Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 B. RILEY
FINANCIAL, INC. 
 COMMON STOCK, PAR VALUE $0.0001 PER SHARE 

UNDERWRITING AGREEMENT 

May 5, 2016 
 B. Riley & Co., LLC 

11100 Santa Monica Boulevard 
 Suite 800 

Los Angeles, CA 90025 
 Merriman Capital, Inc. (the
“Independent Underwriter”) 
 As Qualified Independent Underwriter 

Ladies and Gentlemen: 
 B. Riley Financial,
Inc., a Delaware corporation (the “Company”), proposes to issue and sell to purchasers (“Purchasers”), with the assistance of B. Riley & Co., LLC (when used herein in the singular, the
“Underwriter”, and together with the Independent Underwriter, the “Underwriters”) as agent of the Company, on a best efforts basis, pursuant to the terms of this Underwriting Agreement (this
“Agreement”) and, in the judgment of the Underwriter if deemed necessary, the Subscription Agreements in a form to be agreed (the “Subscription Agreements”), an aggregate of 2,105,200 shares (the “Firm
Shares”) of common stock, $0.0001 par value per share (the “Common Stock”), of the Company. In addition, the Company proposes to grant to the Underwriter the option to sell, as agent of the Company, up to an additional
315,780 shares of Common Stock (the “Additional Shares”). The Firm Shares and, if and to the extent such option is exercised, the Additional Shares are hereinafter collectively referred to as the “Shares.” The
Shares are described in the Prospectus referred to below. 
 The Company hereby confirms its engagement of the Merriman Capital, Inc., and
Merriman Capital, Inc. hereby confirms its agreement with the Company, to render services as a “qualified independent underwriter” within the meaning of Rule 5121 of the Financial Industry Regulatory Authority, Inc.
(“FINRA”) with respect to the offering and sale of the Shares. Merriman Capital, Inc., in its capacity as qualified independent underwriter, is referred to herein as the “Independent Underwriter.” 

As part of the transactions described under the heading “Proposed Acquisition of United Online, Inc.” in the General Disclosure
Package (as defined below), pursuant to an Agreement and Plan of Merger (“Merger Agreement”), dated as of May 4, 2016, among the Company, Unify Merger Sub, Inc., a wholly-owned subsidiary of the Company, and United Online, Inc.
(“Target”), Merger Sub will merger with and into Target, with Target surviving as a wholly-owned subsidiary of the Company. 

The Company, the Underwriter and the Independent Underwriter agree as follows: 

 1.     The Offering. On the basis of the representations,
warranties and agreements herein contained, and subject to the terms and conditions of this Agreement, the Company hereby appoints the Underwriter as its sole and exclusive agent for the purpose of selling, in accordance with the terms and
conditions hereof, the Firm Shares. The Underwriter hereby accepts such agency and agree to use its best efforts to sell the Firm Shares on said terms and conditions. All Firm Shares to be offered and sold in the Offering shall be sold through
the Underwriter, as agent for the Company, and the Underwriter agrees to use its best efforts to sell the Firm Shares as agent for the Company, at the price per share set forth in Schedule A hereto. In consideration for the
Underwriter’s efforts under this Section, the Company agrees to pay the Underwriter the commission (the “Selling Commission”) set forth in Schedule A hereto. The Underwriter may reject any offer to purchase the Firm
Shares made through the Underwriter or a selected dealer in whole or in part, and any such rejection shall not be deemed a breach of the Underwriter’s agreements contained herein. This is strictly a “best efforts” offering and there
is no minimum contingency of a specific number of Firm Shares which must be sold prior to proceeding with a closing and the Underwriter is not required to purchase any Shares that are not sold or for which Purchasers have not paid in the Offering.
The Company will not sell or agree to sell any of the Firm Shares otherwise than through the Underwriter until after the Closing Date. In the event any of the Company or any of its executive officers is contacted directly or indirectly by
prospective Purchasers of the Firm Shares, the Company will promptly forward the names of such prospective Purchasers to the Underwriter. 

In addition, the Company hereby grants to the Underwriter, upon the basis of the warranties and representations and subject to the terms and
conditions herein set forth, the option to sell, as agent of the Company, all or a portion of the Additional Shares, for the sole purpose of covering sales in excess of the number of Firm Shares, at the same price per share as sold by the
Underwriter for the Firm Shares. This option may be exercised by Underwriter at any time and from time to time in whole or in part by written notice from the Underwriter to the Company, which notice may be given at any time within 30 days from the
date of this Agreement. Such notice shall set forth (i) the aggregate number of Additional Shares as to which the option is being exercised, (ii) the names and denominations in which the certificates will be delivered and (iii) the date, time
and place at which such certificates will be delivered (such date, the “Additional Closing Date” and such time of such date, the “Additional Time of Purchase”); provided, however, that the Additional
Time of Purchase may be simultaneous with, but shall not be earlier than the Time of Purchase (as defined below) and shall not be earlier than two nor later than five full business days after delivery of such notice of exercise. The Underwriter
may cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company. 
 If determined
necessary in the judgment of the Underwriter, the Shares being sold to the Purchasers shall be evidenced by the execution of the Subscription Agreements by each of the Purchasers and the Company. 

2.     Representations and Warranties of the Company. The Company represents and warrants to, and agrees
with, the Underwriters that: 
 (a) The Company has prepared and filed in conformity with the requirements of the Securities Act of
1933, as amended (the “Securities Act”), and published rules and regulations thereunder (the “Rules and Regulations”) adopted by the Securities and Exchange Commission (the “Commission”) a
“shelf” Registration Statement (as hereinafter defined) on Form S-3 (File No. 333-203534), 

  
 2 

 
which was declared effective by the Commission as of July 2, 2015 (the “Effective Date”), including a base prospectus relating to the securities registered pursuant to such
Registration Statement (the “Base Prospectus”), and such amendments and supplements thereto as may have been required to the date of this Agreement. The term “Registration Statement” as used in this Agreement
means the registration statement (including all exhibits, financial schedules and all documents and information deemed to be a part of the Registration Statement pursuant to Rule 430B of the Rules and Regulations), as amended and/or supplemented to
the date of this Agreement, including the Base Prospectus. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing
the use of the Prospectus (as defined below) has been issued by the Commission and no proceedings for that purpose have been instituted or are threatened by the Commission. The Company, if required by the Rules and Regulations of the
Commission, will file the Prospectus with the Commission pursuant to Rule 424(b) of the Rules and Regulations. The term “Prospectus” as used in this Agreement means the prospectus, in the form in which it is to be filed with
the Commission pursuant to Rule 424(b) of the Rules and Regulations, except that if any revised prospectus or prospectus supplement shall be provided to the Underwriter by the Company for use in connection with the offering and sale of the Shares
which differs from the Prospectus (whether or not such revised prospectus or prospectus supplement is required to be filed by the Company pursuant to Rule 424(b) of the Rules and Regulations), the term “Prospectus” shall refer to
such revised prospectus or prospectus supplement, as the case may be, from and after the time it is first provided to the Underwriter for such use. Any reference herein to the Registration Statement or the Prospectus shall be deemed to refer to
and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or before the last to occur of the
Effective Date, or the date of the Prospectus, and any reference herein to the terms “amend,” “amendment,” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and
include (i) the filing of any document under the Exchange Act after the Effective Date or the date of the Prospectus, as the case may be, which is incorporated by reference and (ii) any such document so filed. If the Company has filed an
abbreviated registration statement to register additional securities pursuant to Rule 462(b) under the Rules and Regulations (the “462(b) Registration Statement”), then any reference herein to the Registration Statement shall also
be deemed to include such 462(b) Registration Statement. 
 (b) As of the Applicable Time (as defined below) and as of the Time of
Purchase and any Additional Time of Purchase, as the case may be, none of (i) any General Use Free Writing Prospectus (as defined below) issued at or prior to the Applicable Time, and the Pricing Prospectus (as defined below), all considered
together (collectively, the “General Disclosure Package”), (ii) any individual Limited Use Free Writing Prospectus (as defined below) issued at or prior to the Time of Purchase or any Additional Time of Purchase, as the case may be,
or (iii) the bona fide electronic road show, if any (as defined in Rule 433(h)(5) of the Rules and Regulations), that has been made available without restriction to any person, when considered together with the General Disclosure Package, included
or will include any untrue statement of a material fact or omitted, or as of the Time of Purchase or Additional Time of Purchase, as the case may be, will omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to information contained in or omitted from the General Disclosure Package, any individual Limited
Use Free Writing Prospectus or the bona fide electronic road show, if any, in reliance upon, and in conformity 

  
 3 

 
with, written information furnished to the Company by or on behalf of the Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the
“Underwriter’s Information” which is defined as the information set forth in Section 14. As used in this paragraph (b) and elsewhere in this Agreement: 

“Applicable Time” means 5:00 a.m., Los Angeles time, on the date of this Agreement. 

“General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus identified on Schedule C to this Agreement. 

“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the Rules and
Regulations relating to the Shares in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) of the Rules and Regulations. 

“Limited Use Free Writing Prospectuses” means any Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus. 

“Pricing Prospectus” means the Base Prospectus as amended and supplemented immediately prior to the Applicable Time, including any document
incorporated by reference therein and any prospectus supplement deemed to be a part thereof. 
 (c) No order preventing or suspending
the use of any Issuer Free Writing Prospectus or the Prospectus relating to the offering of the Shares (the “Offering”) has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the
Securities Act has been instituted or threatened by the Commission. 
 (d) At the time the Registration Statement became effective, at
the date of this Agreement and at the Time of Purchase and any Additional Time of Purchase, as the case may be, the Registration Statement conformed and will conform in all material respects to the requirements of the Securities Act and the Rules
and Regulations and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; the Prospectus, at the time the
Prospectus became effective and at the Time of Purchase and any Additional Time of Purchase, as the case may be, conformed and will conform in all material respects to the requirements of the Securities Act and the Rules and Regulations and did not
and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that
the foregoing representations and warranties in this paragraph (d) shall not apply to information contained in or omitted from the Registration Statement or the Prospectus in reliance upon, and in conformity with, the Underwriter’s
Information. 
 (e) Each Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through the
completion of the public offer and sale of the Shares or until any earlier date that the Company notified or notifies the Underwriter as described in Section 4(c), did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration Statement, Pricing Prospectus or the Prospectus, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof that
has not been superseded 

  
 4 

 
or modified, or includes an untrue statement of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with, the
Underwriter’s Information. 
 (f) The documents incorporated by reference in the Prospectus, when they became effective or were
filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, the Rules and Regulations and the rules and regulations of the Commission under the
Exchange Act and none of such documents contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; and any further documents so filed and incorporated by reference in the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, the Rules and Regulations and the rules and regulations of the Commission under the Exchange Act and will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(g) The Company is not an “ineligible issuer” in connection with the Offering pursuant to Rules 164, 405 and 433 under the
Securities Act. The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering other than the Registration Statement, the Pricing Prospectus, the Prospectus, any General
Use Free Writing Prospectuses and any Limited Use Free Writing Prospectuses reviewed and consented to by the Underwriters (which consent shall not be unreasonably withheld). The Company will file with the Commission all Issuer Free Writing
Prospectuses (other than a “road show,” as defined in Rule 433(d)(8) of the Rules and Regulations), if any, in the time and manner required under Rules 163(b)(2) and 433(d) of the Rules and Regulations. 

(h) Each of the Company and its Subsidiaries has been duly organized and is validly existing as a corporation or other legal entity in
good standing (or the foreign equivalent thereof) under the laws of its jurisdiction of incorporation or organization. Each of the Company and its Subsidiaries is duly qualified to do business and is in good standing as a foreign corporation or
other legal entity in each jurisdiction in which its ownership or lease of its properties or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own or hold its properties and to
conduct the businesses in which each is engaged, except where the failure to so qualify or have such power or authority would not (i) have, singularly or in the aggregate, a material adverse effect on the condition (financial or otherwise), results
of operations, assets, or business of the Company and its Subsidiaries, taken as a whole or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement or to consummate any transactions contemplated
by this Agreement, the General Disclosure Package, or the Prospectus (any such effect as described in clauses (i) or (ii), a “Material Adverse Effect”). 

  
 5 

 (i) The Company has the full right, power and authority to enter into this Agreement and
each of the Subscription Agreements and to perform and to discharge its obligations hereunder; and this Agreement and each of the Subscription Agreements has been duly authorized, executed and delivered by the Company, and constitutes a valid and
binding obligation of the Company enforceable in accordance with its terms. 
 (j) The shares of Common Stock to be issued and sold by
the Company to the Purchasers have been duly and validly authorized and the shares of Common Stock, when issued and delivered against payment therefor as provided herein will be duly and validly issued, fully paid and non-assessable and free of any
preemptive or similar rights and will conform to the description thereof contained in the General Disclosure Package and the Prospectus. 

(k) The authorized capital stock of the Company conforms as to legal matters in all material respects to the description thereof
contained in each of the General Disclosure Package and the Prospectus. The shares of Common Stock outstanding prior to the issuance of the Shares have been duly authorized and are validly issued, fully paid and non-assessable. Since the
date provided in the General Disclosure Package, the Company has not issued any equity securities, other than Common Stock issued pursuant to the exercise of stock options or settlement of restricted stock units previously outstanding under the
Company’s equity compensation plans or the issuance of Common Stock pursuant to employee stock purchase plans. All of the Company’s options, warrants and other rights to purchase or exchange any securities for shares of the
Company’s capital stock have been duly authorized and validly issued and were issued in compliance in all material respects with United States federal and applicable state securities laws. None of the outstanding shares of Common Stock was
issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. 

(l) The membership interests, capital stock, partnership interests or other similar equity interests, as applicable, of each Subsidiary
of the Company have been duly authorized and validly issued, are fully paid and nonassessable and, except to the extent set forth in the General Disclosure Package, are owned by the Company directly, free and clear of any claim, lien, encumbrance,
security interest, restriction upon voting or transfer or any other claim of any third party. “Subsidiary” means any subsidiary of the Company as defined in Rule 405 under the Securities Act. 

(m) The execution, delivery and performance of this Agreement, the Subscription Agreements and the Merger Agreement by the Company, the
issuance and sale of the Shares by the Company and the consummation of the transactions contemplated hereby and thereby will not (with or without notice or lapse of time or both) conflict with or result in a breach or violation of any of the terms
or provisions of, constitute a default under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation or loss of a benefit under or pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is
subject that is material to the Company and its Subsidiaries, taken as a whole, nor will such actions result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as applicable) of the Company or any of
its Subsidiaries or any material violation of the provisions of any law, statute, 

  
 6 

 
rule, regulation, judgment, order or decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or any of their
properties or assets. 
 (n) No consent, approval, authorization or order of, or qualification with, any governmental body or agency
is required for the performance by the Company of its obligations under this Agreement and the Subscription Agreements or the execution and delivery of the Merger Agreement by the Company, except as (i) otherwise disclosed in the General Disclosure
Package with respect to the Merger Agreement, or (ii) as may be required by the securities or Blue Sky laws of the various states or the by-laws, rules and regulations of FINRA or the NASDAQ Capital Market in connection with the offer and sale of
the Shares. 
 (o) Marcum LLP, who has audited certain financial statements and related schedules included or incorporated by
reference in the Registration Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Company as required by the Securities Act and the Rules and Regulations and the
Public Company Accounting Oversight Board (United States). To the knowledge of the Company, except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, the applicable independent registered public
accounting firms above have not been engaged by the Company or any of its Subsidiaries, as applicable, to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act). 

(p) The financial statements, together with the related notes and schedules included or incorporated by reference in the General
Disclosure Package, the Prospectus and in the Registration Statement fairly present, in all material respects, the financial position and the results of operations and changes in financial position of the Company and its consolidated Subsidiaries
and other consolidated entities at the respective dates or for the respective periods therein specified. Such statements and related notes and schedules have been prepared in accordance with generally accepted accounting principles in the
United States (“GAAP”) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated by reference in the General Disclosure Package. The financial
statements, together with the related notes and schedules, included or incorporated by reference in the General Disclosure Package and the Prospectus comply in all material respects with the Securities Act, the Exchange Act, and the Rules and
Regulations and the rules and regulations under the Exchange Act. No other financial statements or supporting schedules or exhibits are required by the Securities Act or the Rules and Regulations to be described, or included or incorporated by
reference in the Registration Statement, the General Disclosure Package or the Prospectus. There is no pro forma or as adjusted financial information which is required to be included in the Registration Statement, the General Disclosure
Package, or the Prospectus or a document incorporated by reference therein in accordance with the Securities Act and the Rules and Regulations which has not been included or incorporated as so required. The pro forma financial statements of the
Company and its Subsidiaries and the related notes thereto included under the caption “Unaudited Pro Forma Condensed Consolidated Financial Information” and elsewhere in the Prospectus and in the Registration Statement present fairly, in
all material respects, the information contained therein, have been prepared, in all material respects, in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and have been properly
presented on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. 

  
 7 

 (q) Since the date of the most recent financial statements of the Company included or
incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus (i) there has not occurred any event or circumstance that has had or would reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect and (ii) each of the Company and its Subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any
material transaction or agreement not in the ordinary course of business, in each case, other than is set forth or contemplated therein. 

(r) There is no legal or governmental proceeding, action, suit or claim pending or, to the Company’s knowledge, threatened, to
which the Company or any of its Subsidiaries is a party or to which any of the properties or assets of the Company or any of its Subsidiaries is subject (i) other than proceedings accurately described in all material respects in the General
Disclosure Package or proceedings that would not have a Material Adverse Effect on the Company and its Subsidiaries, taken as a whole, or (ii) that are required to be described in the Registration Statement, the General Disclosure Package or the
Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the Company or any of its Subsidiaries is bound that are required to be
described in the Registration Statement, the General Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required. 

(s) Neither the Company nor any of its Subsidiaries is or, after giving effect to the Offering of the Shares and the application of the
proceeds thereof as described in the General Disclosure Package and the Prospectus, will become an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission
thereunder. 
 (t) Except to the extent expressly set forth in the General Disclosure Package as part of the offering contemplated
hereby, neither the Company, its Subsidiaries nor any of the Company’s or its Subsidiaries’ officers, directors or affiliates has bid for or purchased, for any account in which it or any of its affiliated purchasers has a beneficial
interest, any Shares, or attempted to induce any person to purchase any Shares; and has not, and has not caused its affiliated purchasers to, make bids or purchase for the purpose of creating actual, or apparent, active trading in or of raising the
price of the Shares. 
 (u) The Company and its Subsidiaries have good and marketable title to all real and personal property owned by
them which is material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances and defects of title except such as are described in the General Disclosure Package or would not
individually or in the aggregate have a Material Adverse Effect; and any real property and buildings held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases except such as are described in
the General Disclosure Package or would not have a Material Adverse Effect. 
 (v) Except as disclosed in the General Disclosure
Package, neither the Company nor any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order of any 

  
 8 

 
governmental agency or body or any court, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human
exposure to hazardous or toxic substances (collectively, “Environmental Laws”), operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off-site disposal or
contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would individually or in the aggregate have a Material Adverse Effect; and the
Company is not aware of any pending investigation which might lead to such a claim. 
 (w) The Company and its Subsidiaries own or
possess, or have the right to use, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, “Intellectual Property
Rights”) necessary to conduct the business now operated by them, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property Rights,
except such as will not individually or in the aggregate have a Material Adverse Effect. 
 (x) Each of the Company and its
Subsidiaries maintain a system of internal accounting and other controls (A) sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences and (B) which are effective in all material respects to perform
the functions for which they were established. Except as described in the General Disclosure Package, since the end of the Company’s most recent audited fiscal year, there has been (A) no material weakness or significant deficiencies in
the Company’s internal control over financial reporting (whether or not remediated), (B) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting and (C) no fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. 

(y) No relationship, direct or indirect, exists between or among the Company and any of its Subsidiaries, on the one hand, and the
directors, officers, stockholders (or analogous interest holders), customers or suppliers of the Company or any of its Subsidiaries or any of their affiliates, on the other hand, which is required to be described in the General Disclosure Package or
the Prospectus or a document incorporated by reference therein and which is not so described. 
 (z) Neither the Company nor any of
its Subsidiaries, nor, to the knowledge of the Company, any of its directors, officers, agents, employees, affiliates or other person acting on their behalf is aware of or has taken any action, directly or indirectly, that has violated or would
result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or 

  
 9 

 
authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is
defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company and its Subsidiaries have instituted and maintain policies and procedures designed to
ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 
 (aa) The operations of the Company and
its Subsidiaries are and have been conducted at all times, in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of
all applicable jurisdictions, the rules and regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company, threatened. 
 (bb) Neither the Company nor any of its Subsidiaries is currently subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of this offering of the Shares contemplated hereby, or lend,
contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(cc) No person or entity has the right to require registration of shares of Common Stock or other securities of the Company or any of
its Subsidiaries under the Securities Act because of the filing or effectiveness of the Registration Statement, except as set forth in therein or in the General Disclosure Package. 

(dd) Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person (other than
this Agreement) that would give rise to a valid claim against the Company or the Underwriters for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares or any transaction contemplated by
this Agreement, the Registration Statement, the General Disclosure Package or the Prospectus. 
 (ee) No forward-looking statement
(within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in either the General Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other
than in good faith. 
 (ff) The Company is subject to and in compliance in all material respects with the reporting requirements of
Section 13 or Section 15(d) of the Exchange Act. As of the filing date of the Registration Statement and as of any update of the Registration Statement pursuant to Section 10(a)(3) of the Securities Act (including the filing of any Annual
Report on Form 10-K), the Company was eligible to file a “shelf” Registration Statement on Form S-3 with the Commission. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on the NASDAQ Capital
Market, 

  
 10 

 
and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting of the Common
Stock from the NASDAQ Capital Market, nor has the Company received any notification that the Commission or FINRA is contemplating terminating such registration or listing. 

(gg) The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all
applicable rules and regulations promulgated thereunder or is implementing the provisions thereof that are currently in effect. 

(hh) The statistical and market-related data included in the General Disclosure Package are based on or derived from sources that the
Company believes to be reliable and accurate, and such data agree with the sources from which they are derived. 
 (ii) Except as
otherwise disclosed in the General Disclosure Package, each of the Company and its Subsidiaries possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies
necessary to conduct their respective businesses, and neither the Company nor any Subsidiary of the Company has received, or has any reason to believe that it will receive, any notice of proceedings relating to the revocation or modification of, or
non-compliance with, any such certificate, authorization or permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Effect. 

(jj) Each of the Company and its Subsidiaries have filed all material federal, state and foreign income and franchise tax returns or have
properly requested extensions thereof and have paid all material taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good
faith and by appropriate proceedings.
 (kk) Except as set forth in the General Disclosure Package, neither the Company nor any
Subsidiary directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article I, Section 1(ee) of the By-laws of FINRA) of, any member firm of FINRA. 

(ll) No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including Rule 5635 of the NASDAQ Capital
Rules) is required for the Company to issue and deliver the Shares. 
 (mm) Except as described in the General Disclosure Package, the
Company has not sold, issued or distributed any shares of Common Stock during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued
pursuant to employee benefit plans, qualified equity compensation plans or other employee compensation plans or pursuant to outstanding options, rights or warrants. 

(nn) Except as otherwise disclosed in the General Disclosure Package, each of the Company and its Subsidiaries maintain insurance issued by
nationally recognized insurers covering their respective properties, operations, personnel and businesses, with policies in such amounts and with such deductibles and covering such risks as the Company reasonably deems adequate. The Company has
no 

  
 11 

 
reason to believe that it or any of its Subsidiaries will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from
similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Effect. 

(oo) The Company has not taken, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in
stabilization or manipulation of the price of the Shares or any other “reference security” (as defined in Rule 100 of Regulation M under the 1934 Act (“Regulation M”)) whether to facilitate the sale or resale of the Shares
or otherwise, and has taken no action which would directly or indirectly violate Regulation M. The Company acknowledges that the Underwriter may engage in passive market making transactions in the Shares on the NASDAQ Capital Market in accordance
with Regulation M. 
 (pp) The Company has not distributed and will not distribute, prior to the later of (i) the expiration or termination
of the option granted to the Underwriter in Section 1 and (ii) the completion of distribution of the Shares, any offering material in connection with the offering and sale of the Shares other than a preliminary prospectus, the Pricing
Prospectus, the Prospectus, any free writing prospectus reviewed and consented to by the Underwriters, or the Registration Statement. 

(qq) The Company has no knowledge as of the date hereof of any fact or condition regarding Target and its subsidiaries that is not disclosed
in the General Disclosure Package that would reasonably be expected to have, singularly or in the aggregate, a Parent Material Adverse Effect (as defined in the Merger Agreement). 

Any certificate signed by or on behalf of the Company and delivered to the Underwriters or to counsel for the Underwriters shall be deemed to
be a representation and warranty by the Company to the Underwriters as to the matters covered thereby. 
  

	3.	The Closing. 

 (a) Payment of the purchase price for the Firm Shares shall
be made to the Company by Federal Funds wire transfer against delivery of the certificates for the Firm Shares to or as designated by the Underwriter through the facilities of The Depository Trust Company for the account of the Purchasers. Such
payment and delivery shall be made at 7:00 A.M., Los Angeles time, on May 10, 2016 (the “Closing Date”) other than in respect of any Purchasers who are officers, directors, employees or consultants of the Company. The time at which
such payment and delivery are to be made is hereinafter sometimes called the “Time of Purchase.” Subject to the preceding sentence, electronic transfer of the Firm Shares shall be made at the Time of Purchase in such names and in
such denominations as the Underwriter shall specify. 
 (b) Payment of the purchase price for the Additional Shares shall be made at
the Additional Time of Purchase in the same manner and at the same office and time of day as the payment for the Firm Shares. Electronic transfer of the Additional Shares shall be made at the Additional Time of Purchase in such names and in
such denominations as the Underwriter shall specify. 
 (c) Delivery of the documents required to be delivered to the Underwriter
pursuant to Sections 4 and 6 hereof shall be at 10:00 A.M., Los Angeles time, on the Closing Date or the Additional Closing Date, as the case may be, at the offices of Sullivan & Cromwell LLP, 1888 Century Park East, 21st Floor,
Los Angeles, California 90067. 

  
 12 

 4.    Further Covenants and Agreements of the Company. The Company
covenants and agrees with the Underwriter and, as applicable, the Independent Underwriter, as follows: 
 (a) To prepare the Rule
462(b) Registration Statement, if necessary, in a form approved by the Underwriter, and file such Rule 462(b) Registration Statement with the Commission on the date hereof; to prepare the Prospectus in a form approved by the Underwriter, containing
information previously omitted at the time of effectiveness of the Registration Statement in reliance on rules 430A, 430B and 430C and to file such Prospectus pursuant to Rule 424(b) of the Rules and Regulations not later than the second business
day following the execution and delivery of this Agreement or, if applicable, such earlier time as may be required by Rule 430A of the Rules and Regulations; to notify the Underwriter promptly of the Company’s intention to file or prepare any
supplement or amendment to any Registration Statement or to the Prospectus in connection with this Offering and to provide a draft of any such amendment or supplement to the Registration Statement, the General Disclosure Package or to the Prospectus
to the Underwriter, for review within an amount of time that is reasonably practical under the circumstances and prior to filing, and to file no such amendment or supplement to which you shall have reasonably objected in writing; to advise the
Underwriter, promptly after it receives notice thereof, of the time when any amendment to any Registration Statement has been filed in connection with the Offering or becomes effective or any supplement to the General Disclosure Package or the
Prospectus or any amended Prospectus has been filed and to furnish the Underwriter with copies thereof; to file within the time periods prescribed by the Exchange Act, including any extension thereof, all material required to be filed by the Company
with the Commission pursuant to Rule 433(d) or 163(b)(2), as the case may be; to advise the Underwriter, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use
of any Issuer Free Writing Prospectus or the Prospectus, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the
Commission for the amending or supplementing of the Registration Statement, the General Disclosure Package or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending
the use of any Issuer Free Writing Prospectus or the Prospectus or suspending any such qualification, and promptly to use its best efforts to obtain the withdrawal of such order. 

(b) That, unless it obtains the prior consent of the Underwriters, it has not made and will not make any offer relating to the Shares
that would constitute a “free writing prospectus” as defined in Rule 405 of the Rules and Regulations unless the prior written consent of the Underwriters has been received (each, a “Permitted Free Writing
Prospectus”). The Company shall furnish to the Underwriters, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto to be
prepared by or on behalf of, used by, or referred to by the Company. The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and that it has and will
comply with the requirements of Rules 164 and 433 of the Rules and Regulations applicable to any Issuer Free Writing Prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping. 

  
 13 

 (c) If at any time prior to the expiration of nine (9) months after the date when a
Prospectus relating to the Shares is required to be delivered under the Securities Act, any event occurs or condition exists as a result of which the Prospectus, as then amended or supplemented, would include any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or the Registration Statement, as then amended or supplemented, would include any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading, or if for any other reason it is necessary at any time to amend or supplement any Registration Statement or the Prospectus to
comply with the Securities Act or the Exchange Act, the Company will promptly notify the Underwriter, and upon the Underwriter’s request, the Company will promptly prepare and file with the Commission, at the Company’s expense, an
amendment to the Registration Statement or an amendment or supplement to the Prospectus that corrects such statement or omission or effects such compliance. The Company consents to the use of the Prospectus or any amendment or supplement
thereto by the Underwriter. 
 (d) To the extent not available on the Commission’s EDGAR system, to make generally available to
its stockholders as soon as practicable, but in any event not later than eighteen (18) months after the effective date of each Registration Statement (as defined in Rule 158(c) of the Rules and Regulations), an earnings statement of the Company and
its consolidated Subsidiaries (which need not be audited) complying with Section 11(a) of the Securities Act and the Rules and Regulations (including, at the option of the Company, Rule 158). 

(e) To take promptly from time to time such actions as the Underwriter may reasonably request to qualify the Shares for offering and
sale under the securities or Blue Sky laws of such jurisdictions (domestic or foreign) as the Underwriter may designate and to continue such qualifications in effect, and to comply with such laws, for so long as required to permit the offer and sale
of Shares in such jurisdictions; provided that the Company and its Subsidiaries shall not be obligated to qualify as foreign corporations in any jurisdiction in which they are not so qualified or to file a general consent to service of
process in any jurisdiction. 
 (f) The Company will cause each director and executive officer listed on Schedule B to furnish
to the Underwriter, prior to the Closing Date, a letter, substantially in the form of Exhibit B hereto, pursuant to which each such person shall agree, among other things, subject to the terms and conditions set forth in each such letter, not
to directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, not to engage in any swap or
other agreement or arrangement that transfers, in whole or in part, directly or indirectly, the economic risk of ownership of Common Stock or any such securities, during the period of days from the date of the Prospectus set forth therein (the
“Lock-Up Period”), without the prior written consent of the Underwriter. 
 (g) To supply the Underwriter with copies
of all correspondence to and from, and all documents issued to and by, the Commission in connection with the registration of the Shares under the Securities Act or the Registration Statement or the Prospectus, or any amendment or supplement thereto
or document incorporated by reference therein. 

  
 14 

 (h) Prior to the Time of Purchase and the Additional Time of Purchase, if any, not to issue
any press release or other communication directly or indirectly or hold any press conference (other than the Company’s customary quarterly press release and conference call) without the prior written consent of the Underwriter (which consent
shall not be unreasonably withheld). 
 (i) Until the Underwriter shall have notified the Company of the completion of the Offering of
the Shares, that the Company will not, and will cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, and except to the extent expressly set forth in the General
Disclosure Package as part of the offering contemplated hereby, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Shares, or attempt to induce any person to purchase any Shares; and
not to, and to cause its affiliated purchasers not to, make bids or purchase for the purpose of creating actual, or apparent, active trading in or of raising the price of the Shares. 

(j) Not to take any action prior to the Closing Date or the Additional Closing Date, if any, which would require the Prospectus to be
amended or supplemented pursuant to Section 4. 
 (k) To apply the net proceeds from the sale of the Shares as set forth in the
Registration Statement, the General Disclosure Package and the Prospectus under the heading “Use of Proceeds.” 
 (l) To use
its reasonable best efforts to list, effect and maintain, subject to notice of issuance, the Common Stock on the NASDAQ Capital Market. 

(m) To use its reasonable best efforts to assist the Underwriters with any filings with FINRA and obtaining any required clearance from
FINRA as to the amount of compensation allowable or payable to the Underwriters. 
 (n) To use its reasonable best efforts to do and
perform all things required to be done or performed under this Agreement by the Company prior to the Time of Purchase or the Additional Time of Purchase, as applicable and to satisfy all conditions precedent to the delivery of the Shares to be
delivered at such time. 
 (o) Until the Underwriter shall have notified the Company of the completion of the offering of the Shares,
the Company will not take directly or indirectly any action designed, or that might reasonably be expected to cause or result in, or that will constitute, stabilization or manipulation of the price of any security of the Company to facilitate the
sale or resale of any of the Shares. 
 5.    Payment of Expenses. The Company agrees to pay, or reimburse if
paid by the Underwriters, whether or not the transactions contemplated hereby are consummated or this Agreement and the Subscription Agreements are terminated: (a) the costs incident to the authorization, issuance, sale and delivery of the Shares to
the Underwriter and any taxes payable in that connection; (b) the costs incident to the registration of the Shares under the Securities Act; (c) the costs incident to the preparation, printing and distribution of the Registration Statement, the Base
Prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus, any amendments, supplements and exhibits thereto or any document incorporated by reference therein; (d) the reasonable and documented fees and expenses
incurred in connection with securing any required review by FINRA and any filings made with FINRA (including the fees and expenses of the Independent Underwriter acting as “qualified independent

  
 15 

 
underwriter” within the meaning of FINRA Rule 5121); (e) any applicable listing, quotation or other fees; (f) the fees and expenses of qualifying the Shares under the securities laws of the
several jurisdictions as provided in Section 4(e) and of preparing, printing and distributing wrappers and blue sky memoranda; (g) all fees and expenses of the registrar and transfer agent of the Shares; and (h) all other costs and expenses
of the Company incident to the offering of the Shares by, or the performance of the obligations of, the Company under this Agreement and the Subscription Agreements (including, without limitation, the fees and expenses of the Company’s counsel
and the Company’s independent accountants and the travel and other reasonable expenses incurred by Company personnel in connection with any “road show.” The Company agrees to pay to the Independent Underwriter on the Closing Date the
amount of $100,000, as compensation for the services of the Independent Underwriter. 
 6.    Conditions to the Obligations
of the Underwriters, and the Sale of the Shares. The obligations of the Underwriters hereunder, and the closing of the sale of the Shares, are subject to the accuracy, when made and as of the Applicable Time and at the Time of Purchase and
at any Additional Time of Purchase, as the case may be, of the representations and warranties of the Company contained herein (except for inaccuracies that would not result in a Material Adverse Effect), to the accuracy of the statements of the
Company made in any certificates pursuant to the provisions hereof, to the performance by the Company, in all material respects, of its obligations hereunder, and to each of the following additional terms and conditions: 

(a) No stop order suspending the effectiveness of the Registration Statement or any part thereof, preventing or suspending the use of any
Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part thereof shall have been issued and no proceedings for that purpose or pursuant to Section 8A under the Securities Act shall have been initiated by the Commission,
and all requests for additional information on the part of the Commission (to be included or incorporated by reference in the Registration Statement or the Prospectus or otherwise) shall have been complied with; the Rule 462(b) Registration
Statement, if any, each Issuer Free Writing Prospectus, if any, and the Prospectus shall have been filed with the Commission within the applicable time period prescribed for such filing by, and in compliance with, the Rules and Regulations and in
accordance with Section 4(a), and the Rule 462(b) Registration Statement, if any, shall have become effective immediately upon its filing with the Commission; and FINRA shall have raised no objection to the fairness and reasonableness of the
terms of this Agreement or the transactions contemplated hereby. 
 (b) The Registration Statement or any amendment or supplement thereto
shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and none of the General Disclosure Package, any Issuer Free Writing
Prospectus or the Prospectus, or any amendment or supplement thereto, shall contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which
they were made, not misleading. 
 (c) The Company shall have entered into Subscription Agreements with each of the Purchasers and such
agreements shall be in full force and effect. 
 (d) The Company shall have furnished to the Underwriter a certificate, dated the Closing
Date or the Additional Closing Date, as the case may be, of its Chief Executive Officer and its Chief Financial Officer stating that (i) since the effective date of the Registration Statement, no event has

  
 16 

 
occurred which should have been set forth in a supplement or amendment to the Registration Statement, the General Disclosure Package or the Prospectus, (ii) to the best of their knowledge after
reasonable investigation, as of such date, the representations and warranties of the Company in this Agreement are true and correct, except for inaccuracies that would not result in a Material Adverse Effect, and the Company has complied, in all
material respects, with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such date, and (iii) there has not been, subsequent to the date of the most recent audited financial statements
included or incorporated by reference in the General Disclosure Package, any material adverse change in the financial position or results of operations of the Company and its Subsidiaries, taken as a whole, or, to the Company’s knowledge, the
Company, its Subsidiaries, Target and its subsidiaries, taken as a whole, or any change or development that, individually or in the aggregate, would reasonably be expected to involve a material adverse change in or affecting the condition (financial
or otherwise), results of operations, business or assets of the Company and its Subsidiaries, taken as a whole, or, to the Company’s knowledge, the Company, its Subsidiaries, Target and its subsidiaries, taken as a whole, except as set forth in
the Prospectus. 
 (e) Since the date of the latest audited financial statements with respect to the Company and its Subsidiaries included
in the General Disclosure Package or incorporated by reference in the General Disclosure Package as of the date hereof, (i) neither the Company nor any of its Subsidiaries shall have sustained any loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the General Disclosure Package, and (ii) there shall not have been
any change in the capital stock of the Company or any change in the long-term debt of the Company and its Subsidiaries, taken as a whole, or any change or any development in or affecting the business, general affairs, management, financial position,
stockholders’ equity or results of operations of the Company and its Subsidiaries, taken as a whole, or, to the Company’s knowledge, the Company, its Subsidiaries, Target and its subsidiaries, taken as a whole, otherwise than as set forth
in the General Disclosure Package, the effect of which, in any such case described in clause (i) or (ii) of this Section 6(e), would result in a Material Adverse Effect. 

(f) No action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued by any
governmental agency or body which would prevent the issuance or sale of the Shares or result in a Material Adverse Effect; and no injunction, restraining order or order of any other nature by any United States federal or state court of competent
jurisdiction shall have been issued which would prevent the issuance or sale of the Shares or result in a Material Adverse Effect. 
 (g)
Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following: (i) trading in securities generally on the New York Stock Exchange or the NASDAQ Stock Market or in the over-the-counter market, or
trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited, or minimum or maximum prices or maximum range for prices shall have been established on any such exchange or
such market by the Commission, by such exchange or market or by any other regulatory body or governmental authority having jurisdiction; (ii) a banking moratorium shall have been declared by United States federal or state authorities or a material
disruption has occurred in commercial banking or securities settlement or clearance services in the United States; (iii) the United States shall have 

  
 17 

 
become engaged in hostilities, or the subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities involving the United States, or there shall have been a
declaration of a national emergency or war by the United States; (iv) there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets
in the United States shall be such) as to make it, in the reasonable judgment of the Underwriter, impracticable or inadvisable to proceed with the sale or delivery of the Shares on the terms and in the manner contemplated in the General Disclosure
Package and the Prospectus; or (v) the Company shall have received no objections from the NASDAQ Capital Market with respect to the listing of additional shares notification that it filed with the NASDAQ Capital Market in connection with the
Offering. 
 (h) The Underwriter shall have received the written agreements, substantially in the form of Exhibit B hereto, of
the executive officers and directors of the Company listed on Schedule B to this Agreement. 
 If any condition specified in this
Section 6 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Underwriter or by the Independent Underwriter by notice to the Company at any time on or prior to the Closing Date and, with respect to
the Additional Shares, at any time on or prior to the applicable Additional Closing Date, which termination shall be without liability on the part of any party to any other party, except that Sections 5, 6, 7 and 8 shall
at all times be effective and shall survive such termination. 
 7.    Indemnification and Contribution.

 (a) The Company shall indemnify and hold harmless the Underwriter and the Independent Underwriter, each of their respective
affiliates and each of their respective directors, officers, members, employees, representatives and agents and their respective affiliates, and each person, if any, who controls the Underwriter or the Independent Underwriter, as applicable, within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the “Underwriter Indemnified Parties,” and each an “Underwriter Indemnified Party”) against any loss, claim, damage,
expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Underwriter Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim,
damage, expense, liability, action, investigation or proceeding arises out of or is based upon (A) any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free Writing Prospectus, any “issuer
information” filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, (B) the
omission or alleged omission to state in any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement or the Prospectus, or in
any amendment or supplement thereto or document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading, or (C) any breach of the representations and warranties of
the Company contained herein or failure of the Company to perform its obligations hereunder or pursuant to any law, and shall reimburse the Underwriter Indemnified Party promptly upon demand for any legal fees or other expenses reasonably incurred
by such Underwriter Indemnified Party in connection with investigating, or preparing to defend, 

  
 18 

 
or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or
proceeding, as such fees and expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue
statement or alleged untrue statement in, or omission or alleged omission from, any Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus made in reliance upon and in conformity
with written information concerning the Underwriter furnished to the Company by or on behalf of the Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriter’s Information. This
indemnity agreement is not exclusive and will be in addition to any liability, which the Company may otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified
Party. 
 Without limitation of and in addition to its obligations under the other paragraphs of this Section 7, the Company shall
indemnify and hold harmless the Independent Underwriter, each of its affiliates and each of its directors, officers, members, employees, representatives and agents and their respective affiliates, and each person, if any, who controls the
Independent Underwriter within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act (collectively the “Independent Underwriter Indemnified Parties,” and each an “Independent Underwriter
Indemnified Party”), against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which the Independent Underwriter or any such person may become
subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon the Independent Underwriter’s acting as a “qualified independent
underwriter” (within the meaning of FINRA Rule 5121) in connection with the offering contemplated by this Agreement, and the Company agrees to reimburse each such Independent Underwriter Indemnified Party promptly upon demand for any legal fees
or other expenses reasonably incurred by such Underwriter Indemnified Party in connection with investigating, or preparing to defend, or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection
with, any such loss, claim, damage, expense, liability, action, investigation or proceeding, as such fees and expenses are incurred. Section 7(c) shall apply equally to any action or proceeding brought against the Independent Underwriter or any such
person in respect of which indemnity may be sought against the Company pursuant to the immediately preceding sentence, except that the Company shall be liable for the expenses of one separate counsel (in addition to any local counsel) for the
Independent Underwriter and any such person, separate and in addition to counsel for the persons who may seek indemnification pursuant to the first paragraph of this Section 7(a), in any such action or proceeding. 

(b) The Underwriter shall indemnify and hold harmless the Company and its directors, its officers who signed the Registration Statement
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the “Company Indemnified Parties” and each a “Company Indemnified
Party”) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Company Indemnified Party may become subject, under the Securities Act
or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact

  
 19 

 
contained in any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, any Registration Statement
or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission or alleged omission to state in any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) of the
Rules and Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the
extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Underwriters specifically for use
therein, which information the parties hereto agree is limited to the Underwriter’s Information, and shall reimburse the Company Indemnified Parties for any legal or other expenses reasonably incurred by such party in connection with
investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. This
indemnity agreement is not exclusive and will be in addition to any liability which the Underwriter might otherwise have and shall not limit any rights or remedies which may otherwise be available under this Agreement, at law or in equity to the
Company Indemnified Parties.
 (c) Promptly after receipt by an indemnified party under this Section 7 of notice of the
commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 7, notify such indemnifying party in writing of the commencement of that action;
provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially prejudiced by such failure; and,
provided, further, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such action shall be brought against
an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the
defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying
party to the indemnified party of its election to assume the defense of such action and approval by the indemnified party of counsel as set forth herein, except as provided herein, the indemnifying party shall not be liable to the indemnified party
under Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; provided, however, that any indemnified party
shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation which shall remain the expense of the
Company) shall be at the expense of such indemnified party unless (i) in the case of an Underwriter Indemnified Party, the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under
Section 7(a), or (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the
indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does
not diligently defend the action after assumption of the defense, in which 

  
 20 

 
case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not
have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be
responsible for legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; provided, however, that the indemnifying party shall not, in connection with any one such action or
separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for
all such indemnified parties (in addition to any local counsel), which firm shall be designated in writing by the Underwriter if the indemnified parties under this Section 7 consist of any Underwriter Indemnified Party or by the Company if
the indemnified parties under this Section 7 consist of any Company Indemnified Parties. Subject to this Section 7(c), the amount payable by an indemnifying party under Section 7 shall include, but not be limited to,
(x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection
with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to
the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this Section 7 (whether or not the indemnified parties are actual
or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of
such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party
shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, or if its
consent has been unreasonably withheld or delayed, or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of
such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it
shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the request for
reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement. 
 (d) If the indemnification provided for in this
Section 7 is unavailable or insufficient to hold harmless an indemnified party under Section 7(a) or Section 7(b), then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate
to reflect the relative benefits received by the Company on the one hand and the Underwriters 

  
 21 

 
on the other hand from the Offering of the Shares, or (ii) if the allocation provided by clause (i) of this Section 7(d) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) of this Section 7(d) but also the relative fault of the Company on the one hand and each of the respective Underwriters on the other with respect to the
statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and the Underwriter on the other hand with respect to such Offering shall be deemed to be in the same proportion as the total net proceeds from the Offering of the Shares pursuant to this Agreement
(before deducting expenses) received by the Company bear to the total compensation received by the Underwriter in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative benefits
received by the Independent Underwriter in its capacity as “qualified independent underwriter” (within the meaning of FINRA Rule 5121) shall be deemed to be equal to the compensation received by the Independent Underwriter for acting in
such capacity. The relative fault of the Company on the one hand and the Underwriter on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriter on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct
or prevent such untrue statement, omission, act or failure to act. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 7(d) were to be determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action,
investigation or proceeding referred to above in this Section 7(d) shall be deemed to include, for purposes of this Section 7(d), any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or
proceeding. Notwithstanding the provisions of this Section 7(d), the Underwriter shall not be required to contribute any amount in excess of the total compensation received by the Underwriter hereunder less the amount of any damages
which the Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act and the Independent Underwriter, in
its capacity as “qualified independent underwriter” (within the meaning of FINRA Rule 5121), shall in no event be required to contribute any amount in excess of the total compensation received by the Independent Underwriter for acting in
such capacity hereunder less the amount of any damage which the Independent Underwriter has otherwise paid or become liable to pay by reason of the Independent Underwriter’s acting in such capacity in connection with the offering contemplated
by this Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

8.    Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 

(a) the Underwriter’s and the Independent Underwriter’s responsibility to the Company is solely contractual in nature, the
Underwriter and the Independent Underwriter have been retained solely to act as an Underwriter and the Independent Underwriter, respectively, in connection with the Offering 

  
 22 

 
and no fiduciary, advisory or agency relationship between the Company and such Underwriter or the Independent Underwriter has been created in respect of any of the transactions contemplated by
this Agreement, irrespective of whether such Underwriter or the Independent Underwriter has advised or is advising the Company on other matters; 

(b) the price of the Shares set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Underwriter and the Independent Underwriter, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement; 

(c) the Underwriter and the Independent Underwriter have not advised, and the Underwriter and the Independent Underwriter are not advising,
the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction with respect to the transactions contemplated hereby; 

(d) the Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent
investigation and appraisal of the transactions contemplated hereby, and the Underwriter and the Independent Underwriter shall have no responsibility or liability to the Company with respect thereto; 

(e) the Underwriter and the Independent Underwriter have not and will not be rendering an opinion to the Company as to the fairness of the
terms of the offering of the Shares; 
 (f) it has been advised that the Underwriter and the Independent Underwriter, and their respective
affiliates, are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Underwriter and the Independent Underwriter have no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship; and 
 (g) it waives, to the fullest extent permitted by law, any
claims it may have against any Underwriter or the Independent Underwriter for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Underwriter and the Independent Underwriter shall not have any liability (whether direct
or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the Company. 

9.    Successors; Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit
of and be binding upon the Underwriter and the Independent Underwriter, the Company, and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, other than
the persons mentioned in the preceding sentence, any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be
and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be for the
benefit of the Underwriter Indemnified Parties and the Independent Underwriter Indemnified Parties, as applicable, and the indemnity of the Underwriters shall be for the 

  
 23 

 
benefit of the Company Indemnified Parties. It is understood that the Underwriter’s and the Independent Underwriter’s responsibility to the Company is solely contractual in nature and
such Underwriter does not owe the Company, or any other party, any fiduciary duty as a result of this Agreement. 

10.    Survival of Indemnities, Representations, Warranties, Etc. The respective indemnities, covenants,
agreements, representations, warranties and other statements of the Company and the Underwriter and the Independent Underwriter, as set forth in this Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and
effect, regardless of any investigation made by or on behalf of the Underwriter and the Independent Underwriter, the Company or any person controlling any of them and shall survive delivery of and payment for the Shares. Notwithstanding any
termination of this Agreement, the indemnity and contribution agreements contained in Section 7 and the covenants, representations, warranties set forth in this Agreement shall not terminate and shall remain in full force and effect at all
times. 
 11.    Notices. All statements, requests, notices and agreements hereunder shall be in
writing, and: 
 (a) if to the Underwriter, shall be delivered or sent by mail, facsimile transmission, overnight courier or email to
B. Riley & Co., LLC, 11100 Santa Monica Boulevard, Suite 800, Los Angeles, California 90025, Facsimile: (310) 966-1448, Attention: Tom Kelleher; and 

(b) if to the Independent Underwriter, shall be delivered or sent by mail, facsimile transmission, overnight courier or email to Merriman
Capital, Inc., 250 Montgomery Street, 16th Floor, San Francisco, California 94104 Facsimile: (415) 358-4472, Attention: Michael C. Doran; and 

(c) if to the Company, shall be delivered or sent by mail, facsimile transmission, overnight courier or email to B. Riley Financial,
Inc., Facsimile: (818) 746-9921, Attention: Chief Financial Officer, 21860 Burbank Boulevard, Suite 300 South, Woodland Hills, CA 91367. 

12.    Definition of Certain Terms. For purposes of this Agreement “business day” means any day on
which the NASDAQ Stock Market is open for trading. 
 13.    Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law. 

14.    Underwriter’s Information. The parties hereto acknowledge and agree that, for all purposes of this
Agreement, the Underwriter’s Information consists solely of the following information in the General Disclosure Package, the Prospectus and in the Registration Statement: the concession figure appearing in the first paragraph under the section
entitled “Underwriting – Commission and Expenses” and the information contained in the second and fourth paragraphs relating to stabilization transactions under the section entitled “Underwriting – Price Stabilization and
Short Positions.” 
 15.    Partial Unenforceability. The invalidity or unenforceability of any section,
paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 

  
 24 

 16.    General. This Agreement constitutes the entire
agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine
and neuter genders and the singular and the plural include one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction or interpretation of this Agreement. This
Agreement may be amended or modified, and the observance of any term of this Agreement may be waived, only by a writing signed by the Company and the Underwriter and the Independent Underwriter. 

17.    Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same instrument and such signatures may be delivered by facsimile. 

  
 25 

 If the foregoing is in accordance with your understanding of the agreement between the Company
and the Underwriter and the Independent Underwriter, kindly indicate your acceptance in the space provided for that purpose below. 
  

			
	Very truly yours,
	
	B. RILEY FINANCIAL, INC.
		
	By:	 	 /s/ Phillip J. Ahn

	Name:	 	Phillip J. Ahn
	Title:	 	Chief Financial Officer and
		 	Chief Operating Officer

 The foregoing Underwriting Agreement is hereby confirmed and accepted by, as of the date first
above written: 
 B. RILEY & CO., LLC 
  

			
	 By:
	 	 B. Riley & Co., LLC

		
	 By:
	 	     /s/ Thomas J. Kelleher

		 	 Name: Thomas J. Kelleher

		 	 Title:   Chief Executive Officer

	
	 MERRIMAN CAPITAL, INC.

	
	 as Qualified Independent Underwriter

		
	 By:
	 	 Merriman Capital, Inc.

		
	 By:
	 	     /s/ Jon Merriman

		 	 Name: Jon Merriman

		 	 Title:   Chief Executive Officer

 SCHEDULE A 

Pricing Information 

Public Offering Price: $9.50 per Share 

Commission: 1.5% (unless the Purchaser is a director, officer, employee or consultant of the Company listed on Schedule B, in which case
0%) 

 SCHEDULE B 

List of officers and directors subject to Section 4(f) 

Bryant R. Riley 
 Thomas Kelleher 

Phillip J. Ahn 
 Andrew Gumaer 

Alan N. Forman 
 Howard Weitzman 

Robert D’Agostino 
 Richard L. Todaro 

Mikel H. Williams 
 Kenneth M. Young 

 SCHEDULE C 

Free Writing Prospectuses 

None 

 EXHIBIT A 

Intentionally Omitted 

 EXHIBIT B 

Form of Lock-Up Agreement 
 B. Riley &
Co., LLC 
 11100 Santa Monica Boulevard 
 Suite 800 

Los Angeles, CA 90025 
 May 5, 2016 

 

	 	Re:	B. Riley Financial, Inc. - Public Offering of Shares 

 Dear Sirs: 

In order to induce B. Riley & Co., LLC (the “Underwriter”) to enter into an underwriting agreement with B. Riley
Financial, Inc., a Delaware corporation (the “Company”), with respect to the public offering (the “Offering”) of shares of the Company’s common stock, par value $0.0001 per share (“Common
Stock”), the undersigned hereby agrees that for a period (the “lock-up period”) of 60 days following the date of the final prospectus supplement filed by the Company with the Securities and Exchange Commission in connection
with such Offering (the “Prospectus Supplement”), the undersigned will not, without the prior written consent of B. Riley, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of,
any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (including, without limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned by the undersigned
in accordance with the rules and regulations promulgated under the Securities Exchange Act of 1934, as the same may be amended or supplemented from time to time (such shares or securities, the “Beneficially Owned Shares”)), (ii)
enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common
Stock, or (iii) engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock. The foregoing sentence shall not apply to (a) transactions relating to any
Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock acquired in open market transactions after the completion of the Offering, (b) transfers of any Beneficially Owned Shares, Common
Stock or securities convertible into or exercisable or exchangeable for Common Stock as a bona fide gift, (c) in the case of a natural person, transfers of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or
exchangeable for Common Stock by will or intestate succession or to 

 
any trust or partnership for the direct or indirect benefit of the undersigned or any member of the immediate family of the undersigned, (d) in the case of a non-natural person, distributions of
any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock to general or limited partners or stockholders or members of the undersigned, (e) in the case of a non-natural person,
transfers of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (A) in connection with the sale or other bona fide transfer in a single transaction of all or substantially all
of the undersigned’s capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially all of the undersigned’s assets, in any such case not undertaken for the purpose
of avoiding the restrictions imposed by this Agreement or (B) to another corporation, partnership, limited liability company or other business entity so long as the transferee is an affiliate of the undersigned and such transfer is not for value,
(f) in connection with the receipt or vesting of securities issued to the undersigned by the Company pursuant to any equity incentive or other compensatory plans, the withholding by the Company or surrender of such securities and/or any sale or
other disposition of such securities solely in order to satisfy tax liabilities with respect to such issuance or vesting or any deemed disposition or deemed sale with respect to such securities, provided that only one Form 4 shall be filed by or on
behalf of the undersigned during the restricted period in connection with this clause (f), such Form 4 shall not be filed before
[                    ], 2016 and no other filing shall be required or shall be voluntarily made during that period in connection with this
clause (f), or (g) transfers pursuant to a sale or an offer to purchase 100% of the outstanding Common Stock, whether pursuant to a merger, tender offer or otherwise, to a third party or group of third parties; provided that in the case of any
transfer or distribution pursuant to clause (b), (c), (d) or (e), each donee, pledgee, distributee or transferee shall sign and deliver a lock-up agreement substantially in the form of this Agreement; and provided, further, that , without derogating
from the restrictions set forth in clause (f), no filing by any party under the Securities Exchange Act of 1934, as amended, shall be required or shall be voluntarily made during the lock-up period in connection with any transaction or transfer
pursuant to clause (a), (b), (c), (d) or (e). 
 For the purposes of the immediately preceding paragraph, “immediate
family” shall mean spouse, domestic partner, lineal descendant (including adopted children), father, mother, brother or sister of the transferor. 

If (i) the Company issues an earnings release or material news or a material event relating to the Company occurs during the last seventeen
days of the lock-up period, or (ii) prior to the expiration of the lock-up period, the Company announces that it will release earnings results during the sixteen-day period beginning on the last day of the lock-up period, the restrictions imposed by
this Agreement shall continue to apply until the expiration of the eighteen-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 

In addition, the undersigned hereby waives, from the date hereof until the expiration of the ninety (90) day period following the date of the
Prospectus Supplement, any and all rights, if any, to request or demand registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock
that are registered in the name of the undersigned or that are Beneficially Owned Shares. In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or stop transfer orders with the
transfer agent of the Common Stock with respect to any shares of Common Stock, securities convertible into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares. 

 If (i) the Company notifies the Underwriter in writing that it does not intend to proceed with
the Offering, (ii) for any reason the Offering is terminated prior to the payment for and delivery of the Common Stock or (iii) the Offering shall not have been completed by May 31, 2016, then upon the occurrence of any such event, this Agreement
shall immediately be terminated and the undersigned shall be released from its obligations hereunder. 
 [Signatory] 

 

			
	 By:
	 	  

		
	 Name:
	 	  

		
	 Its:EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of January 1, 2016, by and between of CBRE Global Investors
L.L.C., a Delaware limited liability company (the “Company”) and T. Ritson Ferguson (the “Executive”). 

WHEREAS, the Executive currently serves as Chief Investment Officer of the Company and Chief Executive Officer and co-Chief Investment Officer
of CBRE Clarion Securities Holdings LLC, a Delaware limited liability company (“Clarion”); and 
 WHEREAS, the Executive
and Clarion are parties to an Employment Agreement, dated February 15, 2011 (the “Prior Employment Agreement”); 

WHEREAS, on the terms and subject to the conditions hereof, the Company desires to employ the Executive and the Executive desires to be so
employed by the Company on the terms and conditions contained in this Agreement, which shall, effective as of the date hereof, replace and supersede the Prior Employment Agreement; 

NOW, THEREFORE, in consideration of these premises, the parties hereto hereby agree as follows: 

1. Employment. 
 (a) The
Executive shall be employed on the terms and conditions set forth in this Agreement as the Chief Investment Officer of the Company commencing on January 1, 2016 (the “Effective Date”), and the Executive hereby accepts such
employment effective as of the Effective Date and continuing up to December 31, 2019 (the “Employment Term”), subject to the provisions of Section 3 of this Agreement, and shall be extended thereafter on each
January 1, commencing with January 1, 2020, for successive terms of one year, unless the Company or the Executive provides written notice of non-renewal (a “Notice of Non-Renewal”) to the other party at least 90 days prior
to each such January 1st. If the term expires because the Company has given the Executive a Notice of Non-Renewal, then the termination of the Executive’s employment at the end of the term of this Agreement shall be treated the same under
this Agreement as a termination by the Company other than for Cause. Subject to, and contingent upon the occurrence of the Effective Date, Executive shall continue to hold the positions of Chief Executive Officer and co-Chief Investment Officer of
Clarion, continue to be a Managing Member of Clarion and continue to provide services to Clarion, but shall no longer be directly compensated by Clarion (other than the continuing right to receive payments under Deferred Compensation Plans prior to
and including 2015); provided, however, that such change in employment status shall not trigger any provision of the Subscription Agreement relating to Executive’s continued employment status. The parties agree that, for purposes relating to
tenure, retirement, pension or benefits qualification, Executive’s service with the Company began in 1992. 

 (b) The Executive shall be employed by the Company on a full-time basis and agrees to perform
such lawful duties and services as may from time to time be assigned or delegated to him by the Chief Executive Officer of the Company or the Board of Directors of the Company (the “Board”) and reasonably consistent with the
Executive’s position as the Chief Investment Officer of the Company. Such duties and services shall be performed by the Executive in a businesslike and careful manner in accordance with both the spirit and the letter of the Standards of
Business Conduct of CBRE and its contractual responsibilities and standing in the business community. Executive shall report solely to the Board and the Chief Executive Officer of the Company. 

2. Compensation. 
 (a)
Base Salary. Subject to the provisions of Sections 3 and 4 of this Agreement, the Company will pay or cause to be paid to the Executive so long as the Executive is employed hereunder a base salary equal to $800,000 per annum (the
“Base Salary”). Base Salary may be adjusted to reflect any changes made to the Executive’s Base Salary in the payroll records of the Company and agreed to by the Company and the Executive, and the Executive’s Base Salary,
as so adjusted. The timing of payments pursuant to this Section 2(a) will be made on a basis consistent with CBRE’s general payroll practices. 

(b) Annual Bonus. During each fiscal year of the Employment Term, Executive shall be eligible to earn an annual bonus award (an
“Annual Bonus”) with a target equal to $1,200,000 if target performance objectives are achieved (such amount, the “Target Bonus”), and with no Annual Bonus payable if specified minimum performance objectives are not
achieved. The performance objectives shall consist of objective financial metrics with respect to the Company (39% of the Target Bonus), objective financial metrics with respect to CBRE Group, Inc. (“CBRE”) (15% of the Target
Bonus), objective financial metrics with respect to Trammell Crow Company, LLC (6% of the Target Bonus) and personal objectives determined in the discretion of the Board (40%) (provided, that the achievement of financial performance objectives
is determined consistently with the determination for other senior managers at the same level as Executive). No Annual Bonus shall be payable in respect of any fiscal year in which Executive’s employment is terminated, unless otherwise
determined by the Board in its sole discretion. 
 (c) Deferral of Compensation Amounts. The Executive shall be entitled to make
voluntary elections to defer all or a portion of his Annual Bonus pursuant to the terms of such deferred compensation plan or plans that may be established from time to time by CBRE in accordance with its terms, including without limitation, CBRE
Deferred Compensation Plan, so long as the Executive is employed hereunder. 
 (d) Signing Bonus. In satisfaction of Executive’s
prior service as Chief Investment Officer of the Company, Executive acknowledges he has received a cash bonus amount equal to $250,000 (the “Signing Bonus”). 

  
 2 

 (e) Initial Equity Incentive Award. Subject to and contingent upon the Effective Date, the
Company will recommend to the Compensation Committee (the “Committee” of the Board of Directors (the “CBRE Board”) of CBRE, a grant of an award of restricted stock units of CBRE under the CBRE Group, Inc. 2012
Equity Incentive Plan (or any successor equity plan adopted by the CBRE Board, the “Equity Plan”) with a target value as of the grant date of $3,000,000 (the “Initial Equity Award”), and subject to the terms set
forth in this Section 2(e) and such other terms applicable to senior executives of the Company and CBRE. The Initial Equity Award shall be granted to Executive one business day after the approval of the Committee. One quarter of the Initial
Equity Award (the “Time-based Initial Grant”) will vest in three equal annual installments, with the first installment vesting on December 31, 2016, and the remaining installments vesting on the first and second anniversaries
of such date, subject to Executive’s continued employment through each such date. Three-quarters of the Initial Equity Award will vest on in three equal annual installments, with the first installment vesting on December 31, 2016, and the
remaining installments vesting on the first and second anniversaries of such date, subject to Executive’s continued employment through each such date. The number of shares that are delivered upon each vesting date shall be determined by the
Committee in its discretion, following receipt of a written appraisal of Executive’s overall performance (including effort expended and outcomes achieved) by the Chief Executive Officer of CBRE. 

(f) Annual Equity Incentive Awards. During the Employment Term, Executive will be eligible to receive annual equity awards in amounts,
and on such terms, as determined by the CBRE Board in its sole discretion; provided, that subject to Executive’s continued employment through the date annual awards are made to other senior executives of the Company and CBRE, Executive
shall be entitled to receive a grant of restricted stock units of CBRE with a target value of $1,600,000, two-thirds of which shall vest based on continued employment with the Company and its affiliates, and one-third of which shall vest based on
achievement against adjusted earnings per share performance targets, and other terms applicable to senior executives of the Company and CBRE. 

(g) Changes to Status. If at any time Executive is, or is likely to become, an “officer” for purposes of Section 16(a)
of the Securities Exchange Act of 1934 (a “Section 16 Officer”), or a “covered employee” for purposes of Section 162(m), payment of the Annual Bonus and the Initial Equity Incentive Award shall be subject to approval by the
Committee, and achievement of performance criteria shall be determined and certified by the Committee, in accordance with the review and approval procedures applicable to other Section 16 Officers and senior employees of CBRE. 

(h) Paid Time Off. In addition to time off for legal holidays and sick days and personal days consistent with the Company’s
policies, the Executive shall be entitled to annual vacation of five (5) weeks per year. 
 (i) Business Expenses. So long as
the Executive is employed hereunder, the Executive shall be reimbursed for all reasonable business-related expenses incurred by the Executive at the request of or on behalf of the Company or the Company’s affiliates in connection with the
performance of the Executive’s duties and responsibilities hereunder, consistent with, and subject to, the Company’s policies for expense reimbursement, as well as such travel, conferences, memberships and professional associations as are
currently being paid by the Company. 

  
 3 

 3. Termination of Agreement. Executive’s employment under this Agreement may be
terminated prior to the expiration of its term upon the earliest to occur of: 
 (a) The termination of the Executive’s employment by
the Company for Cause subject to prior written notice to the Executive setting forth in reasonable detail the nature of such Cause; 
 (b)
The termination of the Executive’s employment by the Company other than for Cause and Disability subject to prior written notice of 30 days (provided that the Company may, in lieu of providing such notice, pay Executive’s Base Salary for
such notice period); 
 (c) The Executive’s voluntary termination of employment for Constructive Termination; 

(d) The Executive’s voluntary termination of employment for any reason other than Constructive Termination, subject however to prior
written notice of 30 days (provided that the Company may waive such notice period, in which case the Termination Date shall be any date selected by the Company during such period); 

(e) The death of the Executive; 

(f) The termination of Executive’s employment by the Company as a result of the Disability of the Executive; and 

(g) The termination of the Executive’s employment upon the expiration of this Agreement following delivery of a Notice of Non-Renewal by
the Executive or the Company. 
 The date on which Executive’s employment under this Agreement terminates shall be referred to herein as the
“Termination Date.” 
 4. Payments following Termination. Upon the Executive’s Termination of Employment for any
reason, the Executive shall be entitled to the following payments and benefits, in the following respective circumstances: 
 (a) Accrued
Benefits. In the event of the Executive’s termination of employment for any reason, the Company shall pay or provide to the Executive (or in the event of the Executive’s death, the Executive’s designated beneficiary or, if no
beneficiary has been designated by the Executive in a written notice executed by the Executive, in a form satisfactory to the Company and received by the Company, to his estate): 

(i) any Base Salary earned but not paid during or prior to the final payroll period of the Executive’s employment through
the Termination Date; 
 (ii) any unpaid Annual Bonus that the Executive otherwise would have been eligible to receive under
the terms of the Incentive Plan in relation to the fiscal year prior to the fiscal year in which the Termination Date occurs; 

  
 4 

 (iii) pay for any accrued vacation time earned but not used during the fiscal
year in which the Termination Date occurs; 
 (iv) any business expenses that are reimbursable under this Agreement or
otherwise that are incurred by the Executive but unreimbursed on the date of the Executive’s termination of employment, subject to the submission of any required substantiation and documentation as specified pursuant to the Company’s
business reimbursement policies; and 
 (v) any payments or benefits to which the Executive or his beneficiary or estate is
entitled under the terms of any of the Company’s applicable employee benefit plans, including any amount of the Executive’s Annual Bonus that the Executive voluntarily deferred, but excluding any severance pay or similar plan and excluding
any payments or benefits that would be duplicative of any payments of benefits specifically provided hereunder (all of the foregoing, “Accrued Benefits”). 

(b) Termination by the Company Without Cause; Termination for Constructive Termination. If the Executive’s employment hereunder
(x) is terminated by the Company other than for Cause (excluding a termination following Disability), including a termination of the Executive’s employment upon the expiration of this Agreement following delivery of a Notice of Non-Renewal
by the Company or (y) by the Executive voluntarily for Constructive Termination, the Executive shall be entitled to receive: 

(i) the Accrued Benefits; 

(ii) an amount equal to 200% of the sum of (x) the Executive’s then Base Salary (in effect immediately prior to the
Executive’s termination of employment) plus (y) the Executive’s actual Annual Bonus earned under the cash bonus plan of the Company (or, if applicable, Clarion) in respect of the immediately preceding fiscal year (including any
amounts deferred (voluntarily or mandatorily from such Annual Bonus), with such amount paid in equal monthly installments over a period of 24 months, commencing upon the first regular payroll date following the Executive’s termination of
employment; and 
 (iii) full vesting in any amounts of Annual Bonus previously deferred (whether mandatorily or
voluntarily), and payment in accordance with the terms of the applicable deferred compensation plans or agreements of CBRE or its subsidiaries (including Clarion); 

(iv) immediate acceleration and vesting of the Initial Equity Award; provided, however, that (A) with respect to the
Time-based Initial Grant, all shares will be delivered on the termination date, and (B) with respect to the remainder of the Initial Equity Award, the number of shares to be delivered shall be determined in the manner described in the last
sentence of Section 2(e); and 

  
 5 

 (v) the vesting of any unvested Annual Equity Award and any other stock or cash
incentive awards, bonuses that would otherwise not vest or be paid, and any other benefits, shall be determined in accordance with the CBRE plan or policy applicable to similarly situated senior executives of CBRE (e.g., continued or
accelerated vesting provided for under the Change in Control and Severance Plan for Senior Management, effective as of March 24, 2015, and any successor plan); 

provided that the foregoing payments and benefits (other than Accrued Benefits) scheduled to be made after the Executive’s termination of employment and
the vesting in any amounts of the Annual Bonus and the Time-based Initial Grant shall be conditioned upon both (x) the execution (and non-revocation) by the Executive of a general release of claims (the “Release”) against the
Company and its affiliates in a form attached hereto as Appendix B on or prior to the 37th day following the Termination Date, the execution of which release is not revoked within the Revocation Period therein defined, and (y) Executive’s
continued compliance with the terms and conditions of Appendix A. 
 (c) Termination by the Company with Cause. If the
Executive’s employment is terminated (i) by the Company with Cause or (ii) by Executive when grounds for Cause exist (and the Company delivers to the Executive a Finding of Cause within 180 days following the Termination Date), no
further payments will be made pursuant to this Agreement, except for the Accrued Benefits. 
 (d) Voluntary Resignation; Retirement.
If the Executive’s employment is terminated by Executive when grounds for Cause do not exist and in the absence of Constructive Termination, no further payments will be made pursuant to this Agreement, except the Accrued Benefits; provided,
however, if such termination occurs following December 31, 2019 and executive has given 12-months’ notice of retirement, then the Executive shall be entitled to receive: 

(i) the Accrued Benefits; 

(ii) the Executive’s actual Annual Bonus earned (but yet unpaid) under the cash bonus plan of the Company in respect of
the immediately preceding fiscal year (including any amounts deferred (voluntarily or mandatorily from such Annual Bonus); 

(iii) full vesting in any amounts of Annual Bonus previously deferred (whether mandatorily or voluntarily), and payment in
accordance with the terms of the applicable deferred compensation plans or agreements of CBRE or its subsidiaries (including Clarion); and 

(iv) continued or accelerated vesting of any equity awards then held by Executive pursuant to the terms of the Equity Plan
and/or related resolutions or policies applicable to retirements of senior executives of qualifying age and tenure. 

  
 6 

 (e) Termination by the Company for Disability. If the Executive’s employment is
terminated by the Company as a result of Executive’s Disability, the Executive will be entitled to receive: 
 (i) the
Accrued Benefits; 
 (ii) the Executive’s Base Salary for the period from the Termination Date until the Executive
begins receiving compensation pursuant to the Company’s then applicable long term disability insurance program, but in no event for a period of greater than six months; and 

(iii) full vesting in any amounts of Annual Bonus previously deferred (whether mandatory or voluntarily) and payment in
accordance with the terms of the applicable deferred compensation plans or agreements of CBRE or its subsidiaries (including Clarion). 

(f) Termination as a Result of Death. If the Executive dies, no further payments will be made pursuant to this Agreement, except for
the Accrued Benefits and Executive shall be entitled to full vesting in any amounts of Annual Bonus previously deferred (whether mandatory or voluntarily) and payment in accordance with the terms of the applicable deferred compensation plans or
agreements of CBRE or its subsidiaries (including Clarion). 
 (g) Exclusive Rights. Except as expressly provided in this
Section 4, no further payments will be made pursuant to this Agreement or under any severance pay or similar plan, including any payments or benefits that would be duplicative of any payments of benefits hereunder. 

(h) Cause. As used in this Agreement, “Cause” shall mean the occurrence of any one or more of the following events:
(1) the Executive’s gross neglect of Executive’s duties for which he is employed or refusal or failure to follow the lawful material directives of the Board or the Chief Executive Officer of the Company, in either case, where such
neglect, refusal or failure is not due to the Executive’s physical or mental incapacity (and, solely in the case of the Executive’s refusal or failure to follow lawful material directives, the adverse consequences of which are not cured
within 30 days after written notice to the Executive (or any shorter notice period reasonably necessary to avoid material harm to the Company) that identifies with reasonable specificity such refusal or failure); (2) the Board (excluding,
if applicable, the Executive, if applicable) finds that, in the good faith opinion of the Board, Executive has engaged in any act or acts constituting (x) a felony or (y) any other crime (whether or not a felony) involving fraud,
misappropriation or embezzlement; provided that, in each case, the Board shall be required to provide the Executive with a written description in reasonable detail of the specific facts upon which it based its opinion; (3) an intentional breach
by the Executive of a material provision of this Agreement or policies established by the Board or CBRE (to the extent any such policies of the Board or CBRE do not conflict with this Agreement or, with respect to any subject matter addressed by
Appendix A, impose requirements on Executive in excess of those provided in Appendix A); or (4) the Executive’s (x) breach of any provision of Section 1 of Appendix A to this Agreement or (y) material breach
of any provision of Section 2 of Appendix A to this Agreement; provided that none of the foregoing events under clause (3) or (4)(y) shall constitute Cause unless the Executive fails to cure the adverse consequences to the
Company and its affiliates (if any) of such event within five days after receipt from the Company of written notice of the event which constitutes Cause, and the Company provides the Executive with a written notice of its good-faith determination
that Cause exists (a “Finding of Cause”) and further provided that, any act, or failure to act, based upon the express written direction of the Board, the Company, or CBRE with respect to such act or omission shall be presumed to be
done, or omitted to be done, by the Executive in good faith and in the best interests of the Company, and shall not constitute Cause. Cause shall cease to exist for an event 180 days after the later of its occurrence or the actual knowledge by
any member of the Board (other than the Executive) of such event, unless the Board has given the Executive a Finding of Cause or other written notice thereof prior to such date. 

  
 7 

 (i) Constructive Termination. As used in this Agreement, “Constructive
Termination” shall mean CBRE takes action to cause the occurrence of any one or more of the following events without the consent of the Executive: (1) the removal of the Executive from the position of Chief Investment Officer of the
Company (or any more senior position to which he is appointed); (2) the diminution in the position, duties, authority and/or reporting requirements of the Executive in a manner that materially and adversely impacts the Executive’s
position, duties, authority and/or reporting requirements in the aggregate (it being understood that changes in the Company’s business, assets under management and workforce and similar matters shall not be deemed to diminish the position,
duties, authority and/or reporting requirements of the Executive); (3) a material diminution in the Executive’s Base Salary; provided that a reduction in the Executive’s Base Salary by up to 20% from the Executive’s highest Base
Salary if so determined by the unanimous approval of the Board and if a similar percentage reduction is made with respect to the base salaries of substantially all of the Company’s senior executives, such reduction shall not constitute
Constructive Termination and provided further that such reduction so approved shall not constitute a breach of any other section of this Agreement; (4) a change in the geographic location of the Executive’s principal place of employment
outside the greater Philadelphia metropolitan area; or (5) the Company’s material breach of its economic obligations under this Agreement; provided that none of the foregoing events shall constitute Constructive Termination unless
the Company fails to cure such event within 30 days after receipt from the Executive of written notice of the event which constitutes Constructive Termination; provided further that “Constructive Termination” shall cease to exist
for an event on the 45th day following the later of its occurrence or the Executive’s actual knowledge thereof, unless the Executive has given the Board written notice thereof prior to such
date. 
 (j) Disability. As used in this Agreement, “Disability” shall mean a physical or mental incapacitation such
that: (i) the Executive is unable to engage in the activities for which the Executive is employed by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months; or (ii) the Executive is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. Any question as to the existence of the Executive’s physical or mental
incapacitation as to which the Executive or his representative and the Board cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company
cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third physician who shall make such determination in writing. 

  
 8 

 (k) Nothing in this Section 4 shall be deemed to add to, limit, modify or supersede any
irrevocably vested rights of the Executive pursuant to any compensation plan now or hereafter adopted and in which the Executive may participate, nor in any other entity related to or affiliated with the Company (excluding any severance plan, which
shall not apply to the Executive). 
 5. Benefits. During the term of the Executive’s employment hereunder, the Executive shall
be entitled to participate in all group life, health, medical, dental, disability insurance, retirement, pension, and other similar employee benefit plans, now in effect or hereafter adopted, to the same extent as other executive employees of the
Company. The Company reserves the right to adjust these benefit levels from time to time, and to offer any perquisites as the Company may determine from time to time so long as such adjustment is generally applicable to the senior executives of the
Company. 
 6. Full Working Time. During the term of the Executive’s employment, the Executive will devote his full working time
to the business and affairs of the Company and its subsidiaries in accordance with Section 1 hereof and shall engage in no other business activity (other than personal investment for his own account) without the prior written consent of Parent.
All services performed by the Executive relating to real estate investment management or in any manner relating to the business of the Company shall be performed on behalf and for the account of the Company. Notwithstanding the foregoing, the
Executive shall be entitled to perform charitable and civic duties from time to time in a manner that does not conflict with the Executive’s duties hereunder and shall, subject to CBRE’s generally applicable policies from time to time with
respect thereto, be permitted to serve on boards of directors of for-profit businesses that are not publicly-traded. 
 7. Restrictive
Covenants. The Executive acknowledges and recognizes the highly competitive nature of the businesses of Parent, the Company and their respective subsidiaries and accordingly agrees, in the Executive’s capacity as an employee of the Company
and an investor and equity holder in the Company, to the provisions of Appendix A to this Agreement. The Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Appendix
A would be inadequate and the Company and its affiliates would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in
addition to any remedies at law or equity, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific
performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 

  
 9 

 8. Indemnification. 

(a) To the fullest extent permitted under applicable law, the Company hereby agrees to indemnify and to hold harmless the Executive from and
against all losses, damages, liabilities, costs and expenses, including reasonable attorney’s fees, incurred by the Executive in his capacity as such, by reason of or arising out of the performance by the Executive of services on behalf of
Parent hereunder, provided that in the performance of such services the Executive has acted in good faith on behalf of the Company and that the action or claim giving rise to the indemnification is not the direct result of an intentional breach of
the Executive’s material obligations under this Agreement. In addition, the Company agrees to continue and maintain, or cause the continuation, at its expense, a directors’ and officers’ liability insurance policy covering the
Executive both during and, while potential liability exists, after employment that is no less favorable than any policy covering active directors and senior officers of the Company from time to time. 

(b) Promptly after receipt by the Executive of notice of any action or claim with respect to which indemnification is to be made against the
Company under this Section 8, the Executive shall notify the Company of the commencement or existence thereof. The Company shall have the right to participate in, and to the extent that it may wish, to assume the defense thereof, at its sole
expense, and after notice from the Company to the Executive of its election to do so. Thereafter, the Company will bear the costs of such litigation, and will not be liable to the Executive for any legal or other expense subsequently incurred by the
Executive in connection with the defense thereof, so long as the Company continues diligently to pursue such defense, provided that nothing in this Section 8(b) is intended to limit or increase either party’s rights under
Section 8(a), except as specifically provided with respect to such legal or other expenses. 
 9. Notices. Any notice to the
Company or the Executive hereunder will be in writing and hand delivered or sent by registered or certified mail, return receipt requested, postage prepaid addressed as follows: 

 

			
	If to Executive, to:	  	At the address on the personnel records of the Company from time to time.
		
	If to the Company:	  	 CBRE Global Investors, L.L.C
 400 S. Hope
Street, 25th Floor
 Los Angeles, California 90071

Fax: (213) 613-3735
 Attention: General Counsel

 A notice given by mail shall be deemed to have been given three days after mailing in accordance with the foregoing. 

  
 10 

 10. Assignment. A party hereto may not assign the rights or obligations hereunder without
the consent of the other party hereto, except that the Company may assign its rights and obligations hereunder to any legal entity that acquires (by itself or with its affiliates) all or substantially all of the business of Company or the line of
business in which the Executive is engaged). The provisions of this Agreement are binding upon and, to the extent applicable, inure to the benefit of the heirs of the Executive (except with respect to performance of employment services) and upon the
successors and assigns of the parties hereto. 
 11. Integration; Other Agreements. This Agreement constitutes the entire
understanding between the Company and the Executive relating to the subject matter hereof, and commencing on the date hereof all prior term sheets, understandings or agreements with respect to the subject matter hereof shall be of no further force
or effect (including the Prior Agreement) Moreover, to the extent this Agreement provides Executive with any right or benefit not otherwise provided in, or otherwise in contravention of, any employee compensation or benefit plan of CBRE and its
Affiliates (including the CBRE Deferred Compensation Plan, the Equity Plan or any annual cash bonus plan), the terms of this Agreement shall control. Neither this Agreement nor any provision hereof can be changed orally. Executive hereby consents to
the changes to the terms of Executive’s employment and compensation set forth in this Agreement, and the parties agree that the terms set forth herein shall not constitute a “Constructive Termination” (or any event with similar
meaning) under any agreement entered into with CBRE or any subsidiary, including the Subscription Agreement entered into with CBRE Clarion Securities LLC (as amended from time to time) as of July 1, 2011. The parties have no intention to
adversely impact the compensation arrangements of CBRE Clarion Securities LLC. 
 12. Savings Clause. In the event any provision of
this Agreement is determined to be invalid or void under any applicable law, the remaining provisions hereof will not be affected thereby and shall continue in full force and effect. 

13. Choice of Law. This Agreement has been executed in the State of New York and will be interpreted under the internal laws of the
State of New York. 
 14. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other
amounts required to be withheld by the Company under applicable law. 

  
 11 

 15. Section 409A. Notwithstanding anything herein to the contrary, (i) if at the
time of the Executive’s termination of employment with the Company Executive is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the deferral of
the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will
defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination
of employment with the Company (or the earliest date as is permitted under Section 409A of the Code without any accelerated or additional tax) and (ii) if any other payments of money or other benefits due to Executive hereunder could cause
the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or
otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that is reasonably expected not to cause such an accelerated or additional tax. For purposes of Section 409A of the
Code, each payment made under this Agreement shall be designated as a “separate payment” within the meaning of the Section 409A of the Code, and references herein to Executive’s “termination of employment” or words of
similar meaning shall refer to Executive’s separation from service with the Company within the meaning of Section 409A of the Code. To the extent any reimbursements or in-kind benefits due to Executive under this Agreement constitute
“deferred compensation” subject to Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Additionally, to the extent
that Executive’s receipt of any in-kind benefits from the Company or its affiliates must be delayed pursuant to this Section 15 due to Executive’s status as a “specified employee,” Executive may elect to instead purchase and
receive such benefits during the period in which the provision of benefits would otherwise be delayed by paying the Company (or its affiliates) for the fair market value of such benefits (as determined by the Company in good faith) during such
period. Any amounts paid by Executive pursuant to the preceding sentence shall be reimbursed to Executive as described above on the date that is six months following Executive’s separation from service. In any case where a Termination Date and
the last date on which the Release may be delivered occur in different taxable years, any payments of “nonqualified deferred compensation” (within the meaning of Section 409A) required to be made to Executive that are conditioned on
the execution and non-revocation of the Release shall be made in the later taxable year. The Company shall consult with Executive in good faith regarding the implementation of the provisions of this Section 15; provided that neither the
Company nor any of its employees or representatives shall have any liability to Executive with respect thereto. 
 16. Waiver. No
waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach
of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

17. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly
authorized representative of the Company. 
 18. Headings. The headings and captions in this Agreement are for convenience only and
in no way define or describe the scope or content of any provision of this Agreement. 
 19. Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 

  
 12 

 IN WITNESS WHEREOF, the parties have hereunto executed or caused this Agreement to be executed as
of the day and year first above written. 
  

	
	Executive
	
	/s/ T. Ritson Ferguson
	T. Ritson Ferguson
	
	CBRE Global Investors, L.L.C.
	
	/s/ L. H. Midler
	 By: Laurence Midler
 Title: EVP and Assistant
Secretary

 APPENDIX A 

Restrictive Covenants 
 1.
Non-Competition; Non-Solicitation/Pooling. 
 (a) Executive acknowledges and recognizes the highly competitive nature of the
businesses of the Company and its Subsidiaries. Accordingly, Executive agrees as follows: 
 (i) During Executive’s
employment with the Company or its affiliates (the “Employment Term”) and for a period of two years following the date Executive ceases to be so employed (the “Restricted Period”), Executive will not, whether on
Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or
indirectly solicit or assist in soliciting in competition with the Restricted Group (as defined below) in a Competitive Business (as defined below), the business of any of the Restricted Group’s then-active or prospective investors, clients or
customers with whom Executive (or Executive’s direct reports) had personal contact or dealings on behalf of the Company during the one-year period preceding Executive’s termination of employment. 

(ii) During the Restricted Period, Executive will not directly or indirectly: 

(A) engage in any business in any location globally that competes with the business of the Restricted Group, as such business
was conducted by the Restricted Group in the two years immediately preceding the Termination Date and as otherwise specifically contemplated by the business plans of the Restricted Group (a “Competitive Business”) and including any
Core Competitor (unless Executive is engaged solely in activities unrelated to the Competitive Businesses of the Core Competitor); 

(B) enter the employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any
Person) who or which engages in a Competitive Business, including any Core Competitor (unless Executive is engaged solely in activities unrelated to the Competitive Businesses); 

(C) acquire a financial interest in, or otherwise become actively involved with, any Person engaged in a Competitive Business,
directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(D) knowingly and adversely interfere with, or attempt to adversely interfere with, business relationships between the members
of the Restricted Group and any of their clients, customers, suppliers, partners, members or investors. 

 (iii) Notwithstanding anything to the contrary in this Appendix A, Executive
may, directly or indirectly own, solely as an investment, securities of any Person engaged in a Competitive Business (including, without limitation, a Core Competitor) which are publicly traded on a national or regional stock exchange or on the
over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 

(iv) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in
conjunction with any Person, directly or indirectly: 
 (A) solicit or encourage any employee of the Restricted Group to
leave the employment of the Restricted Group; 
 (B) hire any executive-level employee who was employed by the Restricted
Group as of the date of Executive’s termination of employment with the Company or who left the employment of the Restricted Group coincident with, or within one year prior to or after, the termination of Executive’s employment with the
Company; 
 (C) encourage any consultant of the Restricted Group to cease working with the Restricted Group; or 

(D) enter into employment, partnership or association with any entity engaged in a Competitive Business with whom any other
employees of the Company and its subsidiaries have become employed by, associated with, or a member of during the one year periods preceding and subsequent to Executive’s termination of employment (unless Executive is engaged solely in
activities unrelated to the Competitive Businesses) (the intention of the parties being to prevent the irreparable harm to the Restricted Group that would occur from the pooling of information that two or more former such employees can provide to a
competing entity or the misuse of Confidential Information (as defined below)). 
 (v) For purposes of this Agreement: 

(A) “Restricted Group” shall mean, collectively, the Company and its subsidiaries from time to time. 

(B) “Core Competitor” shall mean real estate securities groups at Cohen & Steers, Morgan Stanley,
RREEF, Invesco, European Investors and LaSalle and each of their respective affiliates. 
 (b) The Executive acknowledges and agrees
(a) that the covenants contained herein are reasonable and lawful under the circumstances, (b) he has consulted with counsel of his choosing, and based upon such counsel’s advice, the covenants contained herein constitute a valid and
enforceable agreement under applicable law, and (c) he will not contest the validity or enforceability of this Agreement during the Restricted Period. It is expressly understood and agreed that although the Executive and the Company consider
the restrictions contained in this Agreement to be reasonable and lawful, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Appendix A is an
unenforceable restriction against the Executive, the provisions of this Appendix A shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially
determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Appendix A is unenforceable, and such restriction cannot be amended so as to make it enforceable, such
finding shall not affect the enforceability of any of the other restrictions contained herein. 

 (c) The provisions of Section 1 hereof shall survive the termination of Executive’s
employment for any reason, including but not limited to, any termination other than for Cause. 
 2. Confidentiality; Intellectual
Property. 
 (a) Confidentiality. 

(i) Executive acknowledges that all forms, documents, papers, records, files, computer software, application systems and
programs, and other materials prepared or received by Executive which pertain to Company’s business, including letters to Executive and copies of letters sent by Executive, are the property of the Restricted Group, and unless otherwise
authorized by Company, shall at all times remain in the Restricted Group’s possession and on the Restricted Group’s premises. Executive further acknowledges that all information, including information in machine readable form (e.g.,
magnetic disk, magnetic tape, etc.), disclosed to or developed by Executive during Executive’s employment by Company relating to the Restricted Group’s business, including without limitation, the Restricted Group’s listings, the
identity of and information concerning potential or actual investors, clients, customers and specialized techniques developed or used by the Restricted Group (other than disclosure of specific listings in the ordinary course of business) are the
exclusive property of the Restricted Group. Executive further acknowledges that such information constitutes valuable, special and unique assets of the Restricted Group, access to and knowledge of which are essential to the performance of
Executive’s duties to Company under this Agreement. 
 (ii) Executive will not at any time (whether during or after
Executive’s employment with the Company) (x) retain or use for the benefit, purposes or account of Executive or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside
the Restricted Group (other than its professional advisers who are bound by confidentiality obligations or otherwise in performance of Executive’s duties under Executive’s employment and pursuant to customary industry practice), any
non-public, proprietary or confidential information — including without limitation trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property,
information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and
regulatory activities and approvals — concerning the past, current or future business, activities and operations of the Restricted Group and/or any third party that has disclosed or provided any of same to the Restricted Group on a confidential
basis (“Confidential Information”) without the prior written authorization of the Board. 

 (iii) “Confidential Information” shall not include any
information that is (a) generally known to the industry or the public other than as a result of Executive’s breach of this covenant; (b) made legitimately available to Executive by a third party without breach of any confidentiality
obligation of which Executive has knowledge; or (c) required by law to be disclosed; provided that with respect to subsection (c) Executive shall give prompt written notice to the Company of such requirement, disclose no more
information than is so required, and reasonably cooperate with any attempts by the Restricted Group to obtain a protective order or similar treatment. 

(iv) Upon termination of Executive’s employment with the Company for any reason, Executive shall (x) cease and not
thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the
Restricted Group; and (y) immediately destroy, delete, or return to the Restricted Group, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other
data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Restricted Group property) that contain Confidential Information, except
that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information. 

(b) Intellectual Property. 

(i) If Executive creates, invents, designs, develops, contributes to or improves any works of authorship, inventions,
intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials)
(“Works”), either alone or with third parties, at any time during Executive’s employment by the Company and within the scope of such employment and with the use of any the Company resources (“Company Works”),
Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under
patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Restricted Group to the extent ownership of any such rights does not vest originally in the Restricted Group. 

(ii) Executive shall take all reasonably requested actions and execute all reasonably requested documents (including any
licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Restricted Group in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or
registering any of the Restricted Group’s rights in the Company Works. If the Restricted Group is unable for any other reason, after reasonable attempt, to secure Executive’s signature on any document for this purpose, then Executive
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other
lawfully permitted acts required in connection with the foregoing. 

 (iii) Executive shall not improperly use for the benefit of, bring to any
premises of, divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without
the prior written permission of such third party. Executive shall comply with all relevant policies and guidelines of the Company that are from time to time previously disclosed to Executive, including regarding the protection of Confidential
Information and intellectual property and potential conflicts of interest to the extent that such policies and guidelines do not conflict with this Agreement and do not impose unreasonable duties, obligations or restrictions on Executive relative to
executives generally of the Company and its affiliates. Executive acknowledges that the Restricted Group may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version from
time to time previously disclosed or made available to Executive. 
 (iv) The provisions of Section 2 hereof shall
survive the termination of Executive’s employment for any reason. 

 APPENDIX B 

Form of General Release 

WHEREAS, CBRE Global Investors L.L.C., a Delaware limited liability company (“CBRE” or the “Company”) and T.
Ritson Ferguson (“Employee”) are parties to an Employment Agreement dated as of December __, 2015 (the “Employment Agreement”); 

WHEREAS, the Employment Agreement provides for certain separation payments to be made to the Employee upon the occurrence of certain
circumstances, on the terms therein specified; and 
 WHEREAS, as a condition precedent to the Company performing certain of its obligations
as provided for in the Agreement, the Employee has agreed that he will execute this instrument (the “Release”); 
 1.
Employee does hereby, and for Employee’s heirs, legal representatives, agents, successors in interest, and assigns, irrevocably and unconditionally release, acquit, and forever discharge CBRE and all of its respective subsidiaries, affiliates,
divisions, predecessors, successors, officers, directors, shareholders, employees, representative, employee benefit plans or agents (the “Released Parties”) of and from all claims, actions, causes of action, rights, demands, debts,
obligations, damages, or accounts of whatever nature arising through the date hereof (whether or not known on the date hereof) which Employee has against Released Parties by reason of or arising out of Employee’s employment with CBRE, whether
known or unknown, and including but not limited to any and all claims under the Employment Agreement except as expressly excluded in Section 4 of this Release (“Released Claims”). 

Notwithstanding any other provision of this Release to the contrary, this Release does not release any rights or claims of Employee against any of the
Released Parties arising under, or with respect to, the Amended and Restated Limited Liability Company Agreement of CBRE Clarion Securities LLC, dated as of July 1, 2011 (the “LLC Agreement”), including any related subscription
agreement, or related to the Employee holding Units in the Company and being a member of the Company, including without limitation, the right of Employee to sell, and the obligation of certain Released Parties to purchase, any Units owned by
Employee pursuant to a subscription agreement or any distributions payable with respect to Units pursuant to the LLC Agreement or related subscription agreement held by Employee. 

2. The Released Claims include, without limitation, any and all rights and claims under Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act of 1967, the Civil Rights Act of 1866 and 1991, the Equal Pay Act, the Employee Retirement Income Security Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Labor-Management Relations
Act, the Worker Adjustment and Retraining Notification Act, and any other state or local laws where applicable, in each case, as amended. 

3. Notwithstanding anything to the contrary, and for the purpose of implementing a full and complete release and discharge of Released
Parties, this Agreement contemplates the extinguishment of, and the term “Released Claims” includes, all claims which Employee does not know or expect to exist in Employee’s favor at the time of the execution hereof, which may have
arisen through the date hereof (whether or not known on the date hereof), in connection with Employee’s employment with CBRE, as well as those injuries, debts, claims, or damages now known or disclosed which may have arisen through the date
hereof (whether or not known on the date hereof), from said employment or termination of employment as described above. 

 4. CBRE and Employee both understand that this Release does not release any rights or claims of
Employee against any of the Released Parties that arise after the date this Release is signed by Employee. CBRE and Employee further understand that this Release does not release any rights or claims of Employee against any of the Released Parties
that cannot be released as a matter of law, that this Release does not release any claims by Employee based upon the non-payment or provision by the Company of the Accrued Benefits as defined in Section 4(a) and any other compensation or
benefits to be paid pursuant to the Agreement or the terms of any employee benefit plan, and that this Release does not release any rights or claims of Employee against any of the Released Parties arising under, or with respect to, the LLC
Agreement, including any related subscription agreement, or related to the Employee holding Units in the Company and being a member of the Company. 

5. {Applicable to California Employees Only.} Employee expressly waives the benefit of Section 1542 of the Civil Code of
the State of California, which provides: 
 “A general release does not extend to claims which the creditor does not know or suspect to
exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 

6. Employee hereby acknowledges that Employee has been informed that Employee may take up to twenty-one (21) days to consider this
Release, if Employee so desires. Employee acknowledges that Employee has carefully reviewed and fully understands all of the provisions of this Release, and is entering into this Release voluntarily and of Employee’s own free will. 

7. Employee hereby acknowledges that Employee has seven (7) days from the date Employee signs this Release to revoke the Release (the
“Revocation Period”). Such revocation shall be effective only upon written notice to CBRE, within seven days of Employee’s execution of this Release. If Employee revokes this Release within the Revocation Period, the Company
will not make any payments or provide any benefits that are conditioned in the Employment Agreement upon the Employee’s execution of this Release. This Release shall not become effective until the
8th day after Employee executes the Release. 
 8. Severability. Should any of the
provisions in this Release be declared or be determined to be illegal or invalid, all remaining parts, terms or provisions shall be valid, and the illegal or invalid part, term or provision shall be deemed not to be a part of this Release. 

9. Legal Counsel. CBRE strongly recommends that Employee seek independent legal counsel to advise Employee regarding Employee’s rights
and obligations contained in this Release and the advisability of executing this Release. In executing this Release, Employee hereby acknowledges that CBRE made the recommendation contained in the prior sentence. Employee also represents that
Employee has been given sufficient time to consult with independent counsel of Employee’s selection regarding the advisability of executing this Release. 

 

			
	EMPLOYEE:
		
	By:	 	 
		
	Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]