Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) made as of this 20th day of June, 2011, by and between SUSQUEHANNA BANCSHARES, INC., a Pennsylvania corporation (the “Company”), SUSQUEHANNA BANK, a Pennsylvania-chartered bank and a wholly owned subsidiary of
Company (“Company Bank”), and Andrew Samuel, an adult individual whose principal residence is at 26 South Alydar Blvd., Dillsburg, PA 17019 (the “Employee”), on the other side. 

Background 
 WHEREAS, the Employee and Tower Bancorp, Inc., a Pennsylvania corporation (“Target”) are parties to an Employment Agreement made and entered into as of August 28, 2007 and as amended
November 12, 2008 (“Existing Agreement”); 
 WHEREAS, the Company and Target intend to effect a strategic
business combination through the merger of Target with and into the Company (the “Merger”), pursuant to an Agreement and Plan of Merger dated as of June 20, 2011 (the “Merger Agreement”); 

WHEREAS, following the Merger, Graystone Tower Bank, a state bank and a wholly owned subsidiary of Target, will merge with an into
Company Bank, with Company Bank as the surviving bank; 
 WHEREAS, in connection with the Merger, the Company desires to
induce the Employee to commence employment with the Company, and the Employee hereby agrees to commence employment with the Company, effective on the calendar day immediately preceding the closing date of the Merger as defined in the Merger
Agreement (the “Effective Time”), on the terms and subject to the conditions hereinafter set forth; 
 WHEREAS,
in consideration of the Company entering into and performing its obligations under the Merger Agreement and the Employee’s receipt of substantial consideration as a result of the Merger, the Company desires enter into certain restrictive
covenants set forth in Paragraph 12 of this Agreement to protect its interests following the Merger and the Employee agrees to bound by such restrictive covenants; 
 WHEREAS, in consideration for the Employee’s services at Target and as a retention incentive for the Employee’s future services to the Company, the Company desires to pay to the Employee
a retention incentive payment pursuant to the terms of Paragraph 4 in this Agreement; 

 WHEREAS, upon consummation of the Merger pursuant to the terms and conditions of the
Merger Agreement, this Agreement replaces and supersedes all previous employment agreements between the Employee and the Target, including the Existing Agreement; and 
 WHEREAS, this Agreement is conditioned upon the consummation of the Merger pursuant to the Merger Agreement and shall be void and of no effect if the Merger is not consummated. 

1. Position. The Company hereby agrees to employ the Employee and the Employee hereby agrees to commence employment with the
Company as President and Chief Revenue Officer. 
 2. Duties. 

2.1 The Employee shall report to the Chairman and Chief Executive Officer (“CEO”) of the Company and agrees to assume such
duties and responsibilities as may be consistent with the position of President and Chief Revenue Officer, as may be assigned to the Employee by Chairman and CEO of the Company or by the by-laws of the Company from time to time. No change in the
duties of the Employee shall in any way diminish the compensation payable to him pursuant to the provisions of Paragraph 5 hereof. 
 2.2 The Employee agrees to devote his full time, skill, attention and energies and his best efforts to the performance of his duties under this Agreement, consistent with practices and policies
established from time to time by the Company. The Employee agrees, in addition to the covenants concerning Non-Competition contained in Paragraph 12, that he shall not engage in any other business activity (including, without limitation,
participation by the Employee on any unaffiliated for profit board of directors) except: (a) upon the prior written notice to and consent of the Board; provided that no notice to, or consent by, the Board shall be required with respect to
participation by the Employee on any unaffiliated non-profit board of directors, (b) solely as an investor in real or personal property, the management of which shall not detract from the performance of his duties hereunder; provided, however,
that the engagement by the Employee in any such business activity pursuant to (a) or (b) shall at all times be in conformity with the Company’s Code of Ethics, as the same may be amended or supplemented from time to time.
Notwithstanding anything herein to the contrary, the Employee shall terminate any such activity upon reasonable request by the Company. 
 3. Period of Employment. 
 3.1 Unless terminated earlier pursuant to the
applicable termination provisions of this Agreement, the period of employment shall commence on the Effective Time and end on the third December 31 next following the Effective Time (as the same may be extended pursuant to this Paragraph, the
“Period of Employment”). If written 

  
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election not to renew by either party is not received by the other party by (a) November 1 of the year of the Effective Time, or (b) November 1 any subsequent year, if this
Agreement has previously been extended pursuant to this Paragraph 3, then the Period of Employment shall be automatically extended by one year. This Agreement is conditioned upon the consummation of the Merger pursuant to the Merger Agreement and
shall be void and of no effect if the Merger is not consummated. 
 3.2 Notwithstanding anything to the contrary set forth
herein, the Employment Period shall not extend beyond: 
 3.2.1 Normal Retirement Date; or 

3.2.2 If a Change in Control has occurred prior to the Normal Retirement Date, the later of (a) the Normal Retirement Date, or
(b) the first anniversary of the Change in Control. 
 4. Retention Payment. In consideration for this Agreement and
the mutual covenants and promises contained herein, including the Employee’s agreement to be bound by the restrictive covenants set forth in Paragraphs 11 and 12 of this Agreement, the Company shall pay or cause to be paid to the Employee on
the first anniversary of the Effective Time, $2,605,649 (the “Retention Payment”); provided, however, that the Retention Payment shall be subject to the Employee’s continued employment and service to the Company through the first
anniversary of the Effective Time. Within five (5) business days of the Effective Time, the Company shall pay to a grantor (“rabbi”) trust of which the Employee is the sole beneficiary (subject to the claims of the Company’s
creditors, as required pursuant to applicable Internal Revenue Service guidance to prevent the imputation of income to the Employee prior to distribution from the trust) the Retention Payment. The parties agree that the amount of the Retention
Payment is an estimated amount based on certain reasonable assumptions with respect to the projected cost of various types of insurance coverage and certain other benefits. The parties agree that the amount of the Retention Payment will be adjusted
immediately prior to the Effective Time as necessary and mutually agreed to by the parties to take into account changes in the applicable IRS discount rate and any changes in the insurance premiums or the costs of such other benefits prior to the
Effective Time. Notwithstanding the foregoing or anything contained herein to the contrary, if the Employee’s employment ceases due to a termination by the Company without Cause, a resignation by the Employee due to an Adverse Change, the
Employee’s Disability, or the Employee’s death, the Retention Payment shall be paid in a lump sum within 60 days of the Employee’s termination date, subject to a six-month delay as described in Subparagraph 7.1.6 which may be required
under section 409A of the Code. In addition, the parachute tax gross-up provision of Section 6(c) of the Existing Agreement shall apply with respect to any excise tax imposed on the Employee under Code section 4999 as a result of the Merger;
provided that any parachute tax gross-up payment hereunder shall be paid no later than the end of the calendar year next following the calendar year in which the Employee or Company (as applicable) remits the taxes for which the parachute tax
gross-up payment is being made. 

  
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 5. Compensation. For all services rendered by the Employee under this Agreement, the
Company shall pay to the Employee compensation as provided below: 
 5.1 Base Salary. The Company shall pay the Employee
a minimum annual base salary at the rate of $550,000 per year in accordance with the Company’s normal payroll practices. In connection with the annual review required by Subparagraph 5.3 hereof, the Employee’s base salary shall be reviewed
and in light of such review may be increased (but not decreased), taking into account any change in the Employee’s responsibilities, performance of the Employee and other pertinent factors. Payment of any increase in the Employee’s base
salary (if any) shall commence no later than July 1 of the year in which the increase is granted. 
 5.2 Bonus. The
Company may, but shall not be required to, pay to the Employee annual bonus compensation in such amount as may be determined by the appropriate board of directors or its designee within guidelines established by the Company. Such bonus shall not
exceed the amount of the Employee’s annual base salary. The Employee’s bonus (if any) for a fiscal year shall be paid to him at the time and in the form and manner provided under the terms of the applicable plan pursuant to which the bonus
is awarded. 
 5.3 Annual Review. The determination of compensation payable by the Company hereunder shall be made by the
Compensation Committee or its designee, which shall perform an annual review of this Agreement, the Employee’s performance with the Company, and compensation payable hereunder. The results of such review, including recommendation as to base
salary adjustment and bonus (if any), shall be reported to the Company and shall be memorialized in the minutes of the meetings of the Board or held in a confidential file by the Company’s Human Resources Department. 

6. Benefits. 
 6.1 Life Insurance and Disability Benefits. The Employee shall be entitled to group term life insurance insuring the Employee’s life during the Period of Employment, disability insurance
coverage, and accidental death and dismemberment benefits, including death benefit, in such amounts and in such coverage as shall be consistent with the insurance coverage programs available to similarly situated executive employees of the Company,
as the same may change from time to time. The Employee shall designate the beneficiary of such policy and benefits. 
 6.2
Health Benefits. The Employee shall be entitled to major medical and health insurance coverage for the Employee and his immediate family on such terms, in such amounts and in such coverage as shall be consistent with the insurance coverage
programs available to similarly situated executive employees of the Company, as the same may change from time to time. 

  
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 6.3 Automobile and Club Benefits. 

6.3.1 The Employee shall be entitled to an automobile or automobile allowance in accordance with the terms of the Company’s
automobile policy at a level commensurate with the Employee’s position as President and Chief Revenue Officer. 
 6.3.2
During the Employee’s employment under this Agreement, the Company shall reimburse the Employee for dues associated with the Employee’s membership at one club selected by the Employee and approved by the Company, according to the
Company’s executive reimbursement policy. 
 6.4 Other Benefits. To the extent such benefits are not specifically
described or duplicated hereinabove in this Paragraph 6, the Employee shall also be entitled to participate in any and all thrift, profit sharing, pension and similar benefit plans (not including severance, change in control or other similar
arrangements), now or hereafter maintained by the Company and offered to similarly situated executive employees of the Company, as the same may change from time to time. 
 6.5 Expenses. Subject to such general employee expense account policies as the Company may from time to time adopt, the Company shall pay or reimburse the Employee upon presentation of vouchers or
invoices for reasonable expenses incurred by the Employee in the performance of his duties in carrying out the terms and provisions of this Agreement, including, without limitation, expenses for such items as entertainment, travel, meals, hotel and
similar items. In the event that any reimbursed expenses are disallowed by the Internal Revenue Service as deductions to the Company, as the case may be, the Employee shall retain such reimbursed expense amounts which the Employee shall treat and
report as additional compensation and which the Company shall treat as deductible salary expense. 
 6.6 Vacation. The
Employee shall be entitled to paid vacation annually as specified under the Company’s vacation policy, to be taken at times reasonably convenient to the Company. 
 6.7 Indemnification. To the extent permitted by law, the Company shall indemnify the Employee and hold him harmless from all liability and claims, whether meritorious or not, including the cost of
defense thereof (including reasonable attorneys’ fees) which have arisen or accrued or which hereafter may arise or accrue and are based upon any act or omission which the Employee has taken or committed or hereafter may take or commit on
behalf of or in connection with the Company in his official capacity, so long as the following conditions are met with respect to such claim or liability: (a) if such action was taken in the exercise of reasonable business judgment and was
taken in an area within the scope of responsibility of the Employee, or (b) if not 

  
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within the scope of the Employee’s responsibility, (i) at the time of such act or omission the Board had knowledge of the facts or circumstances pursuant to which such act was taken or
such omission occurred and (ii) no written objection to such act or omission was duly made by the Board. 
 Actions taken
by the Employee which are covered by this Agreement specifically include (by way of illustration), but are not limited to, (a) the payment of any salary, bonus or other compensation to any officer, director, or employee, (b) the
reimbursement or payment of any expenses incurred by any such officer, director or employee, (c) the making or retention of any investments (including, without limitation, loans) by the Company, or (d) injury claims against the Company or
the Employee based on negligence or other alleged tortious actions and which arise in connection with the conduct of the Company’s business. 
 The Employee shall indemnify the Company and hold it harmless from all liability and claims, whether meritorious or not, including the cost of the defense thereof (including reasonable attorneys’
fees) which have arisen or accrued or which hereafter may arise or accrue and are based upon acts taken without the consent or approval of the Board of Directors of the Company and which represent the Employee’s deliberate malfeasance or gross
negligence. 
 7. Termination. The Company may terminate the Employee’s employment without Cause (as defined below),
subject to the requirements of applicable law, on account of the Employee’s Disability (as defined below), in either case, at any time, with 90 days’ advance written notice (or pay in lieu thereof). The Company may terminate the
Employee’s employment for Cause at any time without notice. The Employee may terminate his employment at any time for any reason, with 90 days’ advance written notice (or such shorter notice as the Company shall then accept). Upon
termination, the Employee shall be entitled only to such compensation and benefits as described in this Paragraph 7 and, if applicable, the Employee shall immediately resign his position as a member of the Board and any committee thereof, from his
position as President and Chief Revenue Officer of the Company, and his position as a member of the board of directors of any Affiliate and any committee thereof. 
 7.1 Termination without Cause or Resignation due to an Adverse Change. If the Employee’s employment ceases due to a termination by the Company without Cause or a resignation by the Employee
due to an Adverse Change (as defined below), the Employee shall be entitled to: 
 7.1.1 payment of all accrued and unpaid base
salary through the date of such termination; 
 7.1.2 payment for all accrued but unused vacation days; 

  
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 7.1.3 payment of any bonus payable with respect to a period ending prior to such
termination; 
 7.1.4 bi-weekly compensation continuation payments for a period of two years following the Employee’s
termination date (the “Severance Period”), with each payment equal to 1/26 of the Average Annual Compensation (provided, however, that it is understood that Employee shall not participate in any benefit plans covering employees, except as
specifically stated in this Paragraph 7), which amount shall be paid in regular payroll installments over the Severance Period following the Employee’s termination date; 
 7.1.5 if the Employee participates in any defined benefit plan maintained by the Company or one of its Affiliates immediately before the Employee’s termination date (whether such plan is tax
qualified or nonqualified), the Employee shall accrue an additional, fully vested benefit under the Company’s nonqualified pension plan (which shall be paid at the time and in the form determined under the nonqualified pension plan and shall be
determined in all respects pursuant to the terms of the applicable defined benefit pension plan(s)) equal to the difference between (a) the benefit that the Employee would have accrued under all defined benefit pension plans of the Company or
its Affiliates in which the Employee participated immediately before the Employee’s termination date, taking into account the compensation paid to the Employee under Subparagraph 7.1.4 as compensation for purposes of the applicable plan and
increasing the Employee’s years of benefit service under the applicable plan by the number of years in the Severance Period, and (b) the actual benefit due to the Employee under all defined benefit pension plans of the Company and its
Affiliated in which the Employee participated immediately before the Employee’s termination date; and 
 7.1.6 the employee
benefits listed below, in the amount, form and manner set forth below: 
 (a) a lump sum cash payment within 60
days of the Employee’s termination date, equal to the product of (A) and (B) where (A) is (x) the monthly COBRA premium (at the applicable rate in effect on the Employee’s termination date) for the cost of continued
coverage under the Company’s group health plan for the Employee, and, if applicable, the Employee’s spouse and dependents, less (y) the monthly amount that the Employee would have paid for such coverage as an active employee, and
(B) is the number of months in the Severance Period; 
 (b) a payment each month for a number of months
equal to the number of months in the Severance Period, equal to the monthly premium cost (less any employee portion of such premium costs) the Company would have paid for coverage for the Employee under the applicable life insurance and accidental
death and dismemberment policy(ies) which insured the Employee during the term of his or her employment had the Employee remained employed by the Company during the Severance Period; and 

  
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 (c) a payment each month for a number of months equal to the number of
months in the Severance Period, equal to the monthly premium cost (less any employee portion of such premium costs) the Company would have paid for coverage under the applicable disability insurance policy(ies) of the Company which insured the
Employee during the term of his or her employment had the Employee remained employed by the Company during the Severance Period. 
 Except as otherwise provided in Subparagraph 7.1, all compensation and benefits shall cease at the time of such termination and the Company shall have no further liability or obligation by reason of such
termination. The separation benefits described in this Subparagraph 7.1 shall be paid (or in the case of the payments described in Subparagraphs 7.1.4 and 7.1.6 shall begin to be paid) within 60 days after the Employee’s termination date,
subject to the Employee’s execution and delivery of an effective release as described below in Subparagraph 7.4. 

Notwithstanding anything herein to the contrary, if, at the time of the Employee’s termination of employment with the Company, the
Company has securities which are publicly traded on an established securities market and the Employee is a “specified employee” (as such term is defined in section 409A of the Code) and it is necessary to postpone the commencement of any
payments or benefits otherwise payable under this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under section 409A of the Code, then the Company shall postpone 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 the Employee) that are not otherwise paid within the “short-term deferral exception” under Treas. Reg.
§1.409A-1(b)(4) and/or the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date that is six months following the Employee’s “separation of
service” with the Company. If any payments are postponed due to such requirements, such postponed amounts shall be paid in a lump sum to the Employee on the first payroll date that occurs after the date that is six months following the
Employee’s “separation of service” with the Company. If the Employee dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of section 409A of the Code shall be paid to the
personal representative of the Employee’ s estate within 60 days after the date of the Employee’s death. A “specified employee” shall mean an employee who, at any time during the 12-month period ending on the identification date,
is a “specified employee” under section 409A of the Code, as determined by the Compensation Committee or its designee. The determination of specified employees, including the number and identity of persons considered specified employees
and the identification date, shall be made by the Compensation Committee or its designee in accordance with the provisions of sections 416(i) and 409A of the Code and the regulations issued thereunder. 

7.2 Other Terminations. If the Employee’s employment ceases for any reason other than as described in Subparagraph 7.1 above
(including, but not limited, 

  
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to (a) termination by the Company for Cause, (b) as a result of the Employee’s death or termination by the Company on account of the Employee’s Disability (as defined below),
(c) resignation by the Employee in the absence of an Adverse Change or (d) attainment of the Employee’s Normal Retirement Date described in Subparagraph 3.2), then the Employee shall receive payment for his accrued and unpaid base
salary through the date of such cessation. All compensation and benefits shall cease at the time of such termination and, except as otherwise provided herein or in the applicable employee benefit plans of the Company, the Company shall have no
further liability or obligation by reason of such termination. 
 7.3 Claims. Any claims for benefits under Paragraph 7
of the Agreement shall be governed by the claims procedures in the Company Key Employee Severance Pay Plan, as amended from time to time. However, the severance benefit provisions of this Agreement shall govern in lieu of the severance provisions of
such Plan. Except as specifically provided in this Agreement, the benefits provided under this Agreement in the case of a termination shall be in lieu of those provided by the Company and its Affiliates under any other severance plans. 

7.4 Release. Notwithstanding any other provision of this Agreement, any severance or termination payments or benefits herein
described are conditioned on the Employee’s execution and delivery to the Company of an effective general release and non-disparagement agreement in a form prescribed by the Company and in a manner consistent with the requirements of the Older
Workers Benefit Protection Act and any applicable state law. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Employee’s execution of the release, directly or indirectly, result in the
Employee designating the calendar year of payment, and if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be made in the later taxable year. 

7.5 Other Rights. Nothing in this Agreement is intended to limit the Employee’s right to (a) payment or reimbursement
for welfare benefit claims incurred prior to the cessation of his employment under any group insurance plan, policy or arrangement of the Company in accordance with the terms of such plan, policy or arrangement, (b) elect COBRA Benefits in
accordance with applicable law, or (c) receive a distribution of vested accrued benefits from any employee pension benefit plan in accordance with the terms of that plan. 
 8. Change in Control. 
 8.1 Effect of a Change in Control.

 8.1.1 Effect on LTI/STI Rights. With respect to any long-term, short-term or any similar incentive program cycle in
effect at the time of a Change in Control: 
 (a) Employee shall become fully and immediately vested in his incentive awards
upon the occurrence of the Change in Control; and 

  
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 (b) subject to the requirements of section 409A of the Code, such incentive awards shall be
paid at target levels and shall be paid to the Employee in a single lump sum payment between January 1 and March 15 of the calendar year following the end of the incentive program cycle for which the incentive award was earned, without
regard to whether Employee remains employed by the Company and without regard to the performance of Employee during those incentive program cycles. 
 8.1.2 Effect on Pension Rights. In the event of a termination of employment providing for payment of benefits under Subparagraph 7.1, the Employee shall accrue an additional, fully vested benefit
under the Company’s nonqualified pension plan (which shall be paid at the time and in the form determined under the nonqualified pension plan and shall be determined in all respects pursuant to the terms of the applicable defined benefit
pension plan(s)) equal to the difference between: 
 (a) the benefit that the Employee would have accrued under all defined
benefit pension plans of the Company or its Affiliates in which the Employee participated immediately prior to the Change in Control (whether tax qualified or nonqualified), assuming: 

(i) the Employee remained continuously employed by the Company until the third anniversary of the Change in Control, 

(ii) the Employee’s compensation for purposes of calculating benefits under such defined benefit pension plan increased at a rate
of four percent per year for the period of imputed service described above in Subparagraph 8.1.2(a)(i), and 
 (iii) the terms
of all such defined benefit pension plans remained identical to those in effect immediately prior to the Change in Control; and 

(b) the actual benefit due to the Employee under all defined benefit pension plans of the Company and its Affiliates in which the
Employee participated immediately prior to the Change in Control. 
 8.1.3 Effect on Severance Period. Upon the
occurrence of a Change in Control, the Severance Period referenced in Subparagraph 7.1.4 shall be increased from two years to three years. 
 8.1.4 Transition Services. For two years following cessation of employment after any Change in Control, the Employee agrees to remain available to provide the Company with transition assistance on
matters with which the Employee was involved during his employment. The Employee shall render such assistance in a timely manner on reasonable notice from the Company. The Employee shall not be entitled to

  
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any separate compensation for the services described in this Paragraph (other than reimbursement for reasonable out-of-pocket expenses actually incurred). The Company agrees to provide reasonable
advance notice of the need for the Employee’s assistance and shall exercise reasonable efforts to schedule and limit such matters so as to avoid interfering with the Employee’s personal and other professional obligations. 

8.2 Benefit Limitation. 
 8.2.1 Anything in this Agreement to the contrary notwithstanding, in the event that a Change in Control occurs and it shall be determined that any payment or distribution by the Company or its Affiliates
to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (“Total Payments”) would otherwise exceed the amount (the “Safe Harbor Amount”)
that may be received by the Employee without the imposition of an excise tax under section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as
determined in accordance the applicable provisions of section 280G of the Code, does not exceed the greater of the following dollar amounts (the “Benefit Limit”): 
 (a) the Safe Harbor Amount, or 
 (b) the greatest after-tax amount payable to the
Employee after taking into account any excise tax imposed under section 4999 of the Code on the Total Payments. 
 8.2.2
All determinations to be made under this Paragraph 8.2 shall be made by an independent public accounting firm chosen by the Company (the “Accounting Firm”). In determining whether such Benefit Limit is exceeded, the Accounting Firm shall
make a reasonable determination of the value to be assigned to the restrictive covenants in effect for the Employee pursuant to Paragraphs 9, 10, 11 and 12 of this Agreement, and the amount of the Employee’s potential parachute payment under
section 280G of the Code shall reduced by the value of those restrictive covenants to the extent consistent with section 280G of the Code. 
 8.2.3 In the event the Internal Revenue Service notifies the Employee of an inquiry with respect to the applicability of section 280G of the Code or section 4999 of the Code to any payment by the Company
or its Affiliates, or assessment of tax under section 4999 of the Code with respect to any payment by the Company or its Affiliates, the Employee shall provide notice to the Company of such inquiry or assessment within 10 days, and shall take no
action with respect to such inquiry or assessment until the Company has responded thereto (provided such response is timely with respect to the inquiry or assessment). The Company shall have the right to appoint an attorney or accountant to
represent the Employee with respect to such inquiry or assessment, and the Employee shall fully cooperate with such representative as a condition of the Agreement with respect to such inquiry or assessment. 

  
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 8.2.4 All of the fees and expenses of the Accounting Firm in performing the determinations
referred to in Paragraph 8.2 or any attorney or accountant appointed to represent the Employee pursuant to this Paragraph 8.2 shall be borne solely by the Company. 
 8.2.5 To the extent a reduction to the Total Payments is required to be made in accordance with this Paragraph 8.2, such reduction and/or cancellation of acceleration of equity awards shall occur in the
order that provides the maximum economic benefit to the Employee. In the event that acceleration of equity awards is to be reduced, such acceleration of vesting also shall be canceled in the order that provides the maximum economic benefit to the
Employee. Notwithstanding the foregoing, any reduction shall be made in a manner consistent with the requirements of section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such
amounts shall be reduced on a pro rata basis, but not below zero. 
 8.3 Enforcement. Following any Change in Control,
the Company shall pay all legal fees and costs incurred by the Employee to enforce his rights under this Agreement if (a) he is required to initiate a proceeding to enforce such rights and (b) he is awarded any relief in that proceeding.

 9. Confidential Information. During the Period of Employment, and at any time thereafter, the Employee shall not,
without the consent of a senior officer of the Company, disclose to any person, firm or corporation (except, during the term of his employment, to the extent necessary to perform his duties hereunder) any customer lists, trade secrets, reports,
correspondence, mailing lists, manuals, price lists, employee lists, prospective employee lists, letters, records or any other confidential information relating to the business of the Company or any Affiliate of the Company and shall not, without
the consent of a senior officer of the Company, deliver any oral address or speech or publish, or knowingly permit to be published, any written matter in any way relating to confidential information regarding the business of the Company or any
Affiliate. 
 10. Property Rights. The Employee agrees that all literary work, copyrightable material or other
proprietary information or materials developed by the Employee during the term of this Agreement and relating to, or capable of being used or adopted for use in, the business of the Company shall inure to and be the property of the Company and must
be promptly disclosed to the Company. Both during employment by the Company and thereafter, the Employee shall, at the expense of the Company, execute such documents and do such things as the Company reasonably may request to enable the Company or
their nominee (i) to apply for copyright or equivalent protection in the United States, Canada and elsewhere for any literary work hereinabove referred in this Paragraph, or (ii) to be vested with any such copyright protection in the
United States, Canada and elsewhere. 

  
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 11. Non-Disparagement. Upon termination of employment hereunder, the Employee shall
not malign, criticize or otherwise disparage the Company, the Affiliates or their respective officers, employees or directors. 

12. Non-Competition. 
 12.1 During the Period of Employment hereunder and then for the two years following the date of the Employee’s termination of employment for any reason: 

12.1.1 The Employee shall not directly for himself or any third party, become engaged in any business or activity which is directly in
competition with any services or financial products sold by, or any business or activity engaged in by, the Company or any of its Affiliates, including, without limitation, any business or activity engaged in by any federally or state chartered
bank, savings bank, savings and loan association, trust company and/or credit union, and/or any services or financial products sold by such entities, including, without limitation, the taking and accepting of deposits, the provision of trust
services, the making of loans and/or the extension of credit, brokering loans and/or leases and the provision of insurance and investment services, within a 25 mile radius of any office or facility of the Company or any of its Affiliates. This
provision shall not restrict the Employee from owning or investing in publicly traded securities of financial institutions, so long as his aggregate holdings in any financial institution do not exceed 10% of the outstanding capital stock of such
institution. 
 12.1.2 The Employee shall not solicit any person who was a customer of the Company or any of its Affiliates
during the period of the Employee’s employment hereunder, or solicit potential customers who are or were identified through leads developed during the course of employment with the Company, or otherwise divert or attempt to divert any existing
business of the Company or any of its Affiliates within any area of 100 miles of any office or facility of the Company or any of its Affiliates. 
 12.1.3 The Employee shall not, directly for himself or any third party, solicit, induce, recruit or cause another person in the employment of the Company or any of its Affiliates to terminate his
employment for the purposes of joining, associating, or becoming employed with any business or activity which is in competition with any services or financial products sold, or any business or activity engaged in, by the Company or any of its
Affiliates. 
 12.2 The Employee understands that in the event of a violation of any provision of this Agreement, the Company
shall have the right to seek injunctive relief, in addition to any other existing rights provided in this Agreement or by operation of law, without the requirement of posting bond. The Employee understands that the Company may suspend future
payments of the compensation continuation payments and benefits provided in Subparagraph 7.1, may forfeit the additional pension benefit provided under Subparagraph 8.1.2, and may seek, as a remedy, a return of any prior compensation

  
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continuation payments made under Subparagraph 7.1.4. The remedies provided in this Paragraph shall be in addition to any legal or equitable remedies existing at law or provided for in any other
agreement between the Employee and the Company or any of its Affiliates, and shall not be construed as a limitation upon, or as an alternative or in lieu of, any such remedies. If any provisions of this Paragraph shall be determined by a court of
competent jurisdiction to be unenforceable in part by reason of it being too great a period of time or covering too great a geographical area, it shall be in full force and effect as to that period of time or geographical area determined to be
reasonable by the court. 
 12.3 In the event of a Change in Control, the Employee acknowledges that the provisions of Paragraph
12 hereof shall extend to any offices or facilities of any business that becomes an affiliate of or successor to the Company or any of its Affiliates on account of such Change in Control. 

13. Preemptive Considerations. Notwithstanding anything to the contrary set forth herein: 

13.1 If the Employee is suspended and/or temporarily prohibited from participating in the conduct of the Company’s or any of its
Affiliates’ affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1)) or any amendments or supplements thereto, the Company’s obligations under this Agreement
shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Company may in its discretion (i) pay the Employee all or part of the compensation withheld while this
Agreement’s obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 13.2 If the Employee is removed and/or permanently prohibited from participating in the conduct of the Company’s or its Affiliates’ affairs by an order issued under Section 8(e)(4) or
(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(4) or (g)(1)) or any amendments or supplements thereto, or equivalent provisions relating to a regulator with supervisory authority over the Company or its Affiliates, all obligations
of the Company and its Affiliates under the contract shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected. 
 13.3 If the Company or any Affiliate is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act or equivalent provisions relating to a regulator with supervisory authority over
the Company or its Affiliates), all obligations under this Agreement shall terminate as of the date of default, but this Subparagraph 13.3 shall not affect any vested rights of the parties. 

14. Records. Upon the termination of employment hereunder, the Employee shall deliver to the Company all correspondence, reports,
customer lists, office keys, manuals, advertising brochures, sample contracts, price lists, employee lists, prospective 

  
 - 14 -

 
employee lists, mailing lists, letters, records and any and all other documents pertaining to or containing information relative to the business of the Company, and the Employee shall not remove
any of such records either during the course of employment or upon the termination thereof. 
 The Employee understands that in the event of a
violation of the provisions of this Paragraph 14, the Company shall have the right to seek injunctive relief, in addition to any other existing rights provided herein or by operation of law, without the requirement of posting bond. The remedies
provided in this Paragraph 14 shall be in addition to any legal or equitable remedies existing between the Employee and the Company, and shall not be construed as a limitation upon, or as alternative or in lieu of, such remedies. 

15. Survival. Notwithstanding anything to the contrary in this Agreement, the parties agree that the Employee’s obligations
under Paragraphs 9, 10, 11, and 12 of this Agreement shall continue despite the expiration of the term of this Agreement or its termination. 
 16. Definitions. 
 For purposes of this Agreement: 

16.1 The term “Adverse Change” shall include and be limited to (A) a significant change in the nature or scope of the
Employee’s duties as set forth in the first sentence of Paragraph 2 hereof such that the Employee has been reduced to a position of materially lesser authority, status or responsibility that is inconsistent with the Employee’s position as
President of the Company, or the time required to be spent by the Employee 60 miles or more beyond the Company’s geographic market area shall be increased without the Employee’s consent by more than 20%, as compared to the average of the
two (2) preceding years, (B) a material reduction in the Employee’s base compensation, (C) failure to nominate the Employee for election as a member of the Board (D) any other material and willful breach by the Company of
any other provision of this Agreement, or (E) delivery by the Company of notice of its intention not to renew this Agreement; provided that Employee is willing and able to execute a new contract providing terms and conditions substantially
similar to those in this Agreement and to continue providing services to the Company. 
 However, none of the foregoing events
or conditions shall constitute an Adverse Change unless: (x) the Employee provides the Company with written objection to the event or condition within 60 days following the occurrence thereof, (y) the Company does not reverse or otherwise
cure the event or condition within 30 days of receiving that written objection, and (z) the Employee resigns his employment within 60 days following the expiration of the 30-day cure period. If the Employee’s termination occurs after such
time, the termination shall be treated as a termination other than for Adverse Change and the Employee shall not be entitled to severance benefits under this Agreement. 

  
 - 15 -

 16.2 The term “Affiliate” shall mean with respect to the Company, persons or
entities controlling, controlled by or under common control with the Company. 
 16.3 The term “Average Annual
Compensation” shall mean, as of any date, the arithmetic average of the base salary and annual bonuses received by the Employee with respect to the three most recently completed calendar years; provided, however, (A) if the Employee has
compensation for less than three completed calendar years but at least two completed calendar years, Average Annual Compensation shall mean the arithmetic average of the base salary and annual bonuses received by the Employee with respect to the two
most recently completed calendar years, (B) if the Employee has less than two completed calendar years of compensation, Average Annual Compensation shall mean base salary and annual bonus received by the Employee with respect to the most
recently completed calendar year, and (C) if the Employee has a termination of employment following the Effective Time and on or before December 31, 2012, pursuant to which the Employee is entitled to severance under Subparagraph 7.1.4,
the term Average Annual Compensation shall mean 130% of the base salary set forth in Paragraph 5. 
 16.4 The term
“Board” shall mean the Board of Directors of the Company. 
 16.5 The term “Cause” shall mean any of the
following: (a) the Employee’s personal dishonesty; (b) the Employee’s incompetence; (c) the Employee’s willful misconduct; (d) the Employee’s breach of fiduciary duty involving personal profit; (e) the
Employee’s intentional failure to perform stated duties; (f) the Employee’s willful violation of any law, rule or regulation (other than traffic violations or similar offenses); (g) the issuance of a final cease-and-desist order
by a state or federal agency having jurisdiction over the Company or any entity which controls the Company to the extent such cease-and-desist order requires the termination of the Employee; or (h) a material breach by the Employee of any
provision of this Agreement. 
 16.6 The term “Change in Control” shall mean the first to occur, after the Effective
Time, of any of the following: 
 (a) if any Person is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Securities Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its subsidiaries) representing 25% or
more of either the then outstanding shares of stock of the Company or the combined voting power of the Company’s then outstanding securities; 
 (b) if during any period of 24 consecutive months during the existence of this Agreement commencing on or after the date hereof, the individuals who, at the beginning of such period, constitute the Board
(the “Incumbent Directors”) cease for any 

  
 - 16 -

 
reason other than death to constitute at least a majority thereof; provided that a director who was not a director at the beginning of such 24-month period shall be deemed to have satisfied such
24-month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors either actually (because they
were directors at the beginning of such 24-month period) or by prior operation of this clause (b); 
 (c) the consummation of a
merger or consolidation of the Company with any other corporation other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 60% of the combined voting power of the voting securities of the Company or such surviving entity or any
parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the beneficial owner,
as defined in clause (a), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its subsidiaries) representing 40% or more of
either the then outstanding shares of stock of the Company or the combined voting power of the Company’s then outstanding securities; or 
 (d) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company, or there is consummated an agreement for the sale or disposition by the Company of all or
substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 60% of the combined voting power of the voting securities of which are
owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale. 
 Upon the occurrence
of a Change in Control, no subsequent event or condition shall constitute a Change in Control for purposes of this Agreement, with the result that there can be no more than one Change in Control hereunder. 

16.7 The term “Code” shall mean the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder.

 16.8 The term “Company” shall mean the Company as hereinbefore defined or any entity succeeding to substantially
all of the assets and business of the Company. 
 16.9 The term “Compensation Committee” shall mean the Compensation
Committee of the Board. 

  
 - 17 -

 16.10 The terms “COBRA” and “COBRA Benefits” shall refer to continued
group health insurance benefits under sections 601-607 of the Employee Retirement Income Security Act of 1974, as amended, (29 U.S.C. part 6) Act and the regulations promulgated thereunder. 

16.11 The term “Disability” means a condition entitling the Employee to benefits under the Company’s long term disability
plan, policy or arrangement; provided, however, that if no such plan, policy or arrangement is then maintained by the Company and applicable to the Employee, “Disability” will mean the Employee’s inability to perform his
duties under this Agreement due to a mental or physical condition that can be expected to result in death or that can be expected to last (or has already lasted) for a continuous period of 180 days or more. Termination as a result of a Disability
will not be construed as a termination “without Cause.” 
 16.12 The term “Normal Retirement Date” shall
mean the last business day in the calendar year in which the Employee attains the age of 65. 
 16.13 The term “Period of
Employment” shall have the meaning described in Paragraph 3. 
 16.14 The term “Person” shall have the meaning
ascribed thereto by Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof (except that such term shall not include (i) the Company or any of
its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such
securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company, or (v) such Employee or any “group” (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act) which includes the Employee). 
 17. Miscellaneous. 

17.1 Assignment. This Agreement (including, without limitation, Paragraph 12 hereof relating to non-competition) shall be binding
upon the parties hereto, the heirs and legal representatives of the Employee and the successors and assigns of the Company. 

17.2 Prohibited Assignment. The Employee shall have no right to exchange, convert, encumber or dispose of the rights to receive
the benefits or payments under this Agreement, which payments, benefits and rights thereto are expressly declared to be non-assignable and non-transferable. 
 17.3 Notices. Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if

  
 - 18 -

 
delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the appropriate address shown below, or such revised address as is delivered to the
other party by the same means. 
  

	 	(a)	Notices to the Company shall be sent to: 

 Susquehanna Bancshares, Inc. 
 Attn. Director of Human Resources

 26 North Cedar Street 
 P.O. Box 1000 
 Lititz, PA 17543-7000 

 

	 	(b)	Notices to the Employee shall be sent to the most recent address on file with the Company. 

17.4 Entire Agreement. This Agreement constitutes the entire agreement between the parties in connection with the subject matter
hereof, supersedes any and all prior agreements or understandings between the parties and may only be changed by agreement in writing between the parties, including the Existing Agreement. 

17.5 Construction. This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania,
without application of the principles of conflicts of laws. 
 17.6 Paragraph Headings. The Paragraph headings herein
have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof. 
 17.7 Section 409A of the Code. This Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. If any payment or benefit cannot be provided or made at the
time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions shall not be imposed. The Employee shall be solely
responsible for any tax imposed under section 409A of the Code and in no event shall the Company have any liability with respect to any tax, interest or other penalty imposed under section 409A of the Code. For purposes of section 409A of the Code,
all payments to be made upon a termination of employment under this Agreement may only be made upon the Employee’s “separation from service” (within the meaning of such term under section 409A of the Code). In no event shall the
Employee, directly or indirectly, designate the calendar year of payment, except as permitted under section 409A of the Code. All reimbursements and in kind benefits provided under this Agreement shall be made or provided in accordance with the
requirements of section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the Employee’s lifetime (or during a

  
 - 19 -

 
shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses
eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the year in which the expense is
incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 
 17.8 Recoupment Policy. The Employee agrees that the Employee will be subject to any compensation clawback or recoupment policies that may be applicable to Employee as an executive of the Company,
as in effect from time to time and as approved by the Board or a duly authorized committee thereof, whether or not approved before or after the Effective Time of this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 20 -

 IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Agreement the day and year first above written. 
  

									
		 		 		 	SUSQUEHANNA BANCSHARES, INC.
					
	Attest:	 	 /s/ Lisa Cavage
	 		 	By:	 	 /s/ Edward Balderston

				
		 		 		 	SUSQUEHANNA BANK
					
	Attest:	 	 /s/ Lisa Cavage
	 		 	By:	 	 /s/ Eddie Dunklebarger

				
		 		 		 	Andrew Samuel
	Witness:	 		 		 	
			
	 /s/ Carl Lundblad
	 		 	 /s/ Andrew Samuel

  
 - 21 -Exhibit 10.1

 Exhibit 10.1 
 BGC Partners, Inc. 
 February 17, 2012 

CONFIDENTIAL 
 Grubb &
Ellis Company 
 1551 North Tustin Avenue, Suite 300 
 Santa Ana, CA 92705 
 Attention: Thomas D’Arcy, Chief Executive Officer and President

 Dear Tom: 
 BGC
Partners, Inc. (“BGC”) is pleased to present this letter of intent with respect to a proposed transaction with Grubb & Ellis Company (“Grubb”). Based upon the information we have received to date, BGC is
prepared to (a) provide Grubb with a senior, secured, super-priority debtor in possession loan in an amount up to $4.8 million (the “DIP Facility”) to fund operating costs and the expenses of administration of cases to be
commenced by Grubb and certain of its subsidiaries (collectively, the “Debtors”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern
District of New York (the “Bankruptcy Court”), which loan shall be made on the terms and conditions set forth on Exhibit A hereto (the “DIP Term Sheet”), and (b) acquire substantially all of the assets of the
Debtors pursuant to section 363 of the Bankruptcy Code on the terms and conditions set forth on Exhibit B hereto (the “Sale Term Sheet”). 
 The parties hereto intend for this letter of intent, the DIP Term Sheet and the Sale Term Sheet, (collectively, the “LOI”) to create a binding obligation upon each party to perform the
transactions contemplated hereunder subject only to the execution of loan documentation setting forth the terms of the DIP Facility (the “DIP Loan Agreement”) and an asset purchase agreement (the “APA”) containing
the terms for the sale of the Acquired Assets (as defined in the Sale Term Sheet) (together, the “Agreements”). Until the execution of the Agreements or the termination of this LOI, Grubb shall conduct the business in the ordinary
course in the manner it is now conducted, shall not enter into, terminate or reject any leases, dispose of any assets or enter into any material agreement or transaction out of the ordinary course without BGC’s prior written consent.

 This LOI shall expire and be of no further force or effect upon the earliest to occur of the following:
(i) February 17, 2012 unless Grubb shall have returned a counterexecuted copy of this LOI to BGC on or prior to that date, and (ii) the date of entry of the Procedures Order (as defined in the Sale Term Sheet). This LOI and the
Confidentiality Agreement dated January 16, 2012, by and among BGC and Grubb together constitute the entire agreement between BGC and Grubb, and supersede all prior communications, agreements and understandings, whether written or oral.

 Letter of Intent Between BGC Partners, Inc. and Grubb & Ellis Company, dated February 17, 2012 

 February 17, 2012 
 Page 2 
 This LOI shall be governed in accordance with the laws of the State of New York.

 Sincerely, 
 BGC Partners, Inc.

  

					
	By:	 	 /s/ Howard W. Lutnick
	 	
		 	Name: Howard W. Lutnick	 	
		 	Title: Chief Executive Officer	 	

 AGREED AND ACCEPTED 
 Grubb & Ellis Company 
  

					
			
	By:	 	 /s/ Thomas D’Arcy
	 	 Date: February 17, 2012

		 	Name: Thomas D’Arcy	 	
		 	Title: President & CEO	 	

 Attachments 

Letter of Intent Between BGC Partners, Inc. and Grubb & Ellis Company, dated February 17, 2012 

  

 EXHIBIT A 
 GRUBB & ELLIS COMPANY 
 Term Sheet for 

Senior Secured Super-Priority Debtor in Possession Financing 
 February 17, 2012 
 The following is a summary of proposed terms and
conditions by BGC Partners, Inc. and/or one or more of its affiliates (the “DIP Lender”) for the establishment of a senior secured super-priority term loan facility, junior only to the Carve-Out (as defined herein), in favor of the
Borrowers and the Guarantors identified below in their capacities as chapter 11 debtors in possession (collectively, “Debtors” or “Borrowers”) in cases to be commenced in the Bankruptcy Court. This proposal, and the
terms and conditions hereof, are being provided on a confidential basis and should not be disclosed to any third party other than the attorneys, accountants and financial advisors of the Debtors, unless required by an order of a court of competent
jurisdiction. This proposal is subject to the terms and conditions contained in that certain letter agreement, dated as of the date hereof, among Grubb and Ellis Company and BGC Partners, Inc. (“BGC”) (the “LOI”).
Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the LOI. 
  

			
	 Borrowers
	  	 Grubb & Ellis Management Services, Inc. and any other Debtor which is identified as a borrower under the DIP Facility.

		
	 Guarantors
	  	 Each of the Debtors other than the Borrowers.

		
	 DIP Lender
	  	 BGC Partners, Inc. and/or one or more of its affiliates

		
	 Use of Proceeds
	  	 The proceeds of the DIP Financing shall be used for the post-petition and other agreed operating expenses of the Borrowers and other costs and expenses of
administration of the Debtors’ chapter 11 cases in accordance with the Approved Budget.

		
	 DIP Facility
	  	 The DIP Lender shall make available to the Borrowers, secured term loans in the aggregate principal amount up to $4.8 million (the “DIP
Financing”) as further provided below:

		
		  	 Subject to the satisfaction of the Conditions to each Advance (as set forth below), the DIP Financing shall be made available in the following draws (each, an
“Advance”):

		
		  	 •    an amount equal to 5% of the Purchase Price (as defined in the Sale Term Sheet) shall be made
available on the Closing Date;

		
		  	 •    an additional amount equal to 5% of the Purchase Price shall be made available upon approval of
the Procedures Order (as defined in the Sale Term Sheet); and

 DIP Term Sheet 

  

  

			
		  	 •    the remaining amount available under the DIP Facility shall be made available on and after the
entry of the Final Order in one or more weekly draws in increments not to exceed weekly draw amounts set forth in the Approved Budget.

		
		  	 In each case, the DIP Financing shall be subject to, among other things, the entry by the Bankruptcy Court of an interim order (the “Interim
Order”) and as a condition subsequent, a final order (the “Final Order”) (each in form and substance satisfactory to the DIP Lender in its sole discretion) approving the DIP Financing pursuant to section 364 of the
Bankruptcy Code and the use of cash collateral under section 363 of the Bankruptcy Code.

		  	
	 Closing Date
	  	 The first date practicable following the entry of the Interim Order (the “Closing Date”).

		  	
	 Interest Rate
	  	 The DIP Financing will bear interest at a rate equal to 8.00% per annum payable (a) on the Closing Date, (b) with respect to each subsequent Advance on the
date of such Advance, and (c) thereafter monthly in advance on the first business day of each month, in each case by adding such interest to the principal amount of the outstanding loans.

		
	 Default Interest Rate
	  	 During the continuance of an event of default, all obligations under the DIP Facility will bear cash interest at an additional 2.0% per annum, calculated on a
360-day and actual days-elapsed basis.

		
	 Commitment Fee
	  	 A commitment fee equal to 1.50% of the maximum principal commitment amount of the DIP Financing will be fully earned and due and payable to the DIP Lender
upon the Closing Date from proceeds of the DIP Financing.

		
	 Priority
	  	 In addition to the priority with respect to the Collateral set forth below, all amounts owing by the Borrowers under the DIP Facility in respect thereof at
all times will constitute allowed super-priority administrative expense claims in the chapter 11 cases having priority over all administrative expenses of the kind specified in sections 503(b) and 507(b) of the Bankruptcy Code, subject only to the
Carve-Out (as defined below).

		
	 Collateral
	  	 All amounts owing by the Borrowers will be secured pursuant to sections 364(c) and (d) of the Bankruptcy Code by a perfected priming security interest in, and
lien on, substantially all of the assets (tangible, intangible, real, personal or mixed) of the

 DIP Term Sheet 

  
 2 

  

			
		  	 Borrowers and Guarantors, whether now owned or hereafter acquired, including, without limitation, accounts, inventory, equipment, capital stock in
subsidiaries, money, deposit accounts, securities accounts and other investment property, instruments, chattel paper, real estate, leasehold interests, contracts, patents, copyrights, trademarks, causes of action (including avoidance actions upon
entry of the Final Order), and other general intangibles, and all products and proceeds thereof, including all unencumbered assets of the Borrowers, and subject only to (i) the Carve-Out (as defined below), and (ii) any permitted, prepetition,
perfected liens to be identified in definitive documentation of the DIP Financing (“Permitted Liens”).

		
	 Adequate Protection
	  	 As adequate protection for the liens securing the indebtedness outstanding under that certain Credit Agreement, dated as of April 15, 2011, among the
Borrowers, Grubb & Ellis Company, as parent guarantor, and BGC Note Acquisition Co., L.P., as successor to the lenders party thereto, as lender (the “Prepetition Lender”) (as amended, the “Prepetition Credit
Agreement”), the Prepetition Lender shall receive (i) allowed super-priority administrative expense claims in the having priority over all administrative expenses of the kind specified in sections 503(b) and 507(b) of the Bankruptcy Code
subject only to the superiority claims in connection with the DIP Financing and the Carve Out, and (ii) replacement liens on all encumbered assets of the Borrowers, which replacement liens shall be junior only to the Carve Out and the liens securing
the DIP Facility and any Permitted Liens.

		
	 Term
	  	 The period from the Closing Date to the earliest to occur of (i) the date that is 60 days after the Closing Date, (ii) the date the Borrowers enter into an
agreement to sell any of the Acquired Assets (as defined in the Sale Term Sheet) other than to the Purchaser (as defined in the LOI), (iii) the date of the occurrence of an Event of Default under the DIP Facility, (iv) the date the Debtors file a
motion to proceed with any sale or liquidation of any Borrowers without the consent of the DIP Lender, or (v) the date the Borrowers pay the DIP Lender in full (such earliest date, the “Termination Date”).

		
	 Mandatory Repayments
	  	 Mandatory repayments of the DIP Financing shall be required in an amount equal to (i) 100% of the net sale proceeds from all asset sales outside the ordinary
course of business and (ii) 100% of insurance and condemnation proceeds received by the Borrowers (in each case, after required payments to prior lien holders).

 DIP Term Sheet 

  
 3 

  

			
	Conditions Precedent to Closing	  	 The loan documentation in respect of the DIP Financing shall include the following conditions precedent to closing as well as other customary conditions
precedent to closing, as determined by the DIP Lender:

		
		  	 •    The Debtors shall have commenced their chapter 11 cases on or before February 20,
2012.

		
		  	 •    All documentation shall be in form and substance satisfactory to the DIP Lender and its counsel
in their sole discretion.

		
		  	 •    The Borrowers and the DIP Lender shall have agreed upon an Approved Budget.

		
		  	 •    The Borrowers shall have filed with the Bankruptcy Court contemporaneously with the filing of
the motion to approve the DIP Financing, one or more motions to approve the Procedures Order and the transactions set forth in the Sale Term Sheet, including the APA (as defined in the Sale Term Sheet).

		
		  	 •    The Borrowers shall have provided evidence of insurance satisfactory to the DIP Lender in its
sole discretion, naming the DIP Lender as additional insured and loss payee.

		
		  	 •    All fees and expenses (including actual fees and expenses of counsel) required to be paid to the
DIP Lender shall be paid from proceeds of the DIP Financing on the Closing Date.

		
		  	 •    All motions and other documents to be filed with and submitted to the Bankruptcy Court in
connection with the DIP Financing (including, without limitation, the Interim Order) shall be in form and substance satisfactory to the DIP Lender in its sole discretion.

		
		  	 •    All governmental and third party consents and approvals necessary in connection with the DIP
Financing and the transactions contemplated thereby shall have been obtained and shall remain in effect.

		
		  	 •    Such other conditions precedent as are customary for the extension of loans of the type extended
under the DIP Financing.

 DIP Term Sheet 

  
 4 

  

			
	Conditions to Each Advance	  	 On the Closing Date and the funding date of any Advance the following conditions precedent shall have been satisfied:

		
		  	 •    There shall exist no default or Event of Default under the loan documents.

		
		  	 •    The representations and warranties of the Borrowers and Guarantors set forth in the DIP Financing
documentation shall be true and correct in all material respects immediately prior to, and after giving effect to, such funding, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case
such representations and warranties shall have been true and correct in all material respects on such earlier date.

		
		  	 •    The making of such Advance shall not violate any requirement of applicable law and shall not be
enjoined, temporarily, preliminarily or permanently by any governmental authority.

		
		  	 •    The Bankruptcy Court shall have entered the Interim Order or the Final Order, as applicable, in
form and substance satisfactory to the DIP Lender in its sole discretion, which order shall be in full force and effect and shall not have been reversed, vacated or stayed and shall not have been amended, supplemented or otherwise modified without
the prior written consent of the DIP Lender (which consent may be withheld in its sole discretion) (i) authorizing and approving the transactions contemplated thereby, including, without limitation, the granting of the super-priority status,
security interests and liens, and the payment of all fees referred to herein, and (ii) lifting the automatic stay to permit the Borrowers to perform their obligations under the DIP Financing loan documents and the DIP Lender to exercise its
rights and remedies with respect to the DIP Financing; provided, that the DIP Lender shall provide the Borrowers with five (5) business days prior written notice before exercising right and remedies.

		
		  	 •    There shall have occurred no material adverse effect on any of the operations, performance,
business, assets, or properties of the Debtors, taken as a whole (a “Material Adverse Effect”); provided, however, that any event or occurrence that would otherwise constitute a Material Adverse Effect as a
consequence of (i) the chapter 11 petitions and related filings effected by the Debtors contemplated in this Term Sheet; (ii) the hiring of any of the Debtors’ personnel by BGC or any

 DIP Term Sheet 
  

  
 5 

  

			
		  	 affiliate of BGC, (iii) general economic, legal, regulatory or political conditions in the United States of America (provided that
the impact on the Debtors and their subsidiaries is not materially disproportionate to the impact of similar entities), (iv) conditions generally affecting the industries in which the Debtors and their subsidiaries operate (provided that the impact
on the Debtors and their subsidiaries is not materially disproportionate to the impact of similar entities), (v) the commencement or escalation of war or armed hostilities or the occurrence of acts of terrorism or sabotage, (vi) changes in the
securities markets generally, (vii) changes in law or generally accepted accounting principles, or any interpretation thereof, or (viii) the performance of the Sellers’ facilities management business shall not be a Material Adverse Effect
notwithstanding anything set forth herein to the contrary.

		
		  	 •    Such other conditions precedent as are customary for the extension of loans of the type extended
under the DIP Financing.

		
	Administrative Expense Reserve	  	 The DIP Lender shall make available to the Debtors Advances sufficient to pay all accrued post-petition costs, fees and expenses of the Borrowers (off-set by
retainers held by retained professionals) which are included in the Approved Budget and remain due, owing and unpaid prior to the Termination Date (the “Admin Expense Reserve Claims”); provided, that in no case shall the
Admin Expense Reserve Claims plus the Advances made as of the Termination Date exceed the amount of the DIP Facility (the “Cap”).

		
	 Carve-Out
	  	 The Carve-Out shall mean sums having priority ahead of the super priority claims and liens securing the DIP Financing for (a) statutory fees payable to the
United States Trustee pursuant to 28 U.S.C. Section 1930(a)(6); (b) the Admin Expense Reserve Claims not to exceed the Cap; and (c) subject to the terms and conditions of the Interim Order and Final Order, all fees and disbursements incurred by the
Debtors and any official committee of unsecured creditors appointed in the Debtors’ chapter 11 cases (the “Committee”) for any attorneys and a single financial advisor for the Borrowers and the Committee, respectively, retained
by final order of the Bankruptcy Court (which order has not been reversed, vacated, or stayed, unless such stay has been vacated) pursuant to sections 327 or 1103(a) of the Bankruptcy Code to the extent allowed by order of the Bankruptcy Court
(which order has not been reversed, vacated, or stayed, unless such stay has been vacated) under sections 328, 330 and/or 331 of

 DIP Term Sheet 

  
 6 

  

			
		  	 the Bankruptcy Code and any interim compensation procedures order, but solely to the extent such fees and disbursements are within the corresponding amounts
set forth in the Approved Budget and were reflected as estimated fees and expenses of such professionals in the most recent Approved Budget delivered by the Borrowers to the DIP Lender prior to the date that such fees and disbursements were
incurred; provided, that following a notice to the Borrowers from the DIP Lender of the occurrence of an Event of Default, in no event shall the amount of the Carve-Out exceed the greater of (a) $200,000 and (b) the amount of the DIP Facility
less Advances made as of the Termination Date.

		
		  	 The post-petition liens and security interests and the administrative priority claims of the DIP Lender shall be senior to, and no proceeds of the DIP
Financing nor of the sale of any collateral granted thereunder (nor proceeds thereof), may be used to pay any and all claims for services rendered by any of the professionals retained by the Borrowers or the Committee in connection with the
assertion of or joinder in any claim, counterclaim, action, proceeding, application, motion, objection, defense or other contested matter against BGC.

		
	Representations and Warranties	  	 The loan documentation will contain representations and warranties customary for facilities of this size, type and purpose.

		
	Affirmative Covenants	  	 The loan documentation will contain affirmative covenants customary for facilities of this size, type and purpose.

		
	Negative Covenants	  	 The loan documentation will contain negative covenants customary for facilities of this size, type and purpose.

		
	Events of Default	  	 The loan documentation will contain events of default usual and customary for facilities of this size, type and purpose including, but not limited to the
following as determined by the DIP Lender; provided, however, that the DIP Lender shall be required to fund the Carve-Out whether a default or Event of Default has occurred and is continuing solely in accordance with the Section of
this Term Sheet entitled “Carve-Out”:

		
		  	 •    failure of the Bankruptcy Court to enter the Interim Order on or before February 21,
2012;

		
		  	 •    failure of the Bankruptcy Court to enter the Final Order within 21 days of the Closing
Date;

		
		  	 •    failure of the parties to the LOI to execute the APA later than one day prior to the hearing to
consider the Procedures Order (as defined in the LOI);

 DIP Term Sheet 

  
 7 

			
		
		 	 •    failure of the Bankruptcy Court to enter the Procedures Order on
or before 10 days from the Petition Date;
  
 •    failure of the Bankruptcy Court to enter the Sale Order (as defined in the LOI) on or prior to the date occurring 25 days after the execution of the APA by the parties
thereto;
  

•    dismissal of any of the chapter 11 cases with respect to any of the Debtors or
conversion of any chapter 11 cases to a chapter 7 case or the sale of substantially all of the assets of any Borrowers other than to the Purchaser;
  

•    failure of any of the Debtors to have the exclusive right to file a plan in the
chapter 11 cases;
  

•    appointment of a chapter 11 trustee or examiner with expanded powers or other
person with expanded powers in any of the chapter 11 cases;
  
 •    granting of relief from the automatic stay to permit foreclosure or the exercise of other remedies on the material assets of any of the Debtors;

 
 •    reversal,
vacation or stay of the effectiveness of either the Interim Order or the Final Order;
  

•    failure of liens or super-priority claims granted with respect to the DIP Financing
to be valid, perfected and enforceable in all respects;
  
 •    commencing on the second full calendar week following the date of commencement of the Debtors’ chapter 11 cases, and weekly thereafter, a negative variance of gross
receipts net of disbursements and accrued, due and unpaid expenses incurred after the commencement of the Debtors’ chapter 11 cases, as measured on a cumulative basis, from those reflected in the Approved Budget for such period (the
“Actual Variance”) of more than the greater of (a) $500,000 and (b) 15% (the “Permitted Variance”):

 

		 	 •    Borrowers shall pay any brokerage commission or any retention payment without the consent of the
DIP Lender;

		 	

 DIP Term Sheet 

  
 8 

  

			
		  	 •    Borrowers’ material modification or consent to any material modification of the Procedures
Order or the APA materially adverse to the Purchaser, in each case, without the prior agreement of the Purchaser;

		
		  	 •    failure of the closing under the APA to occur on or before the date that is 45 days after the
Closing Date.

		
	Budget and Reporting	  	 The Borrowers and the DIP Lender shall agree upon a budget (the “Approved Budget”) prior to commencement of the chapter 11 cases projecting
operations for 8 weeks from the Closing Date (“Budget Period”) in a form satisfactory to the DIP Lender in its sole discretion (which budget shall include a list of all brokerage commissions proposed to be paid by the Borrowers
during each following week), a summary of which shall be attached to the Interim Order and the Final Order. On a weekly basis, the Borrowers shall provide to the DIP Lender an updated budget for the Budget Period in substantially the same form as
the previous budget, which upon acceptance by the DIP Lender in its sole discretion, shall become the Approved Budget.

		
		  	 The Borrowers shall provide the DIP Lender with a variance report reflecting the actual cash receipts and disbursements for each two week period within three
(3) days after the end of such two-week period, and showing the percentage variance of actual receipts and disbursements from those reflected in the Approved Budget for such period.

		
	Indemnification	  	 The Borrowers and the Guarantors shall jointly and severally indemnify and hold harmless the DIP Lender and its affiliates and each of their respective
officers, directors, members, partners, employees, agents, advisors, attorneys and representatives of each (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and disbursements of counsel (including the allocated costs, expenses and disbursements of in-house counsel to the DIP Lender), financial advisors and consultants), joint or several, that may be incurred by or
asserted or awarded against any Indemnified Party (including, without limitation, in connection with or relating to any investigation, litigation or proceeding or the preparation of any defense in connection therewith), in each case arising out of
or in connection with or by reason of the DIP Financing, the loan documentation or any of the transactions contemplated thereby, or any actual or proposed use of the proceeds of the DIP Financing, except to the extent such claim, damage, loss,
liability or expense is found in a

 DIP Term Sheet 

  
 9 

  

			
		  	 final judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of
an investigation, litigation or other proceedings to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrowers, any of their directors,
security holders or creditors, an Indemnified Party or any other person, or an Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. The Borrowers further agree that no Indemnified
Party shall have any liability (whether direct or indirect, in contract, tort, or otherwise) to the Borrowers or any of their security holders or creditors for or in connection with the transactions contemplated hereby, except for direct damages (as
opposed to special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings)) determined in a final non-appealable judgment by a court of competent jurisdiction to have
resulted from such Indemnified Party’s gross negligence or willful misconduct.

		
	 Expenses
	  	 Upon the occurrence of the Closing Date, the Borrowers shall jointly and severally pay on demand all out of pocket costs and expenses of the DIP Lender,
(including all reasonable fees, expenses and disbursements of counsel, financial advisors and consultants) incurred in connection with the chapter 11 cases, including, without limitation in connection with the preparation, execution and delivery of
the loan documentation and the funding of the DIP Financing, any amendment or waiver of any provision of the loan documentation, and/or in connection with the enforcement or protection of any of their rights and remedies under the loan
documentation.

		
	 Governing Law
	  	 State of New York

 DIP Term Sheet 

  
 10 

 EXHIBIT B 
 GRUBB & ELLIS COMPANY 
 Term Sheet for 

Asset Acquisition 

February 17, 2012 
 The following is a summary of proposed terms and conditions by the Purchaser (as defined below) for the acquisition of substantially all of the assets of Grubb & Ellis Company and its direct
and indirect subsidiaries identified by Purchaser as holding or owning assets to be sold to the Purchaser all of which will become chapter 11 debtors in possession (collectively, “Debtors” or “Sellers”) in cases to
be commenced in the Bankruptcy Court. This proposal, and the terms and conditions hereof, are being provided on a confidential basis and should not be disclosed to any third party other than the attorneys, accountants and financial advisors of the
Debtors, unless required by an order of a court of competent jurisdiction. This proposal is subject to the terms and conditions contained in that certain letter agreement, dated as of the date hereof, among Grubb and Ellis Company and BGC (the
“LOI”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the LOI. 
  

			
	 Sellers
	  	 Grubb & Ellis Company and its direct and indirect subsidiaries identified by Purchaser as holding or owning assets to be sold to the Purchaser, all of
which will become chapter 11 debtors in possession.

		
	 Purchaser
	  	 BGC Partners, Inc. (“BGC”) and/or one or more subsidiaries or affiliates of BGC as BGC may designate at any time prior to the Closing
Date.

		  	
	 Purchase Price
	  	 $30,029,055.70, consisting of a credit bid of the principal amount outstanding, as of February 20, 2012, under that certain Credit Agreement, dated as of
April 15, 2011, among Grubb & Ellis Management Services, Inc., as borrower, Grubb & Ellis Company, as parent guarantor, and BGC Note Acquisition Co., L.P., as successor to the lenders party thereto (as amended, the “Prepetition
Credit Agreement”) (the “Prepetition Secured Obligations”); provided, that the Purchase Price shall be increased by (a) the principal amount of Advances made under the DIP Financing, and (b) any cure amounts paid by
the Purchaser.

		  	
	 Closing Date
	  	 The first date practicable following the entry of an order by the Bankruptcy Court approving the acquisition on terms and conditions satisfactory to the
Purchaser in its sole discretion (the “Sale Order”).

		  	
	 Acquired Assets
	  	 Substantially all assets (tangible, intangible, real, personal or mixed) of the Sellers free and clear of all liens, claims and encumbrances, including,
without limitation, accounts, executory contracts,

 Sale Term Sheet 

  

			
		  	 unexpired leases, inventory, equipment, investment property, instruments, chattel paper, real estate, patents, copyrights, trademarks, causes of action,
avoidance actions and other general intangibles, and all products and proceeds thereof, other than the Excluded Assets (as defined below).

		
	Excluded Assets	  	 TBD

		
	Executory Contracts and Unexpired Leases to be Assumed and Assigned to Purchaser	  	 Subject to the provisions set forth under the Section hereof entitled “Affirmative Covenants”, the Purchaser will provide a schedule of the
contracts (including, without limitation, all customer contracts and listing agreements) that the Sellers will assume and assign to the Purchaser under the APA and Sellers will provide a schedule of cure amounts for all such executory contracts to
be assumed and assigned. The Sellers will reject all executory contracts not assumed and assigned to the Purchaser and Purchaser shall assume no liability or obligation of any kind or nature in connection with any contract rejected or not expressly
assumed and assigned to Purchaser.

		
	Executory Contracts and Unexpired Leases to be Rejected	  	 TBD

		
	Conditions Precedent to Closing	  	 The APA will contain the following conditions precedent to closing as well as other customary conditions precedent to closing as determined by the
Purchaser:

		
		  	 •    All documentation shall be in form and substance satisfactory to the Purchaser and its counsel
in its sole discretion.

		
		  	 •    All fees and expenses (including reasonable fees and expenses of counsel) required to be paid to
the Purchaser on or before the Closing Date shall have been paid in full.

		
		  	 •    All motions and other documents to be filed with and submitted to the Bankruptcy Court in
connection with the Acquisition (including, without limitation, the Sale Order) shall be in form and substance satisfactory to the Purchaser in its sole discretion.

		
		  	 •    All governmental and third party consents and approvals necessary in connection with the
acquisition and the transactions contemplated thereby shall have been obtained and shall remain in effect, except as otherwise waived by the Purchaser.

		
		  	 •    The Sellers shall provide customary representations and warranties, provided that such
representations and warranties shall be made only as to circumstances existing as of the Closing Date.

 Sale Term Sheet 

  
 2 

  

			
		
		 	 •    The representations and warranties of the Sellers shall be true and correct immediately prior to
the Closing Date except to the extent that any such representation or warranty shall survive closing, in which case such representations and warranties shall be true and correct on such later date.

		
		 	 •    There shall exist no default or event of default under the APA or under the DIP
Financing.

		
		 	 •    The acquisition shall not violate any requirement of applicable law and shall not be enjoined,
temporarily, preliminarily or permanently by any governmental authority.

		
		 	 •    The Bankruptcy Court shall have entered the Sale Order, in form and substance satisfactory to the
Purchaser in its sole discretion, which order shall be in full force and effect and shall not have been reversed, vacated or stayed and shall not have been amended, supplemented or otherwise modified without the prior written consent of the
Purchaser (which consent may be withheld in its sole discretion) (i) authorizing and approving the transactions contemplated thereby, including, without limitation, (X) the sale of the Acquired Assets free and clear of all liens, claims
and encumbrances pursuant to section 363(f) of the Bankruptcy Code and (Y) the assumption and assignment to the Purchaser pursuant to section 365 of all of the executory contracts and unexpired leases selected by the Purchaser with the
aggregate cure amounts payable by the Purchaser not to exceed an amount to be agreed between the Sellers and the Purchaser in the APA, exclusive of employee and broker guarantees, and (ii) finding that the Purchaser is entitled to the
protections afforded under section 363(m) of the Bankruptcy Code and granting such protection to the fullest extent under section 363(m) of the Bankruptcy Code.

		
		 	 •    There shall have occurred no material adverse effect on any of the operations, performance,
business, assets, or properties of the Sellers, taken as a whole (a “Material Adverse Effect”); provided, however, that any event or occurrence that would otherwise constitute a Material Adverse Effect as a
consequence of (i) the chapter 11 petitions and related filings effected by the Sellers contemplated in this Term Sheet; (ii) the hiring of any of the Sellers’ personnel by BGC or any affiliate of BGC, (iii) general economic,
legal, regulatory or political conditions in the United States of America (provided that the impact on the Sellers and their subsidiaries is not materially disproportionate to the impact

 Sale Term Sheet 

  
 3 

  

			
		  	 of similar entities), (iv) conditions generally affecting the industries in which the Sellers and their subsidiaries operate
(provided that the impact on the Sellers and their subsidiaries is not materially disproportionate to the impact of similar entities), (v) the commencement or escalation of war or armed hostilities or the occurrence of acts of terrorism or sabotage,
(vi) changes in the securities markets generally, (vii) changes in law or generally accepted accounting principles, or any interpretation thereof, or (viii) the performance of the Sellers’ facilities management business shall not be a Material
Adverse Effect notwithstanding anything set forth herein to the contrary.

		
		  	 •    Such other conditions precedent as are customary.

		
	 Termination Events
	  	 The occurrence of any of the foregoing shall result in the termination of the obligations of the Purchaser under the LOI unless waived by the
Purchaser:

		
		  	 •    The Sellers shall fail to commence their chapter 11 cases on or before February 20,
2012.

		
		  	 •    The APA is executed later than 1 day prior to the hearing to consider the Procedures Order (as
defined below).

		
		  	 •    The Procedures Order shall not have been entered by the Bankruptcy Court on or before 10 days of
the Petition Date.

		
		  	 •    Sale Order shall not have been entered by the Bankruptcy Court on or before 25 days after the
execution of the APA.

		
		  	 •    Dismissal of any of the chapter 11 cases with respect to any of the Sellers or conversion of any
chapter 11 cases to a chapter 7 case, or the sale of substantially all of the assets of any Sellers other than pursuant to the APA.

		
		  	 •    Appointment of a chapter 11 trustee or examiner with expanded powers or other person with
expanded powers in any of the chapter 11 cases of the Sellers.

		
		  	 •    Granting of relief from the automatic stay to permit foreclosure or the exercise of other
remedies on the material assets of any Sellers.

		
		  	 •    Sellers’ modification or consent to any modification of the APA, in each case, without the
prior agreement of the Purchaser.

 Sale Term Sheet 

  
 4 

  

			
	Representations and Warranties	  	 The APA shall contain customary representations and warranties to be agreed upon.

		
	Affirmative Covenants	  	 The APA will contain customary affirmative covenants to be agreed upon. In addition, from and after the date of the LOI, the Sellers shall use commercially
reasonable best efforts to identify and provide the Purchaser with copies of and/or information relating to (a) all contracts and agreements (including, without limitation, listing agreements) between any of the Sellers and any third party, and (b)
all business opportunities known by each of the Sellers.

		
	Cooperation and Access	  	 The Sellers shall cooperate with the Purchaser and shall use commercially reasonable best efforts to effectuate an orderly transition of the business to the
Purchaser and to minimize any disruption in the business resulting from the transactions contemplated hereby, including, without limitation, by providing the Purchaser with access to the Sellers’ books, records, employees and
brokers.

		
	Negative Covenants	  	 The APA will contain customary negative covenants to be agreed upon.

		
	Procedures Order	  	 Unless otherwise agreed among the parties, the Procedures Order will provide, among other things, (A) for competing bids to be more than an amount equal to
the Purchase Price plus the Breakup Fee (as defined below) plus the Expense Reimbursement plus $250,000, and that any successive overbids shall be made in increments not less than $500,000 of cash consideration in excess of the last submitted,
highest qualified bid for the Acquired Assets; (B) that a proposal for a competing bid must be in writing and submitted using the Agreement as a form (the “Competing Agreement”); (C) that a Competing Agreement must be marked to show
changes from the APA; (D) for any person submitting a competing bid to provide an earnest money cash deposit of not less than 10% of the Purchase Price; (E) that Purchaser will be entitled to credit bid any or all of the amounts outstanding under
the Prepetition Credit Agreement and the DIP Financing as part of any bid at any sale; (F) that the Procedures Order shall govern the sale and auction of the assets of the Sellers; (G) for payment of a break-up fee, payable to the Purchaser under
the terms and circumstances set forth herein, equal to 3.50% of the Prepetition Secured Obligations (the “Breakup Fee”); (H) for payment to the Purchaser under the terms and circumstances set forth herein in reimbursement (the
“Expense Reimbursement”) of the Purchaser’s out-of-pocket costs, fees and other expenses (including legal expenses and other professional fees and expenses, and travel expenses) (collectively, “Expenses”)
incurred in connection with the

 Sale Term Sheet 

  
 5 

  

			
		  	 proposed transactions described herein (including without limitation the negotiation of this Term Sheet and any other documents attendant hereto and the APA,
drafting, review and comments on drafts, attendance at hearings and due diligence), up to a maximum aggregate amount of $750,000; (I) that the Breakup Fee and Expense Reimbursement shall be payable by the Sellers to the Purchaser, whether or not the
Purchaser elects to submit overbids, upon the closing of an Alternate Transaction (as defined below); (J) that in the event of an Alternate Transaction, the Breakup Fee and Expense Reimbursement shall be paid to the Purchaser from the cash proceeds
of such Alternate Transaction; (K) that in the event of a competing bid, the Purchaser shall be entitled to submit successive overbids and shall be entitled in the calculation of the amount of the Purchaser’s overbids for a credit in the sum of
the Breakup Fee plus the Expense Reimbursement (which Expense Reimbursement shall be deemed allowed for purposes of the Purchaser’s overbids, without the necessity of further approval by the Bankruptcy Court, in an amount equal to the
Purchaser’s unpaid and accrued Expenses as evidenced by invoices or other documentation provided by the Purchaser); and (L) subject to judicial order, that all current and former employees and brokers of the Sellers shall, upon notice, promptly
turn over to the Sellers copies of any books or records relating to the Sellers’ business, or contracts or agreements between a Seller and any third party. An “Alternate Transaction” shall mean any asset sale, stock sale, debt
for equity swap, joint venture, financing, reorganization or recapitalization, funding of a plan of reorganization in the Sellers’ chapter 11 cases, or any similar transaction which does not involve a sale or disposition of the Acquired Assets
to the Purchaser.

		
	 Governing Law
	  	 State of New York

 Sale Term Sheet 

  
 6

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