by or in the Right of the Company. The Indemnitee
shall be entitled to the rights of indemnification provided in this Section 4 if, by reason
of his or her Corporate Status, he or she is, or is threatened to be, made a party to any
threatened, pending or completed derivative Proceeding brought by or in the right of the Company
(or, if applicable, such other enterprise at which Indemnitee is or was serving at the request of
the Company) to procure a judgment in its favor. Pursuant to this Section 4, the Indemnitee
shall be indemnified against all amounts paid in settlement and all Expenses incurred by him or
her, or on his or her behalf, in connection with such Proceeding unless it is established that (i)
the act or omission of the Indemnitee was material to the matter giving rise to such a Proceeding
and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or
(ii) the Indemnitee actually received an improper personal benefit in money, property or services.

     Section 5. Indemnification for Expenses of a Party Who is Partly Successful. Without
limiting Section 3 and Section 4, if the Indemnitee is not wholly successful in any
Proceeding covered by this Agreement, but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
the Indemnitee under this Section 5 for all Expenses incurred by him or her, or on his or
her behalf, in connection with each successfully resolved claim, issue or matter, allocated on a
reasonable and proportionate basis. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

     Section 6. Advance of Expenses. The Company shall advance or reimburse all Expenses
incurred by or on behalf of the Indemnitee in connection with any Proceeding to which the
Indemnitee is, or is threatened to be, made a party or a witness, within twenty (20) days after the
receipt by the Company of a statement or statements from the Indemnitee requesting such advance or
advances from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall
include or be preceded or accompanied by a written affirmation by the Indemnitee of the
Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the
Company as authorized by law and by this Agreement has been met and a written undertaking by or on
behalf of the Indemnitee, in substantially the form attached hereto as Exhibit A or in such
form as may be required under applicable law as in effect at the time of the execution thereof, to
reimburse the portion of any Expenses advanced to the Indemnitee relating to claims, issues or
matters in the Proceeding as to which a court of competent jurisdiction determines the Indemnitee
is not entitled to indemnification. To the extent that Expenses advanced to the Indemnitee do not
relate to a specific claim, issue or matter in the

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Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The
undertaking required by this Section 6 shall be an unlimited general obligation by or on
behalf of the Indemnitee and shall be accepted without reference to the Indemnitee’s financial
ability to repay such advanced Expenses and without any requirement to post security therefor.

     Section 7. Procedure for Determination of Entitlement to Indemnification.

          (a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company
a written request, including such documentation and information as is reasonably available to the
Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is
entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a
request for indemnification, advise the Board of Directors in writing that the Indemnitee has
requested indemnification.

          (b) Upon written request by the Indemnitee for indemnification pursuant to the first sentence
of Section 7(a) hereof, a determination, if required by applicable law, with respect to the
Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in
Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors,
a copy of which shall be delivered to the Indemnitee; or (ii) if a Change of Control shall not have
occurred or if after a Change of Control the Indemnitee shall so request, (A) by the Board of
Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of
Disinterested Directors (as herein defined), or (B) if a quorum of the Board of Directors
consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of
Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of
Directors, a copy of which shall be delivered to the Indemnitee, or (C) if so directed by a
majority of the members of the Board of Directors, by the stockholders of the Company; and, if it
is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee
shall be made within twenty (20) days after such determination. The Indemnitee shall cooperate with
the person, persons or entity making such determination with respect to the Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee and reasonably
necessary to such determination.

Any Expenses incurred by the Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the determination as to
the Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold the
Indemnitee harmless therefrom.

          (c) The Company shall pay the fees and expenses of Independent Counsel, if one is appointed
pursuant to this Section 7.

     Section 8. Presumptions and Effect of Certain Proceedings.

          (a) In making a determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that the Indemnitee is entitled
to indemnification under this Agreement if the Indemnitee has submitted a

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request for indemnification in accordance with Section 7(a) of this Agreement, and the
Company shall have the burden of proof to overcome that presumption in connection with the making
of any determination contrary to that presumption.

          (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of
nolo contendere or its equivalent, or an entry of an order of probation prior to
judgment, does not create a presumption that the Indemnitee did not meet the requisite standard of
conduct described herein for indemnification.

     Section 9. Remedies of Indemnitee.

          (a) If (i) a determination is made pursuant to Section 7 that the Indemnitee is not
entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made
pursuant to Section 6, (iii) no determination of entitlement to indemnification shall have
been made pursuant to Section 7(b) within thirty (30) days after receipt by the Company of
the request for indemnification, (iv) payment of indemnification is not made pursuant to
Section 5 within twenty (20) days after receipt by the Company of a written request
therefor, or (v) payment of indemnification is not made within twenty (20) days after a
determination has been made that the Indemnitee is entitled to indemnification, the Indemnitee
shall (A) unless the Company demands arbitration as provided by Section 16, be entitled to
an adjudication in an appropriate court of the State of Maryland or in any other court of competent
jurisdiction or (B) be entitled to seek an award in arbitration as provided by Section 16,
in each case of his entitlement to such indemnification or advance of Expenses.

          (b) In any judicial proceeding or arbitration commenced pursuant to this Section 9,
the Company shall have the burden of proving that the Indemnitee is not entitled to indemnification
or advance of Expenses, as the case may be.

          (c) If a determination shall have been made pursuant to Section 7(b) that the
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 9, absent a
misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to
make the Indemnitee’s statement not materially misleading, in connection with the request for
indemnification.

          (d) In the event that the Indemnitee, pursuant to this Section 9, seeks a judicial
adjudication of or an award in arbitration as provided by Section 16 to enforce his rights
under, or to recover damages for breach of, this Agreement by the Company, the Indemnitee shall be
entitled to recover in full from the Company, and shall be indemnified in full by the Company for,
any and all Expenses incurred by him in such judicial adjudication or arbitration if it is
determined that the Indemnitee is entitled to enforce any of his rights under, or to recover any
damages for breach of, this Agreement by the Company.

     Section 10. Defense of the Underlying Proceeding.

          (a) The Indemnitee shall notify the Company promptly upon being served with or receiving any
summons, citation, subpoena, complaint, indictment, information, notice, request or other document
relating to any Proceeding which may result in the right to

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indemnification or the advance of Expenses hereunder; provided, however, that
the failure to give any such notice shall not disqualify the Indemnitee from the right, or
otherwise affect in any manner any right of the Indemnitee, to indemnification or the advance of
Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to
obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then
only to the extent the Company is thereby actually so prejudiced.

          (b) Subject to the provisions of the last sentence of this Section 10(b) and of
Section 10(c) below, the Company shall have the right to defend the Indemnitee in any
Proceeding which may give rise to indemnification hereunder; provided, however,
that the Company shall notify the Indemnitee of any such decision to defend within fifteen (15)
calendar days following receipt of notice of any such Proceeding under Section 10(a) above,
and the counsel selected by the Company shall be reasonably satisfactory to the Indemnitee. The
Company shall not, without the prior written consent of the Indemnitee, consent to the entry of any
judgment against the Indemnitee or enter into any settlement or compromise which (i) includes an
admission of fault of the Indemnitee or (ii) does not include, as an unconditional term thereof,
the full release of the Indemnitee from all liability in respect of such Proceeding, which release
shall be in form and substance reasonably satisfactory to the Indemnitee. This Section
10(b) shall not apply to a Proceeding brought by the Indemnitee under Section 9 above
or Section 15.

          (c) Notwithstanding the provisions of Section 10(b), if in a Proceeding to which the
Indemnitee is a party by reason of the Indemnitee’s Corporate Status, (i) the Indemnitee reasonably
concludes, based upon an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld, that he or she may have separate defenses or counterclaims to assert with
respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) the
Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or
potential conflict of interest exists between the Indemnitee and the Company, or (iii) the Company
fails to assume the defense of such Proceeding in a timely manner, the Indemnitee shall be entitled
to be represented by separate legal counsel of the Indemnitee’s choice, subject to the prior
approval of the Company, which shall not be unreasonably withheld, at the expense of the Company.
In addition, if the Company fails to comply with any of its obligations under this Agreement or in
the event that the Company or any other person takes any action to declare this Agreement void or
unenforceable, or institutes any Proceeding to deny or to recover from the Indemnitee the benefits
intended to be provided to the Indemnitee hereunder, the Indemnitee shall have the right to retain
counsel of the Indemnitee’s choice, subject to the prior approval of the Company, which shall not
be unreasonably withheld, at the expense of the Company (subject to Section 9(d)), to
represent the Indemnitee in connection with any such matter.

     Section 11. Liability Insurance. To the extent the Company maintains an insurance
policy or policies providing liability insurance for any of its directors or officers, the
Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage available for any Company director or officer during the
Indemnitee’s tenure as a director or officer and, following a termination of the Indemnitee’s
service in connection with a Change in Control, for a period of six years thereafter.

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     Section 12. Non-Exclusivity; Survival of Rights; Subrogation.

          (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall
not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled
under applicable law, the Charter (as the same may be amended from time to time, the
“Charter”) or Bylaws of the Company (as the same may be amended from time to time, the
“Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in
the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or
repeal of this Agreement or of any provision hereof shall limit or restrict any right of the
Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his
or her Corporate Status prior to such amendment, alteration or repeal.

          (b) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all
papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

          (c) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that
the Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise.

     Section 13. Binding Effect.

          (a) The indemnification and advance of Expenses provided by, or granted pursuant to, this
Agreement shall be binding upon and be enforceable by the parties hereto and their respective
successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company),
shall continue as to an Indemnitee who has ceased to be a director or officer of the Company or of
any other corporation, real estate investment trust, partnership, joint venture, trust, employee
benefit plan or other enterprise which such person is or was serving at the written request of the
Company, and shall inure to the benefit of the Indemnitee and his or her spouse, assigns, heirs,
devisees, executors and administrators and other legal representatives.

          (b) Any successor of the Company (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or
assets of the Company shall be automatically deemed to have assumed and agreed to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform
if no such succession had taken place, provided that no such assumption shall relieve the Company
of its obligations hereunder. To the extent required by applicable law to give effect to the
foregoing sentence and to the extent requested by the Indemnitee, the Company shall require and
cause any such successor to expressly assume and agree to perform this Agreement by written
agreement in form and substance satisfactory to the Indemnitee.

     Section 14. Severability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and

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enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

     Section 15. Limitation and Exception to Right of Indemnification or Advance of
Expenses. Notwithstanding any other provision of this Agreement, (a) any indemnification or
advance of Expenses to which the Indemnitee is otherwise entitled under the terms of this Agreement
shall be made only to the extent such indemnification or advance of Expenses does not conflict with
applicable Maryland law and (b) the Indemnitee shall not be entitled to indemnification or advance
of Expenses under this Agreement with respect to any Proceeding brought by the Indemnitee, unless
(i) the Proceeding is brought to enforce indemnification under this Agreement, the Charter, the
Bylaws, liability insurance policy or policies, if any, or otherwise or (ii) the Charter, the
Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or
of the Board of Directors or an agreement approved by the Board of Directors to which the Company
is a party expressly provides otherwise.

     Section 16. Arbitration.

          (a) Any disputes, claims or controversies between the parties (i) regarding the Indemnitee’s
entitlement to indemnification or advance of Expenses hereunder or otherwise arising out of or
relating to this Agreement, or (ii) brought by or on behalf of any stockholder of the Company
(which, for purposes of this Section 16, shall mean any stockholder of record or any
beneficial owner of shares of the Company, or any former stockholder of record or beneficial owner
of shares of the Company), either on his or her own behalf, on behalf of the Company or on behalf
of any series or class of shares of the Company or stockholders of the Company against the Company
or any director, officer, agent or employee of the Company, including disputes, claims or
controversies relating to the meaning, interpretation, effect, validity, performance or enforcement
of this Agreement, the Charter or the Bylaws (all of which are referred to as “Disputes”)
or relating in any way to such a Dispute or Disputes, shall on the demand of any party to such
Dispute be resolved through binding and final arbitration in accordance with the Commercial
Arbitration Rules (the “Rules”) of the American Arbitration Association (the “AAA”)
then in effect, except as modified herein. For the avoidance of doubt, and not as a limitation,
Disputes are intended to include derivative actions against directors or officers of the Company
and class actions by the Indemnitee in his or her capacity as a stockholder against those
individuals or entities and the Company.

          (b) There shall be three arbitrators. If there are (i) only two parties to the Dispute, each
party shall select one arbitrator within 15 days after receipt by respondent of a copy of the
demand for arbitration and (ii) more than two parties to the Dispute, all claimants, on the one
hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the
claimants or the respondents, as the case may be, one arbitrator. The two party-nominated
arbitrators shall jointly nominate the third and presiding arbitrator within 15 days of the

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nomination of the second arbitrator. If any arbitrator has not been nominated within the time
limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance
with the Rules and the arbitrator shall be appointed by the AAA in accordance with a listing,
striking and ranking procedure, with each party having a limited number of strikes, excluding
strikes for cause. For the avoidance of doubt, the arbitrators appointed by the parties to such
Dispute may be affiliates or interested persons of such parties but the third arbitrator elected by
the party arbitrators or by the AAA shall be unaffiliated with either party.

          (c) The place of arbitration shall be Charlotte, North Carolina unless otherwise agreed by the
parties.

          (d) There shall be only limited documentary discovery of documents directly related to the
issues in dispute, as may be ordered by the arbitrators.

          (e) In rendering an award or decision (the “Award”), the arbitrators shall be required
to follow the laws of the State of Maryland. Any arbitration proceedings or Award rendered
hereunder and the validity, effect and interpretation of this arbitration agreement shall be
governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. The Award shall be in writing and
shall briefly state the findings of fact and conclusions of law on which it is based.

          (f) Except to the extent expressly provided by this Agreement (including Section 5 and
Section 9(d)) or as otherwise agreed between the parties, each party involved in a Dispute
shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not
render an award that would include shifting of any such costs or expenses (including attorneys’
fees) or, in a derivative case by the Indemnitee as a stockholder of the Company, award any portion
of the Company’s award to the claimant or the claimant’s attorneys.

          (g) The Award shall be final and binding upon the parties thereto and shall be the sole and
exclusive remedy between such parties relating to the Dispute, including any claims, counterclaims,
issues or accounting presented to the arbitrators. Judgment upon the Award may be entered in any
court having jurisdiction. To the fullest extent permitted by law, no application or appeal to any
court of competent jurisdiction may be made in connection with any question of law arising in the
course of arbitration or with respect to any award made except for actions relating to enforcement
of this agreement to arbitrate or any arbitral award issued hereunder and except for actions
seeking interim or other provisional relief in aid of arbitration proceedings in any court of
competent jurisdiction.

          (h) Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or
offset. The party against which the Award assesses a monetary obligation shall pay that obligation
on or before the thirtieth (30th) day following the date of the Award or such other date
as the Award may provide.

          (i) This Section 16 is intended to benefit and be enforceable by the directors,
officers, agents and employees of the Company and shall be binding on the stockholders of the
Company and the Company, as applicable, and shall be in addition to, and not in substitution for,
any other rights to indemnification or contribution that such individuals or entities may have by
contract or otherwise.

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     Section 17. Period of Limitations. To the fullest extent permitted by law, no legal
action shall be brought, and no cause of action shall be asserted, by or on behalf of the Company
or any controlled affiliate of the Company against the Indemnitee, the Indemnitee’s spouse, heirs,
executors or personal or legal representatives after the expiration of two years from the date of
accrual of such cause of action, and any claim or cause of action of the Company or its controlled
affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, if any shorter period of
limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

     Section 18. Reports to Stockholders. To the extent required by the MGCL, the Company
shall report in writing to its stockholders the payment of any amounts for indemnification of, or
advance of Expenses to, the Indemnitee under this Agreement arising out of a derivative Proceeding
by or in the right of the Company with the notice of the meeting of stockholders of the Company
next following the date of the payment of any such indemnification or advance of Expenses or prior
to such meeting.

     Section 19. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same Agreement. One such counterpart signed by the party against whom
enforceability is sought shall be sufficient to evidence the existence of this Agreement.

     Section 20. Headings. The headings of the paragraphs of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     Section 21. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     Section 22. Notices. Any notice, report or other communication required or permitted
to be given hereunder shall be in writing unless some other method of giving such notice, report or
other communication is accepted by the party to whom it is given, and shall be given by being
delivered at the following addresses to the parties hereto:

          (a) If to the Indemnitee, to: The address set forth on the signature page hereto.

          (b) If to the Company to:

Campus Crest Communities, Inc.

2100 Rexford Road, Suite 414

Charlotte, North Carolina 28211

Attn: Secretary

or to such other address as may have been furnished to the Indemnitee by the Company or to the
Company by the Indemnitee, as the case may be.

10

 

     Section 23. Governing Law. The parties agree that this Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of Maryland, without regard to
its conflicts of laws rules.

[SIGNATURE PAGE FOLLOWS]

11

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	ATTEST:

	 	CAMPUS CREST COMMUNITIES, INC.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	WITNESS:

	 	INDEMNITEE
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

12

 

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

Campus Crest Communities, Inc.

Re: Undertaking to Repay Expenses Advanced

Ladies and Gentlemen:

     This undertaking is being provided pursuant to that certain Indemnification Agreement dated
____________, 2010, by and between Campus Crest Communities, Inc. (the “Company”)
and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am
entitled to advance of expenses in connection with [Description of Proceeding] (the
“Proceeding”).

     Terms used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement.

     I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged
actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was
involved as [a director] [an officer] of the Company, in any of the facts or events giving rise to
the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not
receive any improper personal benefit in money, property or services and (3) in the case of any
criminal proceeding, had no reasonable cause to believe that any act or omission by me was
unlawful.

     In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and
related expenses incurred by me in connection with the Proceeding (the “Advanced
Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that
(1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was
committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually
received an improper personal benefit in money, property or services or (3) in the case of any
criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then
I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or
matters in the Proceeding as to which the foregoing findings have been established and which have
not been successfully resolved as described in Section 5 of the Indemnification Agreement. To the
extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding,
I agree that such Expenses shall be allocated on a reasonable and proportionate basis.

     IN
WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ______ day of
____________, 20___.

	 	 	 	 	 
	WITNESS:
	 	 	 	 
	 

	 

	 	 	 	(SEAL)
	 

	 	 	 	 

13exv10w19

Exhibit
10.19

CONTRIBUTION AGREEMENT

     This CONTRIBUTION AGREEMENT (this “Agreement”) is made as of May 13, 2010, by and
among Campus Crest Communities, Inc., a Maryland corporation (the “Company”), and Campus
Crest Communities Operating Partnership, LP, a Delaware limited partnership (the “Operating
Partnership” and, together with the Company, the “Company Entities”), and Carl H.
Ricker, Jr., an individual resident in the State of North Carolina, hereinafter referred to as
“Ricker”.

     WHEREAS, MXT Capital, LLC, a Delaware limited liability company (“MXT”), has formed
and is the sole stockholder of the Company, and the Company, through Campus Crest Communities GP,
LLC, its wholly-owned subsidiary, is the sole general partner of the Operating Partnership, and,
through Campus Crest Communities LP, LLC, its wholly-owned subsidiary, is the sole limited partner
of the Operating Partnership;

     WHEREAS, the Company Entities were formed for the purpose of (i) continuing the student
housing business previously owned and conducted, directly or indirectly, by MXT’s wholly-owned
subsidiary, Campus Crest Group, LLC, a North Carolina limited liability company, each of the
entities set forth on Exhibit A attached hereto (the “Ricker Entities”) and certain
other parties, and (ii) consummating the IPO (as defined below);

     WHEREAS, in connection with the potential initial public offering (the “IPO”) of the
Company’s common stock, par value $0.01 per share (the “Common Stock”), the Company intends
to file with the Securities and Exchange Commission a registration statement on Form S-11 after the
date of this Agreement (together with all amendments and supplements thereto, the “Registration
Statement”);

     WHEREAS, Ricker owns all of the member interests in CHR Resources, LLC, a North Carolina
limited liability company (“CHR Resources”);

     WHEREAS, CHR Resources owns interests in certain of the entities identified in Schedule
1.1 attached hereto (the “Student Housing Entities”)); and

     WHEREAS, the parties hereto desire that Ricker and CHR Resources transfer all of their
ownership interests (the “Ricker Interests”) in Campus Crest Ventures III, LLC, Campus
Crest Ventures IV, LLC, Campus Crest at Las Cruces, LLC, Campus Crest at Carrollton, LLC and the
Ricker Entities (which own interests in the entities identified in Schedule 1.1 attached
hereto (the “Student Housing Entities”)) to the Operating Partnership in exchange for the
consideration set forth in Section 1.3 (the “Formation Transaction”) under terms and
conditions as are set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company Entities and Ricker agree as follows:

1

 

ARTICLE I.

FORMATION TRANSACTION

     1.1. Formation Transaction. Subject to the terms and conditions of this Agreement, each of the
Company Entities and Ricker hereby consents to the Formation Transaction.

     1.2. Simultaneous Closing. The Formation Transaction shall close simultaneously with the
closing of the IPO, the receipt of the net proceeds of the IPO by the Company and the receipt of
the consideration by Ricker of the Ricker Consideration (as defined below) (the “Closing”).
The date on which the Formation Transaction closes shall be the “Closing Date.”

     1.3. Consideration for the Formation Transaction. Upon the Closing, Ricker, in exchange for
the Ricker Interests, shall receive from the Operating Partnership (i) Twenty-Six Million Seven
Hundred Thirty-One Thousand Dollars ($26,731,000), (ii) 266,666.67 limited partnership units in the
Operating Partnership and (iii) satisfaction of indebtedness with respect to the Ground Leases (as
defined herein) owned by the Ricker Entities and/or the Student Housing Entities personally
guaranteed by Ricker in no less than the amount of Twelve Million Five Hundred Nine Thousand Five
Hundred Dollars ($12,509,500) (collectively, the consideration in this Section 1.3(i)-(iii),
inclusive shall herein be referred to as the “Ricker Consideration”).

     1.4. Further Acts. The Company Entities and Ricker shall perform, execute, and deliver, or
cause to be performed, executed, and delivered by their direct or indirect subsidiaries, at the
Closing or after the Closing, any and all further acts, instruments, and agreements and provide
such further assurances as the other parties may reasonably require to consummate the Formation
Transaction and otherwise satisfy the covenants and conditions contemplated hereunder.

ARTICLE II.

CONDITIONS TO CLOSING

     2.1. Company Conditions to Closing. The obligations of each Company Entity hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing.

          (a) Representations and Warranties True and Correct. The representations and warranties herein
of Ricker shall be true and correct in all material respects as of the Closing Date;

          (b) Covenants. The obligations of Ricker hereunder, including without limitation, with respect
to the Formation Transaction, shall have been performed or complied with in all material respects;

          (c) Partnership Agreement. Ricker shall have executed and delivered to the Operating
Partnership a counterpart signature page to the partnership agreement of the Operating Partnership
in form and substance acceptable to the parties hereto in their reasonable discretion;

2

 

          (d) Lock-up Agreement. Ricker shall have executed and delivered to the Company a lock-up
agreement, in form and substance acceptable to the Company in its reasonable discretion, with
respect to the limited partnership units in the Operating Partnership received by Ricker as part of
the Formation Transaction;

          (e) Conveyance Documents. Ricker shall have executed and delivered to the Company and the
Operating Partnership such documents of transfer, assignment and conveyance as the Company deems
necessary in its reasonable discretion in order to effect the Formation Transaction; and

          (f) Closing Date. The Closing Date shall have occurred by no later than December 31, 2010.

     2.2. Ricker’s Conditions to Closing. The obligations of Ricker hereunder are subject to the
satisfaction of the conditions set forth below on or before the Closing:

          (a) Representations and Warranties True and Correct. The representations and warranties herein
of each of the Company Entities shall be true and correct in all material respects as of the
Closing Date;

          (b) Covenants. The obligations of the Company Entities hereunder, including without
limitation, with respect to the Formation Transaction, shall have been performed or complied with
in all material respects;

          (c) Release of Personal Guarantees. The Company Entities shall have obtained a release of
Ricker from all guarantees with respect to the project financing incurred by the Ricker Entities
and the Student Housing Entities, or if such a release is not obtainable without repayment of all
or any portion of the outstanding principal amount of such loan or any other required cash payment,
the Company Entities shall fully indemnify Ricker with respect to any such obligations, and both
Ted W. Rollins and Michael S. Hartnett shall guarantee any such loan in the same amount and to the
same extent as Ricker;

          (d) Partnership Agreement. Each of the Operating Partnership and Ricker shall have executed a
counterpart signature page to the partnership agreement of the Operating Partnership in form and
substance acceptable to the parties hereto in their reasonable discretion; and

          (e) Closing Date. The Closing Date shall have occurred by no later than December 31, 2010.

     2.3. Abandonment of IPO. If, at any time, the Company shall determine in its sole and absolute
discretion to abandon the IPO, this Agreement shall be immediately terminated and thereupon each
party shall be released from its obligations hereunder and shall have no further liability
hereunder.

3

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES AMONG THE PARTIES

     3.1. Definitions. As used in this Article III, the following terms shall have the following
meanings:

          (a) “Actions” means all actions, litigation, complaints, charges, accusations,
investigations, petitions, suits, arbitrations, mediations or other proceedings, whether civil or
criminal, at law or in equity, or before any arbitrator or Governmental Entity.

          (b) “Code” means the Internal Revenue Code of 1986, as amended.

          (c) “Environmental Law” means all applicable statutes, regulations, rules, ordinances,
codes, licenses, permits, orders, demands, approvals, authorizations and similar items of any
Governmental Entity and all applicable judicial, administrative and regulatory decrees, judgments
and orders relating to the protection of human health or the environment as in effect on the date
of hereof, including but not limited to those pertaining to reporting, licensing, permitting,
investigation, removal and remediation of Hazardous Materials, including without limitation: (i)
the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. Section 9601 et
seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), the Clean Air
Act (42 U.S.C. Section 7401 et seq.), the Federal Water Pollution Control Act (33 U.S.C. Section
1251), the Safe Drinking Water Act (42 U.S.C. 300f et seq.), the Toxic Substances Control Act (15
U.S.C. 2601 et seq.), the Endangered Species Act (16 U.S.C. 1531 et seq.) and the Emergency
Planning and Community Right-to-Know Act of 1986 (42 U.S.C. 11001 et seq.), and (ii) applicable
state and local statutory and regulatory laws, statutes and regulations pertaining to Hazardous
Materials.

          (d) “Environmental Permits” means any and all licenses, certificates, permits,
directives, requirements, registrations, government approvals, agreements, authorizations, and
consents that are required under or are issued pursuant to any Environmental Laws.

          (e) “Governmental Entity” means any governmental agency or quasi-governmental agency,
bureau, board, commission, court, department, official, political subdivision, tribunal or other
instrumentality of any government, whether federal, state or local, domestic or foreign.

          (f) “Hazardous Material” means any substance which is controlled, regulated or
prohibited under any Environmental Law as in effect as of the date hereof.

          (g) “Lease” means any space lease, license, concession, signage agreement, occupancy
agreement or other such arrangement for use of space within any of the Student Housing Real
Properties, together with all agreements which are amendatory or supplementary thereto.

          (h) “Liens” means any mortgages, pledges, liens, options, charges, security interests,
mortgage deed, restrictions, prior assignments, encumbrances, covenants, encroachments,
assessments, purchase rights, rights of others, licenses, easements, voting

4

 

agreements, liabilities or claims of any kind or nature whatsoever, direct or indirect,
including, without limitation, interests in or claims to revenues generated by such property.

          (i) “Material Adverse Effect” means a material adverse effect, individually or in the
aggregate, on the business, financial condition, results of operations or properties of the Company
Entities and Student Housing Entities, taken as a whole, whether or not arising from transactions
in the ordinary course of business.

          (j) “Permits” means all licenses, permits, variances, and certificates used in
connection with the ownership, operation, use, or occupancy of each of the Student Housing Real
Properties (including certificates of occupancy, business licenses, state health department
licenses, licenses to conduct business and all such other permits, licenses and rights, obtained
from any Governmental Entity or private Person concerning ownership, operation, use, or occupancy
of such Student Housing Real Property).

          (k) “Permitted Liens” means:

               (1) Liens securing taxes, the payment of which is not delinquent or the payment of which is
actively being contested in good faith by appropriate proceedings diligently pursued;

               (2) Zoning laws and ordinances applicable to the Student Housing Real Properties;

               (3) Liens imposed by laws such as carriers’, warehousemen’s and mechanics’ liens, and other
similar liens arising in the ordinary course of business which secure payment of obligations
arising in the ordinary course of business or which are being contested in good faith by
appropriate proceedings diligently pursued;

               (4) easements for public utilities;

               (5) leases to student occupants of the Student Housing Real Properties;

               (6) any exceptions contained in the existing owner’s or leasehold title insurance policies
with respect to each of the Student Housing Real Properties; and

               (7) any of the obligations set forth on Schedule 3.1(k).

          (l) “Person” means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or
Governmental Entity.

          (m) “Release” shall have the same meaning as the definition of “release” in the
Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) at 42
U.S.C. Section 9601(22).

          (n) “Student Housing Real Properties” means the real property owned or ground leased
(whether directly or indirectly) by the Student Housing Entities.

5

 

     3.2. Representations by Ricker. Ricker represents and warrants to each of the Company
Entities, other than with respect to such matters set forth in the Disclosure Schedule attached to
this Agreement as Exhibit B, that each and every one of the following statements is true,
correct, and complete in all material respects as of the date of this Agreement and will be true,
correct, and complete in all material respects as of the Closing Date; provided,
however, that none of the representations and warranties hereunder with respect to the
Student Housing Entities shall apply with respect to any other party, as to which no
representations and warranties are being made by Ricker hereunder:

          (a) Organization and Power. CHR Resources and each Ricker Entity is duly organized, validly
existing and in good standing under the laws of the state of its formation and has full right,
power, and authority to enter into this Agreement, and to assume and perform all of its obligations
under this Agreement. The execution, delivery and performance of this Agreement have been duly
authorized by Ricker, and this Agreement constitutes the legal, valid and binding obligation of
Ricker, enforceable against him in accordance with its terms, subject to bankruptcy,
reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights
generally and to general principles of equity.

          (b) Capitalization. The Ricker Interests constitute all of the issued and outstanding
interests owned by Ricker and CHR Resources in the Student Housing Entities owning (directly or
indirectly) the Student Housing Real Properties that will be conveyed by Ricker and CHR Resources
to the Company Entities in accordance with the Formation Transaction. Ricker and CHR Resources are
the sole owners of the Ricker Interests, beneficially and of record free and clear of any Liens of
any nature, except Permitted Liens and such other Liens that would not have, or reasonably be
expected to have, a Material Adverse Effect, and has full power and authority to convey the Ricker
Interests, free and clear of any Liens, except Permitted Liens and such other Liens that would not
have, or reasonably be expected to have, a Material Adverse Effect, and, upon delivery of the
Ricker Consideration as herein provided, the Company (or its direct or indirect subsidiary) will
acquire good and valid title thereto, free and clear of any Liens except Permitted Liens, Liens
created in favor of the Company Entities by the transactions contemplated hereby and such Liens
that would not have, or reasonably be expected to have, a Material Adverse Effect. There are no
rights to purchase, options or similar rights relating to any of the Ricker Interests or any of the
assets owned by the Ricker Entities. Except as contemplated in the Formation Transaction, neither
Ricker nor CHR Resources has any commitment or legal obligation, absolute or contingent, to any
other Person other than the Company Entities to sell, assign, transfer or effect a sale of any
right, title or interest in or to any Ricker Interests or any of the assets owned by the Ricker
Entities.

          (c) No Litigation. To Ricker’s knowledge, except for Actions covered by existing policies of
insurance and Actions being defended by the Student Housing Entities for the Ricker Interests as
required by the Ground Leases, there are no other Actions pending or threatened that are reasonably
likely to materially and adversely affect Ricker’s ability to perform his obligations hereunder, or
otherwise delay the consummation of any of the transactions contemplated hereby (including, without
limitation, the Formation Transaction).

          (d) No Consents. Except as shall have been cured, consented to or waived in writing by the
Company prior to the Closing or except as set forth on Schedule 3.2(d) attached

6

 

hereto, to Ricker’s knowledge, none of the execution, delivery or performance of this
Agreement, any agreement contemplated hereby and the transactions contemplated hereby and thereby
does or will, with or without the giving of notice, lapse of time, or both, (i) violate, conflict
with, result in a breach of, or constitute a default under or give to others any right of
termination, acceleration, cancellation or other right adverse to the Company Entities of (A) the
organizational documents, including the charters and bylaws, if any, of the Ricker Entities or the
Student Housing Entities, (B) any agreement, document or instrument to which Ricker is a party or
by which Ricker or any of the Student Housing Entities are bound or (C) any term or provision of
any judgment, order, writ, injunction, or decree, or require any approval, consent or waiver of, or
make any filing with, any person or governmental or regulatory authority or foreign, federal,
state, local or other law binding on Ricker or the Student Housing Entities or by which Ricker, the
Student Housing Entities or any of their assets or properties are bound or subject; provided in the
case of (B) and (C) above, unless any such violation, conflict, breach or default would not have a
Material Adverse Effect or (ii) result in the creation of any Lien upon any of the Ricker Interests
or any Student Housing Entity or any interests therein except such Liens that would not have, or
reasonably be expected to have, a Material Adverse Effect.

          (e) No Breach or Default. Except as shall have been cured, consented to or waived in writing
by the Company prior to the Closing or except as set forth on Schedule 3.2(e) attached
hereto, to Ricker’s knowledge, none of the execution, delivery or performance of this Agreement or
the Formation Transaction does or will, with or without the giving of notice, lapse of time, or
both, (i) violate, conflict with, result in a breach of, or constitute a default under or give to
others any right of termination, acceleration, cancellation or other right adverse to the Company
Entities of (A) the organizational documents, including the charters and bylaws, if any, of the
Ricker Entities, (B) any agreement, document or instrument to which Ricker is a party or by which
Ricker is bound or (C) any term or provision of any judgment, order, writ, injunction, or decree
binding on Ricker or by which Ricker or any of his assets or properties are bound or subject;
provided in the case of (B) and (C) above, unless any such violation, conflict, breach or default
would not have a Material Adverse Effect or (ii) result in the creation of any Lien upon any of the
Ricker Interests or any interests therein except such Liens that would not have, or reasonably be
expected to have, a Material Adverse Effect.

          (f) No Related Party Transactions. Except as set forth on Schedule 3.2(f) attached
hereto, there are no material contracts, agreements or other transactions between any Company
Entity or Student Housing Entity, on the one part, and Ricker or any person holding a direct
interest in any of the Ricker Entities, on the other part.

          (g) No Broker or Finder. There are no contracts, agreements or understanding between Ricker,
or any person holding a direct or indirect controlling interest in any of the Ricker Entities, and
any other person that would give rise to a valid claim against any Company Entity or any
underwriter under the IPO for a brokerage commission, finder’s fee or other like payment in
connection with the IPO or other transactions contemplated by this Agreement.

          (h) Withholding; Non-Foreign Status. Ricker is not subject to any federal withholding
provisions in connection with the transactions contemplated hereby, including withholding of sales
proceeds to foreign persons. Ricker is a United States person (as defined in

7

 

Section 7701(a)(30) of the Code), and is, therefore, not subject to the provisions of the Code
relating to the withholding of sales proceeds to foreign persons.

          (i) Taxes. To Ricker’s knowledge, for federal income tax purposes, each Ricker Entity is, and
at all times during its existence has been, a partnership or limited liability company taxable as a
partnership or as a disregarded entity (rather than an association or a publicly traded partnership
taxable as a corporation). To the knowledge of Ricker, each Ricker Entity has timely and properly
filed all tax returns required to be filed by it and has timely paid all taxes required to be paid
by it, except with respect to those taxes being contested in good faith. To Ricker’s knowledge,
none of the tax returns filed by any Ricker Entity is the subject of a pending or ongoing audit. To
Ricker’s knowledge, neither Ricker nor any Ricker Entity has received any notification of any
material new or increased general or special tax assessments for any of the Ricker Interests.

          (j) Real Property.

               (1) Each of the Ricker Entities shown as lessors of the Ground Leases (as defined herein) has
insurable fee simple title to the real property that is leased to a Student Housing Entity as set
forth in such Ground Leases;

               (2) Neither Ricker nor any Ricker Entity has received any written notice from a Governmental
Entity (i) charging any violation of any applicable law or asserting the need for any correction
under any applicable law, (ii) revoking, canceling, denying renewal of, or threatening any such
action with respect to, any Permit, or (iii) indicating that any inquiry, complaint, proceeding or
investigation (excluding routine, periodic inspections) is contemplated or pending regarding
compliance of any Student Housing Real Property with any applicable law, other than, in each case,
to the extent not causing or reasonably expecting to cause a Material Adverse Effect.

               (3) To Ricker’s knowledge, there is no existing or proposed or threatened condemnation,
eminent domain or similar proceeding, or private purchase in lieu of such a proceeding, which would
affect all or any portion of the Student Housing Real Properties in any material respect.

               (4) The ground leases listed on Schedule 3.2(j)(4) attached hereto (the “Ground
Leases”) are the only ground leases in which any of the Ricker Entities have leased their
assets to any lessee or tenant. The Ground Leases are in full force and effect. To Ricker’s
knowledge, no ground lessor under any of the Ground Leases is in default thereunder or is presently
the subject of any voluntary or involuntary bankruptcy or insolvency proceedings. Except for
mechanics’ and/or materialmen’s liens, neither Ricker nor, to Ricker’s knowledge, any of the
Student Housing Entities or Ricker Entities is in default under any Ground Lease, and, to Ricker’s
knowledge, no event has occurred which with the passage of time or the giving of notice (or both)
would constitute a default under any Ground Lease.

          (k) Existing Loans. Schedule 3.2(k) lists all secured loans presently encumbering
assets owned by the Ricker Entities as of the date hereof (the “Existing Loans”). The
Existing Loans and the documents entered into in connection therewith (collectively, the

8

 

“Loan Documents”) are in full force and effect as of the date hereof. Except as
disclosed in the Registration Statement, to Ricker’s knowledge, no event of default or event that
with the passage of time or giving of notice or both would constitute an event of default has
occurred as of the date hereof under any of the Loan Documents that would have a Material Adverse
Effect.

          (l) Environmental Compliance. To Ricker’s knowledge and except as would not have a Material
Adverse Effect, neither the Ricker Entities nor the real estate leased by the Ricker Entities under
the Ground Leases fail to materially comply with all Environmental Laws and Environmental Permits.
Neither Ricker nor any Ricker Entity has received any written notice from the United States
Environmental Protection Agency or any other Governmental Entity that regulates Hazardous Materials
or public health risks or other environmental matters or any other private party or Person claiming
any violation of, or requiring compliance with, any Environmental Laws or Environmental Permits or
demanding payment or contribution for any Release or other environmental damage in, on, under, or
upon any of the Ricker Entities or the real estate leased by the Ricker Entities under the Ground
Leases. No litigation with respect to Hazardous Materials located in, on, under or upon any of the
Ricker Entities or the real estate leased by the Ricker Entities under the Ground Leases is pending
or, to Ricker’s knowledge, no investigation is pending nor has an investigation been overtly
threatened in writing in the last twelve (12) months by any Governmental Entity or any third party.

          (m) Investment Representations. Ricker:

	 	(1)	 	is an “accredited investor” as defined in Rule
501(a) of Regulation D, attached hereto as Exhibit C,
promulgated under the Securities Act of 1933, as amended (the
“Securities Act”);
	 
	 	(2)	 	is acquiring the limited partnership units in
the Operating Partnership (the “Ricker OP Units”) solely for
his own account for the purpose of investment and not as a nominee or
agent for any other person and not with a view to, or for offer or sale
in connection with, any distribution of any thereof; Ricker agrees and
acknowledges that he will not, directly or indirectly, offer, transfer,
sell, assign, hypothecate or otherwise dispose of (“Transfer”)
any of the Ricker OP Units unless (i) the Transfer is pursuant to an
effective registration statement under the Securities Act and
qualification or other compliance under applicable blue sky or state
securities laws, or (ii) counsel for Ricker (which counsel shall be
reasonably acceptable to the Operating Partnership) shall have
furnished the Operating Partnership with an opinion, reasonably
satisfactory in form and substance to the Operating Partnership, to the
effect that no such registration is required because of the
availability of an exemption from registration under the Securities Act
and qualification or other compliance under applicable blue sky or
state securities laws; the term “Transfer” shall not include any
redemption of the Ricker OP Units or exchange of the Ricker OP Units
pursuant to the partnership agreement of the Operating Partnership;
notwithstanding the foregoing, no Transfer shall be

9

 

	 	 	 	made unless it is permitted under the partnership agreement of the
Operating Partnership;

	 	(3)	 	understands that (i) the Ricker OP Units (1)
have not been registered under the Securities Act or any state
securities laws, (2) when and if issued, will be issued in reliance
upon an exemption from the registration and prospectus delivery
requirements of the Securities Act pursuant to Section 4(2) and/or
Regulation D thereunder, and (3) when and if issued, will be issued in
reliance upon exemptions from the registration and prospectus delivery
requirements of state securities laws which relate to private
offerings, and (ii) Ricker must therefore bear the economic risk of
such investments indefinitely unless a subsequent disposition thereof
is registered under the Securities Act and applicable state securities
laws or is exempt therefrom; pursuant to the foregoing, Ricker
understands that (A) the certificates, if any, representing the Ricker
OP Units (and any common stock in the Company that might be exchanged
therefor) acquired by Ricker shall bear a restrictive legend in the
form hereafter set forth, and (B) a notation shall be made in the
appropriate records of the Operating Partnership (and the Company)
indicating that the Ricker OP Units (and any common stock in the
Company that might be exchanged therefor) are subject to restrictions
on transfer; and
	 
	 	(4)	 	is knowledgeable, sophisticated and experienced
in business and financial matters; Ricker has previously invested in
securities similar to the Ricker OP Units and fully understands the
limitations on transfer imposed by the Federal securities laws and as
described in this Agreement; Ricker is able to bear the economic risk
of holding the Ricker OP Units for an indefinite period and is able to
afford the complete loss of his investment in the Ricker OP Units;
Ricker has received and reviewed all information and documents about or
pertaining to the Company Entities, the business and prospects of the
Company Entities and the issuance of the Ricker OP Units as Ricker
deems necessary or desirable, has had cash flow and operations data for
the Student Housing Entities made available by MXT upon request and has
been given the opportunity to obtain any additional information or
documents and to ask questions and to receive answers about such
information and documents, the Company Entities, the Student Housing
Entities, the business and prospects of the Company Entities and the
Ricker OP Units which Ricker deems necessary or desirable to evaluate
the merits and risks related to his investment in the Ricker OP Units
and to conduct its own independent valuation of the Student Housing
Entities; and Ricker understands and has taken cognizance of all risk
factors related to the purchase of the Ricker OP Units; Ricker is a
sophisticated real estate investor; Ricker is

10

 

	 	 	 	relying upon its own independent analysis and assessment (including
with respect to taxes), and the advice of Ricker’s advisors
(including tax advisors), and not upon that of MXT or the Company
Entities or any of their respective affiliates, for purposes of
evaluating, entering into, and consummating the transactions
contemplated by the Agreement.

Each certificate, if any, representing the Ricker OP Units (and any common stock in the Company
that might be exchanged therefor) shall bear the following legend:

     THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE
OPERATING PARTNERSHIP AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THE PROPOSED SALE,
TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER
APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS;

In addition, the common stock of the Company for which the Ricker OP Units might be exchanged shall
also bear a legend which generally provides the following:

     THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSES OF THE COMPANY’S QUALIFICATION
AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE COMPANY’S ARTICLES
OF INCORPORATION, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S
COMMON STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF
THE OUTSTANDING COMMON STOCK OF THE COMPANY; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN
SHARES OF COMMON STOCK THAT WOULD RESULT IN THE COMPANY BEING “CLOSELY HELD” UNDER SECTION 856(h)
OF THE CODE OR OTHERWISE CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY
TRANSFER SHARES OF COMMON STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY
BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR
ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF COMMON STOCK IN VIOLATION OF THE ABOVE
LIMITATIONS MUST IMMEDIATELY NOTIFY THE COMPANY. IF ANY OF THE RESTRICTIONS ON TRANSFER OR
OWNERSHIP ARE VIOLATED, THE SHARES OF COMMON STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY
TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IN
ADDITION, THE COMPANY MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF

11

 

DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A
TRANSFER OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE
OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE
MAY BE VOID AB INITIO. ALL TERMS IN THIS LEGEND THAT ARE DEFINED IN THE ARTICLES OF INCORPORATION
OF THE COMPANY SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE ARTICLES OF INCORPORATION OF THE
COMPANY, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS
ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SHARES OF COMMON STOCK ON REQUEST
AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE COMPANY AT
ITS PRINCIPAL OFFICE.

          (n) Solvency. Ricker has been and will be solvent at all times prior to and for the ninety
(90) day period immediately following the transfer of the Ricker Interests to the Operating
Partnership.

          (o) FINRA Affiliation. Ricker represents severally that neither he nor any affiliate of
Ricker is a member, affiliate of a member or person associated with a member of the Financial
Industry Regulatory Authority (“FINRA”). Ricker further represents severally that neither
it nor any of its affiliates owns any stock or any other securities of any FINRA member not
purchased in the open market, or has made any outstanding subordinated loans to a FINRA member. (A
company or natural person is presumed to control a member of FINRA and is therefore presumed to
constitute an affiliate of such member if the company or person is the beneficial owner of 10% or
more of the outstanding securities of a member which is a corporation. Additionally, a natural
person is presumed to control a member of the FINRA and is therefore presumed to constitute an
affiliate of such member if such person has the power to direct or cause the direction of the
management or policies of such member.)

          (p) For purposes of this Section 3.2, “knowledge” of Ricker shall be limited to the actual
knowledge as of the date of this Agreement of Mr. Carl H. Ricker, Jr.

     3.3. Representations by the Company and Operating Partnership. Each of the Company Entities
represents and warrants to Ricker that each and every one of the following statements is true,
correct, and complete in every material respect as of the date of this Agreement and will be true,
correct, and complete in every material respect as of the Closing Date:

          (a) Organization and Power. Such entity is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full right, power, and authority to
enter into this Agreement, and to assume and perform all of its obligations under this Agreement.
The execution, delivery and performance of this Agreement have been duly authorized by such entity,
and this Agreement constitutes the legal, valid and binding obligation of such entity, enforceable
against such entity in accordance with its terms, subject to bankruptcy, reorganization, insolvency
and other similar laws affecting the enforcement of creditors’ rights generally and to general
principles of equity.

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          (b) Litigation. To such entity’s knowledge, except for Actions covered by existing policies of
insurance and Actions being defended by the Student Housing Entities, there are no other Actions
pending or threatened that are reasonably likely to materially and adversely affect the ability of
the Company Entities to perform their obligations hereunder, or otherwise delay the consummation of
any of the transactions contemplated hereby (including, without limitation, the Formation
Transaction).

          (c) No Consents. To such entity’s knowledge, no authorization, consent, approval or waiver,
or filing with, any Person, Governmental Entity or regulatory authority is required in connection
with, the execution, delivery, and performance of this Agreement on the part of such entity other
than as expressly set forth on Schedule 3.3(c) attached hereto.

          (d) For purposes of this Section 3.3, “knowledge” of the Company Entities shall be limited to
the actual knowledge as of the date of this Agreement of Ted W. Rollins, Michael S. Hartnett and
Donald L. Bobbitt, Jr.

     3.4. Survival. Each of the representations and warranties contained in this Article III shall
survive the Closing.

ARTICLE IV.

COVENANTS

     4.1. From the date hereof through the Closing Date, and except in connection with the
Formation Transaction, Ricker shall not directly, or indirectly through a Ricker Entity:

          (a) Sell, transfer, redeem, repurchase (or agree to sell, transfer, redeem or repurchase) or
otherwise dispose of, or cause or allow the sale, transfer, redemption, repurchase or disposition
of (or agree to do any of the foregoing), all or any portion of the equity interests in the Ricker
Entities or any of the Student Housing Entities, or permit them to issue or agree to issue any such
equity interests;

          (b) Pledge or encumber (or permit to become encumbered) all or any portion of the equity
interests in the Ricker Entities or any of the Student Housing Entities or any real property owned
or ground leased by the Ricker Entities or any of the Student Housing Entities other than as set
forth on Schedule 4.1(b) attached hereto;

          (c) Enter into, or permit the Ricker Entities to enter into, any material transaction not in
the ordinary course of business other than any such transaction required or advisable in connection
with the IPO;

          (d) Sell, transfer, or dispose of, or permit the Ricker Entities to sell, transfer or dispose
of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing with respect
to) any of its assets, except in the ordinary course of business consistent with past practice;

          (e) Cause or take any action that would render any of his or their representations or
warranties as set forth herein untrue in any material respect;

13

 

          (f) Materially alter or cause the alteration of the manner of keeping of the books, accounts
or records of the Ricker Entities or the accounting practices therein reflected; or

          (g) Allow any of the Ricker Entities to make or pay any distributions or dividends to any
person.

     4.2. From the date hereof and subsequent to the Closing for a period of six (6) years, Ricker
agrees to provide the Company with such tax information relating to the Ricker Entities or the
Ricker Interests as reasonably requested by the Company and to cooperate with the Company with
respect to the filing of tax returns provided that the Company shall be responsible for all costs
thereof.

     4.3. Ricker covenants to use reasonable efforts (a) to prevent the breach of any
representation or warranty of Ricker hereunder, (b) to satisfy all covenants of Ricker hereunder,
(c) to promptly cure any breach of a representation, warranty or covenant of Ricker hereunder upon
its learning of same and (d) cause CHR Resources to effect the necessary transfers and assignments
of its ownership interests in the Student Housing Entities in the Formation Transaction.

     4.4. The Company shall:

          (a) At or prior to the Closing, cause each of the Student Housing Entities to timely satisfy
each of their obligations to Ricker and/or the Ricker Entities for all periods prior to and through
the Closing Date;

          (b) At or prior to the Closing, make all filings and otherwise do all things so as to comply
with all applicable regulatory requirements of the New York Stock Exchange and FINRA in connection
with the IPO; and

          (c) At or promptly following the Closing, satisfy all transaction costs incurred by the
Company Entities in connection with the Formation Transaction and the IPO, as determined by the
Company Entities in their sole and complete discretion.

ARTICLE V.

INDEMNIFICATION

     5.1. Indemnification and Contribution.

          (a) Ricker agrees to indemnify, defend and hold harmless the Company Entities and their
respective affiliates, shareholders, partners, directors, officers, employees, representatives and
agents, from and against all costs, expenses, losses and damages (including, without limitation,
reasonable attorneys’ fees and expenses) (collectively, “Losses”) incurred by such parties
resulting from any misrepresentation or breach of representation, warranty or covenants made by
Ricker but only to the extent that such Losses in the aggregate exceed $250,000.00. The provisions
of this Section 5.1(a) shall survive the Closing for a period of eighteen (18) months (except with
respect to the representations and warranties set forth in Sections 3.2(a), (b), (g), (m) and (n)
hereof, which shall survive indefinitely) and shall be subject to the limitations specified in
Section 5.1(d) hereof.

14

 

          (b) The Company agrees to indemnify, defend and hold harmless Ricker and its affiliates,
partners, managers, members, officers, employees, representatives and agents, from and against all
Losses incurred by such parties resulting from any misrepresentation or breach of representation,
warranty or covenants made by the Company Entities, but only to the extent such Losses in the
aggregate exceed $250,000.00. The provisions of this Section 5.1(b) shall survive the Closing for a
period of eighteen (18) months. The Company’s obligations under this Section 5.1(b) shall (i) not
apply to or be borne by any affiliate, shareholder, officer, director, employee, representative or
agent of the Company, (ii) not exceed the aggregate value of the Ricker Consideration with respect
to a breach of Section 3.3(a) hereof and (iii) not exceed $7,500,000.00 in the aggregate with
respect to all other misrepresentations or breaches of representations, warranties or covenants
made by the Company Entities, subject in any event to the basket amount set forth herein.

          (c) Upon written request by any indemnified party hereunder, the applicable indemnitor shall
defend same (if requested by any indemnified party, in the name of such indemnified party) by
attorneys and other professionals approved by such indemnified party. Notwithstanding the
foregoing, any indemnified parties may, in its sole and absolute discretion, engage its own
attorneys and other professionals to defend or assist such indemnified party, and, at the option of
such indemnified party, such attorneys shall control the resolution of any claim or proceeding,
providing that no compromise or settlement shall be entered without the applicable indemnitor’s
consent, which consent shall not be unreasonably withheld. Upon demand, an indemnitor shall pay or,
in the sole and absolute discretion of the applicable indemnified party, reimburse, such
indemnified parties for the payment of reasonable fees and disbursements of attorneys and other
professionals in connection therewith.

          (d) In no event shall the amounts paid or payable by Ricker in respect of the obligations of
Ricker under Section 5.1(a) exceed (i) the aggregate value of the Ricker Consideration with respect
to a breach of Sections 3.2(a), (b), (g), (m) or (n) hereof and (ii) $7,500,000 in the aggregate
with respect to all other misrepresentations or breaches of representations, warranties or
covenants made by Ricker. Ricker’s obligations Sections 5.1(a) and this Section 5.1(d) shall not
apply to or be borne by any affiliate, shareholder, officer, director, employee, representative or
agent of Ricker. In addition and notwithstanding anything to the contrary in this Agreement, in no
event shall Ricker be obligated to indemnify any person for such person’s indirect, incidential,
special, consequential or punitive damages arising out of the performance or nonperformance of any
obligation in this Agreement or the inaccuracy of any representation made in this Agreement.

ARTICLE VI.

MISCELLANEOUS

     6.1. Entire Agreement; Modifications and Waivers; Cumulative Remedies. This Agreement
constitutes the entire agreement among the parties hereto and may not be modified or amended except
by an instrument in writing signed by the parties hereto, and no provisions or conditions may be
waived other than by a writing signed by the party waiving such provisions or conditions. No delay
or omission in the exercise of any right or remedy accruing to a Company Entity or Ricker upon any
breach under this Agreement shall impair such right or remedy or be construed as a waiver of any
such breach theretofore or thereafter occurring. The waiver by a

15

 

Company Entity or Ricker of any breach of any term, covenant, or condition herein stated shall
not be deemed to be a waiver of any other breach, or of a subsequent breach of the same or any
other term, covenant, or condition herein contained. All rights, powers, options, or remedies
afforded to a Company Entity or Ricker either hereunder or by law shall be cumulative and not
alternative, and the exercise of one right, power, option, or remedy shall not bar other rights,
powers, options, or remedies allowed herein or by law, unless expressly provided to the contrary
herein.

     6.2. Notices. Any notice provided for by this Agreement and any other notice, demand, or
communication which any party may wish to send to another shall be in writing and either delivered
in person or sent by registered or certified mail or overnight courier, return receipt requested,
in a sealed envelope, postage prepaid, and addressed to the party for which such notice, demand or
communication is intended at such party’s address as set forth in this Section. The address for any
of the Company Entities for all purposes under this Agreement shall be as follows:

Campus Crest Communities, Inc.

2100 Rexford Road, Suite 414

Charlotte, NC 28211

Attn: Chief Financial Officer

with a copy to:

Bradley Arant Boult Cummings LLP

One Federal Place

1819 Fifth Avenue North

Birmingham, AL 35203

Attn: Dawn H. Sharff

          J. Andrew Robison

The address of Ricker for all purposes under this Agreement shall be as follows:

1300 Tunnel Road

Asheville, N.C. 28805

Attn: Carl H. Ricker, Jr.

with a copy to:

Womble Carlyle Sandridge & Rice, PLLC

One West Fourth Street

Winston-Salem, NC 27101

Attn: Alfred Adams, Esq.

          C. Mark Wiley, Esq.

     Any address or name specified above may be changed by a notice given by the addressee to the
other parties. Any notice, demand or other communication shall be deemed given and effective as of
the date of delivery in person or receipt set forth on the return receipt. The

16

 

inability to deliver because of changed address of which no notice was given, or rejection or
other refusal to accept any notice, demand or other communication, shall be deemed to be receipt of
the notice, demand or other communication as of the date of such attempt to deliver or rejection or
refusal to accept.

     6.3. Exhibits. All exhibits and schedules referred to in this Agreement and attached hereto
and the recitals and introductory paragraphs to this Agreement are hereby incorporated in this
Agreement by reference.

     6.4. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina, without regard to its conflicts of laws principles.

     6.5. Severability. In case any one or more of the provisions contained in this Agreement shall
for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provision hereof, and this Agreement
shall be construed as if such invalid, illegal, or unenforceable provision had never been contained
herein.

     6.6. Successors and Assigns. This Agreement may not be assigned by any Company Entity or
Ricker without the prior approval of each Company Entity or Ricker, as applicable. This Agreement
shall be binding upon, and inure to the benefit of, each Company Entity, Ricker, and their
respective legal representatives, successors, and permitted assigns.

     6.7. Headings. Article headings and article and section numbers are inserted herein only as a
matter of convenience and in no way define, limit, or prescribe the scope or intent of this
Agreement or any part hereof and shall not be considered in interpreting or construing this
Agreement.

     6.8. Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis
for this Agreement and shall be considered prima facie evidence of the facts and documents referred
to therein.

     6.9. Counterparts. This Agreement may be executed in any number of counterparts and by any
party hereto on a separate counterpart, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute but one and the same
instrument. Copies of executed counterparts transmitted by telecopy, telefax or other electronic
transmission service shall be considered original executed counterparts.

     6.10. Specific Performance. Each party to this Agreement agrees that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Each party to this Agreement agrees that each
other party hereto will be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the provisions of this Agreement in any federal or state
court located in the State of North Carolina (as to which each party to this Agreement agrees to
submit to jurisdiction for purposes of such action), this being in addition to any other remedies
to which such party may be entitled under this Agreement or otherwise at law or in equity.

17

 

     6.11. Confidentiality. All press releases and other public communications of any kind relating
to the IPO or the transactions contemplated herein, and the method and timing of release for
publication thereof, will be subject to the prior written approval of the Company Entities.

[Signature Page Follows]

18

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	COMPANY ENTITIES:

CAMPUS CREST COMMUNITIES, INC.

 	 
	 	By:  	/s/
Donald L. Bobbitt, Jr. 	 
	 	 	Name:  	Donald L. Bobbitt, Jr. 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP

By:  Campus Crest Communities GP, LLC,

         Its General Partner

          By: Campus Crest Communities, Inc.

                 Its Sole Member

 	 

	 	 	 	 	 
	 	By:  	/s/
Donald L. Bobbitt, Jr. 	 
	 	 	Name:  	Donald L. Bobbitt, Jr. 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	RICKER:

 	 
	 	/s/
Carl H. Ricker, Jr. 	 
	 	Carl H. Ricker, Jr. 	 
	 	 	 	 
	 

19

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