Document:

The New York Times Company 2010 Incentive Compensation Plan

 EXHIBIT 10.1 

THE NEW YORK TIMES COMPANY 

2010 INCENTIVE COMPENSATION PLAN 

(Amended and Restated Effective as of April 30, 2014) 
  

	1.	 Purpose of the Plan 

The purpose of this 2010 Incentive Compensation Plan (the “Plan”) is to advance the interests of the Company and its
stockholders by providing a means (a) to attract, retain, and reward directors, officers, other employees, and persons who provide services to the Company and its Subsidiaries, (b) to link compensation to measures of the Company’s
performance in order to provide additional incentives, including stock-based incentives and cash-based incentives, to such persons for the creation of stockholder value, and (c) to enable such persons to acquire or increase a proprietary
interest in the Company in order to promote a closer identity of interests between such persons and the Company’s stockholders. The Plan is intended to replace the Company’s 1991 Executive Stock Incentive Plan and the Company’s 1991
Executive Cash Bonus Plan, provided that awards outstanding under such plans as of the Effective Date shall remain outstanding in accordance with their terms. The Plan was originally effective as of April 27, 2010, and has been amended and
restated effective as of the Amendment Effective Date, subject to stockholder approval of this amended and restated Plan. 
  

	2.	 Definitions 

Capitalized terms used in the Plan and not defined elsewhere in the Plan shall have the meaning set forth in this Section. 

2.1        “Amendment Effective Date” means April 30, 2014, the date the
amended and restated Plan was approved by the Company’s stockholders. 

2.2        “Award” means a Cash-Based Award or a Share-Based Award. 

2.3        “Beneficiary” means the person(s) or trust(s) entitled by will or
the laws of descent and distribution to receive any rights with respect to an Award that survive such Participant’s death, provided that if at the time of a Participant’s death, the Participant had on file with the Committee a written
designation of a person(s) or trust(s) to receive such rights, then such person(s) (if still living at the time of the Participant’s death) or trust(s) shall be the “Beneficiary” for purposes of the Plan. 

2.4        “Board” means the Board of Directors of the Company. 

2.5        “Cash-Based Award” means a compensatory award made pursuant to the
Plan pursuant to which a Participant receives, or has the opportunity to receive, cash, other than an award pursuant to which the amount of cash is determined by reference to the value of a specific number of Shares. For the avoidance of doubt,
Dividend-Equivalent Rights constitute Cash-Based Awards. 
 2.6        “Change
in Control” shall mean, unless otherwise provided by the Committee with respect to an Award: 

(a)        a “person” or “group” within the meaning of
Section 13(d) of the Exchange Act (other than any descendant (or any spouse thereof) of Iphigene Ochs Sulzberger or any beneficiary or trustee (as the same may change from time to time) of a trust over 50% of the individual beneficiaries of
which are descendants (or any spouses thereof) of Iphigene Ochs Sulzberger) shall have obtained the right or ability by voting power, contract or otherwise to elect or designate for election at least a majority of the Board; or 

(b)        consummation of any share exchange, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of transactions of the consolidated assets of the Company and its Subsidiaries
substantially as an entirety to any “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than one of the Subsidiaries; provided, however, that any such share exchange, consolidation or merger
will not be a Change in Control if holders of the Common Stock immediately prior to such transaction collectively own, directly or indirectly, more than 50% of all classes of common equity of the continuing or surviving corporation or transferee or
the parent thereof immediately after such transaction in substantially the same proportion as such ownership immediately prior to such share exchange, consolidation or merger. 

  
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 2.7        “Code” means the
Internal Revenue Code of 1986, as amended, including regulations thereunder and successor provisions and regulations thereto. 

2.8        “Committee” means the Compensation Committee of the Board, or
another committee appointed by the Board to administer the Plan or any part thereof, or the Board, where the Board is acting as the Committee or performing the functions of the Committee, as set forth in Section 3. 

2.9        “Common Stock” means the Class A and Class B Common Stock of
the Company, or such other class or classes of capital stock of the Company that shall have the right to vote in the election of Board members. 

2.10        “Company” means The New York Times Company, a corporation
organized under the laws of the State of New York. 

2.11        “Dividend-Equivalent Right” means the right to receive an amount,
calculated with respect to a Share-Based Award, which is determined by multiplying the number of Shares subject to the applicable Award by the per-Share cash dividend, or the per-Share Fair Market Value (as determined by the Committee) of any
dividend in consideration other than cash, paid by the Company on Shares. 

2.12        “Effective Date” means April 27, 2010. 

2.13        “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 2.14        “Fair Market Value” means, with respect to the
Shares, the average of the highest and lowest sale price for the Shares as reported by the composite transaction reporting system for securities listed on the New York Stock Exchange (or such other national securities exchange on which the Shares
may be listed at the time of determination, and if the Shares are listed on more than one exchange, then the one located in New York, or if the Shares are listed on the Nasdaq stock market, then on such exchange) on the date as of which such
determination is being made or on the most recently preceding date on which there was such a sale. 

2.15        “Non-Employee Director” means a member of the Board who is not
employed by the Company or any Subsidiary. 
 2.16        “Participant”
means any employee, director, or other service provider who has been granted an Award under the Plan. 

2.17        “Qualified Member” means a member of the Committee who is a
“non-employee director” of the Company as defined in Rule 16b-3(b)(3) under the Exchange Act and an “outside director” within the meaning of Regulation § 1.162-27 under Code Section 162(m). 

2.18        “Retirement” means (i) retirement from employment with the
Company and its subsidiaries at any time after the Participant reaches age 55 and attains 5 years of service, or (ii) as otherwise may be specified under the terms of a particular Award hereunder. 

2.19        “Share-Based Award” means a compensatory award made pursuant to
the Plan pursuant to which a Participant receives, or has the opportunity to receive, Shares, or receives, or has the opportunity to receive, cash, where the amount of cash is determined by reference to the value of a specific number of Shares.
Share-Based Awards shall include, without limitation, stock options, stock appreciation rights, restricted stock, restricted stock units, stock units, and bonus shares. 

2.20        “Shares” means shares of Class A Common Stock of the Company
and such other securities as may be substituted or resubstituted for Shares pursuant to Section 7. 

2.21        “Subsidiary” means: (a) any entity in which the Company owns
at least 50% of the equity interests; and (b) any entity that is, either directly or through one or more intermediaries, controlled by the Company, as determined by the Committee. 

2.22        “Time-Based Award” means any Share-Based Award, the vesting of
which is conditional solely upon a Participant’s continued employment with the Company or any Subsidiary. 
  

	3.	 Administration 

3.1        Committee. A Committee appointed by the Board, all of whom shall be
Non-Employee Directors, shall administer the Plan. At any time that a member of the Committee is not a Qualified Member, (a) any action of the Committee relating to an Award intended by the Committee to qualify as “performance-based
compensation” within the meaning of Code Section 162(m) and regulations thereunder may be taken by a subcommittee, designated by the 

  
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Committee or the Board, composed solely of two or more Qualified Members, and (b) any action relating to an Award granted or to be granted to a Participant who is then subject to
Section 16 of the Exchange Act in respect of the Company may be taken either by the Board, a subcommittee of the Committee consisting of two or more Qualified Members or by the Committee but with each such member who is not a Qualified Member
abstaining or recusing himself or herself from such action, provided that, upon such abstention or recusal, the Committee remains composed of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the
abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. The Committee shall serve at the pleasure of the Board and shall have such powers as the Board may from time to time confer upon
it. Other provisions of the Plan notwithstanding, the Board may perform any function of the Committee under the Plan, and that authority specifically reserved to the Board under the terms of the Plan, the Company’s Certificate of Incorporation,
By-Laws, or applicable law shall be exercised by the Board and not by the Committee. The Board shall serve as the Committee in respect of any Awards made to any Non-Employee Director. 

3.2        Powers and Duties of Committee. In addition to the powers and duties
specified elsewhere in the Plan, the Committee shall have full authority and discretion to: 

(a)        adopt, amend, suspend, and rescind such rules and regulations and appoint
such agents as the Committee may deem necessary or advisable to administer the Plan; 

(b)        correct any defect or supply any omission or reconcile any inconsistency in
the Plan, construe and interpret the Plan, any Award, any rules and regulations hereunder, or other instrument hereunder, and correct any defect or inconsistency with the terms of the Plan with respect to any Award hereunder; 

(c)        make determinations relating to eligibility for and entitlements in respect
of Awards, and to make all factual findings related thereto; and 
 (d)        make
all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan. 

All determinations and decisions of the Committee shall be final and binding upon a Participant or any person claiming any
rights under the Plan from or through any Participant, and the Participant or such other person may not further pursue his or her claim in any court of law or equity or other arbitral proceeding. 

3.3        Delegation by Committee. The Committee may delegate, on such terms
and conditions as it determines in its sole and absolute discretion, to a sub-committee or to one or more officers of the Company, all or any portion of its authority, to the extent consistent with applicable law, including Section 16 of the
Exchange Act and Code Section 162(m); the applicable rules of any stock exchange; and Section 5.2 of the Plan. Any such allocation or delegation may be revoked by the Committee at any time. 

3.4        Limitation of Liability. Each member of the Committee shall be
entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or other employee of the Company or any Subsidiary, the Company’s independent registered public accounting firm, or any
executive compensation consultant, legal counsel, or other professional retained by the Company to assist in the administration of the Plan. No member of the Committee, nor any officer or employee of the Company acting on behalf of the Committee,
shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any officer or employee of the Company acting on behalf of the Committee shall, to
the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination, or interpretation. 
  

	4.	 Awards  

4.1        Eligibility. The Committee shall have the discretion to select Award
recipients from among the following categories of eligible recipients: (a) individuals who are employees (including officers) of the Company or any Subsidiary, (b) persons who provide services to the Company or any Subsidiary who are not
otherwise employed by the Company, and (c) Non-Employee Directors. Notwithstanding the foregoing, employees of, or service providers to, Subsidiaries in which the Company owns, directly or indirectly, less than 50% of the equity interests are
eligible to receive an Award only to the extent that such Award is based upon legitimate business criteria, consistent with Code Section 409A. 

4.2        Type of Awards. The Committee shall have the discretion to determine
the type of Award to be granted to a Participant. The Committee is authorized to grant Awards as a bonus, or to grant Awards in lieu of obligations of 

  
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the Company or any Subsidiary to pay cash or grant other awards under other plans or compensatory arrangements, to the extent permitted by such other plans or arrangements. 

4.3        Terms and Conditions of Awards. 

(a)        Generally. The Committee shall determine the size of each Award to
be granted (including, where applicable, the number of Shares to which an Award will relate, subject to Section 6.1), and all other terms and conditions of each such Award (including, but not limited to, any exercise price, grant price, or
purchase price, any restrictions or conditions relating to transferability, forfeiture, exercisability, or settlement of an Award, any schedule or performance conditions for the lapse of such restrictions or conditions, and accelerations or
modifications thereof, based in each case on such considerations as the Committee shall determine, and any expiration date). Notwithstanding the foregoing but subject to Section 7, (i) the price per Share at which Shares may be purchased
upon the exercise of a stock option shall not be less than 100% of the Fair Market Value per Share on the date of grant of such stock option; (ii) with respect to stock appreciation rights, the price per Share from which stock appreciation is
measured shall not be less than one hundred percent (100%) of the Fair Market Value of such Share on the date of grant of the stock appreciation right; and (iii) Dividend-Equivalent Rights shall not be granted with respect to stock options
or stock appreciation rights. The Committee may determine whether, to what extent, and under what circumstances an Award may be settled, or the exercise price of an Award may be paid, in cash, Shares, other Awards, or other consideration, or an
Award may be canceled, forfeited, or surrendered. The right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The
Committee may use such business criteria and measures of performance as it may deem appropriate in establishing performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance
conditions, except as limited under Section 5.1 in the case of a Performance Award intended to qualify under Code Section 162(m). Notwithstanding the foregoing, Dividend-Equivalent Rights shall not be paid with respect to unvested
performance shares and performance units, and any amounts accruing with respect to such Awards will only be paid to the extent the performance shares or performance units become vested. 

(b)        Vesting in connection with a Change in Control. Notwithstanding
Section 4.3(a), unless otherwise provided with respect to an Award: 

(i)        if, pursuant to action taken by the Committee pursuant to Section 7,
the unvested portion of a Time-Based Award that is outstanding at the time of a Change in Control is to be cancelled, forfeited or otherwise expire upon the Change in Control without the receipt of consideration therefor, then subject to the
requirements of Section 409A of the Code, such Time-Based Award shall become fully vested immediately prior to the Change in Control; and 

(ii)        if the unvested portion of the Time-Based Award is to remain outstanding
following the Change in Control or is substituted with a new award, then subject to the requirements of Section 409A of the Code, the portion of the Time-Based Award or substituted award that remains outstanding but unvested at the time of any
termination of the Participant’s employment within 12 months following the Change in Control shall become fully vested immediately prior to such termination, unless such termination is on account of the Participant’s voluntary resignation;
total and permanent disability; Retirement; death; or willful and gross misconduct or willful failure to perform services for his or her employer. 

4.4        Option Repricing. Notwithstanding anything in the Plan to the
contrary, the Committee may not reprice stock options or stock appreciation rights, nor may the Board amend the Plan to permit repricing of stock options or stock appreciation rights, unless the stockholders of the Company provide prior approval for
such repricing. The term “repricing” shall have the meaning given that term in Section 303A.08 of the New York Stock Exchange Listed Company Manual, as in effect from time to time, and shall also include (to the extent not otherwise
included in Section 303A.08 of the New York Stock Exchange Listed Company Manual), cancelling outstanding stock options or stock appreciation rights in exchange for stock options or stock appreciation rights with an exercise price that is less
than the exercise price of the original stock options or stock appreciation rights or cancelling outstanding stock options or stock appreciation rights with an exercise price above the current price of Common Stock in exchange for cash or other
securities; provided however that, a repricing shall not include adjustments pursuant to Section 7 of the Plan. 

4.5        Stand-Alone, Additional, Tandem, and Substitute Awards. Subject to
Section 4.4, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the
Company, any Subsidiary, or any business entity to be acquired by the Company or a Subsidiary, or any other right of a Participant to 

  
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receive payment from the Company or any Subsidiary, and in granting a new Award, the Committee may determine that the value of any surrendered Award or award may be applied to reduce the exercise
price of any stock option or stock appreciation right or purchase price of any other Award. 

4.6        Award Notice. The Committee shall cause each Participant to be
notified of each Award hereunder and the terms thereof pursuant to such means as the Committee may determine. The Committee may, but shall not be obligated to, require that a Participant enter into an agreement evidencing any Award hereunder. 

 

	5.	 Performance Awards  

5.1        Performance Awards Granted to Designated Covered Employees. If the
Committee determines that an Award to be granted to an eligible person who is designated by the Committee as likely to be a Covered Employee (as defined below) should qualify as “performance-based compensation” for purposes of Code
Section 162(m), the grant, exercise, and/or settlement of such Award (a “Performance Award”) shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 5.1. This
Section 5.1 shall not apply to Awards that otherwise qualify as “performance-based compensation” by reason of Regulation §1.162-27(e)(2)(vi) (relating to certain stock options and stock appreciation rights). 

(a)        Performance Goals Generally. The performance goals for such
Performance Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each such criteria, as specified by the Committee consistent with this Section 5.1. Performance goals shall be
objective and shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder (including Regulation §1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance
targeted by the Committee result in the achievement of performance goals being “substantially uncertain.” The Committee may determine that such Performance Awards shall be granted, exercised, and/or settled upon achievement of any one
performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise, and/or settlement of such Performance Awards. Performance goals may differ for Performance Awards granted to any one Participant or to
different Participants. 
 (b)        Business Criteria. One or more of the
following business criteria for the Company, on a consolidated basis, and/or for specified Subsidiaries, affiliates, divisions, or other business units of the Company (where the criteria are applicable), shall be used by the Committee in
establishing performance goals for Performance Awards: 
 (i)        earnings per
share, adjusted earnings per share, or growth in earnings per share; 

(ii)        revenues or revenue growth, including revenue growth compared to expense
growth; 
 (iii)        cash flow, free cash flow, operating cash flow, or operating
cash flow margin; 
 (iv)        return on investment, return on assets, return on
net assets, return on capital, return on stockholder’s equity, return on invested capital, or return on sales; 

(v)        profitability; 

(vi)        economic value added, as measured by the amount by which a business
unit’s earnings exceed the cost of the equity and debt capital used by the business unit during the relevant performance period; 

(vii)        operating margins, operating cash flow margins or profit margins; 

(viii)        income or earnings before or after taxes; earnings before or after
taxes, interest, depreciation and amortization; operating profit; operating earnings; pretax operating earnings, before or after interest expense and before or after incentives; net income (before or after taxes), adjusted net income, or net sales;

 (ix)        total stockholder return, stockholders’ equity, or stock price;

 (x)        book value per share; 

(xi)        costs, expense management, operating expenses, or operating expenses as a
percentage of revenue; 
 (xii)        improvements in capital structure; working
capital; 
 (xiii)        market share; and 

  
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 (xiv)        any of the above goals as
compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of comparator companies. 

(c)        Performance Period; Timing for Establishing Performance Award Terms.
Achievement of performance goals in respect of such Performance Awards shall be measured over a performance period as specified by the Committee. Performance goals, amounts payable upon achievement of such goals, and other material terms of
Performance Awards shall be established by the Committee (a) while the performance outcome for that performance period is substantially uncertain; and (b) no more than 90 days after the commencement of the performance period to which the
performance goal relates or, if less, the number of days which is equal to 25 percent of the relevant performance period. To the extent consistent with Code Section 162(m), the Committee shall specify the circumstances in which such Performance
Awards shall be paid or forfeited in the event of termination of the Participant’s employment prior to the end of a performance period or settlement of Performance Awards, including providing any Participant with a pro rata portion of the
amount payable pursuant to any Performance Award in the event of such termination of employment, based on actual levels of achievement during such performance period. 

(d)        Performance Award Pool. The Committee may establish a Performance
Award pool, which shall be an unfunded pool, for purposes of measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of a performance goal or goals
based on one or more of the business criteria set forth in Section 5.1(b) hereof during the given performance period, as specified by the Committee in accordance with Section 5.1(c) hereof. The Committee may specify the amount of the
Performance Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such business criteria. In such case,
Performance Awards may be granted as rights to payment of a specified portion of the Award pool, and such grants shall be subject to the requirements of Section 5.1(c). 

(e)        Settlement of Performance Awards; Other Terms. Settlement of such
Performance Awards shall be in cash, Shares, or other Awards, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance Awards, but may not
exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Section 5.1. 

(f)        Impact Of Extraordinary Items Or Changes In Accounting. To the
extent applicable, subject to the following sentence, the determination of achievement of performance goals shall be determined based on the relevant financial measure, computed in accordance with U.S. generally accepted accounting principles
(“GAAP”), and in a manner consistent with the methods used in the Company’s audited financial statements. To the extent permitted by Code Section 162(m), in setting the performance goals within the period prescribed in
Section 5.1(c), the Committee may provide for appropriate adjustment for one or more of the following items: asset write-downs; litigation or claim judgments or settlements; changes in accounting principles; changes in tax law or other laws
affecting reported results; changes in commodity prices, including newsprint; severance, contract termination, and other costs related to exiting, modifying or reducing any business activities; costs of, and gains and losses from, the acquisition,
disposition, or abandonment of businesses or assets; gains and losses from the early extinguishment of debt; gains and losses in connection with the termination or withdrawal from a pension plan; stock compensation costs and other non-cash expenses;
any extraordinary items as described in FASB Accounting Standards Codification 225-20 and/or in management’s discussion and analysis of financial condition and results of operation appearing in the Company’s annual report to stockholders
for the applicable year; and any other specified non-operating items as determined by the Committee in setting performance goals. 

5.2        Written Determinations. Determinations by the Committee as to the
establishment of performance goals, the amount potentially payable in respect of Performance Awards, the achievement of performance goals relating to Performance Awards, and the amount of any final Performance Award shall be recorded in writing.
Specifically, the Committee shall certify in writing, in a manner conforming to applicable regulations under Code Section 162(m), prior to settlement of each Performance Award, that the performance goals and other material terms of the
Performance Award upon which settlement of the Performance Award was conditioned have been satisfied. The Committee may not delegate any responsibility relating to such Performance Awards. 

5.3        Status of Section 5.1 Awards under Code Section 162(m). It
is the intent of the Company that Performance Awards under Section 5.1 constitute “performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Sections 5.1, 5.2
and 5.3, including the definitions of Covered 

  
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Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the Committee
cannot determine with certainty whether a given Participant will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term “Covered Employee” as used herein shall mean only a person designated by the
Committee, at the time of grant of a Performance Award, as likely to be a Covered Employee with respect to a specified fiscal year. If any provision of the Plan as in effect on the date of adoption of any agreements relating to Performance Awards
does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 

 

	6.	 Limitations on Awards 

6.1        Aggregate Number of Shares Available for Awards. Subject to
Section 7, the aggregate number of Shares issued to Participants or their Beneficiaries upon the grant, exercise or other settlement of all Awards shall not exceed the sum of the following: (a) the number of Shares subject to outstanding
Awards under the Plan as of the Amendment Effective Date; plus (b) the number of Shares remaining available for issuance under the Plan as of the Amendment Effective Date; plus (c) 6,500,000 Shares; provided that, in no event shall the
maximum number of Shares that may be issued or transferred under the Plan beginning on the Effective Date exceed 14,500,000. If the exercise price of an option to purchase Shares granted under the Plan, or the tax withholding requirements with
respect to any Award, is satisfied by tendering Shares to the Company (by either actual delivery or by attestation) or withholding Shares otherwise to be delivered pursuant to such Award, or if a stock appreciation right is exercised, only the
number of Shares issued, net of the Shares tendered or withheld, if any, will be deemed issued for purposes of this Section 6.1. Any Shares underlying any Award under the Plan that is cancelled, forfeited, lapses or is otherwise terminated
without an issuance of Shares being made thereunder will no longer be counted against the foregoing maximum share limitation and may again be made subject to Awards under the Plan. Shares issued under the Plan may be authorized but unissued Shares
or treasury Shares, including Shares purchased by the Company on the open market for purposes of the Plan or otherwise. 

6.2        Per Participant Limitation on Share-Based Awards. In any calendar
year, no Participant may be granted any Share-Based Awards in the form of either stock options or stock appreciation rights for more than 1,000,000 Shares in the aggregate. In addition, in any calendar year, a Participant shall not be granted any
other Share-Based Awards that are intended to be Performance Awards that relate to more than 500,000 Shares. If the number of Shares ultimately payable in respect of an Award is a function of future achievement of performance targets, then for
purposes of these limitations, the number of Shares to which such Award relates shall equal the number of Shares that would be payable assuming maximum performance was achieved. 

6.3        Per Participant Limitation on Cash-Based Awards. In any calendar
year, no Participant may be granted (i) Cash-Based Awards that are intended to be Performance Awards, with respect to which performance will be measured over a period that cannot exceed one year, that can be settled for more than $6,000,000 in
the aggregate; and (ii) Cash-Based Awards that are intended to be Performance Awards, with respect to which performance will be measured over a period that may exceed one year, that can be settled for more than $6,000,000 in the aggregate. If
the amount payable in respect of a Cash-Based Award is a function of future achievement of performance targets, then for purposes of these limitations, the value of such Award shall equal the amount that would be payable assuming maximum performance
was achieved. 
  

	7.	 Adjustments 

If there is any change in the number or kind of Shares outstanding (a) by reason of a stock dividend, spinoff,
recapitalization, stock split, or combination or exchange of Shares, (b) by reason of a merger, reorganization or consolidation, (c) by reason of a reclassification or change in par value, or (d) by reason of any other extraordinary
or unusual event affecting the Company’s outstanding capital stock without the Company’s receipt of consideration, or if the value of outstanding Shares is substantially reduced as a result of a spinoff or the Company’s payment of an
extraordinary dividend or distribution, the maximum number of Shares available for issuance under the Plan, the maximum number of Shares for which any individual may receive Awards in any year, the kind and number of Shares covered by outstanding
Awards, the kind and number of Shares issued and to be issued under the Plan, and the price per Share or the applicable market value of such Awards and the exercise price, grant price or purchase price relating to any Award shall be equitably
adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company capital stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits
under the Plan and such outstanding Awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. In addition, the Committee is authorized to

  
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make adjustments in the terms and conditions of, and the criteria included in, Awards (including cancellation of Awards in exchange for the intrinsic (i.e., in-the-money) value, if any, of the
vested portion thereof, substitution of Awards using securities or other obligations of a successor or other entity, acceleration of the expiration date for Awards, or adjustment to performance goals in respect of Awards) in recognition of unusual
or nonrecurring events (including, without limitation, a Change in Control, events described in the preceding sentence, and acquisitions and dispositions of businesses and assets) affecting the Company, any Subsidiary or any business unit, or the
financial statements of the Company or any Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles. In addition, in the event of a Change in Control of the Company, the provisions of Section 4.3(b) of the
Plan shall apply. Any adjustments determined by the Committee shall be final, binding and conclusive. 
  

	8.	 General Provisions 

8.1        Compliance with Laws and Obligations. The Company shall not be
obligated to issue or deliver Shares in connection with any Award or take any other action under the Plan in a transaction subject to the registration requirements of any applicable securities law, any requirement under any listing agreement between
the Company and any securities exchange or automated quotation system, or any other law, regulation, or contractual obligation of the Company, until the Company is satisfied that such laws, regulations, and other obligations of the Company have been
complied with in full. Shares issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations, and other obligations of the Company, including any requirement that a legend
or legends be placed thereon. 
 8.2        Limitations on Transferability.
Awards and other rights under the Plan will not be transferable by a Participant except to a Beneficiary in the event of the Participant’s death (to the extent any such Award, by its terms, survives the Participant’s death), and, if
exercisable, shall be exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative; provided, however, that, if and only to the extent permitted by the Committee, Awards and other
rights hereunder may be transferred during the lifetime of the Participant, for purposes of the Participant’s estate planning or other purposes consistent with the purposes of the Plan (as determined by the Committee), and may be exercised by
such transferees in accordance with the terms of such Award. Awards and other rights under the Plan may not be pledged, mortgaged, hypothecated, or otherwise encumbered, and shall not be subject to the claims of creditors. A Beneficiary, transferee,
or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award applicable to such Participant, except as otherwise determined by the Committee, and to any
additional terms and conditions deemed necessary or appropriate by the Committee. 

8.3        No Right to Continued Employment; Leaves of Absence. Neither the
Plan, the grant of any Award, nor any other action taken hereunder shall be construed as giving any employee, consultant, director, or other person the right to be retained in the employ or service of the Company or any of its Subsidiaries (for the
vesting period or any other period of time), nor shall it interfere in any way with the right of the Company or any of its Subsidiaries to terminate any person’s employment or service at any time. Unless otherwise specified with respect to an
applicable Award and to the extent consistent with Code Section 409A, (a) an approved leave of absence shall not be considered a termination of employment or service for purposes of an Award under the Plan, and (b) any Participant who
is employed by or performs services for a Subsidiary shall be considered to have terminated employment or service for purposes of an Award under the Plan if such Subsidiary is sold or no longer qualifies as a Subsidiary of the Company, unless such
Participant remains employed by the Company or another Subsidiary. 

8.4        Taxes. The Company and any Subsidiary is authorized to withhold from
any delivery of Shares in connection with an Award, any other payment relating to an Award, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any transaction
involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, its Subsidiaries and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any
Award. This authority shall include authority to withhold or receive Shares or other consideration and to make cash payments in respect thereof in satisfaction of withholding tax obligations. 

8.5        Changes to the Plan and Awards. The Board may amend, suspend,
discontinue, or terminate the Plan, any provision thereof, or the Committee’s authority to grant Awards under the Plan without the consent of stockholders or Participants, except that any amendment shall be subject to the approval of the
Company’s stockholders, in accordance with the Company’s Certificate of Incorporation, at or before the next annual meeting of stockholders for which the record date is after the date of such Board action if such stockholder approval is
required by the Company’s Certificate of Incorporation or any applicable law, regulation or stock exchange rule. The Board may 

  
 8 

 
otherwise, in its discretion, determine to submit other such amendments to stockholders for approval. Without the consent of an affected Participant, no amendment, suspension, discontinuation, or
termination of the Plan may materially impair the rights of such Participant under any Award theretofore granted. The Committee may amend, suspend, discontinue, or terminate any Award theretofore granted; provided, however, that,
without the consent of an affected Participant, no such action may materially impair the rights of such Participant under such Award. Unless the Plan is terminated earlier by the Board, the Plan shall terminate on the day immediately preceding the
tenth anniversary of its Effective Date. The termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Award. Any action taken by the Committee pursuant to Section 7 shall not be treated as
an action described in this Section 8.5. Notwithstanding anything in the Plan to the contrary, the Board may amend the Plan and Awards in such manner as it deems appropriate in the event of a change in applicable law or regulations. 

8.6        No Right to Awards; No Stockholder Rights. No Participant or other
person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants, employees, directors, and other service providers. No Award shall confer on any Participant any of the rights
of a stockholder of the Company unless and until Shares are duly issued or transferred and delivered to the Participant in accordance with the terms of the Award. 

8.7        Unfunded Status of Awards; Creation of Trusts. The Plan is intended
to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are
greater than those of a general creditor of the Company; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash,
Shares, other Awards, or other consideration pursuant to any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines. 

8.8        Nonexclusivity of the Plan. Neither the adoption of the Plan by the
Board nor the submission of the Plan or of any amendment to stockholders for approval shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements as it may deem desirable, including the
granting of awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

8.9        Successors and Assigns. The Plan and Awards may be assigned by the
Company to any successor to the Company’s business. The Plan and any Awards shall be binding on all successors and assigns of the Company and a Participant, including any permitted transferee of a Participant, the Beneficiary or estate of such
Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

8.10        Governing Law. The Plan and all Awards shall be governed by and
construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of New York. 
 8.11        Severability
of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been
included. 
 8.12        Section 409A. Notwithstanding the other
provisions hereof, the Plan and the Awards are intended to comply with the requirements of Code Section 409A. Accordingly, all provisions herein and with respect to any Awards shall be construed and interpreted to be consistent with the
requirements of Code Section 409A to the maximum extent possible, and any payments constituting nonqualified deferred compensation subject to Code Section 409A shall only be made in a manner and upon an event permitted by Code
Section 409A; provided, however, that in no event shall the Company be obligated to reimburse a Participant or Beneficiary for any additional tax (or related penalties and interest) incurred by reason of application of Code
Section 409A, and the Company makes no representations that Awards are exempt from or comply with Code Section 409A and makes no undertakings to ensure or preclude that Code Section 409A will apply to any Awards. Notwithstanding
anything herein to the contrary, in the event that any Awards constitute nonqualified deferred compensation under Code Section 409A, if (a) the Participant is a “specified employee” of the Company as of the specified employee
identification date for purposes of Code Section 409A (as determined in accordance with the policies and procedures adopted by the Company) and (b) the delivery of any cash or Shares payable pursuant to an Award is required to be delayed
for a period of six (6) months after separation from service pursuant to Code Section 409A, such cash or Shares shall be paid during the seventh 

  
 9 

 
calendar month that begins following the Participant’s separation from service. If the Participant dies during the six-month delay period, the amounts withheld on account of Code
Section 409A shall be paid to the Participant’s Beneficiary within thirty (30) days of the Participant’s death. The Committee shall have the discretion to provide for the payment of an amount equivalent to interest, at such rate
or rates fixed by the Committee, on any delayed payment. 

  
 10Purchase and Sale Agreement

 Exhibit 10.1 

 

 Auction Item No. FW-248 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) dated as of the date last signed (the “Effective
Date”), is made by and between Heritage Insurance Holdings, LLC, a Florida limited liability company, having an address of 700 Central Ave., Suite 500, St. Petersburg, FL 33701 (hereinafter “Purchaser” or
“Buyer”) and 2600 & 2650 McCormick Drive Holdings, LLC, a Maryland limited liability company, having an address c/o CWCapital Asset Management LLC, 7501 Wisconsin Avenue, Suite 500 West, Bethesda, Maryland 20814
(“Seller”). 
 RECITALS: 

R-1. Seller desires to sell certain improved real property known and commonly referred to as the “Prestige Place I &
II” located at 2600 and 2650 McCormick Drive, Clearwater, Pinellas County, Florida, along with certain related property described below, and Purchaser desires to purchase such real and other property from Seller. 

R-2. Seller and Purchaser, intending to be bound by this Agreement, desire to set forth herein the terms, conditions and agreements
under and by which Seller shall sell and Purchaser shall purchase the property described below. 
 AGREEMENTS: 

NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
 1. THE PROPERTY. 

1.1 Description. Subject to the terms and conditions of this Agreement, and for the consideration set forth herein, Seller hereby
agrees to sell, assign and convey, and Purchaser hereby agrees to purchase and acquire, all of Seller’s respective right, title and interest in and to the following (the “Property”): 

1.1.1 That certain parcel of land located in Pinellas County, Florida, having a street address of 2600 and 2650 McCormick Drive, Clearwater,
Florida 33764, and being more specifically described on Schedule 1.1.1, attached hereto (the “Land”), along with all buildings (the “Buildings”) together with all other improvements, parking facilities
and fixtures located on the Land (the Buildings and any and all other improvements located on the Land are hereinafter referred to collectively as the “Improvements”) and all easements, hereditaments, appurtenances, development
rights, and other benefits, if any, pertaining to or affecting the Land (collectively, the “Easements”). The Land, Buildings, Improvements and Easements are hereinafter collectively referred to as the “Real
Property”; 

  
 1 

 1.1.2 All furniture, furnishings, fixtures, equipment and other tangible personal property
affixed to and/or located at the Real Property and used in connection with the Real Property, or replacements of those items permitted pursuant to this Agreement (the “Personal Property”); 

1.1.3 Any and all written leases, tenancies, licenses and other rights of occupancy or use of or for any portion of the Real Property or the
Personal Property (including all amendments, renewals and extensions thereof) (collectively, “Leases”) and contracts in effect on the Date of Closing, any and all permits and any and all warranties, telephone exchange
numbers, architectural or engineering plans and specifications and development rights that exist as of the Date of Closing and relate to the Real Property or the Personal Property (collectively, the “Intangible Property”). 

1.2 Agreement to Convey. Subject to the conditions set forth in Section 6, Seller agrees to sell and convey, and Purchaser agrees
to purchase and accept, on the Date of Closing (defined in Section 2.4, below): (a) fee simple title to the Real Property by way of a Special Warranty Deed (defined in Section 8.1.1, below), to be executed and delivered by Seller in
respect to the Property, and which shall be subject to the Permitted Exceptions (defined in Section 3.6, below) affecting or encumbering the Real Property; and (b) the remainder of the Property, by way of the assignment and assumption
agreements, a quitclaim bill of sale and other instruments of conveyance described in this Agreement. 
 2. PURCHASE PRICE AND PAYMENT.

 2.1 Purchase Price. The purchase price for the Property (the “Purchase Price”) is the Winning Bid Amount
(defined below): 
 2.1.1 Winning Bid Amount. The winning bid amount for the Property (the “Winning Bid Amount” or
“WBA”) is nine million, two hundred thousand and No/100 U.S. Dollars ($9,200,000.00). 
 2.1.2 Buyer’s
Premium. The buyer’s premium for the Property (the “Buyer’s Premium”) is the greater of Five Percent (5%) of the WBA or $20,000.00. The Buyer’s Premium is four hundred and sixty thousand and No/100 U.S.
Dollars ($460,000.00). 
 2.2 Earnest Money Deposit. 

2.2.1 Deposit. As the initial deposit (the “Earnest Money Deposit”), Purchaser shall be required to pay ten percent
(10%) of the Purchase Price, but not less than Twenty Thousand and No/100 Dollars ($20,000.00) to Title Company. The total amount of the Earnest Money Deposit due must be deposited with First American Title Insurance Company National Commercial
Services, 1825 Eye Street NW, Suite 302, Washington, D.C. 20006, Attention: Brian A. Lobuts, Vice President (“Title Company”), no later than one (1) business day following Purchaser being declared the winning bidder (even if
the sale is subject to confirmation). Regardless of the amount financed, if any, the Earnest Money Deposit will not be altered. The Earnest Money Deposit will be non-refundable (except upon a default by Seller or as specifically provided herein). If
Purchaser shall fail to timely make the Earnest Money Deposit by 5:00 p.m. Eastern Time, as set forth herein, this Agreement shall automatically terminate and neither party shall thereafter have any further rights, obligations or liability
hereunder, except as otherwise expressly set forth herein. Purchaser acknowledges that once posted, the Earnest Money Deposit shall be non-refundable to Purchaser, except as otherwise described herein. 

2.2.2 Maintenance of Deposit. The Earnest Money Deposit shall be held by Title Company in an interest-bearing account subject to
receipt of a form W-9 from Purchaser. All interest earned on the Deposit shall be added to the principal held in the escrow and shall constitute a part of the Deposit (hereinafter defined). The term “Deposit” as used herein shall
mean the Earnest Money Deposit and any additional deposits as are described herein and all interest earned thereon. Interest earned on the Deposit shall be deemed earned by Purchaser. 

  
 2 

 2.2.3 Purchaser agrees that the retention of the Deposit by Seller represents a reasonable
estimation as of the Effective Date of Seller’s damages in the event of Purchaser’s Default hereunder, that actual damages would be impracticable or extremely difficult to ascertain, and that the provision for liquidated damages hereunder
does not constitute a penalty. The parties acknowledge that these damages have been specifically negotiated between themselves and are, among other things, to compensate Seller for taking the Property off the market, for Seller’s costs and
expenses associated with this Agreement and for Seller’s lost opportunity costs. Purchaser hereby waives the rights and benefits of any law, rule, regulation, or order now or hereafter existing that would allow Purchaser to claim a refund of
the Deposit as unearned earnest money, a penalty, or for any other reason. 
 2.3 Payment. Purchaser shall pay to Seller the Purchase
Price and shall pay to Auction.com (the “Auctioneer”) the Buyer’s Premium, on or before 3:00 p.m. Eastern Time, on the Date of Closing (as defined below), by causing Title Company to wire the Purchase Price to Seller and
Buyer’s Premium to Auctioneer in immediately available funds to such bank account(s) as Seller and Auctioneer may designate. The Deposit shall be paid by Title Company to Seller at Closing and credited against the Purchase Price. The Purchase
Price shall also be subject to further adjustments for prorations and credits required to be made in accordance with Section 7, below. 

2.4 Closing. The purchase and sale of the Property shall be consummated at closing (the “Closing”) in escrow through
Title Company on the date which is on or before Twenty-One (21) days after the Approval Date defined in Section 6.3.1 (the “Date of Closing”). Closing shall occur on the Date of Closing at Title Company, or
at such other time and place as may be agreed to in writing by Seller and Purchaser. 
 3. INSPECTIONS, APPROVALS AND AUCTION TERMS.

 3.1 Inspections. Purchaser acknowledges, understands and agrees that it has had reasonable opportunity to conduct inspections
of the Property and further agrees that it waives any and all rights to any additional inspections of the Property. 
 3.2 Access to the
Property and Indemnification by Purchaser. Prior to the Effective Date, Seller shall permit Purchaser and Purchaser’s agents and representatives access to the Land and Improvements for the purpose of conducting such physical and
environmental inspections of the Land and Improvements (collectively, the “Inspections”) as Purchaser shall deem necessary prior to the commencement of bidding at the Auction. Before Purchaser enters the Land and Improvements to
perform Inspections, Purchaser shall give Seller reasonable advance written notice and, at Seller’s option, a representative of Seller may accompany Purchaser and/or Purchaser’s representative. Purchaser agrees to be solely responsible for
the conduct of Purchaser’s representatives on and adjacent to the Land and Improvements and shall assume and pay for all expenses incurred in connection with the Inspections. At all times during the presence of Purchaser or Purchaser’s
representatives on the Land and Improvements, Purchaser agrees that Purchaser will not allow, and Purchaser’s representatives will not conduct, any physically invasive testing of, on, or under the Land or Improvements without first obtaining
Seller’s written consent. Purchaser agrees to return the Land and Improvements to substantially the same condition and cleanliness existing before entry and/or occupation by Purchaser’s representatives, including, but not limited to,
sealing wells or other similar subsurface investigations. Purchaser shall use reasonable efforts to minimize interference with Seller’s and any tenants’ use and occupancy of the Building. Purchaser shall keep confidential the information
resulting from the Inspections. Purchaser may disclose confidential information to Purchaser’s representatives to the extent each needs to know confidential information for the sole purpose of evaluating the Land and Improvements, provided

  
 3 

 
Purchaser takes all reasonable measures to assure that Purchaser’s representatives keep such information confidential. Purchaser shall indemnify and hold Seller harmless from any loss,
injury, liability, damage or expense, including reasonable attorneys’ fees and costs, directly caused by Purchaser, which Seller may incur as a result of (a) any act or omission of Purchaser or its agents or representatives arising in
connection with any tests or inspections conducted by Purchaser or its agents or representatives, or (b) the failure of Purchaser to restore the Property in accordance with this Section 3.2; provided, however, that Purchaser shall not be
required to indemnify Seller if and to the extent that any such loss, injury, liability, damage or expense was caused by the negligence or misconduct of Seller, its employees or its agents. The foregoing shall survive termination of this Agreement
or the Closing, as applicable. Furthermore, Purchaser shall, at its sole expense, keep and maintain a policy of comprehensive public liability insurance with a contractual liability endorsement that covers Purchaser’s indemnity obligation set
forth above. This insurance policy shall name Seller, Seller’s Sole Member/Manager and CWCapital Asset Management LLC (“CWCapital”) as an additional insured and afford protection in limits of not less than One Million Dollars
($1,000,000) for bodily injury or death in any one accident, and not less than One Million Dollars ($1,000,000) for property damage. All insurance shall be effected under standard form policies, issued by insurers of recognized responsibility
authorized to do business in the state in which the Property is located and having a national rating of A-XI or better. Within two (2) days after the Effective Date, Purchaser shall deliver to Seller certificates of such insurance coverage and,
not less than thirty (30) days before the expiration of the policy, a certificate of the renewal of such coverage accompanied by evidence reasonably satisfactory to Seller of payment of premiums therefore. In addition, the insurance shall be
primary, non-contributing, and contain a waiver of subrogation in favor of Seller, Seller’s sole member and CWCapital. 
 3.3
Inspection of Documents. Purchaser acknowledges receipt of the materials relating to the Land and Improvements (“Property Documents”). 

3.3.1 Purchaser acknowledges, understands and agrees that the Property Documents may have been prepared by parties other than Seller and that
Seller makes no representation or warranty whatsoever, express or implied, as to the completeness, content or accuracy of the Property Documents. Purchaser specifically releases Seller from all claims, demands, causes of action, judgments, losses,
damages, liabilities, costs and expenses (including without limitation attorney’s fees whether suit is instituted or not), whether known or unknown, liquidated or contingent (collectively “Claims”) asserted against or incurred
by Purchaser by reason of the information contained in, or that should have been contained in, the Property Documents. The provisions of this Section 3.3.1 shall survive Closing, or the early termination of this Agreement. 

3.4 Survey. As part of the Property Documents, Purchaser acknowledges that Seller has delivered or made available for inspection, the
most recent survey, if any, in its possession to Purchaser (the “Existing Survey”). Purchaser shall, within five (5) days after the Effective Date, at its sole cost and expense, order an update to the Existing Survey (or if
there is no Existing Survey, a new survey) (the Existing Survey, as updated, or a new survey, the “Survey”). 
 3.5
Title Commitment. Within five (5) days after the Effective Date, Purchaser, at its sole cost and expense, shall order from Title Company, a Commitment for Title Insurance (the “Title Commitment”), setting forth the
status of title to the Land and all exceptions which would appear in an Owner’s Policy of Title Insurance, specifying Purchaser as the named insured and showing the Purchase Price as the policy amount. 

  
 4 

 3.6 Permitted Exceptions. Purchaser shall accept title to the Property, subject to the
following exceptions (the “Permitted Exceptions”): 
 3.6.1 Those matters affecting or relating to the title to, or the
survey of, the Property: (a) which are of record on the date of the Title Commitment or as shown on the Survey and (b) which Purchaser has otherwise approved in writing. 

3.6.2 The lien of non-delinquent taxes, assessments and other usual and customary charges assessed against the owners of real property in the
state in which the Land is located. 
 3.6.3 All matters disclosed by the Property Documents and Leases and Contracts not prohibited
hereunder. 
 3.6.4 All building and zoning laws, codes and regulations affecting the Property, including all proffers, special exceptions,
conditions, site plan approvals, and other similar matters, if any, relating to the zoning of the Property. 
 3.6.5 Any and all bankruptcy
claims preserved or accruing to the Seller on or before the Effective Date against the prior owner or related to the Property. 
 3.7
Contracts. Purchaser shall assume all Contracts at Closing (such Contracts being herein referred to as the “Assumed Contracts”). As used herein, the term “Contracts” shall mean all service, maintenance,
supply, or other contracts relating to the operation of the Property, and all other such assignable contracts or agreements in effect as of the Effective Date. 

3.7.1 Consents to Transfer. Seller shall be responsible for securing any consent from third parties who have the right to consent to
the transfer of any Contract, Permit, Intangible Property and/or Lease and Purchaser shall be responsible for paying any fee in connection therewith, including but not limited to, any termination fee. The consents shall provide that if the
transaction contemplated by this Agreement is not consummated, the consent will not be effective. It is understood that a failure to obtain such consents is not a condition precedent to Purchaser’s obligation to close. Purchaser will assume all
liability which arises as a result of failing to obtain any such consent and shall indemnify and hold harmless Seller from any liability, claims, actions, expenses, or damages incurred by Seller as a result of such failure, should Seller elect to
waive the issuance of such consents as a precondition to Closing under Section 6; such indemnification shall survive Closing of this transaction. 

3.8 Auction Terms & Conditions. The auction Terms and Conditions attached hereto as Exhibit A are hereby
incorporated into this Agreement as fully as if copied herein verbatim. To the extent that any term or condition of the Terms and Conditions may be in conflict with this Agreement, it is the intention of Purchaser and Seller that this Agreement
shall control. 
 4. SELLER’S OBLIGATIONS PRIOR TO CLOSING. Until Closing, Seller and/or Seller’s agents or representatives
shall: 
 4.1 Insurance. Keep the Property insured, in an amount sufficient to satisfy any co-insurance requirement or stipulation,
against fire and other hazards covered by extended coverage endorsement and comprehensive public liability insurance against claims for bodily injury, death and property damage occurring in, on or about the Property. 

4.2 Operation. Maintain the Property in good condition and make repairs and/or replacements in the ordinary course of business in
connection with any damage to the Property, and deliver the Property to Purchaser at Closing in the condition existing as of the Effective Date, normal wear and tear and damage by casualty excepted. 

  
 5 

 4.3 Notices. Provide to Purchaser, immediately upon the receipt thereof, any and all
written notices relating to the Property received by Seller or its agents or representatives from any governmental or quasi-governmental instrumentality, insurance company, vendor or other party under any of the Contracts, or from any other entity
or party, which notices are of a type not normally received in the ordinary course of Seller’s business, or which may have a material effect upon the Property or result in a material change in a representation or warranty made by Seller
hereunder. 
 4.4 Compliance with Agreements. Take all actions necessary to comply with all agreements, covenants, encumbrances and
obligations affecting or relating to the Property and the ownership, operation and maintenance thereof. Seller shall pay all utility bills, tax bills and other invoices and expenses relating to the Property, as and when the same become due, except
as otherwise expressly provided herein. 
 4.5 New Contracts. Seller may, without the prior consent of Purchaser, enter into any
Contracts provided that Seller shall provide Purchaser written notice of such actions. 
 4.6 Leases. Seller may (a) amend or
terminate any Leases; (b) consent to the assignment of any Leases or subleasing of any of the Property; or (c) enter into any new Lease of the Property or any portion thereof, provided that Seller provides Purchaser with written notice of
such actions. 
 4.7 Personal Property Substitutions. Seller may remove any item included in the Personal Property provided that
Seller substitutes therefor an item of like kind and comparable fair market value. 
 5. REPRESENTATIONS AND WARRANTIES. 

5.1 By Seller. Seller represents and warrants to Purchaser, as of the Effective Date, that: 

5.1.1 Seller has the power, right and authority to enter into and perform all of the obligations required of Seller under this Agreement and
the instruments and documents referenced herein, and to consummate the transaction contemplated hereby. 
 5.1.2 This Agreement is, and all
agreements, instruments and documents to be executed and delivered by Seller pursuant to this Agreement shall be duly authorized, executed and delivered by Seller. This Agreement is, and all agreements, instruments and documents to be executed and
delivered by Seller pursuant to this Agreement shall be valid and legally binding upon Seller and enforceable in accordance with their respective terms. 

5.1.3 Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby does now constitute or shall
result in a breach of, or a default under, any agreement, document, instrument or other obligation to which Seller is a party or by which Seller may be bound. 

5.1.4 Survival. The representations and warranties set forth in this Section 5 shall not survive Closing of this transaction, and
no action or claim may be brought against Seller by Purchaser or any affiliate of Purchaser with respect to a breach of such representations or warranties or any action, suit or other proceedings commenced or pursued, for or in respect of any breach
of any representation or warranty made by Seller in this Agreement from and after the Closing. 

  
 6 

 5.1.5 Limitation on Remedies. Notwithstanding anything herein to the contrary, if
Purchaser discovers prior to Closing that one or more of the representations and warranties under the provisions of this Section 5 are false or untrue as of the Date of Closing, Purchaser’s sole remedy will be to exercise its rights under
the provisions of Section 10.4 hereof. 
 5.2 By Purchaser. Purchaser represents and warrants to Seller as of the Effective Date
that: 
 5.2.1 Purchaser is a corporation, partnership, limited liability company, trust or other type of business organization that is duly
organized, validly existing and in good standing under the laws of the state in which it was organized and Purchaser is qualified to do business in the jurisdiction in which the Property is located. 

5.2.2 Purchaser has taken all requisite action and obtained all requisite consents, releases and permissions in connection with entering into
this Agreement and the instruments and documents referenced herein or required under any covenant, agreement, encumbrance, law or regulation with respect to the obligations required hereunder, and no consent of any other party is required for the
performance by Purchaser of its obligations hereunder. 
 5.2.3 This Agreement is, and all agreements, instruments and documents to be
executed and delivered by Purchaser pursuant to this Agreement shall be, duly authorized, executed and delivered by Purchaser. This Agreement is, and all agreements, instruments and documents to be executed and delivered by Purchaser pursuant to
this Agreement shall be, valid and legally binding upon Purchaser and enforceable in accordance with their respective terms. 
 5.2.4
Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby does now constitute or shall result in a breach of, or a default under, any agreement, document, instrument or other obligation to which Purchaser
is a party or by which Purchaser may be bound, or any law, statute, ordinance, rule, governmental regulation or any writ, injunction, order or decree of any court or governmental body, applicable to Purchaser or to the Property. 

5.2.5 No petition in bankruptcy (voluntary or otherwise), assignment for the benefit of creditors, or petition seeking reorganization or
arrangement or other action under Federal or state bankruptcy law is pending against or, to the best of Purchaser’s knowledge, contemplated by Purchaser. 

5.2.6 There are no actions, suits, claims or other proceedings (collectively, “Litigation”) pending or, to the best of
Purchaser’s knowledge, contemplated or threatened against Purchaser that could affect Purchaser’s ability to perform its obligations when and as required under the terms of this Agreement. 

5.3 Broker. Seller and Purchaser each represents to the other that it has had no dealings, negotiations, or consultations with any
broker, representative, employee, agent or other intermediary in connection with the sale of the Property, except that Purchaser has retained the services of Foresight Property Services, Attn: Trifon Houvardas (the “Purchaser’s
Broker”). Purchaser shall be solely responsible for paying the fees and commissions owed to Purchaser’s Broker, pursuant to a separate written agreement between Purchaser and Purchaser’s Broker. Seller agrees to pay a
finder’s fee to Purchaser’s Broker upon the consummation of Closing, in an amount not to exceed 0.5% of the Winning Bid Amount. Purchaser’s Broker or any other broker shall not be entitled to any commission or finder’s fee if the
broker is the Purchaser, an affiliate entity or an immediate family member. Seller and Purchaser agree that each will indemnify, defend and hold the other, as well as Auctioneer (including its affiliates and agents) free and harmless from the claims
of any other broker(s), 

  
 7 

 representative(s), employee(s), agent(s) or other intermediary(ies) claiming to have represented Seller or
Purchaser, respectively, or otherwise to be entitled to compensation in connection with this Agreement or in connection with the sale of the Property. This mutual indemnity shall survive Closing and any termination of this Agreement. 

5.4 Property Condition. 

5.4.1 Disclaimer. THE PROPERTY IS BEING SOLD “AS IS”, “WHERE IS” AND “WITH ALL FAULTS” AS OF CLOSING,
WITHOUT ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO ITS CONDITION, FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. SELLER SPECIFICALLY DISCLAIMS
ANY WARRANTY, GUARANTY OR REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT, EXPRESS OR IMPLIED, CONCERNING THE PROPERTY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. PURCHASER ACKNOWLEDGES THAT PURCHASER IS PURCHASING THE PROPERTY BASED
SOLELY UPON PURCHASER’S OWN INDEPENDENT INVESTIGATIONS AND FINDINGS AND NOT IN RELIANCE UPON ANY INFORMATION PROVIDED BY SELLER OR SELLER’S AGENTS OR CONTRACTORS, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. 

5.4.2 Release of Claims. Without limiting the provisions of Section 5.4.1, Purchaser releases Seller from any and all Claims
(whether known or unknown, and whether contingent or liquidated) arising from or related to (a) any defects, errors or omissions in the design or construction of the Property, whether the same are a result of negligence or otherwise; or
(b) other conditions (including environmental conditions) affecting the Property, whether the same are a result of negligence or otherwise. The release set forth in this Section specifically includes any Claims under any Environmental Laws,
under the Americans with Disabilities Act of 1990, 42 U.S.C. §§ 12101 et seq., or with respect to any environmental risk. “Environmental Laws” includes, but is not limited to, the Solid Waste Disposal Act, as amended by
the Resource Conservation and Recovery Act (42 U.S.C. §§6901 et seq.), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.), the Emergency Planning and Community Right to
Know Act (42 U.S.C. §§11001 et seq.), the Clean Air Act (42 U.S.C. §§7401 et seq.), the Clean Water Act (33 U.S.C. §§1251 et seq.), the Toxic Substances Control Act (15 U.S.C. §§2601 et seq.), the Hazardous
Materials Transportation Act (49 U.S.C. §§1801 et seq.), the Occupational Safety and Health Act (29 U.S.C. §§651 et seq.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. §§136 et seq.), and the Safe
Drinking Water Act (42 U.S.C. §§300f et seq.), as any of the same may be amended from time to time, and any state or local law dealing with environmental matters, and any regulations, orders, rules, procedures, guidelines and the like
promulgated in connection therewith, regardless of whether the same are in existence on the date of this Agreement. 
 5.4.3
Acknowledgment of Inspection. Purchaser acknowledges and agrees that (a) Purchaser had an opportunity to inspect the Property and its operation prior to the Effective Date, (b) if this transaction is consummated, Purchaser will be
purchasing the Property pursuant to Purchaser’s independent examination, study, inspection and knowledge of the Property, and (c) Purchaser is relying upon its own determination of the value and condition of the Property and not on any
information provided or to be provided by Seller. Purchaser is relying solely upon its own inspections, investigations, research and analyses in entering into this Agreement and is not relying in any way upon any representations or warranties
(except those expressly provided in Section 5), statements, plans, specifications, cost estimates, studies, reports, descriptions, guidelines or other information or material furnished by Seller or its representatives to Purchaser or its
representatives, whether oral or written, express or implied, of any nature whatsoever regarding any such matters. With respect to any Personal Property being conveyed hereunder, Purchaser shall not rely on any list of such property compiled by
Seller, but rather, Purchaser shall compile its own list for review by Seller. 

  
 8 

 5.4.4 RELEASE. PURCHASER HEREBY RELEASES SELLER AND ANY SERVICER, AGENT, REPRESENTATIVE,
MANAGER, AFFILIATE, OFFICER, PARTNER, SHAREHOLDER OR EMPLOYEE OF SELLER (A “SELLER RELATED PARTY”) FROM ALL CLAIMS, LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES WHICH PURCHASER OR ANY PARTY RELATED TO OR AFFILIATED WITH
PURCHASER (A “PURCHASER RELATED PARTY”) HAS OR MAY HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING RELATED TO THE PHYSICAL CONDITION OF THE PROPERTY, ANY CONSTRUCTION DEFECTS, ANY ERRORS OR OMISSIONS IN THE DESIGN OR
CONSTRUCTION OF THE PROPERTY AND ANY ENVIRONMENTAL CONDITIONS AT, IN, ON OR UNDER THE PROPERTY, AND PURCHASER WILL NOT LOOK TO SELLER OR ANY SELLER RELATED PARTY IN CONNECTION WITH THE FOREGOING FOR ANY REDRESS OR RELIEF. 

5.4.5 ASSUMPTION. EFFECTIVE AS OF THE DATE OF CLOSING, PURCHASER WILL ASSUME ALL OF SELLER’S LIABILITIES AND OBLIGATIONS WITH
RESPECT TO THE LEASES, CONTRACTS, AND PERMITS (TO THE EXTENT SUCH PERMITS ARE ASSIGNED OR TRANSFERRED) ARISING AND ACCRUING FROM AND AFTER THE DATE OF CLOSING. 

5.4.6 SURVIVAL. THE ACKNOWLEDGMENTS AND AGREEMENTS OF PURCHASER SET FORTH IN THIS SECTION 5 WILL SURVIVE THE CLOSING. 

5.4.7 PERSONAL PROPERTY; INTANGIBLE PROPERTY. SELLER MAKES NO REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, AS TO
SELLER’S TITLE TO THE PERSONAL PROPERTY OR THE INTANGIBLE PROPERTY. 
 6. CONDITIONS PRECEDENT TO CLOSING. 

6.1 Conditions for the Benefit of Purchaser. The obligation of Purchaser to consummate the conveyance of the Property hereunder is
subject to the full and complete satisfaction or waiver of the following condition precedent: 
 6.1.1 The representations and warranties of
Seller contained in this Agreement shall be true, complete and accurate in all material respects, as of the Effective Date. 
 6.2 Waiver
of Conditions. Purchaser shall have the right to waive some or all of the foregoing conditions in its sole and absolute discretion; provided, however, that no such waiver shall be effective or binding on Purchaser unless it is in writing and
executed by an authorized officer of Purchaser. 
 6.3 Conditions for the Benefit of Seller. The obligation of Seller to consummate
the conveyance of the Property hereunder is subject to the full and complete satisfaction or waiver of each of the following conditions precedent: 

6.3.1 Receipt by Seller of all requisite approvals including, but not limited to, the approval of servicers to Seller or to Seller’s sole
member, (including, without limitation, the necessary committee approvals of CWCapital), trustee approval and all other approvals that may be required pursuant to any documents which govern Seller; Seller shall provide written notice to Purchaser of
satisfaction of this condition precedent designating the “Approval Date”; and 

  
 9 

 6.3.2 Receipt by Seller of any and all required consents to the transfer of any Assumed
Contract, permit and/or Lease to be assigned to Purchaser at Closing. 
 6.4 Waiver of Conditions. Seller shall have the right to
waive some or all of the foregoing conditions in its sole and absolute discretion; provided, however, that no such waiver shall be effective or binding on Seller unless it is in writing and executed by an authorized officer of Seller. 

6.5 Failure of a Condition. In the event any of the conditions set forth in this Section are not fulfilled or waived, this Agreement
shall terminate and all rights and obligations hereunder of each party shall be at an end and the Deposit shall be returned to Purchaser, as Purchaser’s sole remedy and neither party shall have any obligations to the other. 

7. CLOSING COSTS AND PRORATIONS. 

7.1 Purchaser’s Costs. Purchaser will pay the following costs of closing this transaction: 

7.1.1 All recording fees and any and all state and county recordation, documentary or transfer taxes; 

7.1.2 All premiums, fees and costs associated with the issuance of any title policy as well as for all premiums, fees and costs associated
with the issuance of a mortgagee title insurance policy, and all of the settlement fees and other charges of Title Company due in connection with the closing of this transaction; 

7.1.3 The cost of the Survey; 

7.1.4 The fees and disbursements of Purchaser’s counsel and any other expense(s) incurred by Purchaser or its representative(s) in
inspecting or evaluating the Property or closing this transaction; 
 7.1.5 Any and all costs and expenses in connection with obtaining
financing for the purchase of the Property, including without limitation any recordation or transfer taxes required to be paid upon the recordation of any deed of trust, mortgage or other security agreement executed and recorded in connection with
such financing; 
 7.1.6 Any sales taxes payable with respect to any personal property included within the Property; and 

7.1.7 All of the fees of Purchaser’s Broker referred to in Section 5.3 above. 

7.2 Seller’s Costs. Seller will pay the following costs of closing this transaction: 

7.2.1 The fees and disbursements of Seller’s counsel; 

7.2.2 A finder’s fee to Purchaser’s Broker referred to in Section 5.3, above; and 

7.2.3 All release fees and other charges required to be paid in order to release from the Property the lien of any mortgage or other security
interest which Seller is obligated to remove pursuant to the terms of this Agreement. 

  
 10 

 7.3 Prorations. All revenues due and payable, and all expenses, including, but not limited
to rents and any other amounts paid by tenants, personal property taxes, installment payments of special assessment liens, vault charges, sewer charges, utility charges, reimbursement of maintenance and repair expenses and normally prorated
operating expenses billed or paid as of the Date of Closing shall be prorated as of 11:59 p.m. Eastern Time, on the day before the Date of Closing and shall be adjusted against the Purchase Price due at Closing. Purchaser shall receive a credit
against the Purchase Price at Closing in an amount equal to any and all refundable tenant security deposits in Seller’s possession with respect to the Leases. 

7.3.1 Receivables. Purchaser shall purchase all accounts receivable due as of 11:59 p.m., Eastern Time, the day before the Date of
Closing, in addition to the Purchase Price. As used herein, the term “Accounts Receivable” shall mean all outstanding debts one hundred twenty (120) days or less past due for tenants that are still tenants of the Property on
the Effective Date. 
 7.4 Taxes. General real estate taxes and special assessments relating to the Property payable during the year
in which Closing occurs shall be prorated with respect to the Property as of 11:59 p.m. Eastern Time, on the day before the Date of Closing. If Closing shall occur before the actual taxes and special assessments payable during such year are known,
the apportionment of taxes shall be upon the basis of taxes for the Property payable during the immediately preceding year. If, as the result of an appeal of the assessed valuation of the Property for any real estate tax year prior to (or including)
the Closing, there is issued after Closing an administrative ruling, judicial decision or settlement by which the assessed value of the Property for such tax year is reduced, and a real estate tax refund issued, Seller shall be entitled to all such
refunds relating to the period prior to Closing. If the appeal is successfully culminated either prior to or after the proposed sale transaction, and Purchaser would benefit from such appeal for the current or subsequent tax year, then Purchaser
shall pay a pro-rata share portion of the costs and expenses incurred by Seller in connection with the appeal. 
 7.5 Leasing Costs.
Purchaser shall pay, in addition to the Purchase Price, any and all leasing costs due as of the Date of Closing, whenever accrued, including, but not limited to, all tenant improvement allowances and leasing commissions for Leases, and costs
associated with preparing lease documents for the Property. 
 7.6 In General. Any other costs or charges of closing this transaction
not specifically mentioned in this Agreement shall be paid and adjusted in accordance with local custom or ordinance in the jurisdiction in which the Property is located. 

7.7 Purpose and Intent. Except as expressly provided herein, the purpose and intent as to the provisions of prorations and
apportionments set forth in this Section 7 and elsewhere in this Agreement is that Seller shall bear all expenses of ownership and operation of the Property and shall receive all income therefrom accruing through midnight of the day preceding
the Closing and Purchaser shall bear all such expenses and receive all such income accruing thereafter. 
 8. CLOSING AND ESCROW.

 8.1 Seller’s Deliveries. Seller shall deliver either at the Closing or by making available at the Property, as
appropriate, the following original documents, each executed and, if required, acknowledged: 
 8.1.1 A Special Warranty Deed, in the form
attached hereto as Schedule 8.1.1 (the “Deed”), conveying title to Purchaser of the Property, subject only to the Permitted Exceptions. 

  
 11 

 8.1.2 (a) Originals (to the extent in Seller’s possession) of all of the Assumed
Contracts relating to the Property which Purchaser has elected to assume pursuant to the terms hereof; and (b) an assignment of such Assumed Contracts to Purchaser by way of an assignment and assumption agreement, in the form attached hereto as
Schedule 8.1.2 (the “Assignment and Assumption Agreement”), conveying to Purchaser Seller’s rights, title and interest in and to the Assumed Contracts attributable to the Property. 

8.1.3 (a) Originals (to the extent in Seller’s possession) of all warranties then in effect, if any, with respect to the Property
or to the Improvements or any repairs or renovations to such Improvements and (b) an assignment of all such warranties being conveyed hereunder, conveying to Purchaser Seller’s rights, title and interests in and to the warranties
attributable to the Property. 
 8.1.4 An affidavit pursuant to the Foreign Investment and Real Property Tax Act. 

8.1.5 Appropriate evidence of authority, capacity and status of Seller as reasonably required by Title Company. 

8.1.6 An “Owner’s Affidavit”, in form reasonably acceptable to Seller and Title Company and sufficient for Title
Company to delete any exceptions for (a) mechanics’ or materialmen’s liens arising from work at the Property which is the responsibility of Seller hereunder, (b) parties in possession, other than tenants as tenants only, and,
(c) matters not shown in the public records. 
 8.1.7 A settlement statement (the “Settlement Statement”), prepared
by Title Company. 
 8.1.8 A quitclaim bill of sale in the form attached hereto as Schedule 8.1.8 (the “Bill of
Sale”), transferring to Purchaser all of Seller’s right, title and interest in the Personal Property. 
 8.1.9 Such other
documents, certificates and other instruments as may be reasonably required to consummate the transaction contemplated hereby. 
 8.2
Purchaser’s Deliveries. At the Closing, Purchaser shall (a) pay Seller the Purchase Price as required by, and in the manner described in, Section 2 hereof, (b) pay Auctioneer the Buyer’s Premium as required by, and in
the manner described in, Section 2 hereof, and (c) execute and deliver the following documents: 
 8.2.1 The Assignment and
Assumption Agreement and Bill of Sale. 
 8.2.2 Evidence of Purchaser’s authority, and the authority of the person executing any
documents at Closing on behalf of Purchaser, acceptable to Seller and Title Company, to enter into the transactions contemplated by this Agreement. 

8.2.3 The Settlement Statement. 

8.2.4 Such other documents, certificates and other instruments as may be reasonably required to consummate the transaction contemplated
hereby. 

  
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 8.3 Possession. Purchaser shall be entitled to possession of the Property at the
conclusion of the Closing. 
 8.4 Escrow Closing. Purchaser and Seller (or their respective counsel on behalf of Purchaser and
Seller) shall execute letters of escrow closing instructions (the “Closing Instructions”) which will provide that, on the Date of Closing: (a) Seller and Purchaser shall each deposit with Title Company all of the documents and
instruments described in Sections 8.1 and 8.2, above (the “Closing Documents”); and (b) Purchaser shall deposit with Title Company the balance of the Purchase Price required to be paid after application of the Deposit thereto
and all prorations, adjustments and credits required to be made under this Agreement, (the “Adjusted Purchase Price”) and the Buyer’s Premium, all of which shall be set forth on, and mutually agreeable pursuant to, a settlement
statement executed by both Purchaser and Seller at Closing. Upon receipt of the Adjusted Purchase Price and the Buyer’s Premium, and the satisfaction of all other conditions set forth in the Closing Instructions, Title Company shall be
authorized and directed to disburse the Adjusted Purchase Price to Seller or its designee(s) and the Buyer’s Premium to Auctioneer, record the Deed among the real property records of Pinellas County, Florida, and release the remaining Closing
Documents to the appropriate parties, all in strict accordance with the Closing Instructions. 
 9. DAMAGE, DESTRUCTION AND CONDEMNATION.

 9.1 Casualty. Except as provided herein, Seller assumes all risk of loss or damage to the Property by fire or other casualty
until consummation of Closing, at which time all risk of loss or damage to the Property by fire or other casualty shall be transferred to Purchaser. If at any time on or prior to the Date of Closing any portion of the Property is destroyed or
damaged as a result of fire or any other cause whatsoever, Seller shall promptly give written notice thereof to Purchaser. If the estimated cost to repair the damage or destruction exceeds $250,000 as reasonably estimated by Seller, Purchaser shall
have the right to terminate this Agreement by written notice to Seller within ten (10) days following the date upon which Purchaser receives Seller’s written notice of the destruction or damage. If Purchaser does not elect to so terminate
this Agreement within said ten (10) day period, or if the cost of repair is equal to or less than $250,000, this Agreement shall remain in full force and effect and the parties shall proceed to Closing without any reduction or adjustment in the
Purchase Price, except that all insurance proceeds will be assigned to Purchaser and Seller will pay to Purchaser any deductible under Seller’s insurance policy. 

9.2 Condemnation. In the event, at any time on or prior to the Date of Closing, any action or proceeding is filed, under which the
Property, or any portion thereof, may be taken pursuant to any law, ordinance or regulation or by condemnation or the right of eminent domain, Seller shall promptly give written notice thereof (which notice shall describe the type of action being
taken against the Property, and which portions of the Property will be affected thereby) to Purchaser. If the taking would substantially prevent Purchaser from continuing the existing use of the Property, then Purchaser shall have the right to
terminate this Agreement by written notice to Seller within ten (10) days following the date upon which Purchaser receives Seller’s written notice of such action or proceeding. If Purchaser does not elect to so terminate this Agreement
within said ten (10) day period, this Agreement shall remain in full force and effect and the parties shall proceed to closing without any reduction or adjustment in the Purchase Price, except that all condemnation proceeds will be assigned to
Purchaser. 

  
 13 

 10. FAILURE OF CONDITIONS PRECEDENT; DEFAULT AND REMEDIES. 

10.1 Failure of Conditions Precedent. If any of the conditions precedent stated in Article 6 have not occurred or been satisfied on or
before the Date of Closing, Purchaser or Seller may: (a) terminate this Agreement by written notice to the appropriate party on or before the Date of Closing, in which event the appropriate party shall be entitled to receive disbursement of the
Deposit or (b) to waive such conditions precedent and proceed to Closing. 
 10.2 Purchaser Default. If Purchaser is in default
of one or more of Purchaser’s obligations under this Agreement other than a failure to timely close, then Seller may give notice to Purchaser (with a copy to Title Company) specifying the nature of the default. Purchaser shall have five
(5) business days after receiving that notice, but in no event beyond the Date of Closing, within which to cure that default. If Purchaser fails to cure that default within that period, then Seller’s sole remedy for such default shall be
to terminate this Agreement by giving notice of such termination to Purchaser (with a copy to Title Company) and receive the Deposit as liquidated damages. If Seller does so terminate this Agreement, then Title Company shall pay the Deposit to
Seller. 
 10.3 Liquidated Damages. SELLER AND PURCHASER AGREE THAT PAYMENT OF THE DEPOSIT TO SELLER UNDER THIS SECTION 10 SHALL BE
AS LIQUIDATED DAMAGES AND NOT AS A PENALTY. 
 10.4 Seller Default. In the event Seller shall: (a) fail to sell, transfer and
assign the Property to Purchaser in violation of the terms of this Agreement, and/or (b) fail to perform any other material obligation of Seller hereunder, and/or (c) intentionally breach any warranty made or granted by Seller under this
Agreement, which breach is not cured by the Date of Closing and/or (d) have intentionally misrepresented any fact, or any of the representations of Seller contained herein are not true, accurate or complete in any material respect, Purchaser
shall as its sole and exclusive remedy, be entitled to declare this Agreement to be null and void and demand and receive the return of the Deposit whereupon, neither party shall have any further rights, duties or obligations hereunder except as
otherwise provided herein. Purchaser specifically waives any and all right (i) to file or record any lis pendens or any other lien or encumbrance against the Property; (ii) to specific performance or other equitable relief; or
(iii) to consequential or punitive damages. 
 10.4.1 Waiver of Default. If Purchaser does not duly notify Seller of the
default and does not give Seller a notice of termination hereunder, then (i) the default shall be treated as waived by Purchaser and (ii) at Closing, Purchaser shall accept the Property subject to the default without any reduction in the
Purchase Price and without any Claims against Seller on account of the default. 
 10.5 Termination. Upon any termination of this
Agreement pursuant to any right of a party to terminate set forth in this Agreement, (a) the Deposit shall be paid over to the party entitled to the same, (b) all documents deposited by Purchaser and Seller into escrow shall be returned by
Title Company to the party depositing the same, and (c) all copies of all Property Documents provided to Purchaser by Seller shall be returned to Seller, whereupon the parties will have no continuing liability to each other unless otherwise
expressly stated in any provision of this Agreement. 
 10.6 Attorneys’ Fees. Notwithstanding anything to the contrary in this
Agreement, in the event that either Seller or Purchaser, as the case may be, shall bring a lawsuit against the other party for breach of such party’s obligations under this Agreement, the losing party shall pay the prevailing party’s costs
and expenses incurred in connection with such litigation, including without limitation reasonable attorneys’ fees. The “prevailing party” shall be determined by the court hearing such matter. 

  
 14 

 11. NOTICES. Any notice required or permitted to be given hereunder may be served by a
party or its attorney and must be in writing and shall be deemed to be given (a) when hand delivered, (b) one (1) business day after pickup by Emery Air Freight, United Parcel Service (Overnight) or Federal Express, or another similar
overnight express service, (c) when transmitted by telecopy or facsimile, provided that confirmation of the receipt of same is noted upon transmission of same by the sender’s telecopy machine, or (d) when transmitted by electronic
correspondence, in any case addressed or sent to the parties at their respective addresses set forth below: 
  

			
	 If to Seller:
	  	2600 & 2650 McCormick Drive Holdings, LLC
		  	c/o CWCapital Asset Management LLC, Special Servicer
		  	7501 Wisconsin Avenue
		  	Suite 500 West
		  	Bethesda, MD 20814
		  	Attn: Legal Department
		
	 With a copy to:
	  	Quilling, Selander, Lownds, Winslett & Moser, PC
		  	2001 Bryan Street, Suite 1800
		  	Dallas, Texas 75201
		  	Attn: Paul C. Webb, Esq.
		  	Phone: (214) 880-1881
		  	Fax: (214) 871-2111
		  	pwebb@qslwm.com
		
	 If to Purchaser:
	  	Heritage Insurance Holdings, LLC
		  	700 Central Ave., Suite 500
		  	St. Petersburg, FL 33701
		  	Attn: Stephen L. Rohde
		  	Phone: 651-324-8523 / 727-362-7204
		  	Fax: none
		  	Email: srohde@heritagepci.com
		
	 With a copy to:
	  	__________________________________________
		  	__________________________________________
		  	__________________________________________
		  	Attn:  _____________________________________
		  	Phone: ____________________________________
		  	Fax:  ______________________________________
		  	Email: _____________________________________

 or in each case to such other address as either party may from time to time designate by giving notice in writing pursuant to
this Section 11 to the other party. Telephone numbers are for informational purposes only. Effective notice will be deemed given only as provided above, except as otherwise expressly provided in this Agreement. 

12. MISCELLANEOUS. 
 12.1
Entire Agreement. This Agreement, together with the Exhibit and Schedules attached hereto, all of which are incorporated by reference, is the entire agreement between the parties with respect to the subject matter hereof, and no alteration,
modification or interpretation hereof shall be binding unless in writing and signed by both parties. 

  
 15 

 12.2 Severability. If any provision of this Agreement or its application to any party or
circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstances, other than those as to
which it is so determined invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be valid and shall be enforced to the fullest extent permitted by law. 

12.3 Applicable Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of Florida.
Purchaser irrevocably consents and submits to the nonexclusive jurisdiction of the courts of the state and federal district in which the Real Property is located and waives any objection based on venue of forum non conveniens with respect to
any action instituted in those courts arising under this Agreement or in any way connected or related or incidental to the dealings of Purchaser and Seller in respect of this Agreement or any related transactions, in each case whether now existing
or later arising, and whether in contract, tort, equity or otherwise, and agrees that any dispute with respect to any of those matters will be heard only in the courts described above. 

12.4 Assignability. Purchaser may not directly or indirectly assign or transfer any of Purchaser’s rights, obligations and
interests under this Agreement, to any person or entity without the prior written consent or approval of Seller, which consent or approval must be requested in writing and received by Seller not less than five (5) business days prior to the
Date of Closing and which consent may be given in Seller’s sole and absolute discretion, provided, however, that Seller hereby consents to Purchaser’s assignment of Purchaser’s rights, obligations and interests under this Agreement to
an entity in which Purchaser maintains a controlling economic interest, so long as notice of said assignment is provided not less than five (5) business days prior to the Date of Closing. Upon any such assignment or other transfer, Purchaser
and such assignee or transferee shall be jointly and severally liable for the obligations of Purchaser under this Agreement, which liability shall survive the assignment or transfer and the Closing. 

12.5 Successors Bound. This Agreement shall be binding upon and inure to the benefit of Purchaser and Seller and their respective
successors and permitted assigns. 
 12.6 No Public Disclosure. Prior to Closing, all press releases or other dissemination of
information to the media or responses to requests from the media for information relating to the transaction contemplated herein shall be subject to the prior written consent of Purchaser and Seller. 

12.7 Captions; Interpretation. The captions in this Agreement are inserted only as a matter of convenience and for reference and in no
way define, limit or describe the scope of this Agreement or the scope or content of any of its provisions. Whenever the context may require, words used in this Agreement shall include the corresponding feminine, masculine, or neuter forms, and the
singular shall include the plural and vice versa. Unless the context expressly indicates otherwise, all references to “Section” are to sections of this Agreement. 

12.8 No Partnership. Nothing contained in this Agreement shall be construed to create a partnership or joint venture between the
parties or their successors in interest or permitted assigns. 
 12.9 Time of Essence. Time is of the essence with respect to the
performance of the obligations of Seller and Purchaser under this Agreement. 

  
 16 

 12.10 Counterparts and Electronic Signatures. This Agreement may be executed and delivered
in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. Facsimile, documents executed, scanned and transmitted electronically and
electronic signatures shall be deemed original signatures for purposes of this Agreement and all matters related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. Seller and
Purchaser agree that this Agreement, any Addendum thereto or any other document necessary for the consummation of the transaction contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in
accordance with the Electronic Signatures in Global and National Commerce Act (“E-Sign Act”), Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act (“UETA”) and any applicable state law. Any
document accepted, executed or agreed to in conformity with such laws will be binding on both Seller and Purchaser the same as if it were physically executed and Purchaser hereby consents to the use of any third party electronic signature capture
service providers as may be chosen by Seller or Auctioneer. 
 12.11 Recordation. Purchaser and Seller agree not to record this
Agreement or any memorandum hereof. 
 12.12 Proper Execution. This Agreement shall have no binding force and effect on either party
unless and until both Purchaser and Seller shall have executed and delivered this Agreement. 
 12.13 Waiver. No waiver of any breach
of any agreement or provision contained herein shall be deemed a waiver of any preceding or succeeding breach of any other agreement or provision herein contained. No extension of time for the performance of any obligation or act shall be deemed an
extension of time for the performance of any other obligation or act. 
 12.14 Business Days. If any date herein set forth for the
performance of any obligations by Seller or Purchaser or for the delivery of any instrument or notice as herein provided should fall on a Saturday, Sunday or Legal Holiday (hereinafter defined), the compliance with such obligations or delivery shall
be deemed acceptable on the next business day following such Saturday, Sunday or Legal Holiday. As used herein, the term “Legal Holiday” shall mean any local or federal holiday on which post offices are closed in the District of Columbia.

 12.15 Limitation of Liability. No present or future partner, director, officer, member, shareholder, employee, advisor, affiliate,
servicer or agent of or in Seller, Purchaser or any affiliate of any of the foregoing will have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or in connection
with the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter. The limitations of liability contained in this paragraph will survive the termination of this Agreement
or the Closing, as applicable, and are in addition to, and not in limitation of, any limitation on liability applicable to either party provided elsewhere in this Agreement or by law or by any other contract, agreement or instrument. In no event
will Seller or Purchaser be liable for any consequential, exemplary or punitive damages under any circumstances in connection with this Agreement or the transaction contemplated hereby. 

12.16 Back-Up Contracts. Notwithstanding anything herein to the contrary, Seller reserves the right to continue marketing the Property
for sale and to entertain letters of intent regarding the sale of the Property while this Agreement is outstanding, provided Seller shall not enter into any binding back-up agreements with respect to the sale of the Property for so long as this
Agreement is in force. 

  
 17 

 12.17 WAIVER OF JURY TRIAL. PURCHASER WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT, (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF PURCHASER AND SELLER IN RESPECT OF THIS AGREEMENT OR RELATED TRANSACTIONS, IN EACH CASE WHETHER NOW
EXISTING OR LATER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. PURCHASER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION WILL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT SELLER MAY FILE A COPY OF
THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF PURCHASER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 12.18 No
Third Party Beneficiary. This Agreement is solely for the benefit of Purchaser and Seller and Purchaser’s permitted assigns. No other person or entity is entitled to the benefit or may enforce any of the provisions of this Agreement, except
where expressly provided herein to the contrary. 
 12.19 Purchaser Representation and Consent. Purchaser acknowledges and confirms
that he has had every opportunity to obtain legal representation in this matter and has either not advised Seller of his representation or has intentionally declined to do so; further, Purchaser confirms that he is a sophisticated purchaser of
similar commercial properties, is familiar with all rights and remedies of Florida law, and specifically waives any right to further representation. Purchaser confirms and acknowledges that he is not relying on any legal advice from Seller,
Seller’s counsel, the Broker, or any other party in this matter. 
 12.20 Auction Sale/Process. Seller may select the winning
bid in its sole and absolute discretion. No obligation to sell shall be binding on Seller unless and until this Agreement is countersigned by Seller and, if the sale is subject to confirmation as evidenced by an Addendum to Purchase and Sale
Agreement “Subject To” executed by Seller and Purchaser, Seller has delivered its approval of the sale as required in said addendum. Seller may rescind any oral acceptance of a winning bid prior to the execution and delivery of this
Agreement to Purchaser for any reason, including but not limited to, the receipt of a subsequent higher bid or offer to purchase whether such higher bid or offer to purchase was received pursuant to the Auction Terms and Conditions or otherwise.

 12.21 Brochure. Purchaser represents and warrants that Purchaser has received, read and accepts the terms and conditions
pertaining to the sale of the Property which may be set forth in an auction brochure (the “Brochure”), or on the auction website, www.auction.com, which terms and conditions are incorporated herein by reference. In the event
of any conflict or inconsistency between the terms and conditions of the Agreement and the terms and conditions of the Brochure, the terms and conditions of this Agreement shall control and prevail in all respects. 

12.22 Purchaser and Buyer. When used in this Agreement or any document concerning the parties to this Agreement, the terms
“Purchaser” and “Buyer” shall have the same meaning and be used interchangeable. 

  
 18 

 13. ESCROW AGREEMENT 

13.1 Deposit. Title Company agrees to deposit the Deposit in an interest bearing account, subject to the receipt from Purchaser of a
form W-9 for the purposes of investing said funds and to hold and disburse said funds, and any interest earned thereon, as hereinafter provided. Upon written notification from Seller or Purchaser in accordance with the terms of this Agreement, Title
Company shall release the funds in accordance with and pursuant to the written instructions. In the event of a dispute between any of the parties hereto sufficient in the sole discretion of Title Company to justify its doing so, Title Company shall
be entitled to tender unto the registry or custody of any court of competent jurisdiction all money or property in its hands held under the terms of this Agreement, together with such legal pleading as it deems appropriate, and thereupon be
discharged. 
 13.2 Title Company. Seller and Purchaser covenant and agree that in performing any of its duties under this Agreement,
Title Company shall not be liable for any loss, costs or damage which it may incur as a result of serving as Title Company hereunder, except for any loss, costs or damage arising out of its willful default or gross negligence. Accordingly, Title
Company shall not incur any liability with respect to (i) any action taken or omitted to be taken in good faith upon advice of its counsel given with respect to any questions relating to its duties and responsibilities, or (ii) to any
action taken or omitted to be taken in reliance upon any document, including any written notice of instruction provided for in this Agreement, not only as to its due execution and the validity and effectiveness of its provisions, but also to the
truth and accuracy of any information contained therein, which Title Company shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons and to conform with the provisions of this Agreement. 

13.3 Indemnity. Seller and Purchaser hereby agree to indemnify and hold harmless Title Company against any and all losses, claims,
damages, liabilities and expenses, including without limitation, reasonable costs of investigation and attorneys’ fees and disbursements which may be imposed upon or incurred by Title Company in connection with its serving as Title Company
hereunder, except for any loss, costs or damage arising out of its willful default or gross negligence. The provisions of this Section 13.3 shall survive a termination of this Agreement. 

[Signature Pages Follow] 

  
 19 

 IN WITNESS WHEREOF, Purchaser and Seller have executed this Agreement on the dates set
forth below, effective as of the date first set forth above.  
  

			
	SELLER:
	
	 2600 & 2650 McCormick Drive Holdings, LLC,

a Maryland limited liability company

		
	By:	 	U.S. Bank National Association, successor-in- interest to Bank of America, N.A., successor to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-
Through Certificates, Series 2006-GG8 and Companion Loan Noteholders (the “Trust”), its Sole Member/Manager
		
	By:	 	CWCapital Asset Management LLC, a Massachusetts limited liability company, solely in its capacity as Special Servicer to the Trust
		
	By:	 	

		 
	Date:	 	2/28/2013
	
	PURCHASER:
	
	 Heritage Insurance Holdings, LLC,
 a
Florida limited liability company

		
	By:	 	

	Name:	 
	Title:	 	Chief Financial Officer
	Date:	 	2/27/2013

  
 20 

 ACKNOWLEDGEMENT BY TITLE COMPANY 

IN WITNESS WHEREOF, Title Company has signed this Agreement for the limited purposes set forth herein. 

 

			
	TITLE COMPANY:
	
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	 By:
	 	 

	 Name:
	 
	 Title:
	 	 Marketing Coordinator

	 Date:
	 	 2/28/2013

 Address for Notices to Title Company: 

First American Title Insurance Company 

National Commercial Services 

1825 Eye Street NW, Suite 302 

Washington, D.C. 20006 

Attention: Brian A. Lobuts, Vice President 

blobuts@firstam.com 

  
 21 

 EXHIBIT A 

TERMS AND CONDITIONS OF SALE 

IDENTIFICATION: 
 All Purchasers are required to have a
Bidder’s Number to bid, giving full name, address, and phone number. Evidence of correct form of deposit must be made in order to register for the auction. 

CONTRACTS AND DEPOSITS: 
 The successful bidder must sign
all documents and contracts immediately upon conclusion of the auction. At the auction, in order to bid, a minimum non-refundable deposit in the amount of $10,000.00 shall be required at the time of registration in the form of a wire transfer,
cashier’s or certified check. No third party checks will be accepted. Please note that the total required non-refundable deposit is the greater of 10% of the total Purchase Price or $20,000.00. The successful bidder will have 1 business
day after the auction to provide any additional funds over and above the $10,000.00 to make the deposit equal to the greater of 10% of the total Purchase Price or $20,000.00. Please note: All cashier’s or certified checks should be made payable
to First American Title Insurance Company when you are the successful bidder. See specific terms of the Agreement for actual deposit requirements. 

BUYER’S PREMIUM: 
 A Buyer’s Premium equal to
the greater of five percent (5%) of the Winning Bid Amount or $20,000.00 shall be paid to Auctioneer by Buyer at Closing. 
 PROPERTY SOLD “AS
IS, WHERE IS, WITH ALL FAULTS” WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND: 
 The real property shall be sold subject to conditions,
restrictions, right-of-way easements, and reservations, if any, of record, filed and unfiled mechanics and materialmen’s liens, if any, and all other matters of record taking priority, subject to the rights, if any, of tenants-in-possession,
and further subject to all conditions announced at sale; and confirmation by Seller. 
 REAL ESTATE CLOSING: 

Purchasers must close sales of real property on the Date of Closing (defined in the Purchase and Sale Agreement, or sooner if agreed by the parties.). Time is
of the essence. The entire Purchase Price and Buyer’s Premium must be paid by cashier’s or certified check, attorney’s escrow check, or wired funds at closing. No purchase is contingent on financing. Purchaser is entitled to a deed
for property upon full payment. 
 REAL ESTATE BROKERS: 

Purchaser shall be solely responsible for paying the fees and commissions due to Purchaser’s Broker, and Seller agrees to pay a finder’s fee to
Purchaser’s Broker upon the consummation of Closing, in an amount not to exceed 0.5% of the Winning Bid Amount, pursuant to Section 5.3 of the Agreement. Purchaser shall be solely responsible for paying the fees and commissions due to any
other broker claiming to have represented Purchaser in the Auction should such a claim be made in connection with any transaction which may result of this Auction. A broker shall not be entitled to any commission or finder’s fee on any sale to
an affiliated entity or an immediate family member. 
 ADDITION OR WITHDRAWAL FROM SALE; CONDITION OF SALE: 

Property selling subject to motivated Seller’s confirmation. Auctioneer reserves the right to withdraw from sale the property listed and also reserves the
right to group one or more properties into one or more selling lots or to subdivide into two or more selling lots. Auctioneer reserves the right to cancel the auction sale up to the time prior to the commencement of bidding. These properties are
sold in gross in all cases. If a subsequent survey by Purchaser shows a greater or lesser number of acres or square footage this will not affect the purchase or Purchase Price. 

  
 Exhibit A 

 AGENCY: 

Auctioneer is acting as agent on behalf of Seller only, and reserves the right to protect Seller’s interest by bidding as agent. Auctioneer is not
responsible for the acts of the Principal’s agents or the Principal. During bidding, Auctioneer has the right to reject any raise that, in his opinion, is not commensurate with the property value. In the event of any dispute after the sale,
Auctioneer record of final sale shall be conclusive. 
 RIGHTS: 

All announcements made the day of sale take precedence over any prior written or verbal terms of sale. Purchasers will acquire properties subject to the rights
of all parties in possession. If any conditions contained herein are not complied with by Purchaser, Auctioneer may, in addition to asserting all remedies available by law, including the right to hold defaulting Purchaser liable for the Purchase
Price, either (a) cancel the sale, retaining as liquidated damages any payment made by such Purchaser; (b) resell the property at public auction; or (c) take such other action as it deems necessary or appropriate. The retention of the
bidder’s deposit shall not limit any rights or remedies of Auctioneer or Seller with respect to Purchaser’s Default. If the property is resold, the original defaulting Purchaser shall be liable for payment of any deficiency in the Purchase
Price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. 

  
 Exhibit A 

 SCHEDULE 1.1.1 

Real Property Description 
 The land
referred to herein below is situated in the County of Pinellas, State of Florida, and is described as follows: 
 Tracts 1 and 2, Prestige Place, according
to the map or plat thereof recorded in Plat Book 93, Pages 17 and 18, of the Public Records of Pinellas County, Florida. 

  
 Schedule 1.1.1 

 Auction Item No. FW-248 

Property Address: 2600 and 2650 McCormick Drive, Clearwater, Pinellas County, Florida 33764 

ADDENDUM TO PURCHASE AND SALE AGREEMENT 

“SUBJECT TO” 

This Addendum to Purchase and Sale Agreement (this “Addendum”), is entered into by and between Seller and Purchaser(s), who are
parties to that certain Purchase and Sale Agreement dated as of the date last signed by the parties (the “Agreement”). 
 This is
a reserve auction and all Properties have a reserve price (“Reserve Price”), meaning the Seller of each Property can accept or reject any bid and has also established an unpublished, minimum selling price. The starting bid is not the
Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid, and such highest bid must be accepted by the Seller. Purchaser(s) and Seller agree that Seller may
terminate the Agreement, in Seller’s sole and absolute discretion, in the event the Seller does not approve the sale. Seller shall make such election within fifteen (15) business days (excludes weekends and holidays) following the
Effective Date of the Agreement (as that term is defined in the Agreement) unless extended in writing by Seller (the “Approval Period”) by electronic mail, overnight courier (FedEx, UPS or USPS Express Mail) or registered mail (return
receipt requested) (“Notice”), with said Notice deemed given upon the date of sending of such Notice. If Seller or Seller’s designee does not provide Notice within the Approval Period then the Agreement shall be deemed rejected
without further action. If accepted, Seller or Seller’s designee will provide written notice within the Approval Period to Purchaser(s). 

If Seller elects NOT to approve the transaction and elects to reject the Agreement and terminate the escrow and transaction, Title Company (as
that term is defined in the Agreement) shall return to Purchaser(s) any Earnest Money Deposit given by Purchaser(s) to Title Company, such return contingent upon the Title Company’s confirmation of the Earnest Money Deposit having been received
as “good funds” and in accordance with the terms of the Agreement. Auctioneer is authorized to provide the necessary instruction to the Title Company directing the Title Company to return to Purchaser(s) any Earnest Money Deposit given by
Purchaser(s) to Title Company and the Title Company shall release such monies to Purchaser(s) pursuant to this Addendum. Effective upon release of the Earnest Money Deposit to Purchaser(s), the Agreement and the transaction contemplated thereby
shall be cancelled and Purchaser and Seller shall be relieved of any further liability and/or obligation to each other under the Agreement. Purchaser(s) agrees to release Seller, Seller’s Broker, Auctioneer, and the Title Company from and
against any and all liabilities in connection with the transaction and the Agreement. Purchaser grants Seller the unilateral right to execute cancellation instructions in the event that Seller elects to cancel and terminate the transaction pursuant
to the terms of this Addendum. 
 If Seller elects to approve and confirm the transaction, then the Agreement shall continue in full force
and effect and the Date of Closing shall be in accordance with the terms of the Agreement. 
 [Signature Page Follows] 

  

					
	 Addendum to Purchase Agreement (SUBJECT TO) Commercial 012013
	  	 	Page | 1	  

 Auction Item No. FW-248 

Property Address: 2600 and 2650 McCormick Drive, Clearwater, Pinellas County, Florida 33764 

 

							
	SELLER:	  		  	PURCHASER(S):
			
	 2600 & 2650 McCormick Drive Holdings, LLC,

a Maryland limited liability company
	  		  	
			
	By:	  	 U.S. Bank National Association, successor-in-

interest to Bank of America, N.A., successor to
 Wells Fargo Bank,
N.A., as Trustee for the
 Registered Holders of GS Mortgage Securities

Corporation II, Commercial Mortgage Pass-
 Through Certificates,
Series 2006-GG8 and
 Companion Loan Noteholders (the “Trust”), its

Sole Member/Manager
	  	Heritage Insurance Holdings, LLC,
a Florida limited liability company
	  	  		  	
	  	  	By:	  	

	  	  	Printed Name:	  
	  	  	Title:	  	Chief Financial Officer
	  	  	Date:	  	2/27/2013
	  	  		  	
	  	  		  	
	  		  		  	
	By:	  	CWCapital Asset Management LLC, a Massachusetts limited liability company, solely in its capacity as Special Servicer to the Trust	  	IF INDIVIDUALS:
			
	By:	  	

	  	 
		  	  	 
		  	  	PRINTED NAME
	Date:	  	2/28/2013	  	Date:	  	 
			
		  		  	 
		  		  	 
		  		  	PRINTED NAME
		  		  	Date:	  	 

  

					
	 Addendum to Purchase Agreement (SUBJECT TO) Commercial 012013
	  	 	Page | 2

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