Document:

Notice of Convertibility and Make-Whole Fundamental Change, dated June 9, 2010.

 Exhibit 4.1 

 

 

 June 9, 2010 

BY FAX AND COURIER 
 Wilmington
Trust Company 
 Rodney Square North 

1100 N. Market Street 
 Wilmington, Delaware
19890-0001 
 Citibank, N.A. 
 388
Greenwich Street 

14th
 Floor 
 New York, NY 10013 

Attn: Global Transaction Services – Millipore Corporation 
  

	 	Re:	Notice of Convertibility and Make-Whole Fundamental Change 

Ladies and Gentlemen: 

Reference is made to that certain Indenture, dated as of June 13, 2006 (the “Indenture”), between Millipore
Corporation, a Massachusetts corporation (the “Company”), Wilmington Trust Company, as trustee (the “Trustee”), and Citibank, N.A., as securities agent (the “Securities Agent”), pursuant to which
Company’s 3.75% Convertible Senior Notes Due 2026 (the “Notes”) were issued. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Indenture. 

On February 28, 2010, the Company entered into an Agreement and Plan of Share Exchange (the “Agreement”) with Merck
KGaA, a German corporation with general partners (“Merck”), and Concord Investments Corp., a Massachusetts corporation and a wholly owned Subsidiary of Merck (“Concord”). 

Pursuant and subject to the Agreement, Concord has agreed to acquire each issued and outstanding share of common stock, par value $1.00
per share, of the Company (“Common Stock”), in exchange for the right to receive $107.00 in cash per share without interest (the “Share Exchange Consideration”). Completion of the acquisition requires the
satisfaction of certain customary conditions, including antitrust clearance. In the United States, the waiting period for antitrust review expired on April 19, 2010 without the Department of Justice or the Federal Trade Commission having issued
a request for additional information. On June 2, 2010, Merck filed a notification of the concentration with the European Commission, which is subject to a review period of up to twenty-five (25) business days (assuming that no commitments
need to be offered and that no in-depth investigation is initiated by the European Commission). This and other antitrust approvals are still outstanding. Further, on June 3, 2010, Millipore shareholders at a Special Meeting of Shareholders
approved the exchange of all outstanding shares of common stock of Millipore for cash in accordance with the Agreement. 

Pursuant to the Agreement, as soon as practicable on the Closing Date and subject to the satisfaction or waiver of certain conditions set
forth in the Agreement, the Company will become a wholly owned Subsidiary of Concord. At the date and time at which the Share Exchange becomes effective (the “Share Exchange Effective Time”), all shares of Common Stock will be
exchanged for the right to receive the Share Exchange Consideration. 
  

			
	 Millipore Corporation

290 Concord Road

Billerica, Massachusetts 01821

U.S.A.

978-715-4321
	  	www.millipore.com

 Notice of Convertibility of the Notes 

In accordance with Sections 10.01(C), 10.10, 10.14(D), and 12.02 of the Indenture, notice is hereby given that a Fundamental Change and a
Make-Whole Fundamental Change will occur upon the consummation of the Share Exchange. The Company currently anticipates that the Share Exchange Effective Time will occur on July 14, 2010, but the Company is unable to give any assurances as to
the actual date on which the Share Exchange will occur, if at all. Accordingly, pursuant to Sections 10.01(A)(v) and 10.14(A) of the Indenture, Holders may surrender Notes for conversion at any time during the period (the “Make-Whole
Conversion Period”) that: 
  

	 	•	 	 begins on, and includes June 14, 2010, the date that is 30 calendar days prior to the date originally announced by the Company as the anticipated
Share Exchange Effective Time of the Share Exchange; and 

  

	 	•	 	 ends on, the later of: (i) the date that is thirty (30) Business Days (as defined in the Indenture) after the actual effective date of the
share exchange, which the Company will announce no later than the third Business Day after the effective date of the share exchange; and (ii) the “Fundamental Change Repurchase Date,” which the Company will announce within twenty
(20) Business Days after consummation of the share exchange (the “Make-Whole Conversion Period”). 

Holders that surrender their Notes for conversion will receive, in exchange for their Notes, cash and, if applicable, shares of Common
Stock in accordance with the Indenture. However, in accordance with Section 10.11 of the Indenture, at and after the Share Exchange Effective Time, the Notes will be convertible solely into cash and will no longer be potentially convertible in
part into shares of Common Stock. The Conversion Rate in effect on June 14, 2010 is 11.0485 shares of Common Stock per $1,000 principal amount of Notes. However, Holders that convert their Notes during the Make-Whole Conversion Period may in
some circumstances be entitled to an increased Conversion Rate as explained below under the heading “Notice of Make-Whole Fundamental Change and Increase in the Conversion Rate.” 

Holders should be aware that Section 10.02 of the Indenture governs the conversion procedure for Notes surrendered for conversion
prior to the Share Exchange Effective Time, so long as the Cash Settlement Averaging Period can still be calculated. As such, Principal Return and amount of Net Shares to be received upon conversion (the “Conversion Value”) will
depend in part on the Closing Sale Price per share of Common Stock for each Trading Day during the applicable Cash Settlement Averaging Period, which prior to the Share Exchange Effective Time may be less than the Share Exchange Consideration. The
Cash Settlement Averaging Period is defined as the twenty (20) consecutive Trading Days that begins on, and includes, the second (2nd) Trading Day after the day such Note is tendered for such conversion. Please refer to
Section 10.02 of the Indenture for a more complete description of the conversion procedure. 
 Further, in accordance
with Section 10.11 of the Indenture, for Holders that surrender their Notes at and after the Share Exchange Effective Time or at such time prior to the Share Exchange Effective Time that prevents the Cash Settlement Averaging Period from
running, the Daily Conversion Value and Daily Net Shares will be calculated based on the value of the Reference Property (i.e., an amount of cash equal to the Share Exchange Consideration). Accordingly, if the Share Exchange Effective Time occurs,
the Conversion Value may be greater for the Notes converted after the Share Exchange Effective Time than for Notes converted prior thereto. 

Notice of Make-Whole Fundamental Change and Increase in the Conversion Rate 

Because a Make-Whole Fundamental Change will occur upon the consummation of the Share Exchange, the Conversion Rate applicable to the
Notes that are surrendered for conversion during the Make-Whole Conversion 

 
Period will be increased pursuant to Section 10.14 of the Indenture, if, but only if, the Share Exchange is completed. Therefore, a Holder that surrenders Notes for conversion
during the Make-Whole Conversion Period will not be entitled to this increase in Conversion Rate if the Share Exchange is not completed. Because the Share Exchange is subject to certain conditions and events, the Share Exchange may not occur.
If the Share Exchange is completed, then, in accordance with Section 10.14(D) of the Indenture, the Company will mail a notice of, and publicly announce its consummation no later than the third (3rd) Business Day after the Share
Exchange Effective Time. This notice will state the Share Exchange Effective Time and the amount of the increase in the Conversion Rate that applies to Notes surrendered for conversion during the Make-Whole Conversion Period. 

The increase in the Conversion Rate will be determined based on the Share Exchange Effective Time, which is the “Effective
Time” of the Make-Whole Fundamental Change for purposes of the Indenture, and the Applicable Price, which is deemed to be the Share Exchange Consideration. As explained above, the currently anticipated Share Exchange Effective Time is
July 14, 2010. The following is for illustrative purposes only. The actual conversion rate will vary with the actual effective time of the share exchange transaction, which may vary from our current estimate. If the Share Exchange Effective
Time were to occur on July 14, 2010, then in accordance with Section 10.14 of the Indenture, the increase in the Conversion Rate applicable to Notes surrendered during the Make-Whole Conversion Period would be 0.7519 shares of Common Stock
per $1,000 principal amount of Notes, which would result in an additional cash payment of $80.46 per $1,000 principal amount of Notes. Thus, if the Share Exchange Effective Time were to occur on July 14, 2010, the Conversion Rate for the Notes
that are converted at and after the Share Effective Time, so long as such conversion is also during the Make-Whole Conversion Period, would be 11.8004 shares of Common Stock for each $1,000 principal amount of Notes, which would result in a total
cash payment of $1,262.64 per $1,000 principal amount of Notes. 
 If the Share Exchange Effective Time occurs and Holders fail
to convert their Notes during the Make-Whole Conversion Period, Holders will not be entitled to any increase in the Conversion Rate pursuant to Section 10.14 of the Indenture. 

Please refer to the Indenture for a more complete description of the increase in the Conversion Rate applicable in connection with
Make-Whole Fundamental Changes including, but not limited to Section 10.14(B) of the Indenture which contains a table providing the Make-Whole Fundamental Change amount corresponding to the Applicable Price and effective date of such Make-Whole
Fundamental Change. 
 Conversion Procedures 

A Holder may convert a portion of a Note, but only if that portion is an integral multiple of $1,000 in principal amount. 

The Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue of shares of Common Stock, if any,
upon conversion of a Note. However, a Holder that converts a Note must pay any such tax or duty that is due because such shares are issued in a name other than such Holder’s name. 

Securities Held in Certificated Form 

To convert a Note that is held in certificated form, the Holder must: 

(1) complete and sign the Conversion Notice (a copy of which can be found either on the back of the Note or attached to this notice), with
appropriate signature guarantee, on the back of the Security; 
 (2) surrender the Security to the Conversion Agent; 

(3) furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent; 

 (4) pay the amount of interest, if any, the Holder must pay in accordance with the Indenture
(see “Interest Payments” below); and 
 (5) pay any tax or duty if required pursuant to the Indenture. 

Global Securities 
 To
convert a beneficial interest in a Note that is a Global Security, the Holder must, in addition to complying with any other rules and procedures of The Depository Trust Company (the “DTC”): 

(1) cause there to be completed and delivered an appropriate instruction form for conversion, in accordance with the rules and procedures
of DTC; 
 (2) cause there to be delivered to the Conversion Agent, through the facilities of DTC, in accordance with the rules
and procedures of DTC, the interest in the Global Security to be converted; 
 (3) pay the amount of interest, if any, the Holder
must pay in accordance with the Indenture (see “Interest Payments” below); and 
 (4) pay any tax or duty if required
pursuant to the Indenture. 
 Interest Payments 

Except as provided in the Notes or in Article X of the Indenture, no payment or adjustment will be made for accrued interest, Contingent
Interest or additional interest on a converted Security or for dividends on any Common Stock issued on or prior to conversion. If a Holder surrenders a Note for conversion after the close of business on the record date for the payment of an
installment of interest and prior to the related interest payment date, then, notwithstanding such conversion, the interest payable with respect to such Note on such interest payment date will be paid, on such interest payment date, to the Holder of
record of such Note at the close of business on such record date. However, the Holder who surrenders the Note for conversion during this period must pay to the Conversion Agent, upon surrender of the Note, an amount equal to the interest payable on
such interest payment date on the portion of the Note being converted. 
 The Notes bear interest at an annual rate of 3.75%,
payable semi-annually, computed on the basis of a 360-day year of twelve 30-day months. The interest payment dates for the Notes are June 1 and December 1 of each year, and the corresponding record dates are the immediately preceding
May 15 and November 15, respectively. 
 Company Has Elected NOT to Make an Acquirer Stock Conversion Right 

Pursuant to Section 10.14(D) of the Indenture, the Company declares that it has elected not to make an Acquirer Stock Conversion
Right. Regardless, the form of the proposed transaction would not permit the Company to elect to make an Acquirer Stock Conversion Right. 

If Share Exchange Consummated, Company Obligation to Offer Repurchase Option to All Holders 

Pursuant to Section 3.10 of the Indenture, if the Share Exchange is consummated, each Holder of Notes shall have the right (the
“Fundamental Change Repurchase Right”) at such Holder’s option to require the Company to repurchase all of such Holder’s Notes (or portions thereof that are integral multiples of $1,000 in principal amount), on a date
selected by the Company (the “Fundamental Change Repurchase Date”), which shall be no later than thirty five (35) days, nor earlier than twenty (20) days, after the date the Fundamental Change Notice is mailed in
accordance 

 
with Section 3.10(B) of the Indenture. Upon the satisfaction of the requirements of Section 3.10 of the Indenture, the Holder’s repurchase option shall require the Company to
repurchase all of such Holder’s Notes at a price, payable in cash, equal to one hundred percent (100%) of the principal amount of the Notes (or portions thereof) to be so repurchased (the “Fundamental Change Repurchase
Price”), plus accrued and unpaid interest, if any, to, but excluding the Fundamental Change Repurchase Date.  
 Notice of
Supplemental Indenture 
 Pursuant to Section 10.10 of the Indenture, the Company is notifying Holders of its 3.75%
Convertible Senior Notes Due 2026 that upon the consummation of the Share Exchange, Concord and the Company intend to enter into a Supplemental Indenture on the Fundamental Change Date which will affect the rights of Holders of the Notes. The
Supplemental Indenture will be entered into by the Company pursuant to Section 9.01 of the Indenture, which permits the Company to enter into one or more indentures supplemental to the Indenture, without the consent of the Holders, for the
purpose of complying with Section 10.11 of the Indenture. Pursuant to the terms of such Supplemental Indenture, Concord will agree to be jointly and severally liable for payment obligations upon conversion of the Notes. This notice is intended
to satisfy the notification requirements pursuant to Section 10.10 of the Indenture. 
 The Conversion Agent is: Citibank, N.A. 

 Citibank, N.A. is acting as the Registrar and Conversion Agent. Its contact information follows: 

Citibank, N.A. 
 388 Greenwich Street 

14th
 Floor 
 New York, NY 10013 

Attn: Global Transaction Services – Millipore Corporation 

Phone: (212) 816-5680 
 Facsimile:
(212) 816-5527 
 Please refer to the Indenture for a more complete description of the convertibility of the Notes, the
consideration due upon conversion and when such consideration must be paid by the Company. 
 Millipore Contact 

If you have any questions, please contact Joshua Young, Director, Investor Relations at (978) 715-1527. 

 

			
	Very truly yours,
	
	MILLIPORE CORPORATION
		
	By:	 	 /s/ Charles F. Wagner, Jr.

	Name:	 	Charles F. Wagner, Jr.
	Title:	 	Corporate VP and Chief Financial Officer

 CONVERSION NOTICE 

To convert this Security in accordance with the Indenture, check the box:     ̈

 To convert only part of this Security, state the principal amount to be converted (must be in multiples of $1,000): 

$                    

 If you want the stock certificate representing the shares of Common Stock, if any, issuable upon conversion made out in another person’s
name, fill in the form below: 
  
  

(Insert other person’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type other person’s name, address
and zip code) 
  
  

 
  

					
	Date:                    	  	Signature(s):	 	  

			
		  		 	  

		  		 	(Sign exactly as your name(s) appear(s) on the other side of this Security)

 

					
	Signature(s) guaranteed by:	  	  

(All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in
such other guarantee program acceptable to the Trustee.) 

 METHOD OF DELIVERY 

 ̈    CHECK HERE IF THE SECURITIES ARE BEING DELIVERED BY BOOK-ENTRY
TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE CONVERSION AGENT WITH DTC AND COMPLETE THE FOLLOWING: 
 Name of Surrendering Institution:

 DTC Account Number: 
 Contact
Person: 
 Address: 
 Telephone (with
international dialing code): 
 Facsimile (with international dialing code): 

Date Surrendered: 
 Transaction Code Number:

  

			
	  
	  	

 SPECIAL ISSUANCE INSTRUCTIONS 

To be completed ONLY if payments are to be made to DTC for the account of someone other than the person(s) whose signature appear(s) within this
conversion notice. 
 Make payment to: 
  

					
		  	  
	 	
		  	(DTC Account Number)	 	
			
		  	  
	 	
		  	(Account Party)	 	

					
	 PAYOR’S NAME: Citibank, N.A., as Conversion
Agent

	SUBSTITUTE Form W-9	  	Part I — PLEASE PROVIDE YOUR TIN IN THE BOX AT THE RIGHT AND CERTIFY BY SIGNING AND DATING BELOW.	  	                           
 TIN:                            
		  	  	 Social Security Number

or
 Employer
Identification Number

		
	Payor’s Request for Taxpayer Identification Number (“TIN”) and Certification	  	Part II — For Payees exempt from backup withholding, see the Guidelines for Certification of Taxpayer Identification
Number on Substitute Form W-9 contained in this Letter of Transmittal and complete as instructed therein.
		
		  	Part III — Certification — Under penalties of perjury, I certify that:
		
		  	 (1)    The number shown on this form is my correct TIN (or I am waiting for a number to be
issued to me); and

		
		  	 (2)    I am not subject to backup withholding because: (a) I am exempt from backup withholding
or (b) I have not been notified by the Internal Revenue Service (“IRS”) that I am subject to backup withholding as a result of a failure to report all interest or dividends or (c) the IRS has notified me that I am no longer subject to
backup withholding; and

		
		  	 (3)    I am a U.S. person (including a U.S. resident alien); and

		
		  	 (4)    All information provided in this form is true, correct and
complete.

			
		  	 SIGNATURE:
                                        

  
	  	 DATE:
                                        

  

  

Certification Instructions — You must cross out item (2) of Part III above if you have been notified by the IRS that you are subject to backup
withholding because of underreporting interest or dividends on your tax return. However, if after being notified by the IRS that you were subject to backup withholding, you received another notification from the IRS that you are no longer subject to
backup withholding, do not cross out item (2) of Part III. (Also see the instructions in the enclosed Guidelines.) 
  

			
	NOTE:	  	FAILURE TO COMPLETE AND RETURN THIS SUBSTITUTE FORM W-9 MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY REPORTABLE PAYMENTS TO YOU. PLEASE REVIEW THE GUIDELINES FOR
CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 CONTAINED IN THIS LETTER OF TRANSMITTAL FOR ADDITIONAL DETAILS.

YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU ARE AWAITING YOUR TIN. 

 
  

	
	 CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER

 
 I certify under penalties of perjury that a TIN has not been issued to
me, and either (a) I have mailed or delivered an application to receive a TIN to the appropriate IRS Center or Social Security Administration Office or (b) I intend to mail or deliver an application in the near future. I understand that if I do not
provide a TIN by the time of payment, a portion of all reportable payments made to me will be withheld.
  

Signature:
                                         
                                         
  Date:
                                         
           

  

 

 GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9 

Guidelines for Determining the Proper Identification Number to Give the Payor. Social Security Numbers have nine digits separated by two hyphens: i.e.
000-00-0000. Employer Identification Numbers have nine digits separated by only one hyphen: i.e. 00-0000000. The table below will help you determine the number to give the payor. 

 
  

							
	For this type of account:	  	 Give the

SOCIAL SECURITY NUMBER or

EMPLOYER IDENTIFICATION NUMBER

of:

	1.	  		 	Individual	  	The individual
				
	2.	  		 	Two or more individuals (joint account)	  	The actual owner of the account or, if combined funds, the first individual on the account(1)
				
	3.	  		 	Custodian account of a minor (Uniform Gift to Minors Act)	  	The minor(2)
				
	4.	  	(a)	 	The usual revocable savings trust account (grantor is also trustee)	  	The grantor-trustee(l)
				
		  	(b)	 	So-called trust account that is not a legal or valid trust under State law	  	The actual owner(l)
				
	5.	  		 	Sole proprietorship or single-owner LLC not electing corporate status on Form 8832	  	The owner(3)
				
	6.	  		 	A valid trust, estate, or pension trust	  	The legal entity(4)
				
	7.	  		 	Corporation or LLC electing corporate status on Form 8832	  	The corporation
				
	8.	  		 	Association, club, religious, charitable, educational, or other tax-exempt organization	  	The organization
				
	9.	  		 	Partnership or multi-member LLC not electing corporate status on Form 8832	  	The partnership
				
	10.	  		 	A broker or registered nominee	  	The broker or nominee
				
	11.	  		 	Account with the Department of Agriculture in the name of a public entity (such as a State or local government, school district, or prison) that receives agricultural program
payments	  	The public entity

  

	(1)	List first and circle the name of the person whose number you furnish. If only one person on a joint account has a Social Security Number, that person’s Social
Security Number must be furnished. 

  

	(2)	Circle the minor’s name and furnish the minor’s Social Security Number. 

 

	(3)	You must show your individual name, but you may also enter your business or “doing business as” name. You may either use your Social Security Number or
Employer Identification Number. 

  

	(4)	List first and circle the name of the legal trust, estate, or pension trust. (Do not furnish the identifying number of the personal representative or trustee unless the
legal entity itself is not designated in the account title) 

 Note: If no name is circled when more than one name
is listed, the number will be considered to be that of the first name listed. 

 GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9 

Obtaining a Number 
 If you do not have a
Taxpayer Identification Number or you do not know your number, obtain Form SS-5, Application for a Social Security Card, or Form SS-4, Application for Employer Identification Number, at an office of the Social Security Administration office or the
Internal Revenue Service, from www.irs.gov or by calling 1-800-TAX-FORM and apply for a number. 
 Payees Exempt from Backup Withholding 

 Backup withholding is not required on payments made to the following payees: 

1. An organization exempt from tax under Section 501(a), any IRA, or a custodial account under Section 403(b)(7) if the
account satisfies the requirements of Section 401(f)(2). 
 2. The United States or any of its agencies or
instrumentalities. 
 3. A state, the District of Columbia, a possession of the United States, or any of their political
subdivisions or instrumentalities. 
 4. A foreign government or any of its political subdivisions, agencies or
instrumentalities. 
 5. An international organization or any of its agencies, or instrumentalities. 

Other payees that may be exempt from backup withholding include: 

6. A corporation. 

7. A financial institution. 

8. A dealer in securities or commodities required to register in the U.S., the District of Columbia, or a possession of the U.S.

 9. A real estate investment trust. 

10. A common trust fund operated by a bank under Section 584(a). 

11. A trust exempt from tax under Section 664 or described in Section 4947. 

12. An entity registered at all times during the tax year under the Investment Company Act of 1940. 

13. A foreign central bank of issue. 

14. A middleman known in the investment community as a nominee or custodian. 

15. A futures commission merchant registered with the Commodity Futures Trading Commission. 

 The chart below shows types of payments that may be exempt from backup withholding. The chart applies
to the exempt recipients listed above, 1 through 15. 
  

			
	 IF the payment is for
	  	 THEN the payment is exempt

for

	Interest and dividend payments	  	All exempt recipients except for 15
		
	Broker Transactions	  	Exempt recipients 1 through 15 except for 11 & 14. Also, a person registered under the Investment Advisers Act of 1940 who regularly acts as a broker
		
	Barter exchange transactions and patronage dividends	  	Exempt recipients 1 through 5
		
	Payments over $600 required to be reported and direct sales over $5,000	  	Generally, exempt recipients 1 through 6 and 13.

 EXEMPT
PAYEES DESCRIBED ABOVE SHOULD FILE SUBSTITUTE FORM W-9 TO AVOID POSSIBLE ERRONEOUS BACKUP WITHHOLDING. FURNISH YOUR TAXPAYER IDENTIFICATION NUMBER, WRITE “EXEMPT” ON THE FACE OF THE FORM IN PART II, SIGN AND DATE THE FORM, AND RETURN IT TO
THE PAYOR. 
 Privacy Act Notice—Section 6109 of the Internal Revenue Code requires most recipients to give their correct Taxpayer
Identification Number to payors who must report the payments to the IRS. The IRS uses the numbers for identification purposes and to help verify the accuracy of tax returns. The IRS may also provide this information to the Department of Justice for
civil and criminal litigation, and to cities, states, the District of Columbia, and U.S. possessions to carry out their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce
federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. 
 Payors must be given the numbers
whether or not recipients are required to file tax returns. Payors must generally withhold a certain percentage (currently 28%) of taxable interest, dividend, and certain other payments to a payee who does not furnish a Taxpayer Identification
Number to a payor. Certain penalties may also apply. 
 Penalties 

(1) Penalty for Failure to Furnish Taxpayer Identification Number. If you fail to furnish your taxpayer identification number to a
requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect. 

(2) Civil Penalty for False Information with Respect to Withholding. If you make a false statement with no reasonable basis that
results in no backup withholding, you are subject to a $500 penalty. 
 (3) Criminal Penalty for Falsifying Information.
Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment. 

(4) Misuse of Taxpayer Identification Numbers. If the requester discloses or uses taxpayer identification numbers in violation of
federal law, the requester may be subject to civil and criminal penalties. 
 FOR ADDITIONAL INFORMATION CONTACT YOUR TAX ADVISOR OR THE
INTERNAL REVENUE SERVICE.Contribution Agreement

 Exhibit 10.1 

CONTRIBUTION AGREEMENT 

WORLD KITCHEN PROPERTY 

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is entered into as of June 4, 2010 by and among The GC Net Lease
REIT Operating Partnership, L.P. (the “Operating Partnership”), Will Partners REIT, LLC (the “OP Sub”), Will Partners, LLC, Will Partners Investor 1, LLC, Will Partners Investor 2, LLC, Will Partners Investor 3, LLC (each of Will
Partners Investor 1, LLC, Will Partners Investor 2, LLC and Will Partners Investor 3, LLC shall be referred to herein as a “Contributor” and, collectively with Will Partners, LLC, as the “Contributors”), Will Partners Member 1,
LLC, PLM&B, Inc. and Westridge Partners (each of Will Partners Member 1, LLC, PLM&B, Inc. and Westridge Partners shall be referred to herein as a “Unit Recipient” and, collectively with Will Partners, LLC, as the “Unit
Recipients”) (Will Partners, LLC shall be referred to herein as both a “Contributor” and a “Unit Recipient” and, collectively with the other such entities, as the “Contributors” and the “Unit
Recipients”). 
 WHEREAS, the Operating Partnership is considering engaging in various related transactions pursuant to
which, among other things, the Operating Partnership would acquire that certain net leased real estate property located at 5800 Industrial Drive, Monee, Illinois 60449 (the “World Kitchen Property”); 

WHEREAS, each Contributor currently owns directly and, at the Closing, will own directly the percentage undivided co-tenancy interest in
the World Kitchen Property listed opposite the Contributor’s name on Exhibit A hereto (each, an “Interest” and, collectively, the “Interests”); and 

WHEREAS, the Operating Partnership desires to acquire from each Contributor, and each Contributor desires to transfer to the Operating
Partnership, subject to the terms and conditions set forth herein, all of such Contributor’s Interest in the World Kitchen Property. 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and conditions set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Operating Partnership, the OP Sub, the Contributors and the Unit Recipients agree as follows: 

ARTICLE I: CONTRIBUTION OF INTERESTS 

1.1 Contribution of Interests. Subject to the terms and conditions hereof, each Contributor agrees to contribute or otherwise
transfer to the OP Sub (or its designee), and the OP Sub (or its designee) agrees to acquire and accept from such Contributor, on the Closing Date (as hereinafter defined), all of such Contributor’s right, title and interest in and to the
Interest listed as owned by such Contributor on Exhibit A hereto. 
 1.2 Contributor Exchange Amount.

 (a) Units Delivered at Closing. Subject to the terms and conditions of this Agreement, in exchange for the contribution
of all of the Interests listed on Exhibit A as being owned by the Contributors, the Operating Partnership shall transfer to each Unit Recipient, and upon execution and delivery of an acceptance of the Partnership Agreement (as defined
below) by such Unit Recipient, such Unit Recipient shall receive, at the Closing, the number of units of limited partnership interest in the Operating Partnership (“Units”) listed opposite the Unit Recipient’s name on
Exhibit B hereto, in a transaction intended to qualify for non-recognition of 

 
gain to such Contributor and such Contributor’s respective Unit Recipient pursuant to Section 721 of the Internal Revenue Code of 1986, as amended. The rights of each Unit Recipient as
a holder of Units as of the Closing are set forth in the First Amended and Restated Agreement of Limited Partnership of The GC Net Lease REIT Operating Partnership, L.P. (the “Partnership Agreement”), subject to the provisions of this
Agreement. With respect to the Interest in the World Kitchen Property owned by each Contributor as listed on Exhibit A hereto, each such Contributor and such Contributor’s respective Unit Recipient acknowledge and agree that receipt by
such Contributor’s respective Unit Recipient of the Units in exchange for such Interest shall constitute receipt of fair value (which aggregate value for all of the Interests has been determined by the parties to be $8,130,440, the “Agreed
Value”) in exchange for such Contributor’s Interest in the World Kitchen Property as of the Closing Date, and the ratable portion of the Agreed Value, as listed next to each Unit Recipient’s name on Exhibit B hereto, deemed
contributed to the OP Sub by each Contributor will be recorded on the Operating Partnership’s books and records. 
 (b)
Distribution of Units. At the Closing, the Operating Partnership shall issue the Units to each Unit Recipient (as determined pursuant to Section 1.2(a) above). The name of each Unit Recipient and the number of Units issued to such Unit
Recipient at the Closing shall be recorded in the books and records of the Operating Partnership. 
 (c) Admission as a
Limited Partner. Upon execution and delivery of an acceptance of the Partnership Agreement by each Unit Recipient at the Closing, and subject to the completion of the Closing, including execution of such acceptance by the Operating Partnership,
such Unit Recipient shall be admitted to the Operating Partnership as a limited partner of the Operating Partnership and, as such, shall be subject to, and bound by, the Partnership Agreement, including all the terms and conditions thereof, and the
power of attorney granted therein, as well as the terms set forth in Section 1.3 of this Agreement that hereby modify the terms of the Partnership Agreement with respect to the Exchange Right (as defined in the Partnership Agreement) of each
Unit Recipient admitted as a limited partner of the Operating Partnership pursuant to this Section 1.2(c). 
 1.3
Modified Exchange Right. 
 (a) Discounted Cash Amount for Redemption by the Operating Partnership and Discounted Cash
Amount and REIT Share Amount for Purchase by the General Partner of the Operating Partnership. With respect to the Units issued to each Unit Recipient pursuant to Section 1.2(b) above, each Unit Recipient shall have the right to require the
Operating Partnership to redeem all or a portion of the Units held by such Unit Recipient pursuant to Section 8.4(a) of the Partnership Agreement or may have such Units purchased by The GC Net Lease REIT, Inc. (the “REIT”), as general
partner of the Operating Partnership, pursuant to Section 8.4(b) of the Partnership Agreement, provided that such Units shall have been outstanding for at least one year, at an exchange price equal ninety-two percent (92%) of the Cash
Amount to which such Unit Recipient would otherwise be entitled upon a redemption of such Units by the Operating Partnership and ninety-two percent (92%) of the Cash Amount or the REIT Share Amount, as applicable, to which such Unit Recipient
would otherwise be entitled upon a purchase of such Units by the REIT. 
 (b) Limitation on Right of the General Partner of
the Operating Partnership to Purchase Units. With respect to a purchase of Units by the REIT, as general partner of the Operating Partnership, pursuant to Section 1.3(a) above and Section 8.4(b) of the Partnership Agreement, the REIT
may only pay the Cash Amount (as defined in the Partnership Agreement 
  

 2 

 
and modified by Section 1.3(a) above) and may not purchase such Units by payment of the REIT Share Amount (as defined in the Partnership Agreement and modified by Section 1.3(a) above)
prior to the listing of the REIT Shares (as defined in the Partnership Agreement) on a national securities exchange. 
 ARTICLE
2: REPRESENTATIONS, WARRANTIES AND COVENANTS OF 
 CONTRIBUTORS AND UNIT RECIPIENTS 

As a material inducement to the Operating Partnership and the OP Sub to enter into this Agreement and to consummate the transactions
contemplated hereby, each Contributor and such Contributor’s respective Unit Recipient hereby make to the Operating Partnership and the OP Sub each of the representations and warranties set forth in this Article 2, severally and jointly
with respect to an individual Contributor and such Contributor’s respective Unit Recipient, and severally but not jointly with respect to the other Contributors and Unit Recipients, which representations and warranties are true and correct as
of the date hereof. 
 2.1 Title to the Interests. Contributor owns, directly, and at the Closing will own directly, free
and clear of any claim, lien (including tax liens), option, charge, security interest, mortgage, deed of trust, encumbrance, rights of assignment, purchase rights or other rights of any nature whatsoever of any third party (collectively,
“Encumbrances”), and has or will have at the Closing full power and authority to convey free and clear of any Encumbrances, the Interest listed on Exhibit A hereto as being owned by such Contributor and, upon delivery of an
assignment by Contributor conveying such Interest and consideration for such Interest as herein provided, the OP Sub (or its designee) will acquire good and valid title thereto, free and clear of any Encumbrance, in each case, except
(i) Encumbrances created in favor of the Operating Partnership or OP Sub by the transactions contemplated hereby, or (ii) Encumbrances that will be extinguished with respect to such Contributor and such Contributor’s respective Unit
Recipient at or prior to Closing, including, but not limited to the Amended and Restated Lease dated as of April 26, 2000 between Will Partners, LLC and World Kitchen, LLC, to which the World Kitchen Property is subject, which lease was
partially assumed by all Contributors in addition to Will Partners, LLC on July 7, 2005 (the “Current Lease”), and the loan made on April 27, 2000 in the original amount of $18,240,000 to Will Partners, Inc., secured by a
nonrecourse deed of trust in favor of LaSalle Bank National Association, as Trustee for the Registered Holders of Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates, Series 2000-WF2, its successors and
assigns (as successor to Wells Fargo Bank, National Association), to which the World Kitchen Property is subject, which loan was assumed by all other Contributors in addition to Will Partners, LLC on July 7, 2005 (the “Current Loan”)
(collectively, “Permitted Encumbrances”). 
 2.2 Authority. Contributor and such Contributor’s respective
Unit Recipient have full right, authority, power and capacity (a) to enter into this Agreement and each agreement, document and instrument to be executed and delivered by or on behalf of such Contributor or such Contributor’s respective
Unit Recipient, respectively, pursuant to this Agreement and (b) to carry out the transactions contemplated hereby and thereby, and Contributor has full right, authority, power and capacity to transfer, sell and deliver all of the Interest
listed on Exhibit A hereto as being owned by such Contributor to the OP Sub (or its designee) in accordance with this Agreement. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of
Contributor or such Contributor’s respective Unit Recipient pursuant to this Agreement, constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Contributor or such Contributor’s
respective Unit Recipient, respectively, each enforceable in accordance with its respective terms. The execution, delivery 
  

 3 

 
and performance of this Agreement and each such agreement, document and instrument by or on behalf of Contributor or such Contributor’s respective Unit Recipient (i) does not and will
not violate any foreign, federal, state, local or other laws applicable to such Contributor or such Contributor’s respective Unit Recipient or require such Contributor or such Contributor’s respective Unit Recipient to obtain any approval,
consent or waiver of, or make any filing with, any person or authority (governmental or otherwise) that will not be obtained or made at or prior to the Closing, and (ii) if such Contributor or such Contributor’s respective Unit Recipient
is not an individual, does not and will not violate such Contributor’s or such Contributor’s respective Unit Recipient’s partnership agreement, operating agreement or other organizational documents, (iii) does not and will not
violate any term, condition or provision of, or constitute a default under, any bond, note or other evidence of indebtedness or any contract, lease or other instrument to which such Contributor or such Contributor’s respective Unit Recipient is
a party or by which the Interest of such Contributor is bound or affected, and (iv) does not and will not result in the creation of any Encumbrance on the World Kitchen Property. 

2.3 Litigation. There is no litigation or proceeding, either judicial or administrative, pending or, to Contributor’s or such
Contributor’s respective Unit Recipient’s knowledge, threatened, affecting all or any portion of such Contributor’s Interest, the World Kitchen Property or such Contributor’s or such Contributor’s respective Unit
Recipient’s ability to consummate the transactions contemplated hereby. There is no outstanding order, writ, injunction or decree of any court, government, governmental entity or authority or arbitration against or affecting all or any portion
of Contributor’s Interest or the World Kitchen Property, which in any such case would impair such Contributor’s or such Contributor’s respective Unit Recipient’s ability to enter into and perform all the respective obligations of
such Contributor and such Contributor’s respective Unit Recipient respective obligations under this Agreement. 
 2.4 No
Agreements to Sell. Except to the extent contemplated herein, neither Contributor nor such Contributor’s respective Unit Recipient are currently a party to any agreement to sell, transfer or otherwise encumber or dispose of such
Contributor’s Interest. 
 2.5 Status as a United States Person. Contributor and such Contributor’s respective
Unit Recipient represent and warrant that neither such Contributor nor such Contributor’s respective Unit Recipient are a foreign person within the meaning of Section 1445 of the Code (“Section 1445”). Each of
Contributor’s and such Contributor’s respective Unit Recipient’s U.S. social security number (in the case of an individual) or U.S. taxpayer identification number (in the case of an entity) that has previously been provided to Griffin
Capital Corporation is correct. Each of Contributor’s and such Contributor’s respective Unit Recipient’s home address (in the case of an individual) or office address (in the case of an entity) is the most recent addresses previously
provided to Griffin Capital Corporation. Upon request by the Operating Partnership or the OP Sub, Contributor and such Contributor’s respective Unit Recipient, as applicable, agree to complete and provide to the Operating Partnership or the OP
Sub, as applicable prior to the Closing a certificate of non-foreign status substantially in the form provided in Section 1.1445-5(b)(3)(D) of the Treasury regulations. 

2.6 No Insolvency Proceedings. No attachments, execution proceedings, assignments for the benefit of creditors, insolvency,
bankruptcy, reorganization or other proceedings are pending or, to Contributor’s or such Contributor’s respective Unit Recipient’s knowledge, threatened against such Contributor or such Contributor’s respective Unit Recipient,
such Contributor’s Interest or the World Kitchen Property, nor are any such proceedings contemplated by such Contributor or such Contributor’s respective Unit Recipient. 

 

 4 

 2.7 No Brokers. Contributor and such Contributor’s respective Unit Recipient
represent that neither has entered into, and covenant that neither will enter into, any agreement, arrangement or understanding with any person or firm which will result in the obligation of the Operating Partnership or the OP Sub to pay any
brokerage commission in connection with the transactions contemplated hereby. 
 2.8 Conditional Nature of Transaction.
Contributor and such Contributor’s respective Unit Recipient acknowledge and understand that it is a condition to the obligations of the Operating Partnership and the OP Sub to close the transactions contemplated hereby that the refinancing and
lease amendment more fully described in Sections 3.1(a) and (b), respectively, shall have occurred (or will occur simultaneously with the Closing), that the occurrence of the contribution of the World Kitchen Property is wholly within the sole and
absolute discretion of the REIT, the Operating Partnership, the OP Sub and their affiliates, and that neither such Contributor nor such Contributor’s respective Unit Recipient has a right to force the contribution of the World Kitchen Property
to occur, on any terms. 
 2.9 Securities Law Matters; Transfer Restrictions. 

(a) Contributor and such Contributor’s respective Unit Recipient acknowledge that the Operating Partnership intends the offer and
issuance of the Units to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws by virtue of (i) the status of such Unit Recipient as an “accredited
investor” within the meaning of the federal securities laws, and (ii) Regulation D promulgated under Section 4(2) of the Securities Act (“Regulation D”), and that the Operating Partnership will rely in part upon the
representations and warranties made by such Contributor and such Contributor’s respective Unit Recipient in this Agreement in making the determination that the offer and issuance of the Units qualify for exemption under Rule 506 of
Regulation D as an offer and sale only to “accredited investors.” 
 (b) Contributor’s respective Unit
Recipient is an “accredited investor” within the meaning of the federal securities laws. 
 (c) Contributor’s
respective Unit Recipient will acquire the Units for his or its own account and not with a view to, or for sale in connection with, any “distribution” thereof within the meaning of the Securities Act. Contributor’s respective Unit
Recipient does not intend or anticipate that such Contributor’s respective Unit Recipient will rely on this investment as a principal source of income. 

(d) Contributor’s respective Unit Recipient has sufficient knowledge and experience in financial, tax, and business matters to
enable it to evaluate the merits and risks of investment in the Units. Contributor’s respective Unit Recipient has the ability to bear the economic risk of acquiring the Units. Contributor and Contributor’s respective Unit Recipient
acknowledge that (i) the transactions contemplated by this Agreement involve complex tax consequences for such Contributor and Contributor’s respective Unit Recipient, and Contributor and Contributor’s respective Unit Recipient are
relying solely on the advice of such Contributor’s or Contributor’s respective Unit Recipient’s own tax advisors, as applicable, in evaluating such consequences, (ii) the Operating Partnership has not made (nor shall it be deemed
to have made) any representations or warranties as to the tax consequences of such transaction to such Contributor or Contributor’s respective Unit Recipient, and (iii) references in this Agreement to the intended tax effect of the
transactions contemplated hereby shall not be deemed to imply any representation by the Operating Partnership as to a particular tax effect that may be obtained by 

 

 5 

 
such Contributor or Contributor’s respective Unit Recipient. Contributor and Contributor’s respective Unit Recipient remain solely responsible for all tax matters relating to such
Contributor and Contributor’s respective Unit Recipient, respectively. 
 (e) Contributor’s respective Unit Recipient
has been supplied with, or had access to, information to which a reasonable investor would attach significance in making an investment decision to acquire the Units and any other information such Contributor’s respective Unit Recipient has
requested. Contributor’s respective Unit Recipient has had an opportunity to ask questions of, and receive information and answers from, the Operating Partnership, the OP Sub and the REIT concerning the Operating Partnership, the REIT, the
Units, the contribution of the World Kitchen Property and the REIT common shares into which the Units may be redeemed, and to assess and evaluate any information supplied to such Contributor’s respective Unit Recipient by the Operating
Partnership, the OP Sub or the REIT, and all such questions have been answered, and all such information has been provided to the full satisfaction of such Contributor’s respective Unit Recipient. 

(f) Contributor’s respective Unit Recipient acknowledges that such Contributor’s respective Unit Recipient is aware that there
are substantial restrictions on the transferability of the Units and that the Units will not be registered under the Securities Act or any state securities laws, and such Contributor’s respective Unit Recipient has no right to require that they
be so registered. Contributor’s respective Unit Recipient agrees that any Units it acquires will not be sold in the absence of registration unless such sale is exempt from registration under the Securities Act and applicable state securities
laws. Contributor’s respective Unit Recipient acknowledges that such Contributor’s respective Unit Recipient shall be responsible for compliance with all conditions on transfer imposed by any securities authority and for any expenses
incurred by the Operating Partnership for legal or accounting services in connection with reviewing such a proposed transfer or issuing opinions in connection therewith. 

(g) Contributor’s respective Unit Recipient understands that no federal agency (including the Securities and Exchange Commission) or
state agency has made or will make any finding or determination as to the fairness of an investment in the Units (including, as to Contributor’s respective Unit Recipient, the Agreed Value determined pursuant to Section 1.2(a)).

 (h) Contributor’s respective Unit Recipient understands that there is no established public, private or other market for
the Units acquired by such Contributor’s respective Unit Recipient hereunder and it is not anticipated that there will be any public, private or other market for such Units in the foreseeable future. 

(i) Contributor’s respective Unit Recipient understands that Rule 144 promulgated under the Securities Act is not currently
available with respect to the sale of Units. 
 2.10 Reliance. Contributor and such Contributor’s respective Unit
Recipient acknowledge that Contributor and such Contributor’s respective Unit Recipient understand the meaning and legal consequences of the representations and warranties in this Article 2, and that the Operating Partnership and the OP
Sub may rely upon such representations and warranties in determining whether to enter into this Agreement. Contributor and such Contributor’s respective Unit Recipient agree to indemnify, defend and hold harmless the Operating Partnership, the
OP Sub, the REIT, and the officers, directors and affiliates thereof, and any employees or agents of any of the foregoing, against any and all loss, liability, claim, damage or expense whatsoever (including, but not limited to, any and all expenses,
including attorneys’ fees, reasonably incurred 
  

 6 

 
in investigating, preparing or defending against any claim or litigation commenced or threatened) due to or arising out of a breach of any such representations or warranties. 

2.11 Nature of Contribution. Contributor and such Contributor’s respective Unit Recipient acknowledge that, due to the nature
of the transactions contemplated hereby, upon Closing, Contributor will make a contribution to a partnership, the Operating Partnership, pursuant to Section 721 of the Internal Revenue Code; therefore, Contributor will no longer be able to rely
upon Section 1031 of the Internal Revenue Code for tax treatment of Contributor’s Interest subsequent to the Closing. 

2.12 No Legal Representation. Contributor and such Contributor’s respective Unit Recipient acknowledge that the legal counsel
representing the Operating Partnership, the OP Sub, the REIT and their affiliates does not represent, and will not be deemed under the applicable codes of professional responsibility to have represented or to be representing, any or all of the
Contributors and Unit Recipients. Contributor and such Contributor’s respective Unit Recipient acknowledge that, due to the complex nature of the transactions contemplated by this Agreement, the Operating Partnership has encouraged such
Contributor and such Contributor’s respective Unit Recipient to consult their own legal, financial and tax advisors. 

ARTICLE 3: CONDITIONS TO CLOSING 

3.1 Conditions to the Obligations of the Operating Partnership and the OP Sub to Close. The obligations of the Operating
Partnership and the OP Sub to consummate the Closing with respect to each Contributor’s Interest is subject to the fulfillment, at or prior to the Closing, of the following conditions (unless such conditions are waived in writing by the
Operating Partnership): 
 (a) Refinancing of the Current Loan. At or prior to the Closing, the Current Loan shall be
refinanced on terms acceptable to the Operating Partnership in its sole discretion. 
 (b) Amendment to the Current
Lease. At or prior to the Closing, the Current Lease shall be amended on terms acceptable to the Operating Partnership in its sole discretion. 

(c) Representations and Warranties. The representations and warranties made by such Contributor and such Contributor’s
respective Unit Recipient pursuant to this Agreement shall be true and correct in all respects when made, and on and as of the Closing Date, as though such representations and warranties were made on the Closing Date. 

(d) Performance. Such Contributor and such Contributor’s respective Unit Recipient shall have performed and complied with all
agreements and covenants that such Contributor and such Contributor’s respective Unit Recipient are required to perform or comply with pursuant to this Agreement prior to the Closing. 

(e) Legal Proceedings. No action or proceeding by or before any governmental authority shall have been instituted that is
reasonably expected to restrain, prohibit or invalidate the transactions contemplated by this Agreement, other than an action or proceeding instituted by such Contributor or such Contributor’s respective Unit Recipient. 

(f) Consents and Approvals. All necessary consents of governmental and private parties to effect the transactions contemplated by
this Agreement (as they relate to such Contributor or such Contributor’s respective Unit Recipient) shall have been obtained. 
  

 7 

 (g) Reliance on Regulation D. The Operating Partnership shall, based on advice
of its counsel, be reasonably satisfied that the issuance and the contemplated distribution of Units to such Contributor’s respective Unit Recipient may be made without registration under the Securities Act in reliance upon Regulation D.

 3.2 Conditions to the Obligations of Each Contributor and Such Contributor’s Respective Unit Recipient to Close.
The obligations of each Contributor and such Contributor’s respective Unit Recipient to consummate the Closing are subject to the fulfillment, at or prior to the Closing, of the following conditions (unless such conditions are waived in writing
by such Contributor and such Contributor’s respective Unit Recipient): 
 (a) Performance. The Operating Partnership
and the OP Sub shall have performed and complied with all agreements and covenants (as they relate to such Contributor or such Contributor’s respective Unit Recipient) that the Operating Partnership or the OP Sub are required to perform or
comply with pursuant to this Agreement prior to the Closing. 
 (b) Tax Protection Agreement. The REIT, the Operating
Partnership, the Contributors and the Unit Recipients shall have entered into that certain Tax Protection Agreement evidencing their agreement regarding amounts that may be payable to the Unit Recipients as a result of certain actions being taken by
the Operating Partnership relating to the disposition of the World Kitchen Property. 
 (c) Legal Proceedings. No action
or proceeding by or before any governmental authority shall have been instituted that is reasonably expected to restrain, prohibit or invalidate the transactions contemplated by this Agreement (as they relate to such Contributor or such
Contributor’s respective Unit Recipient), other than an action or proceeding instituted by the Operating Partnership; provided, that the foregoing condition shall be deemed to have been satisfied if the Operating Partnership shall have fully
indemnified such Contributor and such Contributor’s respective Unit Recipient from any loss, liability, claim, damage or expense arising out of such Contributor’s and such Contributor’s respective Unit Recipient’s proceeding to
close under this Agreement in the face of any such action or proceeding. 
 (d) Consents and Approvals. All necessary
consents of governmental and private parties to effect the transactions contemplated by this Agreement (as they relate to such Contributor and such Contributor’s respective Unit Recipient), including, without limitation, consents of any other
members or partners of any of the selling entities or lenders, shall have been obtained; provided, that the foregoing condition shall be deemed to have been satisfied if the Operating Partnership shall have fully indemnified such Contributor and
such Contributor’s respective Unit Recipient from any loss, liability, claim, damage or expense arising out of such Contributor’s and such Contributor’s respective Unit Recipient’s proceeding to close under this Agreement without
having obtained a necessary consent. 
 ARTICLE 4: CLOSING 

4.1 Closing. The closing hereunder (the “Closing”) shall occur, at the election of the Operating Partnership, and which
date and location the Operating Partnership shall designate in writing to each Contributor and Unit Recipient at least one business day prior to such date, provided that the conditions for the Closing as set forth in Article 3 hereof applicable
to the transaction with such Contributor and such Contributor’s respective Unit Recipient shall have occurred (or have been waived by the party that benefits from such conditions), and this

  

 8 

 
Agreement shall not have been terminated as to such Contributor pursuant to Article 5 hereof. The date on which a Closing occurs is referred to herein as the “Closing Date.”

 4.2 Closing Deliveries by Each Contributor and Such Contributor’s Unit Recipient. At the Closing, each
Contributor or such Contributor’s respective Unit Recipient, as applicable, shall execute and deliver to the Operating Partnership or the OP Sub, as applicable, the following: 

(a) a duly executed Assignment Agreement, substantially in the form attached hereto as Exhibit C (“Assignment
Agreement”), pursuant to which such Contributor shall convey to the OP Sub (or its designee) title to such Contributor’s Interest in the World Kitchen Property, free and clear of Encumbrances, except Permitted Encumbrances; 

(b) a duly executed grant deed, limited warranty deed or other appropriate transfer document conveying title to the OP Sub. 

(c) a duly executed acceptance of the Partnership Agreement executed by such Unit Recipient; 

(d) a duly executed signature page to the Tax Protection Agreement executed by such Contributor and such Contributor’s respective
Unit Recipient; and 
 (e) such documents and certificates as the Operating Partnership or the OP Sub may reasonably request
(i) to establish the authority of the parties executing any documents in connection with the Closing, or (ii) to reflect the parties’ intentions regarding the transfer of the Interests. 

4.3 Closing Deliveries by the Operating Partnership. At the Closing, the Operating Partnership shall execute and deliver to each
Unit Recipient the following: 
 (a) a certificate evidencing ownership of the applicable number of Units calculated in
accordance with Section 1.2(a) hereof; 
 (b) a duly executed acceptance of the Partnership Agreement; and 

(c) a duly executed signature page to the Tax Protection Agreement. 

ARTICLE 5: TERMINATION 

5.1 Termination by the Operating Partnership. The Operating Partnership shall have the right to terminate this Agreement at any
time prior to the Closing following the occurrence of either of the following events: 
 (a) as to any Contributor and such
Contributor’s respective Unit Recipient, the determination that any representation or warranty of such Contributor or such Contributor’s Unit Recipient contained herein is no longer true or correct, and that such representation or warranty
cannot reasonably be expected to be true and correct at the Closing; or 
 (b) as to all the Contributors and Unit Recipients,
at any time for any reason. 
 5.2 Effect of Termination. Upon the termination of this Agreement as to a Contributor and
such Contributor’s Unit Recipient pursuant to Section 5.1 hereof, neither the 
  

 9 

 
Operating Partnership, the OP Sub, such Contributor nor such Contributor’s respective Unit Recipient shall have any liability to any other party hereto in connection with the transactions
contemplated hereby, or as a result of the termination of this Agreement; provided, that the foregoing shall not relieve the Operating Partnership, the OP Sub, such Contributor or such Contributor’s respective Unit Recipient of any liability as
a result of a breach of any of the terms of this Agreement. Notwithstanding anything to the contrary herein, the termination of this Agreement as to any one or more Contributor and such Contributor’s respective Unit Recipient shall not affect
the effectiveness or continuing validity of this Agreement as to all other Contributors and Unit Recipients, and this Agreement shall continue in full force and effect as to all such other Contributors and Unit Recipients unless terminated as to
such other Contributors and Unit Recipients in accordance with Section 5.1 hereof. 
 ARTICLE 6: COVENANTS AND OTHER
AGREEMENTS 
 6.1 Consent to Transfer of Other Contributors’ Interests. Each Contributor hereby consents to the
transfer of the Interests of the other Contributors in the World Kitchen Property to the OP Sub (or its designee), and waives any rights under that certain Tenants in Common Agreement dated January 8, 2005 by and among the Contributors, and
related documents, in connection therewith or in connection with any of the transactions contemplated by this Agreement, including, without limitation, any restrictions on transfer, buy/sell rights, rights of appraisal, piggyback rights or rights of
first offer or first refusal and any notice requirements in connection therewith or otherwise. 
 6.2 Further Assurances.
Each Contributor and Unit Recipient shall execute and deliver to the Operating Partnership or the OP Sub, as applicable, all such other and further instruments and documents and take or cause to be taken all such other and further actions as the
Operating Partnership or the OP Sub, as applicable, may reasonably request in order to effect the transactions contemplated by this Agreement, including instruments or documents deemed necessary or desirable by the Operating Partnership or the OP
Sub to effect and evidence the conveyance of the Interests in accordance with the terms of this Agreement. 
 ARTICLE 7:
MISCELLANEOUS 
 7.1 Amendment; Waiver. Any amendment hereto shall be effective only if signed by all parties hereto. No
waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 

7.2 Entire Agreement; Counterparts; Applicable Law. This Agreement shall (a) constitute the entire agreement and supersedes
all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, (b) may be executed in one or more counterparts, each of which will be deemed an original and all of which shall
constitute one and the same instrument, and (c) shall be governed in all respects, including validity, interpretation and effect, by the laws of the State of Delaware without giving effect to the conflict of law provisions thereof. 

7.3 Assignability. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties
hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without the prior written consent of the other parties, and any
attempted assignment without such consent shall be void and of no effect; provided, further, however, that the Operating Partnership or the OP Sub may assign this Agreement and any 

 

 10 

 
agreement contemplated hereunder or thereunder to a respective subsidiary, or to any entity into which the Operating Partnership or the OP Sub, as applicable, is reorganized, or to the REIT,
without the consent of the Contributors or the Unit Recipients. 
 7.4 Severability. If any provision of this Agreement,
or the application thereof, is for any reason held to any extent to be invalid or unenforceable, the remainder of this Agreement and application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the
intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of
the void or unenforceable provision and to execute any amendment, consent or agreement deemed necessary or desirable by the Operating Partnership or the OP Sub to effect such replacement. 

7.5 Equitable Remedies. The parties hereto agree that irreparable damage would occur if any provision of this Agreement was not
performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions hereof in any federal or state court located in the State of California (as to which the parties agree to submit to jurisdiction for the purposes of such action), this being in addition to any other remedy to which they are entitled at
law or in equity. 
 7.6 Attorneys’ Fees. In connection with any litigation or a court proceeding arising out of
this Agreement, the prevailing party shall be entitled to recover all costs incurred, including reasonable attorneys’ fees and legal assistants’ fees and costs whether incurred prior to trial, at trial, or on appeal. 

7.7 Survival. It is the express intention and agreement of the parties hereto that the representations, warranties and covenants
of the Contributors and the Unit Recipients set forth in this Agreement shall survive the consummation of the transactions contemplated hereby. 

7.8 Time of the Essence. Time is of the essence with respect to each Contributor’s and Unit Recipient’s obligations
under this Agreement. 
 [Signature pages to follow.] 

 

 11 

 IN WITNESS WHEREOF, each of the parties hereto has executed and delivered this Agreement, or
caused the Agreement to be duly executed and delivered on its behalf, as of the date first set forth above. 
  

			
	THE OPERATING PARTNERSHIP:
	
	The GC Net Lease REIT Operating Partnership, L.P.
		
	By:	 	The GC Net Lease REIT, Inc., Its General Partner
		
	By:	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, President
	
	THE OP SUB:
	
	Will Partners REIT, LLC
		
	By:	 	The GC Net Lease REIT Operating Partnership, L.P.,
	Its Sole Member
		
	By:	 	The GC Net Lease REIT, Inc., Its General Partner
		
	By:	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, President
	
	THE CONTRIBUTORS:
	
	Will Partners, LLC
		
	By:	 	Will Acquisitions, Inc., Its Managing Member
		
	By:	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, President
	
	Will Partners Investor 1, LLC
		
	By:	 	Will Partners Member 1, LLC, Its Sole Member
		
	By:	 	/s/ LaVerne Wilkening
		 	LaVerne Wilkening, Member
		
	By:	 	/s/ Mary Lou Wilkening
		 	Mary Lou Wilkening, Member
	
	Will Partners Investor 2, LLC
		
	By:	 	PLM&B, Inc., Its Sole Member
		
	By:	 	/s/ LaVerne Wilkening
		 	LaVerne Wilkening, President

  

 12 

			
	Will Partners Investor 3, LLC
		
	By:	 	Westridge Partners, Its Sole Member
		
	By:	 	MNK Corp.
		
	By:	 	/s/ David Gellerman
		 	David Gellerman, President
	
	THE UNIT RECIPIENTS:
	
	Will Partners, LLC
		
	By:	 	Will Acquisitions, Inc., Its Managing Member
		
	By:	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, President
	
	Will Partners Member 1, LLC
		
	By:	 	/s/ LaVerne Wilkening
		 	LaVerne Wilkening, Member
		
	By:	 	/s/ Mary Lou Wilkening
		 	Mary Lou Wilkening, Member
	
	PLM&B, Inc.
		
	By:	 	/s/ LaVerne Wilkening
		 	LaVerne Wilkening, President
	
	Westridge Partners
		
	By:	 	MNK Corp.
		
	By:	 	/s/ David Gellerman
		 	David Gellerman, President

  

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]