Document:

Dito, Inc.: Exhibit 10.7 - Filed by newsfilecorp.com

    

    Date:   2019

    	
                Sellers

                as listed in Schedule 1

                 

                Dito, Inc.

                as Buyer

                 

                 

            

    Share Exchange Agreement

    for the purchase of the entire issued share capital of Dito UK Limited

     

     

    Fieldfisher Riverbank House 2 Swan Lane London EC4R 3TT

    

    Contents

    No. Heading

    Page

    	1. Definitions and Interpretation	1
	 	 
	2. Sale of the Sale Shares	1
	 	 
	3. Consideration	2
	 	 
	4. Completion	2
	 	 
	5. General Provisions	2
	 	 
	Schedule 1	4
	 	 
	Details of the Sellers	4
	 	 
	Schedule 2	6
	 	 
	Lock up Agreement	6

    i

    

    THIS AGREEMENT is made the   day of  2019

    BETWEEN:

    (1) Those persons whose names and addresses are set out in column (1) of Schedule 1 (the "Sellers"); and

    (2) DITO, INC a company registered in the State of Delaware (State file number 7527556) whose registered office is at 850 New Burton Road, Suite 201, Dover, County of Kent, Delaware 19904 (the "Buyer").

    IT IS AGREED as follows:

    1. Definitions and Interpretation

    1.1 In this Agreement:

    "Company" means Dito UK Limited, a private limited company registered in England;

    "Completion" means completion of the sale and purchase of the Sale Shares by the performance by the parties of their respective obligations in Clauses 4.2 and 4.3;

    "Consideration Shares" means 24,493,325 shares of $0.001 each in the capital of the Buyer proposed to be allotted and issued by the Buyer to the Sellers in consideration for the Sale Shares;

    "NASDAQ" means the recognised securities exchange known as the National Association of Securities Dealers Automated Quotations System; and

    "Sale Shares" means the existing issued 979,733 ordinary shares of £1.00 each in the capital of the Company.

    1.2 In this Agreement, unless the contrary intention appears, a reference to:

    (a) any party to this Agreement includes a reference to its successors and permitted assigns; and

    (b) the singular includes the plural and vice versa, and reference to any gender includes the other genders.

    2. Sale of the Sale Shares

    2.1 Each Seller agrees to sell with full title guarantee and free from encumbrances and the Buyer agrees to buy, the Sale Shares set opposite such Seller's name in column (2) of Schedule 1 on the terms of this Agreement.

    2.2 Each Seller covenants that the Sale Shares set opposite such Seller's name in column (2) of Schedule 1 are fully paid up (or credited as fully paid up) and the Sellers covenant that the Sale Shares constitute the entire issued share capital of the Company.

    2.3 Until such time as the Buyer is registered as the holder of the Sale Shares in the statutory registers of the Company, each Seller shall hold their respective Sale Shares (and all dividends and all rights in respect of or arising out of the Sale Shares) in trust for the Buyer, and shall only deal with the Sale Shares and all such dividends and other rights as expressly directed by the Buyer.

    
        1

    

    

    3. Consideration

    The consideration for the sale of the Sale Shares shall be the allotment and issue of the Consideration Shares by the Buyer to the Sellers in accordance with Clause 4.3.

    4. Completion

    4.1 Completion will take place on the date of this Agreement, when each of the events set out in Clauses 4.2 and 4.3 must occur.

    4.2 At Completion, the Sellers shall deliver to the Buyer:

    (a) duly completed and executed transfers of the Sale Shares in favour of the Buyer;

    (b) the original certificates in respect of the Sale Shares (or an executed deed of indemnity in favour of the Company for any lost certificates);

    (c) the originals of the certificate of incorporation, statutory registers and minute books of the Company and all other members of the Group; and

    (d) minutes of a board meeting of the Company at which the transfers referred to in paragraph (a) above were approved.

    4.3 At Completion, the Buyer shall allot and issue to each Seller the number of Consideration Shares set opposite such Seller's name in column (3) of Schedule 1, credited as fully paid together with a share premium of US$2.499 paid in respect of each Consideration Share (such that each Consideration Share shall be issued for an issue price of US$2.50) and free from encumbrances and on terms that the Consideration Shares will rank pari passu with the existing shares of $0.001 each in the capital of the Buyer as at the date of allotment.

    4.4 As soon as reasonably practicable following Completion the Buyer shall arrange for the name of each Seller to be entered into the register of members of the Buyer as holder of the relevant Consideration Shares and execute and deliver appropriate share certificates to the Sellers in respect of the Consideration Shares.

    4.5 Both parties shall be aware that there are restrictions on each of the Sellers' ability to resell the Consideration Shares and it is each of the Sellers' responsibility to consult their own advisors to find out what those restrictions are and to comply with them before selling the Consideration Shares.

    4.6 Each of the parties understands and agrees that as a condition to receiving its Consideration Shares it must enter into a lock-up agreement in the form of Schedule 2 with Buyer which will restrict each Seller from selling or transferring, directly or indirectly its Consideration until the 12th  month anniversary from the date any share in the Company has been listed on the NASDAQ.

    5. General Provisions

    5.1 Each party undertakes promptly (at its own expense) to execute all such documents, and do all such acts and things, as the other may from time to time reasonably require on and following Completion to give full effect to this Agreement and the transactions contemplated by this Agreement.

    5.2 No purported amendment or variation of this Agreement or any provision of this Agreement shall be effective unless it is in writing and duly executed by or on behalf of each of the parties.

    
        2

    

    

    5.3 Each party shall pay its own costs and expenses in relation to the negotiation, preparation, execution and performance of this Agreement and the transactions contemplated by this Agreement.

    5.4 A person who is not a party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

    5.5 This Agreement is governed by English law, and the parties submit to the exclusive jurisdiction of the English courts for all purposes relating to this Agreement.

    This Agreement has been entered into on the date stated at the beginning of this document.

    
        3

    

    

    Schedule 1

    Details of the Sellers

    	
                (1)
Name and address of Seller

            	
                (2)
Number of Sale Shares

            	
                (3)
Number of Consideration Shares

            
	
                Andrew Eggleston
20 Anchor Terrace, 3-13 Southwark Bridge Road, 
London, SE1 9HQ

            	
                18,561

            	
                464,025

            
	
                Jason Drummond
69 Cadogan Square, 
London, SW1X 0DY

            	
                227,380   

            	
                5,684,500   

            
	
                Keith Gardner
The Lodge, Church Close, Kensington 
Church Street, W8 4EZ

            	
                1,550

            	
                38,750

            
	
                Martin Hughes
c/o Toscafund Asset Management LLP
90 Long Acre, London. WC2E 9RA

            	
                13,085  

            	
                327,125  

            
	
                Celestine Hughes
c/o Toscafund Asset Management LLP
90 Long Acre, London. WC2E 9RA

            	
                13,085  

            	
                327,125  

            
	
                Epsilon Investments PTE
111 North Bridge Road, 08-16 Peninsular Plaza, 
Singapore, 179098

            	
                268,257   

            	
                6,706,425    

            
	
                Numis Securities Limited
10 Paternoster Sq., 
London EC4M 7LT

            	
                21,812  

            	
                545,300  

            
	
                Helios G20 Fund Limited
Akara Bldg, 24 De Castro Street, Wickhams Cay 1, Road Town, 
Tortola, British Virgin Islands

            	
                2,185

            	
                54,625

            
	
                Keeill Limited
Knox House, 16-18 Finch Road, 
Douglas, Isle of Man, IM1 2PT

            	
                10,899  

            	
                272,475  

            
	
                Crescent 4 Limited
c/o Corporate Filing Services Limited, 
4th Floor Harbour Centre, 
George Town, KY1-1107, Grand Cayman, Cayman Islands

            	
                4,357

            	
                108,925  

            
	
                Shelby Holdings Limited
The Old Stables, Rue al'Or, St Peter Port, 
Guernsey, GY1 1QG

            	
                52,338  

            	
                1,308,450     

            

    

    
        4

    

    

    	
                Fairfax Capital BV
Herengracht 458, 1017 CA 
Amsterdam, Netherlands

            	
                97,518  

            	
                2,437,950   

            
	
                Marianne Thoumsin
10ET Resid, Auteuil Bloc B, 
2 Boulevard du Tenao, 98000, Monaco

            	
                38,979  

            	
                974,475

            
	
                Somlassate Traore
Secteur 16, Ouagadougou 02, 
02BP 5119, Kadiogo

            	
                39,963  

            	
                999,075

            
	
                Mikhail Churkin
Perekopskaya Str, 30, Site 1, Fl. 147, 
Moscow, Russia

            	
                43,851  

            	
                1,096,275   

            
	
                Marcel Kars
Azzi BLDG, 1st Floor, Eldakhely Street, Beit Chaine, 
Jiyah (Chouf), Lebanon

            	
                41,902  

            	
                1,047,550   

            
	
                Claudio Santini
Residence, Frontera, Pobla, 
Medellin, Colombia

            	
                36,885  

            	
                922,125

            
	
                Balmoral Asset Management Limited
A8 Fatima Building, Jabbar Bin Hayyan Street, 
Maysaloon, Sharjah, United Arab Emirates

            	
                42,876  

            	
                1,071,900   

            
	
                Julian Parge
21 Ellis Street, 
London, SW1X 9AL

            	
                4,000

            	
                100,000

            
	
                Benjamin Jones
Casamayar, St Andrews Road, 
St Helier, JE2 3JH

            	
                   250

            	
                   6,250

            
	
                Total

            	
                979,733   

            	
                24,493,325     

            

    

    
        5

    

    

    Schedule 2

    Lock up Agreement

    THIS LOCK UP AGREEMENT (the "Agreement") is entered into as of this.________ day of. _____________ , 2019 (the "Effective Date") by and between _______________________ (the "Shareholder") and Dito, Inc., a Delaware corporation (the "Company").

    WHEREAS, the Shareholder and the Company are parties to that certain Share Exchange Agreement (the "Share Exchange Agreement") of even date herewith by and among the Company, Dito UK Limited, an English corporation ("Dito UK") and the ordinary shareholders of Dito UK, pursuant to which the Company acquired Dito UK in exchange for shares of its common stock, par value $0.001 per share (the "Common Stock").

    WHEREAS, as consideration under the Share Exchange Agreement, the Shareholder was issued an aggregate of _______ shares of Common Stock at the closing of the Share Exchange Agreement (the "Consideration Shares").

    WHEREAS, as a condition of the Share Exchange Agreement, the Shareholder agreed to restrict the sale, assignment, transfer, encumbrance or other disposition of the Consideration Shares by the Shareholder as hereinafter provided.

    NOW THEREFORE, in consideration of the premises and of the terms and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

    1. LOCK UP OF SHARES; PERMITTED LEAK OUTS.

    (a) The Shareholder hereby agrees that, the Shareholder will not during the period commencing on the Effective Date and ending on twelfth (12th) month from the date the Company's shares are listed and posted for trading on NASDAQ (the "Lock Up Period") (i) offer, pledge, gift, donate, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Consideration Shares, or (ii) enter into any swap, option (including, without limitation, put or call options), short sale, future, forward or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Consideration Shares ((i) and (ii) being hereinafter collectively referred to as the "Lock Up").

    (b) On the termination of the Lock Up Period, ________ Consideration Shares shall be released from the Lock Up.

    (c) The Shareholder hereby authorizes the Company during the relevant Lock Up Period to cause any transfer agent for the Consideration Shares to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to the Consideration Shares subject to the Lock Up for which the Shareholder is the record holder and, in the case of Consideration Shares subject to this Agreement for which the Shareholder is the beneficial but not the record holder, agrees during the Lock Up Period to cause the record holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to the Consideration Shares subject to the Lock Up, if such transfer would constitute a violation or breach of this Agreement.

    (d) Notwithstanding the foregoing, upon the prior written consent of the Company the Shareholder may transfer (the "Permitted Transfer") Consideration Shares as a bona fide gift, by will or intestacy or to a family member or trust for the benefit of a family member; provided that each transferee, donee or distributee of the Consideration Shares shall sign and deliver to the Company a lock-up letter substantially in the form of this letter contemporaneously with such transaction.

    
        6

    

    

    (e) Following the release of the Consideration Shares from the Lock Up, the Shareholder agrees to limit the resales of such Consideration Shares in the public market as follows:

    (i) if the daily average trading volume on all trading markets on which the Common Stock is then quoted or listed (i) is less than 30,000 shares of Common Stock, the Shareholder shall not sell more than 1,000 shares per trading day; (ii) is greater than 30,000 shares of Common Stock, but less than 100,000 shares, the Shareholder shall not sell more than 5,000 shares per trading day; and (iii) is greater than 100,000 shares, the Shareholder shall not sell more than 50,000 Shares; and

    (ii) any permitted resales by the Shareholder shall be at the then current bid price of the Common Stock.

    
3. TRANSFER; SUCCESSOR AND ASSIGNS.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. As provided above, any Permitted Transfer shall require the transferee to execute a lock up agreement in accordance with the same terms set forth herein.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

    4. COMPLIANCE WITH SECURITIES LAWS.  In the event of a Permitted Transfer, as a condition to the Company agreeing to such Permitted Transfer, the Shareholder shall have furnished the Company with an opinion of counsel reasonably satisfactory to the Company, to the effect that the transfer is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and that the transfer otherwise complies with the terms of this Agreement.

    5. LEGENDS.

    (a) The Shareholder hereby agrees that each outstanding certificate representing the Consideration Shares shall during the Lock Up Period, in addition to any other legends as may be required in compliance with Federal securities laws, bear a legend reading substantially as follows:

    	THE SALE OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A LOCK UP AGREEMENT DATED [●], 2019, BETWEEN DITO, INC. (THE "ISSUER") AND THE SHAREHOLDER LISTED ON THE FACE HEREOF. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER AND WILL BE PROVIDED TO THE HOLDER HEREOF UPON REQUEST. NO TRANSFER OF SUCH SECURITIES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH LOCK UP AGREEMENT.

    (b) A copy of this Agreement shall be filed with the corporate secretary of the Company, shall be kept with the records of the Company and shall be made available for inspection by any Shareholder of the Company.  In addition, a copy of this Agreement shall be filed with the Company's transfer agent of record.

    
        7

    

    

    6. NO OTHER RIGHTS.  The Shareholder understands and agrees that the Company is under no obligation to register the sale, transfer or other disposition of the Consideration Shares under the Securities Act or to take any other action necessary in order to make compliance with an exemption from such registration available.

    7. SPECIFIC PERFORMANCE.  The Shareholder acknowledges that there would be no adequate remedy at law if the Shareholder fails to perform any of its obligations hereunder, and accordingly agrees that the Company, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of the Shareholder under this Agreement in accordance with the terms and conditions of this Agreement. Any remedy under this Section 7 is subject to certain equitable defenses and to the discretion of the court before which any proceedings therefor may be brought.

    8. NOTICES.  All notices, statements, instructions or other documents required to be given hereunder shall be in writing and shall be given either personally or by mailing the same in a sealed envelope, first-class mail, postage prepaid and either certified or registered, return receipt requested, or by telecopy, and shall be addressed to the Company at its principal offices and to the Shareholder at the address last appearing on the books and records of the Company.

    9. RECAPITALIZATIONS AND EXCHANGES AFFECTING SHARES.  Except as otherwise provided herein, the provisions of this Agreement shall apply, to the full extent set forth herein with respect to the Consideration Shares, to any and all shares of capital stock or equity securities of the Company which may be issued by reason of any stock dividend, stock split, reverse stock split, combination, recapitalization, reclassification or otherwise.

    10. GOVERNING LAW.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. Any suit, action or proceeding with respect to this Agreement shall be brought in the state or federal courts located in the State of Delaware.  The parties hereto hereby accept the exclusive jurisdiction and venue of those courts for the purpose of any such suit, action or proceeding.  The parties hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection that any of them may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any judgment entered by any court in respect thereof brought in the State of Delaware and hereby further irrevocably waive any claim that any suit, action or proceeding brought in the State of Delaware has been brought in an inconvenient form.

    11. COUNTERPARTS.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

    12. ATTORNEYS' FEES.  If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled as determined by such court, equity or arbitration proceeding.

    13. AMENDMENTS AND WAIVERS.  Any term of this Agreement may be amended with the written consent of the Company and the Shareholder.  No delay or failure on the part of the Company in exercising any power or right under this Agreement shall operate as a waiver of any power or right.

    14. SEVERABILITY.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, portions of such provisions, or such provisions in their entirety, to the extent necessary, shall be severed from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

    
        8

    

    

    15. CONSTRUCTION.  This Agreement has been entered into freely by each of the parties, following consultation with their respective counsel, and shall be interpreted fairly in accordance with its respective terms, without any construction in favor of or against either party.

    16. ENTIRE AGREEMENT.  This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the parties hereto are expressly canceled.

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

    
        9

    

    

    Signatories:

    SIGNED by ANDREW EGGLESTON:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED by JASON DRUMMOND:

    
............................................................................................................................

    Signature   

    ............................................................................................................................

    Print name        Jason Drummond

    ............................................................................................................................

    SIGNED by KEITH GARNER:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    
        10

    

    

    SIGNED by MARTIN HUGHES:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED by CELESTINE HUGHES:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED for and on behalf of EPSILON INVESTMENTS PTE LTD:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    
        11

    

    

    SIGNED for and on behalf of NUMIS SECURITIES LIMITED:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    SIGNED for and on behalf of Helios G20 FUND LIMITED:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    SIGNED for and on behalf of KEEILL LIMITED:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    
        12

    

    

    SIGNED for and on behalf of CRESCENT 4 LIMITED:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    SIGNED for and on behalf of SHELBY HOLDINGS LIMITED:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    SIGNED for and on behalf of FAIRFAX CAPITAL BV:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    
        13

    

    

    SIGNED by MARIANNE THOUMSIN:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED by SOMLASSATE TRAORE:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED by MIKHAIL CHURKIN:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED by MARCEL KARS:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED by CLAUDIO SANTINI:

    
        14

    

    

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    SIGNED for and on behalf of  BALMORAL ASSET MANAGEMENT LIMITED:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    SIGNED for and on behalf of DITO, INC:

    ............................................................................................................................

    Signature

    ............................................................................................................................

    Print name

    ............................................................................................................................

    Title

    

    
        15ck1680232-ex101_9.htm

Exhibit 10.1

Termination Agreement

 

This TERMINATION AGREEMENT is made and entered into as of November 10, 2020 (this “Termination Agreement”), by and among Strategic Storage Trust IV, Inc., a Maryland corporation (the “Company”), Strategic Storage Operating Partnership IV, L.P., a Delaware limited partnership (the “Operating Partnership”), and Strategic Storage Advisor IV, LLC, a Delaware limited liability company (the “Advisor”). The Company, the Operating Partnership, and the Advisor are referred to in this Termination Agreement each as a “Party” and collectively as the “Parties.” 

 

Recitals: 

 

WHEREAS, the Parties entered into that certain Advisory Agreement dated March 3, 2017 (the “Advisory Agreement”);

 

WHEREAS, pursuant to that certain Agreement and Plan of Merger dated November 10, 2020 (the “Merger Agreement”), by and among the Company, SmartStop Self Storage REIT, Inc., a Maryland corporation (“SmartStop”), and SST IV Merger Sub, LLC, a Maryland limited liability company and a subsidiary of SmartStop (“Merger Sub”), the Company will merge with and into Merger Sub, with Merger Sub being the surviving entity (the “Merger”);

 

WHEREAS, the Advisor is an indirect subsidiary of SmartStop; and

 

WHEREAS, as a result of the foregoing, the Parties desire to terminate the Advisory Agreement and desire to enter into this Termination Agreement to terminate the Advisory Agreement, such termination to be effective as of the Merger Effective Time. 

 

NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

Terms and Conditions: 

 

1.Defined Terms. Except as otherwise set forth herein, capitalized terms used herein, including the recitals set forth above, shall have the meanings assigned to them in the Merger Agreement.

 

2.Termination of Advisory Agreement. Effective upon the Merger Effective Time, (a) the Advisory Agreement is hereby irrevocably terminated, and (b) the Advisor hereby waives any claim or right it has or may have to any distribution, fee or payment, if any, that would otherwise be payable by or on behalf of the Company or the Operating Partnership as a result of the Merger or the termination of the Advisory Agreement. The Parties hereby further agree that upon termination of the Advisory Agreement: (i) the Advisory Agreement shall have no further force or effect; and (ii) no Party shall have any right, duty, liability, or obligation under the Advisory Agreement. In the event that the Merger Agreement is terminated in accordance with its terms, this Termination Agreement shall automatically terminate effective upon the termination of the Merger Agreement, shall have no force or effect and shall be deemed null and void ab initio.

 

3.Waiver of Notice Obligations. Each of the Parties hereby waives any and all notice obligations to the other Parties that may be set forth in the Advisory Agreement. 

 

4.Payment of Fees. The Parties acknowledge that, effective as of the Merger Effective Time, all fees, expenses, and any other amounts due and owing under the Advisory Agreement shall have been paid and that the Parties shall not be obligated to make further payments of any fees, expenses, or any other amounts under the Advisory Agreement. 

 

5.Counterparts. This Termination Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. The Parties agree that facsimile and electronically transmitted signatures shall be deemed originals. 

 

Exhibit 10.1

 

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

 

7.Severability. The provisions of this Termination Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

 

8.Governing Law. This Termination Agreement shall be construed and interpreted in accordance with the laws of the State of California. 

 

9.Successors and Assigns. This Termination Agreement shall inure to the benefit of and bind the respective successors and permitted assigns of the Parties. Nothing expressed or referred to in this Termination Agreement is intended or shall be construed to give any person other than the Parties to this Termination Agreement or their respective successors or permitted assigns any legal or equitable right, remedy, or claim under or in respect of this Termination Agreement or any provision contained herein, it being the intention of the Parties to this Termination Agreement that this Termination Agreement be for the sole and exclusive benefit of such Parties or such successors and permitted assigns and not for the benefit of any other person. 

 

10.Conflict with Merger Agreement. This Termination Agreement is an agreement contemplated by, and executed pursuant to, the Merger Agreement. In the event of any conflict or inconsistency between the terms of the Merger Agreement and the terms hereof, the terms of this Termination Agreement will prevail.

 

[Signature page follows]

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Termination Agreement as of the Effective Date. 

 

 

Strategic Storage Trust IV, Inc. 

 

 

By: /s/ H. Michael Schwartz

Name: H. Michael Schwartz

Title: Chief Executive Officer

 

 

Strategic Storage Operating Partnership IV, L.P. 

 

By: Strategic Storage Trust IV, Inc.,

its General Partner

 

By: /s/ H. Michael Schwartz

Name: H. Michael Schwartz

Title: Chief Executive Officer

 

 

Strategic Storage Advisor IV, LLC

 

 

By: /s/ Michael S. McClure

Name: Michael S. McClure

Title: Chief Executive Officer

 

 

 

3

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