Document:

Volt Information Sciences, Inc.

1065 Avenue of the Americas

New York, New York 10018

 

March 30, 2015

        

Glacier Peak Capital LLC

500 108th Ave NE, Suite 905

Bellevue, WA 98004

Attention: John C. Rudolf

 

Ladies and Gentlemen:

            

This letter (this “Agreement”) constitutes the agreement between Volt Information Sciences, Inc., a New York corporation (the “Company”), Glacier Peak Capital LLC, a Washington limited liability company (“GP LLC”), Glacier Peak U.S. Value Fund, L.P., a Washington limited partnership (“GP LP”), and John C. Rudolf, an individual resident in the State of Washington, (John C. Rudolf, GP LLC and GP LP are collectively referred to herein as the “Investors”), with respect to the matters set forth below.

           

1.           (a) The Board of Directors of the Company (the “Board”) has authorized an amendment (the “Amendment”) to Article Ninth of the Restated Certificate of Incorporation of the Company, as amended (the “Certificate”), in the form of the certificate of amendment to the Certificate set forth as Exhibit A hereto, providing for the elimination of the classification of directors of the Company and for annual elections of directors of the Company.

 

(b) The Amendment shall be submitted to a vote of the shareholders of the Company at the 2015 Annual Meeting of Shareholders (the “Annual Meeting”).  Certain shareholders of the Company have entered into a voting agreement in the form set forth as Exhibit B hereto, pursuant to which each such shareholder has agreed to vote or cause to be voted all shares of Common Stock, par value $.10, of the Company (the “Common Stock”) beneficially owned by it in favor of the approval of the Amendment and the election of each of the Company Nominees (as defined below).

 

(c) The closing of the polls for the election of directors at the Annual Meeting shall not take place until following the closing of the polls for the approval of the Amendment and, if the Amendment is duly approved by the holders of Common Stock, until following the effectiveness of the Amendment under New York law.  Immediately following approval of the Amendment, the Amendment shall be signed and delivered to the department of state of the State of New York.

2.           The Board has, in accordance with Article Ninth of the Certificate, adopted a resolution fixing the size of the Board at nine directors, effective as of the date hereof and appointed John C. Rudolf to fill the vacancy created by such increase in the size of the Board.  During the Restricted Period (as defined below), the Board will not increase the size of the Board to more than nine members.  Lloyd Frank has delivered to the Company an irrevocable letter retiring from the Board and each committee thereof on which he serves effective as of immediately prior to the Annual Meeting, in the form of Exhibit C hereto.

 

  

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3.The Nominating/Corporate Governance Committee of the Board has recommended that the Board nominate, and the Board has agreed to, and will, nominate, each of James E. Boone, Nick S. Cyprus, Michael D. Dean, Dana Messina, John C. Rudolf, and Laurie Siegel (each, a “Company Nominee”) for election as directors of the Company at the Annual Meeting. In addition, each director who is a member of the class of directors up for election at the 2016 annual meeting of shareholders (the “2016 Annual Meeting”) who has not retired as set forth in Section 2 will continue as a director for such director’s current term. If the Amendment is not duly approved by the holders of Common Stock at the Annual Meeting, the Company Nominees will be classified as members of the classes of directors set forth on Exhibit D hereto. At the first meeting of the Board following the Annual Meeting, Mr. Rudolf will be appointed as a member of the Nominating/Corporate Governance Committee of the Board and as a member of the Audit Committee of the Board.

          

4. In connection with the Annual Meeting, (i) the Company will recommend that the Company’s shareholders vote in favor of the approval of the Amendment and the election of each of the Company Nominees, solicit proxies for the approval of the Amendment and the election of each of the Company Nominees, and cause all shares of Common Stock represented by proxies granted to it (or any of its officers, directors or representatives) to be voted in favor of the approval of the Amendment and the election of each of the Company Nominees and (ii) the Investors will vote or cause to be voted all shares of Common Stock beneficially owned by them on the record date for the Annual Meeting and all shares in which GPC LLC holds an irrevocable proxy pursuant to that certain Voting Agreement and Irrevocable Proxy dated as of October 28, 2014 by and among Glacier Peak Capital LLC, Jerome Shaw, Joyce Cutler-Shaw, The Jerome and Joyce Shaw Family Trust U/D/T dated 8/6/1969, and The Rachel Lynn Shaw Trust U/D/T dated 11/23/2001 (the “Proxy Shares”), in favor of the approval of the Amendment and the election of each of the Company Nominees. The Company agrees that the Annual Meeting will be held no later than May 31, 2015. 

       

5.           John C. Rudolf has delivered to the Company an irrevocable letter of resignation from the Board and all committees of the Board in the form of Exhibit E which shall become effective without further action by any Person if at any time the Investors beneficially own in the aggregate less than fifty percent (50%) of the shares of Common Stock beneficially owned by them as of the date hereof, excluding, for the avoidance of doubt, the Proxy Shares.

      

6.           During the Restricted Period, if either James E. Boone or John C. Rudolf (the “Investor Designees”) ceases to be a member of the Board for any reason (other than as contemplated by Section 5), then the Investors will be entitled to designate (and the Board will appoint promptly after such designation, subject to approval by the Board, such approval not to be unreasonably withheld or delayed) another person (a “Replacement Designee”) to serve as a director in place of such Investor Designee.  Any Replacement Designee, as applicable, must (i) be qualified to serve as a member of the Board under all applicable corporate governance policies or guidelines of the Company and the Board and applicable legal, regulatory and stock market requirements; and (ii) meet the independence requirements with respect to the Company of the listing rules of the NYSE MKT or any successor thereto. Upon becoming a member of the Board, the Replacement Designee will succeed to all of the rights and privileges, and will be bound by the terms and conditions, of an Investor Designee under this Agreement.

 

  

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7.           Each Investor Designee (and any Replacement Designee) shall agree in writing, during the term of any service as a director of the Company, (i) to comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to members of the Board, including, without limitation, the Company’s code of conduct, insider trading policy, its Regulation FD policy, its related party transactions policy and corporate governance guidelines and (ii) to keep confidential and not publicly disclose discussions and matters considered in meetings of the Board and Board committees, unless previously disclosed publicly by the Company. Each Investor Designee shall execute such other reasonable and customary director onboarding documentation required by the Company in connection with the appointment or election of new Board members.

 

8.           Each Company Nominee who does not serve on the Board as of the date of this Agreement shall be appointed an observer to the Board (each, a “Board Observer”) until the Annual Meeting.  Each Board Observer will (i) receive copies of all notices and written information furnished to the full Board, reasonably in advance of each meeting to the extent practicable, and (ii) be permitted to be present at all meetings of the full Board (whether by phone or in person).  Notwithstanding the foregoing, (A) the Company shall be entitled to withhold any information and exclude any Board Observer from any meeting, or any portion thereof, as is reasonably determined by the Company to be necessary to protect the Company’s attorney-client privilege, or as otherwise may be appropriate until the Company Nominee is elected to the Board, and (B) each Board Observer shall execute a confidentiality agreement in form and substance reasonably acceptable to the Company with respect to the information and discussions to which such Board Observer will have access.

 

9.           Until after the Board is reconstituted at the Annual Meeting, the Board shall not: (i) amend its bylaws in any manner, or (ii) without the approval of a majority of the Board (including John C. Rudolf in his capacity as a member of the Board), amend any director or executive compensation or severance arrangement, or (iii) enter into, modify or amend any provision, policy or agreement providing exculpation, indemnification or advancement of expenses in favor of the current or former directors, officers or employees, as the case may be, of the Company or its Subsidiaries.

 

10.           The Company has prepared a press release (the “Company Press Release”), a copy of which is attached as Exhibit F. None of the Investors nor any of their Affiliates or Associates shall make any public statement regarding the subject matter of this Agreement or the matters set forth in Exhibit F prior to the issuance of the Company Press Release. Other than the filing of an amendment to the Schedule 13D previously filed by the Investors summarizing and attaching this Agreement as an exhibit to the Schedule 13D and the issuance by the Investors of a press release that is consistent with the Company Press Release, none of the Investors nor any of their Affiliates or Associates shall make any public statement regarding the subject matter of this Agreement.

 

  

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11.           From the date of this Agreement to the Expiration Date (the “Restricted Period”), none of the Investors shall, and each Investor shall cause its respective Affiliates and Associates and its and their respective principals, directors, general partners, officers, employees, and agents and representatives acting on its behalf not to, in any way, directly or indirectly (in each case except as expressly permitted or required by this Agreement):

 

(a)           engage in any “solicitation” (as such term is used in the proxy rules of the Securities and Exchange Commission (the “SEC”) of proxies or consents with respect to the election or removal of directors or any other matter or proposal or in any referendum of stockholders of the Company or become a “participant” (as such term is used in the proxy rules of the SEC) in any such solicitation of proxies or consents or in any such referendum;

 

(b)           form or join or in any way participate in any a “group” as defined pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to any Common Stock, other than solely with other Affiliates of one or both of the Investors with respect to Common Stock now or hereafter owned by them;

 

(c)           acquire, or offer, seek or agree to acquire, by purchase or otherwise, or direct any third party in the acquisition of, any shares of Common Stock or assets, or rights or options to acquire any shares of Common Stock or assets, of the Company or engage in any swap or hedging transactions or other derivative agreements of any nature with respect to Common Stock, if such acquisition or transaction would result in the Investors having beneficial ownership of, or economic exposure to, more than 15% of the Common Stock;

 

(d)           effect or seek to effect, whether alone or in concert with others, any tender offer, exchange offer, merger, business combination, recapitalization, restructuring, liquidation, dissolution or extraordinary transaction involving the Company or its securities or assets (each, an “Extraordinary Transaction”) (it being understood that the foregoing shall not restrict the Investors from tendering shares, receiving payment for shares or otherwise participating in any such transaction on the same basis as other shareholders of the Company, or from participating in any such transaction that has been approved by the Board);

 

(e)           enter into a voting trust, arrangement or agreement, subject any shares of Common Stock to any voting trust, arrangement or agreement or grant any proxy with respect to shares of Common Stock now or hereafter owned by them;

 

(f)           (i) seek, alone or in concert with others, election or appointment to, or representation on, the Board or nominate or propose the nomination of, or recommend the nomination of, any candidate to the Board, (ii) seek, alone or in concert with others, the removal of any member of the Board or (iii) otherwise seek, alone or in concert with others, to control or influence the Board, management or policies of the Company and its Subsidiaries;

         

  

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(g)           make any proposal for consideration by the Company’s stockholders at any annual or special meeting of stockholders of the Company or any referendum of stockholders;

 

(h)          enter into any discussions, negotiations, agreements or understandings with any third party with respect to any of the foregoing, or advise, assist, intentionally encourage or seek to persuade any third party to take any action with respect to any of the foregoing, or otherwise take or cause any action inconsistent with any of the foregoing;

 

(i)           make any request for stock list materials or other books and records of the Company under Section 624 of the New York Business Corporation Law or other statutory or regulatory provisions providing for shareholder access to books and records;

 

(j)            institute any litigation, arbitration or other proceeding against the Company or any of its current or former directors or officers in order to effect or take any of the actions expressly prohibited by this Section; provided, however, that for the avoidance of doubt the foregoing shall not prevent any Investor from (A) bringing litigation to enforce the provisions of this Agreement, (B) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against an Investor, or (C)  exercising statutory rights under Section 623 of the New York Business Corporation Law; provided, further, that the foregoing shall also not prevent the Investors from responding to or complying with a validly issued legal process; or

 

(k)           make any request or submit any proposal to amend the terms of this Agreement, in each case which would reasonably be expected to result in a public announcement of such request or proposal.

 

Notwithstanding anything to the contrary in this Agreement, neither Mr. Rudolf nor any Replacement Designee, during his (or her) term of service as a director of the Company, will be prohibited from acting in his (or her) capacity as a director or from complying with his (or her) fiduciary duties as a director of the Company (including, without limitation, voting on any matter submitted for consideration by the Board, participating in deliberations or discussions of the Board and making suggestions or raising any issues or recommendations to the Board).

 

In addition, the foregoing provisions of this Section 11 shall not be deemed to prohibit the Investors or their directors, officers, partners, employees, members or agents (acting in such capacity) from communicating privately with the Company’s directors, chief executive officer or advisors so long as such communications do not, are not intended to, and would not reasonably be expected to, require any public disclosure of such communications.

 

  

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12.           During the Restricted Period, the Company and the Investors shall each refrain from making, and shall cause their respective Affiliates and Associates and its and their respective principals, directors, stockholders, members, general partners, officers and employees not to make, any statement or announcement that both relates to and constitutes an ad hominem attack on, or that both relates to and otherwise disparages, impugns or is reasonably likely to damage the reputation of, (a) in the case of statements or announcements by any of the Investors: the Company or any of its Affiliates or Subsidiaries or any of its or their respective officers, directors or employees or any person who has served as an officer, director or employee of the Company or any of its Affiliates or Subsidiaries, (b) in the case of statements or announcements by the Company: the Investors and the Investors’ advisors, their respective employees or any person who has served as an employee of the Investors and the Investors’ advisors. The foregoing shall not restrict the ability of any Person to comply with any subpoena or other legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom information is sought.

 

13.           (a)           The parties agree that all rights to exculpation, indemnification and advancement of expenses now existing in favor of the current or former directors, officers or employees, as the case may be, of the Company or its Subsidiaries as provided in their respective certificates of incorporation or bylaws or other organizational documents or in any indemnification or similar agreement disclosed in the Company’s filings with the SEC prior to the date of this Agreement shall continue in full force and effect and shall not be amended, repealed or modified in any manner adversely affecting the rights thereunder of any individual who prior to the  Annual Meeting were current or former directors, officers or employees of the Company or any of its Subsidiaries.

 

(b)           The Company shall maintain in effect the current policies of directors’ and officers’ liability insurance and fiduciary liability insurance maintained by the Company and its Subsidiaries (or policies with no less favorable coverage limits and other terms) with respect to actual or alleged acts, errors or omissions arising on or before the Annual Meeting, and shall not amend, repeal or modify such policies in any manner adversely affecting the rights thereunder of any individual who prior to the  Annual Meeting were current or former directors, officers or employees of the Company or any of its Subsidiaries.

 

(c)           Each of the current directors of the Company as of the date hereof shall be a third party beneficiary of this Section 13.  This Section 13 shall not be amended or eliminated without the prior written consent of a majority of the current directors as of the date hereof (it being understood that in the case of the death or incapacity of any such current director, the term ‘current director’ shall refer to the estate or legal representative of such director).

 

14.           As used in this Agreement, the term (a) ”Person” shall be interpreted broadly to include, among others, any individual, general or limited partnership, corporation, limited liability or unlimited liability company, joint venture, estate, trust, group, association or other entity of any kind or structure; (b) ”Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and shall include Persons who become Affiliates of any Person subsequent to the date of this Agreement; (c) ”Associate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and shall include Persons who become Associates of any Person subsequent to the date of this Agreement; (d) ”business day” shall mean any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed; 

        

  

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(e) ”beneficially own”, “beneficially owned” and “beneficial ownership” shall have the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; (f) “Expiration Date” means the tenth (10th) business day prior to the deadline for a shareholder to submit nominations at the 2016 Annual Meeting in accordance with the provisions set forth in the Company’s Bylaws in effect at such time; and (g) “Subsidiary” shall mean, with respect to any Person, any corporation, partnership, association, trust or other form of legal entity of which (i) more than 50% of the outstanding voting securities are directly or indirectly owned by such Person, or (ii) such Person or any Subsidiary of such Person is a general partner (excluding partnerships in which such Person or any Subsidiary of such Person does not have a majority of the voting interests in such partnership).

           

15. Each of the Investors, severally and not jointly, represents and warrants that (a) this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of such Investor, enforceable against it in accordance with its terms; (b) as of the date of this Agreement, such Investor is the beneficial owner of the shares of Common Stock set forth opposite the name of such Investor on Exhibit G; (c) neither such Investor nor any of its Affiliates is a party to any swap or hedging transactions or other derivative agreements of any nature with respect to the Common Stock; and (d) other than (i) this Agreement, (ii) compensation paid prior to the date hereof which has been disclosed to the Company prior to the date hereof and (iii) agreements entered into prior to the date hereof, correct and complete copies of which have been made available to the Company on or prior to the date hereof, the Investors and their Affiliates do not have and will not have during the Restricted Period any agreement, arrangement or understanding, written or oral, with any Company Nominee, any current or former member of the Board or executive officer of the Company in connection with this Agreement, pursuant to which such individual has been or will be compensated for his or her service as a director on, or nominee for election to, the Board, or otherwise related to the Company.

 

16. The Company represents and warrants that (a) this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms; and (b) does not and will not violate any law, any order of any court or other agency of government, the Certificate or the bylaws of the Company, each as amended from time to time, or any provision of any agreement or other instrument to which the Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise to, any material lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such indenture, agreement or other instrument.

 

17. The Company and the Investors each acknowledge and agree that money damages would not be a sufficient remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or threatened breach hereof, (a) the non-breaching party will be entitled to injunctive and other equitable relief, without proof of actual damages; (b) the breaching party will not plead in defense thereto that there would be an adequate remedy at law; and (c) the breaching party agrees to waive any applicable right or requirement that a bond be posted by the non-breaching party. Such remedies will not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies available at law or in equity.

         

  

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18. This Agreement and the Exhibits hereto constitute the only agreement between the Investors and the Company with respect to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. No party may assign or otherwise transfer either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported transfer requiring consent without such consent shall be void. In addition to any written consent required by Section 13, no amendment, modification, supplement or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party affected thereby, and then only in the specific instance and for the specific purpose stated therein. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

19.           If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable. The parties further agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the purposes of such invalid or unenforceable provision.

 

20.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of the Investors and the Company (a) irrevocably and unconditionally consents to the personal jurisdiction and venue of the federal or state courts located in New York County, New York; (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court; (c) agrees that it shall not bring any action relating to this Agreement or otherwise in any court other than the such courts; and (d) waives any claim of improper venue or any claim that those courts are an inconvenient forum. The parties agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 22 or in such other manner as may be permitted by applicable law, shall be valid and sufficient service thereof. Each of the parties, after consulting or having had the opportunity to consult with counsel, knowingly, voluntarily and intentionally waives any right that such party may have to a trial by jury in any litigation based upon or arising out of this Agreement or any related instrument or agreement, or any of the transactions contemplated thereby, or any course of conduct, dealing, statements (whether oral or written), or actions of any of them. No party shall seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived.

 

  

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21. This Agreement is solely for the benefit of the parties and, except as expressly set forth herein, is not enforceable by any other Person.

 

22.           All notices, consents, requests, instructions, approvals and other communications provided for herein, and all legal process in regard hereto, will be in writing and will be deemed validly given, made or served when delivered in person, by electronic mail, by overnight courier or two business days after being sent by registered or certified mail (postage prepaid, return receipt requested) as follows:

 

If to the Company to:

           

Volt Information Sciences, Inc.

1065 Avenue of the Americas

New York, New York 10018

Attn: Sharon Stern, Senior Vice President of Legal Affairs

email: sstern@volt.com

        

with a copy (which shall not constitute notice) to:

          

Wilson Sonsini Goodrich & Rosati

Professional Corporation

1301 Avenue of the Americas, 40th Floor

New York, NY 10019

Attn:  Warren S. de Wied

email: wdewied@wsgr.com

          

If to the Investors:

            

Glacier Peak Capital LLC

500 108th Ave NE, Suite 905

Bellevue, WA 98004

Attn: John C. Rudolf

email: jr@glacierpeakcapital.com

           

with a copy (which shall not constitute notice) to:

           

Olshan Frome Wolosky LLP

Park Avenue Tower

65 East 55th Street

New York, New York 10022

Attn: Steve Wolosky, Esq.

email: swolosky@olshanlaw.com

 

 

  

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At any time, any party may, by notice given in accordance with this Section to the other parties, provided updated information for notices hereunder.

 

23.           Each of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy over interpretations of this Agreement shall be decided without regard to events of drafting or preparation.

 

24.           The Company shall reimburse the Investors for their reasonable, itemized and documented out-of-pocket fees and expenses (including legal expenses) incurred in connection with the matters related to the Annual Meeting, the filing of a Schedule 13D amendment in connection with this Agreement and the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed three hundred thousand dollars ($300,000) in the aggregate.

 

25.           This Agreement may be executed by the parties in separate counterparts (including by fax, .jpeg, .gif, .bmp and .pdf), each of which when so executed shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

26.           This Agreement shall terminate and shall be void ab initio if at any time prior to the  Annual Meeting, the Investors beneficially own in the aggregate less than fifty percent (50%) of the shares of Common Stock beneficially owned by them as of the date hereof, excluding, for the avoidance of doubt, the Proxy Shares.

 

[Signature page follows.]

 

 

 

 

 

 

 

 

 

 

 

  

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If the terms of this Agreement are in accordance with your understanding, please sign below, whereupon this Agreement shall constitute a binding agreement among us.

          

	 	Very truly yours,	 
	 	 	 
	 	VOLT INFORMATION SCIENCES, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 /s/ Ronald Kochman	 
	 	 	Name: 	Ronald Kochman	 
	 	 	Title: 	President & CEO	 
	 	 	 	 	 

	Accepted and agreed to as of the date first written above:
	 	 
	GLACIER PEAK CAPITAL LLC	 
	 	 	 	 
	 	 	 	 
	By: 	 /s/ John C. Rudolf	 
	 	Name: 	John C. Rudolf	 
	 	Title: 	President	 
	 	 	 	 

                      

	GLACIER PEAK U.S. VALUE FUND LP	 
	 	 	 	 
	 	 	 	 
	By: 	 /s/ John C. Rudolf	 
	 	Name: 	John C. Rudolf	 
	 	Title: 	President	 
	 	 	 	 

                    

	 /s/ John C. Rudolf	 
	John C. Rudolf	 
	 	 	 

 

 

 

 

 

  

  

  

Exhibit A

 

CERTIFICATE OF AMENDMENT

 

of the

 

CERTIFICATE OF INCORPORATION

 

of

 

VOLT INFORMATION SCIENCES, INC.

 

Under Section 805 of the Business Corporation Law

 

 

 

We, the undersigned, Ronald Kochman and Sharon Stern, being respectively, the President and Chief Executive Officer and the Senior Vice President of Legal Affairs and Secretary of Volt Information Sciences, Inc., a corporation organized under the laws of the State of New York (the “Corporation”), do hereby state and certify that:

 

1. The name of the Corporation is Volt Information Sciences, Inc. The name under which the Corporation was formed is Volt Technical Corp.

 

2. The Certificate of Incorporation of the Corporation was filed with the office of the Department of State of the State of New York on March 6, 1957.

 

3. The Certificate of Incorporation, as restated and amended prior to the date hereof,  is hereby further amended, as authorized by Section 801 of the Business Corporation Law of the State of New York, to provide for the declassification of the Board of Directors (in Article NINTH of such Certificate of Incorporation). To effect such amendment, Article NINTH of the Certificate of Incorporation is hereby amended to read, in its entirety, as follows:

 

“NINTH. The business of the corporation shall be managed by the Board, which shall consist of such number of directors, not less than three nor more than nine, to be fixed from time to time by the shareholders or a majority of the entire Board. Commencing with the election of directors at the 2015 annual meeting of shareholders, which shall election shall take place immediately following the effectiveness of the Certificate of Amendment of the Certificate of Incorporation filed on May __, 2015, directors shall be elected annually for terms of one year and each director shall hold office until the next succeeding annual meeting of shareholders and until his or her successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office. Each director elected at the 2014 annual meeting of shareholders for a term expiring at the 2016 annual meeting of shareholders shall hold office until the expiration of his or her term at the 2016 annual meeting of shareholders, in each case until his or her successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office. No decrease in the number of directors shall shorten the term of any incumbent director. Each director shall be at least 21 years old.

Notwithstanding the foregoing, whenever the holders of shares of any one or more classes or series of stock (other than Common Stock) issued by the corporation shall have the right, voting separately by class or series, to elect directors at an annual or special meeting of shareholders, the election, term of office, filling of vacancies and other features of such directorships shall be governed by the terms of the Certificate of Incorporation applicable thereto.

4. The amendment of the Certificate of Incorporation set forth above was authorized by a vote of the Board of Directors at a meeting duly called and held on March __, 2015, a quorum being present, followed by the required vote of the holders of a majority of all outstanding shares of the Corporation entitled to vote thereon at the annual meeting of shareholders of the Corporation that was duly called and held on May __, 2015, a quorum being present.

 

  

  

  

 

IN WITNESS WHEREOF, we have executed and subscribed this Certificate of Amendment of the Certificate of Incorporation of the Corporation and do affirm the foregoing as true under penalty of perjury as of this __ day of May 2015.

 

 

	
 

	  	
 

	
Ronald Kochman

	  	
Sharon Stern

	
President and

Chief Executive Officer

	  	
Senior Vice President of Legal Affairs and Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

Exhibit B

 

 

VOTING AGREEMENT

THIS VOTING AGREEMENT (this “Agreement”) dated as of March 30, 2015, is entered into by and among the parties identified on the signature page hereto (collectively, the “Shareholders”).

WHEREAS, the Shareholders are the beneficial owners of certain shares of common stock, par value $0.10 per share (the “Common Stock”), of Volt Information Sciences, Inc., a New York corporation (“Volt”);

WHEREAS, Volt, Glacier Peak Capital LLC, a Washington limited liability company (“GP LLC”), Glacier Peak U.S. Value Fund, L.P., a Washington limited partnership (“GP LP”), and John C. Rudolf, have entered into a letter agreement (the “Agreement”) with respect to matters related to the 2015 annual meeting (the “Annual Meeting”) of shareholders of Volt (capitalized terms used but not defined herein have the meanings set forth in the Agreement);

WHEREAS, the Agreement contemplates that GP LLC, GP LP, John C. Rudolf and the other Shareholders signatory hereto will enter into a voting agreement in connection with the voting of shares of Common Stock beneficially owned by them as of the record date for the 2015 annual meeting of shareholders (“Covered Shares”) in favor of (x) the approval of the Amendment and (y) the election of each of the Company Nominees;

NOW THEREFORE, the Shareholders agree as follows:

1. Voting Agreement.  Each Shareholder hereby severally and not jointly agrees that all Covered Shares beneficially owned by it shall be represented in person or by proxy at the Annual Meeting and that such Shareholder shall vote, or cause to be voted, all such Covered Shares in favor of the Amendment and in favor of the election of each of the Company Nominees. Each Shareholder shall deliver a duly executed proxy with respect to its Covered Shares voted in accordance with the requirements of this Agreement to Volt not less than five business days prior to the Annual Meeting, whether or not such Shareholder intends to appear in person at the Annual Meeting, and shall confirm such delivery in writing or by electronic mail to each of the other Shareholders. For the avoidance of doubt, (i) in the case of GP LLC, Covered Shares shall include all shares in which GPC LLC holds an irrevocable proxy pursuant to that certain Voting Agreement and Irrevocable Proxy dated as of October 28, 2014 by and among Glacier Peak Capital LLC, Jerome Shaw, Joyce Cutler-Shaw, The Jerome and Joyce Shaw Family Trust U/D/T dated 8/6/1969, and The Rachel Lynn Shaw Trust U/D/T dated 11/23/2001, and (ii) in the case of Deborah Shaw and Linda Shaw, Covered Shares shall not include shares as to which such Shareholder has shared voting power, but such Shareholder agrees to use her reasonable best efforts to cause such shares to be voted in the same manner as the Covered Shares.

2. Representations and Warranties. Each Shareholder severally and not jointly represents that this Agreement constitutes a valid and binding obligation of such Shareholder, enforceable in accordance with its terms, and that, as of the date hereof, such Shareholder beneficially owns the shares of Common Stock set forth on Exhibit A.

  

3.            Termination.  This Agreement, and all rights and obligations of the parties hereunder, including the irrevocable proxy granted herein, shall terminate on the completion of the Annual Meeting.

  

  

  

 

4.            Miscellaneous.

(a)          This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

(b)          If any term, provision or covenant herein, or the application thereof to any circumstance, shall, to any extent, be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants herein and the application thereof to any other circumstances shall remain in full force and effect, shall not in any way be affected, impaired or invalidated, and shall be enforced to the fullest extent permitted by law.

 

(c)           Each of the Shareholders (a) irrevocably and unconditionally consents to the personal jurisdiction and venue of the federal or state courts located in New York County, New York; (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court; (c) agrees that it shall not bring any action relating to this Agreement or otherwise in any court other than the such courts; and (d) waives any claim of improper venue or any claim that those courts are an inconvenient forum. The parties agree that mailing of process or other papers in connection with any such action or proceeding to the address set forth on Exhibit A or in such other manner as may be permitted by applicable law, shall be valid and sufficient service thereof. Each of the Shareholders, after consulting or having had the opportunity to consult with counsel, knowingly, voluntarily and intentionally waives any right that such party may have to a trial by jury in any litigation based upon or arising out of this Agreement or any related instrument or agreement, or any of the transactions contemplated thereby, or any course of conduct, dealing, statements (whether oral or written), or actions of any of them. No party shall seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived.

 

(d)          The Shareholders each acknowledge and agree that money damages would not be a sufficient remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or threatened breach hereof, (a) the non-breaching party will be entitled to injunctive and other equitable relief, without proof of actual damages; (b) the breaching party will not plead in defense thereto that there would be an adequate remedy at law; and (c) the breaching party agrees to waive any applicable right or requirement that a bond be posted by the non-breaching party. Such remedies will not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies available at law or in equity.

 

(e)          This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof, and this Agreement is not intended to confer upon any other person any rights or remedies hereunder.

 

(f)           This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement.

(g)          The parties shall execute such further documents and do any and all such further things as may be necessary to implement and carry out the intent of this Agreement.

[Signature page on next page]

 

  

  

  

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first written above.

 

 

 

	GLACIER PEAK CAPITAL LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 
GLACIER PEAK US VALUE FUND, L.P.

	 
	 	 	 
	By:	 	 
	Name:	 	 
	 
Title:

	 	 
	 	 	 
	 	 
	John C. Rudolf	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	 
Deborah Shaw

	 
	 	 	 
	 	 	 
	 	 	 
	 	 
	Linda Shaw	 

 

 

 

  

  

  

EXHIBIT A

Glacier Peak Capital LLC

Glacier Peak U.S. Value Fund, L.P.

500 108th Avenue N.E.

Suite 905

Bellevue, WA 98004

1,776,111 shares beneficially owned by Glacier Peak U.S. Value Fund, L.P.

2,472,130 shares subject to the irrevocable proxy pursuant to that certain Voting Agreement and Irrevocable Proxy dated as of October 28, 2014

John C. Rudolf

c/o Glacier Peak Capital LLC

500 108th Avenue N.E.

Suite 905

Bellevue, WA 98004

406,714 shares

Linda Shaw

215 Sandy Pond Road

Lincoln, MA 01773

1,315,990 shares

Deborah Shaw

2908 Maple Avenue

Manhattan Beach, CA 90266

1,528,580 sharesSALES CONTRACT

 

 

THIS AGREEMENT is made and entered into this
31st day of March, 2015 (the “Effective Date”), by and between NORTHRIDGE PARKWAY, LLC, a Georgia
limited liability company (hereinafter referred to as the “Seller”), and VISTA ACQUISITIONS, LLC, a Georgia
limited liability company (hereinafter referred to as the “Purchaser”).

 

ARTICLE I -- PROPERTY TO BE CONVEYED

 

A. Seller shall sell to Purchaser, and Purchaser
shall purchase from Seller, upon the terms and conditions hereinafter set forth, that certain parcel of land described on Exhibit A
attached hereto and by this reference incorporated herein (hereinafter referred to as the “Land”, or the “Property”).

 

B. The Land consists of approximately 12.965
acres of real property located in Land Lots 25 and 26 of the 17th District, and in Land Lots 385 and 386 of the 19th
District, Fulton County, Georgia, together with all plants, shrubs and trees located thereon, and together with all rights, ways
and easements appurtenant thereto, including, without limitation, all of Seller’s right, title and interest in and to the
land underlying and the air space overlying any public or private ways or streets crossing or abutting the real estate.

 

ARTICLE II -- PURCHASE PRICE

 

The purchase price (hereinafter referred to
as the “Purchase Price”) for the Property is Five Million Five Hundred Thousand and No/100 Dollars ($5,500,000.00).
Subject to all prorations and adjustments provided herein, the Purchase Price shall be paid as follows:

 

A. Within one business day following
the Effective Date, Purchaser shall deposit with Slutzky, Wolfe and Bailey, LLP (the “Escrow Agent”) the sum of
Fifty Thousand and No/100 Dollars ($50,000.00) (such amount is hereinafter referred to as the “Initial Deposit”),
by check subject to collection or by wire-transfer, which such amount shall be deposited in a non-interest-bearing account. At
the time of and conditioned upon satisfaction of the condition precedent set forth in Section IX A hereof, Purchaser shall pay
to Escrow Agent an additional Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) which will be deposited in the same non-interest-bearing
account as was deposited the Initial Deposit (which subsequent $250,000.00 is hereinafter referred to as the “Subsequent
Deposit”). The Initial Deposit and the Subsequent Deposit are hereinafter collectively referred to as the “Deposit”.
The Deposit shall be applied toward the Purchase Price due at Closing (as hereinafter defined) if the Closing contemplated herein
is consummated as herein provided, or shall otherwise be applied as elsewhere provided in this Agreement.

 

    	 

    	 

    

B. At the Closing, Escrow Agent shall pay the
Deposit to Seller to be applied against the Purchase Price, and the balance of the Purchase Price shall be paid to Seller at Closing
by wire-transfer of funds immediately available to Seller.

 

C. (i) The Escrow Agent joins in the execution
of this Agreement solely for the purpose of acknowledging and agreeing to the provisions of this Section II C.

 

(ii) The duties of the Escrow Agent
shall be as follows:

 

(a) During the term of this Agreement, the Escrow
Agent shall hold and disburse the Deposit in accordance with the terms and provisions of this Agreement.

 

(b) The Escrow Agent shall pay the Deposit in
accordance with the joint written instructions of Seller and Purchaser in any of the following events: (i) if this Agreement shall
be terminated by the mutual written agreement of Seller and Purchaser, or (ii) if the Escrow Agent shall be unable to determine
at any time to whom the Deposit should be paid, or (iii) if a dispute shall develop between Seller and Purchaser concerning to
whom the Deposit should be paid. In the event that such written instructions shall not be received by the Escrow Agent within ten
(l0) days after the Escrow Agent has served a written request for instructions upon Seller and Purchaser, then the Escrow Agent
shall have the right to pay the Deposit into any court of competent jurisdiction and interplead Seller and Purchaser in respect
thereof, and thereupon the Escrow Agent shall be discharged of any obligations in connection with this Agreement.

 

(c) No fee or charge shall be due or payable
to the Escrow Agent for its services as escrow holder.

 

(d) By joining herein, the Escrow Agent undertakes
only to perform the duties and obligations imposed upon the Escrow Agent under the terms of this Agreement and expressly does not
undertake to perform any of the other covenants, terms and provisions incumbent upon the Seller and the Purchaser hereunder.

 

(e) Purchaser and Seller hereby agree and acknowledge
that the Escrow Agent assumes no liability in connection herewith except for negligence or willful misconduct; that the Escrow
Agent shall never be responsible for the validity, correctness or genuineness of any document or notice referred to under this
Agreement; and that in the event of any dispute under this Agreement, the Escrow Agent may seek advice from its own counsel and
shall be fully protected in any action taken by it in good faith in accordance with the opinion of its counsel.

 

(f) All investments by Escrow Agent will be
made in the regular course of business. To be entitled to same day investment (assuming good funds are provided), the Deposit must
be received by noon; otherwise, such funds will be deposited on the next business day. All investments shall be subject to the
rules, regulations, policies and procedures of the bank depository (hereinafter referred to as the “Depository”)
in which such monies are deposited.

 

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(g) The Deposit may be processed for collection
in the normal course of business by Escrow Agent, which may commingle funds received by it with escrow funds of others in its regular
escrow account at the Depository. Escrow Agent shall not be accountable for any incidental benefit which may be attributable to
the funds so deposited. Escrow Agent shall not be liable for any loss caused by the failure, suspension, bankruptcy or dissolution
of the Depository.

 

(h) Escrow Agent shall not be liable for loss
or damage resulting from:

 

(i) any good faith act or forbearance of Escrow
Agent;

 

(ii) any default, error, action or omission of
any party, other than Escrow Agent;

 

(iii) any defect in the title to any property
unless such loss is covered under a policy of title insurance issued by the Escrow Agent;

 

(iv) the expiration of any time limit or other
delay which is not solely caused by the failure of Escrow Agent to proceed in its ordinary course of business, and in no event
where such time limit is not disclosed in writing to the Escrow Agent;

 

(v) the lack of authenticity of any writing delivered
to Escrow Agent or of any signature thereto, or the lack of authority of the signatory to sign such writing;

 

(vi) Escrow Agent’s compliance with all attachments,
writs, orders, judgments, or other legal process issued out of any court;

 

(vii) Escrow Agent’s assertion or failure to assert
any cause of action or defense in any judicial or administrative proceedings; or

 

(viii) any loss or damage which arises after the
Deposit has been disbursed in accordance with the terms of this Agreement.

 

(i) Escrow Agent shall be fully indemnified
by the parties hereto for all of its expenses, costs, and reasonable attorney’s fees incurred in connection with any interpleader
action which Escrow Agent may file to resolve any dispute as to the Deposit, or which may be filed against the Escrow Agent. Such
costs, expenses or attorney’s fees may be deducted from the Deposit.

 

(j) If Escrow Agent is made a party to any judicial,
non-judicial or administrative action, hearing or process based on acts of any of the other parties hereto and not on the malfeasance
and/or negligence of Escrow Agent in performing its duties hereunder, the expenses, costs and reasonable attorney’s fees incurred
by Escrow Agent in responding to such action, hearing or process may be deducted from the funds held hereunder and the party/parties
whose alleged acts are a basis for such proceedings shall indemnify, save and hold Escrow Agent harmless from said expenses, costs
and fees so incurred.

 

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ARTICLE III – TITLE
AND SURVEY

 

A. Purchaser shall have
the right to obtain any survey (the “Survey”) of the Property desired by Purchaser. However, the legal description
contained in the Deed (hereinafter defined in Section IV A hereof) shall be that set forth on Exhibit A attached hereto.
At the request of Purchaser, at the Closing, the Seller shall also deliver to Purchaser a Quitclaim Deed using the legal description
based upon the metes and bounds legal description in the Survey, provided, however, such quitclaim deed shall be expressly subject
to the easements and other rights in favor of the Fulton County Board of Education respecting land adjacent and to the west of
the Land as evidenced by the Permitted Exception listed as item 17 in Exhibit B attached hereto and by this reference incorporated
herein or as set forth in the Limited Warranty Deed in favor of the Fulton County Board of Education recorded in Deed Book 53314,
page 605, et seq., Fulton County, Georgia records.

 

B.
Purchaser shall, at Purchaser’s expense, obtain an owner’s title insurance commitment (the “Commitment”)
from a national title insurance company with offices in Atlanta, Georgia (the “Title Company”), together
with legible copies of all matters referred to therein as exceptions to title. Prior to April 20, 2015, Purchaser shall deliver
to Seller a statement of any objections to Seller’s title to the Property and any objections as to matters disclosed by the Survey
or any other survey obtained by Purchaser. Seller shall have until April 24, 2015 to cure any such objections, but Seller shall
have no obligation to cure any such objections. In the event Seller fails or refuses to cure such objections on or before April
30, 2015 (hereinafter referred to as the “Hard Date”), then Purchaser shall elect by written notice to Seller
on or before the Hard Date, to either (i) terminate this Agreement and receive a full refund of so much of the Deposit as
is then held by Escrow Agent, and thereafter this Agreement shall be null and void and of no further force or effect, and neither
Purchaser nor Seller shall have any further rights, duties, liabilities or obligations to the other by reason hereof except for
the Inspection Indemnity (defined in Section IX A below); or (ii) waive such objections and consummate the transaction contemplated
herein without reduction of the Purchase Price. If Purchaser does not provide Seller written notice of Purchaser’s election as
above provided, then Purchaser shall be deemed to have waived such objections as provided in the aforesaid item (ii). All matters
as to which Purchaser has agreed to accept title subject to in accordance with this Section III B and all of those matters
set forth on Exhibit B attached hereto and by this reference incorporated herein are hereinafter referred to as the “Permitted
Exceptions”. Purchaser’s right to terminate the Agreement after the Hard Date shall be limited to either (i) as
set forth in this Article III, (ii) a default by Seller under this Agreement in closing the transaction on the Closing Date, or
(iii) the failure of any of the conditions precedent set forth in Article IX.

 

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C. Purchaser shall have
the right to have its title examination and Survey updated until the Closing Date (hereinafter defined), and if any such update
discloses any new title exceptions or survey matters as to which Purchaser has an objection and which were not of record as of
the effective date of the Commitment, as to title matters, or which were not shown on the Survey, as to survey matters (any such
new matter being referred to as a “New Objection”), Purchaser shall deliver to Seller a statement of any such
New Objections and Seller shall have until the Closing Date to cure all such New Objections. In the event that Seller fails to
cure such New Objections on or before the Closing Date and provided that such New Objection was created by Seller after the Effective
Date , (i) Purchaser may terminate this Agreement by written notice to Seller given on or before the Closing Date, whereupon Purchaser
shall receive a full refund of so much of the Deposit as is then held by Escrow Agent, and thereafter this Agreement shall be null
and void and of no further force or effect, and neither Purchaser nor Seller shall have any further rights, duties, liabilities
or obligations to the other by reason hereof except for the Inspection Indemnity, or (ii)  if such New Objection may be cured
by the payment of a liquidated amount of money, Purchaser may cure such New Objections and deduct the reasonable cost thereof from
the Purchase Price otherwise payable by Purchaser at Closing. Seller agrees not to convey or encumber title to the Land after the
Effective Date or to enter into a lease of all or any portion of the Land after the Effective Date.

 

D. In the event Purchaser raises a New Objection
which is not cured by Seller prior to the Closing Date which was not created by Seller after the Effective Date, and was not created
by Purchaser or any contractor or agent of Purchaser (an “Innocent New Objection”), the Closing Date shall automatically
be extended for thirty (30) days upon notice by either party to the other prior to the original scheduled Closing Date, and during
such thirty (30) day period Seller and Purchaser shall each have the right, but not the obligation, at its own expense, to attempt
to cure such Innocent New Objection, and in the event that at the end of such thirty (30) day period the Innocent New Objection
has not been cured, Purchaser may elect by notice to Seller given on or before one (1) day after such thirty (30) day period either
(i) to terminate this Agreement whereupon Purchaser shall receive a full refund of the Deposit from Escrow Agent, and thereafter
this Agreement shall be null and void and of no further force or effect, and neither Purchaser nor Seller shall have any further
rights, duties, liabilities or obligations to the other by reason hereof except for the Inspection Indemnity, or (ii) waive such
Innocent New Objection and close the transaction contemplated herein without reduction of the Purchase Price.

 

ARTICLE IV -- ITEMS TO BE DELIVERED BY SELLER AT CLOSING

 

At Closing Seller agrees to deliver the following
items to Purchaser. Drafts of all documents to be delivered at Closing as specified in this Agreement shall be prepared by Seller’s
counsel except for those specified in Section V B hereof which will be prepared by Purchaser or its counsel.

 

A. Title to the Property shall be conveyed by
a limited warranty deed (herein called the “Deed”) which will (i) contain a limited warranty of title to the effect
that Seller will warrant title to the Purchaser as against any claim by any person owning, holding or claiming by, through or under
Seller, but not otherwise; and (ii) be subject to the Permitted Exceptions.

 

    	5

    	 

    

B. A Seller’s Title Affidavit showing that all
debts for labor and materials in respect of the Land incurred by Seller have been paid in full, and that no person has any possessory
rights with respect to the Land except pursuant to the Permitted Exceptions, and that no broker or finder has been engaged by Seller.

 

C. A duly executed Certification of Non-Foreign
Status that pursuant to Section 1445 of the Internal Revenue Code, Seller is not a foreign person, foreign corporation, foreign
partnership, foreign trust or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations).

 

D. A duly executed IRS Form 1099-S, a duly executed
Designation of Reporting Agent Agreement and a duly executed Transferor Identification Certificate.

 

E. A duly executed Affidavit of Seller’s Residence
that pursuant to O.C.G.A. §48-7-128, no withholding from the proceeds of the transaction contemplated herein is required.

 

F. Such evidence as is required by the Title
Company to delete any and all security deeds encumbering the Land from the Commitment to be marked at Closing.

 

G. Evidence acceptable to the Title Company
that those acting for Seller have full authority to consummate the transaction contemplated in this Agreement.

 

H. The Quitclaim Deed referred to in Section
III A.

 

I. A Bring-Down Certificate executed by Seller
as specified in the last paragraph of Article XI.

 

J. Estoppel Letter from the association created
pursuant to the document specified in item 14 of Exhibit B attached hereto.

 

K. To the extent assignable, an Assignment of
all of Seller’s right, title and interest in and to all permits and approvals affecting the Property.

 

L. A Purchase and Sale Closing Statement.

 

M. Any other documents referred to or specified
in this Agreement or deemed reasonably appropriate by Purchaser’s and Seller’s counsel.

 

ARTICLE V -- ITEMS TO BE DELIVERED BY PURCHASER AT CLOSING

 

At Closing, Purchaser agrees to deliver the
following items to Seller:

 

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A. The Purchase Price as required by and in
the manner specified in Section II B hereof.

 

B. Evidence reasonably acceptable to Seller
that those acting for Purchaser have full authority to consummate the transaction contemplated in this Agreement.

 

C. A Purchase and Sale Closing Statement.

 

D. Any other documents referred to or specified
in this Agreement or deemed reasonably appropriate by Seller’s and Purchaser’s counsel.

 

ARTICLE VI -- TIME AND PLACE OF CLOSING AND CLOSING COSTS

 

A. The consummation of the transaction contemplated
herein shall take place on June 29, 2015 through an escrow closing conducted by the Escrow Agent. Purchaser and Seller each agrees
to deliver to the Escrow Agent all documents and instruments required to be executed and delivered by each of them at the Closing,
respectively, and Purchaser agrees to deposit with the Escrow Agent by wire-transfer of immediately available funds the amount
of the Purchase Price, less the amount of the Deposit plus the amount of costs and expenses required to be paid by Purchaser hereunder
plus the net amount of all prorations and adjustments due from or to Purchaser as provided in this Agreement, all sufficiently
in time so as to allow the Escrow Agent to conduct the Closing by no later than 2:00 p.m., Atlanta, Georgia time on the Closing
Date. The consummation of the transaction contemplated herein is herein referred to as the “Closing”, and the
date the Closing occurs is herein referred to as the “Closing Date”.

 

B. At Closing, Seller shall pay the transfer
tax incident to the Deed and the costs of recording satisfactions of the deed to secure debt and UCC financing statements encumbering
the Property, if any. At Closing, Purchaser shall pay all other expenses with respect to the Closing of the transaction contemplated
herein, including, without limitation, the cost of any Survey obtained by Purchaser, recording fees, and the premium incident to
any title insurance policy to be issued to Purchaser, except that Seller and Purchaser will each pay their own attorney’s fees
and one-half of the Escrow Agent’s escrow fee for conducting the Closing, not to exceed $500.00 to be paid by each of them.

 

C. Possession of the Property will be delivered
by Seller to Purchaser on the Closing Date.

 

ARTICLE VII -- APPORTIONMENTS

 

The following items shall be apportioned at
Closing and as of the Closing Date:

 

    	7

    	 

    

A. Seller shall be entitled to receive all income
in respect of the Property and shall be obligated to pay all expenses in respect of the Property for all time periods prior to
and including the day prior to the Closing Date. Purchaser shall be entitled to receive all such income and shall be obligated
to pay all such expenses for all time periods commencing with the Closing Date. Without limitation to the foregoing, all owners’
association fees and assessments, and all real property taxes, including the current installment for any assessment (special, bond,
or otherwise), shall be prorated based on the amount of such fees, assessments and taxes for the year during which the Closing
occurs. In the event current year’s taxes are not available at the time of Closing, such proration shall be based upon the amount
of such taxes for the previous year, and in the event there is a difference between the current year’s taxes and the taxes for
the previous year based upon which the proration was effected, the amount of such taxes shall be reprorated immediately upon demand
being made therefor by one party upon the other. In the event that any income or any expense item relating to the period prior
to the Closing Date is received or appears after the Closing, such item(s) shall be adjusted between the Seller and the Purchaser
within ten (10) days after such is discovered. Purchaser and Seller shall also prorate as of the Closing Date such other items
which are customarily prorated in connection with the purchase and sale of properties similar to the Property. This Section VII
A shall survive the Closing of the transaction contemplated herein, but only for a period of ninety (90) days after which all prorations
and adjustments shall be final between Seller and Purchaser, except for the agreement to reprorate property taxes in the event
the proration at Closing is based upon the previous year’s taxes which agreement to reprorate shall survive the Closing for
a period of one year from the Closing Date.

ARTICLE VIII -- EMINENT DOMAIN

 

A. If, prior to the Closing Date, all, or such
a material portion of the Land as would make it difficult or impossible for Purchaser to construct its proposed development on
the Land, is taken by condemnation or eminent domain or same is pending, or Seller has been given notice of such an intended taking,
so much of the Deposit as is held by Escrow Agent shall be returned by Escrow Agent to Purchaser, and upon such return this Agreement
shall terminate and be null and void and of no further force or effect and neither Purchaser nor Seller shall have any further
rights, duties, liabilities or obligations to the other hereunder except for the Inspection Indemnity (hereinafter defined). If,
prior to the Closing Date, there shall be any condemnation or eminent domain proceedings instituted or pending against less than
such a material portion of the Land as would make it difficult or impossible for Purchaser to construct Purchaser’s proposed development
on the Land, the Closing shall take place as provided herein without abatement of the Purchase Price, and there shall be assigned
to the Purchaser at the Closing, all interest of the Seller in and to any condemnation awards which may be payable to the Seller
on account of such occurrence. Seller shall notify Purchaser in writing of any notice of contemplated condemnation received by
Seller prior to the Closing Date.

 

ARTICLE IX -- PURCHASER’S CONDITIONS PRECEDENT

 

Purchaser shall not be required to purchase
the Property unless the following conditions precedent have been satisfied:

 

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A. On or before the Hard Date, Purchaser shall
have the right to enter upon the Property for the purpose of conducting soil tests, borings, percolation tests and any other tests,
inspections or examinations that Purchaser desires in regard to the engineering and planning for the development of the Property,
including, without limitation, such other tests, inspections or examinations as Purchaser may request to determine subsurface or
topographic conditions of the Property and/or suitability of the Property for Purchaser’s intended development and such things
as Purchaser, in its sole discretion, determines are appropriate for the Property and/or the presence or existence of hazardous
chemicals, materials or substances on the Property; provided, however, Purchaser shall not conduct any Phase II environmental testing
or inspection of the Property without having first received Seller’s prior written consent, which may be given or withheld by Seller
in Seller’s sole discretion. Purchaser shall pay for all such work performed on the Property and shall not permit the creation
of any lien in favor of any contractor, subcontractor, materialman, mechanic, surveyor, architect or laborer, and Purchaser hereby
expressly agrees to indemnify and hold Seller harmless with respect thereto; and provided further, however, that Purchaser hereby
expressly agrees to indemnify and hold Seller harmless against any claim, damage or injury to either persons or property arising
out of Purchaser’s or its agent’s, employees’ or representatives’ actions under this Section IX A. Prior to entering upon
the Land, Purchaser shall deliver to Seller evidence that Purchaser has in effect a broad-form commercial general liability insurance
policy having a minimum combined single-limit coverage of not less than $1,000,000.00, and that Purchaser has named Seller as an
additional named insured, and Purchaser shall deliver to Seller a Certificate of Insurance to the foregoing effect, naming Seller
as an additional named insured. The indemnification and hold harmless provisions contained in this Section IX A are herein
collectively referred to as the “Inspection Indemnity”. This Section IX A shall survive the Closing of the
transaction contemplated herein or any other termination of this Agreement.

 

If Purchaser fails to notify Seller and Escrow
Agent on or before the Hard Date that the condition precedent set forth in this Section IX A has failed and therefore Purchaser
has elected to terminate this Agreement, the condition precedent set forth in this Section IX A shall be deemed satisfied
and Purchaser shall be obligated to pay the Subsequent Deposit to Escrow Agent on the Hard Date. Concurrently with the execution
of this Agreement, Purchaser has paid to Seller One Hundred and No/100 Dollars ($100.00) as independent consideration for Seller’s
execution of this Agreement and affording Purchaser the time from the Effective Date until the Hard Date to determine whether or
not the Property is satisfactory for acquisition by Purchaser.

 

B Seller shall have fully
and completely kept, observed, performed, satisfied and complied in all material respects with all terms, covenants, conditions,
agreements, requirements, restrictions and provisions required by this Agreement to be kept, observed, performed, satisfied or
complied with by Seller on the Closing Date.

 

C. Purchaser shall not
have terminated this Agreement pursuant to an express right so to terminate set forth in this Agreement.

 

    	9

    	 

    

If any of the foregoing
conditions have not been satisfied or performed on or as of the Closing Date, Purchaser shall have the right, at Purchaser’s
option, either (i) to terminate this Agreement by giving written notice to Seller on or before the Closing Date, in which event
all rights and obligations of the parties under this Agreement shall expire, and this Agreement shall become null and void except
for the Inspection Indemnity, or (ii) if such failure of condition constitutes a default by Seller under Section XII B of
this Agreement, to exercise such rights and remedies specified in Section XII B. In the event Purchaser exercises item (i)
of the foregoing sentence, the Deposit shall be refunded to Purchaser immediately upon request.

 

ARTICLE X – DELIVERIES
BY SELLER

 

To the extent not delivered by Seller to Purchaser
before the Effective Date, Seller agrees to deliver to Purchaser within three (3) business days after the Effective Date copies
of any and all of the following documents and records in Seller’s possession related to the Property:

 

1. The latest dated title insurance policy and
copies of the title documents referenced in the title policy;

 

2. Ad valorem tax bills for the years 2012,
2013 and 2014, any notice with respect to a change in assessed value of the Land from that used in the 2014 tax bill, and any appraisal
of the Land;

 

3. Phase I environmental reports and any laboratory
results from any testing of material or soil from the Land;

 

4. Copy of the survey from which the legal description
of the Land attached as Exhibit A hereto was prepared and any subsequent surveys of the Property;

 

5. All currently effective permits, zoning letters
and approvals;

 

6. All development plans, site plans, architectural
drawings and similar materials; provided, however, by execution of this Agreement, Purchaser acknowledges that Purchaser may not
make use of any architectural drawings or similar materials without Seller’s consent which may be given or denied by Seller
in its sole discretion.

 

ARTICLE XI -- REPRESENTATIONS
AND WARRANTIES OF SELLER

 

Seller hereby represents, warrants and covenants
to and with Purchaser, knowing that Purchaser in entering into this Agreement is relying on each such representation, warranty
and covenant, as follows:

 

A. Seller is a limited liability company duly
organized and validly existing under the laws of its state of organization. Seller has the right, power and authority to enter
into this Agreement and to sell the Property in accordance with the terms hereof, and Seller has granted no option or right of
first refusal to any person or entity to purchase the Property and has not entered into any other contract to sell the Property.
This Agreement and all other agreements to be executed by Seller in connection herewith have been (or upon execution will have
been) duly executed and delivered by Seller, have been effectively authorized by all necessary action, and constitute (or upon
execution will constitute) legal, valid and binding obligations of Seller enforceable against Seller in accordance with their respective
terms.

 

    	10

    	 

    

B. To the best of Seller’s knowledge,
there are no parties in possession of the Property or entitled to possession thereof other than Seller and other than as provided
in the Permitted Exceptions.

 

C. To the best of Seller’s
knowledge, there are no actions, suits or proceedings pending or threatened against, by or affecting Seller which affect title
to the Property, or which question the validly or enforceability of this Agreement or of any action taken by Seller under this
Agreement, in any court or before any governmental authority, domestic or foreign; and to Seller’s knowledge, there are no
pending, threatened or contemplated condemnation actions involving all or any part of the Property.

 

D. There are no management,
maintenance or service contracts with respect to the Property that will affect the Property after Closing other than the Permitted
Exceptions.

 

E. To the best of Seller’s
knowledge, no part of the Property has been used for or as a landfill or toxic waste site.

 

F. To the best of Seller’s
knowledge, Seller has good and marketable fee simple title to all of the Property subject to the Permitted Exceptions; and Seller
has the lawful right, power, authority and capacity to sell the Property in accordance with the terms, provisions and conditions
of this Agreement.

 

G. Between the date hereof
and the earlier of the termination of this Agreement or the Closing Date, Seller shall maintain the Property in the ordinary course
of business; shall continue to carry and maintain in force all existing policies of casualty and public liability insurance with
respect to the Property; shall not make or enter into any lease or other agreement for the use, occupancy or possession of all
or any part of the Property except for the Permitted Exceptions. Seller discloses that the existing land disturbance permit for
the Property expires June 7, 2015, and Seller does not covenant with Purchaser to continue the land disturbance permit in effect.

 

H. There are no leases
or other agreements for use, occupancy or possession presently in force with respect to all or any portion of the Property except
for the Permitted Exceptions.

 

I. To the best of Seller’s
knowledge, Seller has not received written notice of any presently existing violations of any local, state or federal pollution
control laws as the Property is presently being used and occupied; if Seller receives written notice of any such violation, Seller,
at its sole expense but not to exceed $50,000.00, shall comply with any requirements of such notice prior to Closing. If the cost
of compliance exceeds $50,000.00 and Seller is unwilling to so comply, Seller shall provide notice to Purchaser and Purchaser may
within three (3) business days after receipt of such notice terminate this Agreement in which event so much of the Deposit as is
then held by Escrow Agent shall be returned to Purchaser and this Agreement shall terminate and be null and void and of no further
force or effect except for the Inspection Indemnity.

 

    	11

    	 

    

ANYTHING TO THE CONTRARY
CONTAINED IN THIS AGREEMENT NOTWITHSTANDING, IT IS UNDERSTOOD AND AGREED THAT THE PROPERTY IS BEING SOLD AND CONVEYED HEREUNDER,
“AS IS, WHERE IS, AND WITH ALL FAULTS” WITH NO RIGHT OF SETOFF OR DEDUCTION TO THE PURCHASE PRICE AND WITHOUT ANY REPRESENTATION
OR WARRANTY BY SELLER EXCEPT AS EXPRESSLY SET FORTH HEREIN. SELLER HAS NOT MADE AND IS NOT MAKING ANY EXPRESS OR IMPLIED REPRESENTATIONS
OR WARRANTIES WHATSOEVER WITH RESPECT TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY REGARDING
THE SUITABILITY OF THE PROPERTY FOR ANY PARTICULAR PURPOSE OR RELATING IN ANY WAY TO HAZARDOUS SUBSTANCES OR ANY ENVIRONMENTAL
MATTERS, SUITABILITY OF SOIL OR GEOLOGY, ABSENCE OF DEFECTS OR HAZARDOUS OR TOXIC SUBSTANCES OR WASTE. PURCHASER ACKNOWLEDGES AND
REPRESENTS THAT PURCHASER IS ENTERING INTO THIS AGREEMENT WITHOUT RELYING UPON ANY SUCH STATEMENT, REPRESENTATION OR WARRANTY MADE
BY SELLER OR BY ANY AGENT OR ANY OTHER PERSON AND BASED SOLELY UPON PURCHASER’S OWN INSPECTIONS AND INVESTIGATIONS OF THE PROPERTY.
PURCHASER, FOR PURCHASER AND ITS SUCCESSORS AND ASSIGNS, HEREBY RELEASES SELLER FROM AND WAIVES ALL CLAIMS AND LIABILITY AGAINST
SELLER IN CONNECTION WITH OR ARISING OUT OF ANY PHYSICAL OR ENVIRONMENTAL CONDITION IN, AT, ABOUT OR UNDER THE PROPERTY AND FURTHER
RELEASES SELLER FROM AND WAIVES ALL CLAIMS AND LIABILITY AGAINST SELLER ATTRIBUTABLE TO THE PHYSICAL AND ENVIRONMENTAL CONDITION
AND QUALITY OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE, DISCOVERY OR REMOVAL OF ANY HAZARDOUS WASTE, HAZARDOUS
OR TOXIC SUBSTANCES, AS THOSE TERMS ARE DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT, THE
TOXIC SUBSTANCES CONTROL ACT, AND THE RESOURCE CONSERVATION AND RECOVERY ACT, IN EACH CASE, AS AMENDED, AND AS MAY BE FURTHER AMENDED
FROM TIME TO TIME, OR ANY OTHER FEDERAL OR STATE LAWS OR REGULATIONS RELATING TO ENVIRONMENTAL MATTERS IN, AT, ABOUT OR UNDER THE
PROPERTY. AS BETWEEN PURCHASER AND SELLER, PURCHASER ASSUMES RESPONSIBILITY AND LIABILITY FOR ALL OBLIGATIONS ARISING SUBSEQUENT
TO CLOSING AND ATTRIBUTABLE TO ANY HAZARDOUS SUBSTANCES IN, AT, ABOUT OR UNDER THE PROPERTY, AND AGREES TO INDEMNIFY SELLER FROM
ANY LIABILITY RESULTING FROM THE PRESENCE ON, OR RELEASE FROM, THE PROPERTY OF ANY HAZARDOUS WASTE OR HAZARDOUS OR TOXIC SUBSTANCES
ARISING SUBSEQUENT TO CLOSING AND OCCURRING DURING THE PURCHASER’S OWNERSHIP OF THE PROPERTY. ANYTHING HEREIN TO THE CONTRARY NOTWITHSTANDING,
THE AGREEMENTS OF PURCHASER SET FORTH IN THIS PARAGRAPH SHALL SURVIVE THE CLOSING AND SHALL BE ENFORCEABLE AT ANY TIME.

 

    	12

    	 

    

As used herein, the words “to the best of Seller’s knowledge”
or words of similar import shall mean and refer to the actual and not constructive knowledge, without investigation, of Charles
S. Roberts, Executive Vice President of the sole general partner of Seller’s sole member, and not anything which he should
have known but did not actually know. Charles S. Roberts shall have no personal liability whatsoever respecting of any Seller’s
representations, warranties or covenants or the transaction contemplated in this Agreement.

 

At the Closing, Seller shall execute and deliver a “Bring-Down
Certificate” with respect to the representations and warranties made by Seller in this Article XI stating either that such
representations and warranties remain true and correct in all material respects as of the Closing Date or stating any of such representations
and warranties which are no longer true and correct in all material respects as of the Closing Date. In the event that Seller’s
Bring-Down Certificate specifies that any of Seller’s representations and warranties are no longer true and correct as of
the Closing Date in any material respect, (i) if the representation and warranty has changed from the Effective Date to the Closing
Date not as a result of a default by Seller under this Agreement, Purchaser’s only rights in respect to such change in representation
and warranty shall be to either (a) waive such change and close and consummate the transaction contemplated herein without reduction
of the Purchase Price, or (b) terminate this Agreement and receive a refund of the Deposit, after which this Agreement shall be
null and void and of no further force or effect and neither Seller nor Purchaser shall have any further rights, duties, liabilities
or obligations to the other hereunder except for the Inspection Indemnity; or (ii) if the change in such representation and warranty
arises because of Seller’s default under this Agreement, Purchaser shall have its rights and remedies specified in Section
XII B hereof.

 

Anything contained in this Agreement to the contrary notwithstanding,
the representations and warranties of Seller contained in this Article X shall not survive the Closing and shall be merged into
the Deed.

 

ARTICLE XII -- DEFAULT AND REMEDIES

 

A. In the event that the transaction contemplated
herein is not closed and consummated because of Purchaser’s failure or breach to perform its obligations hereunder, as Seller’s
sole remedy Escrow Agent shall pay the Deposit to Seller as Seller’s liquidated damages, and not as a penalty, it being otherwise
difficult or impossible to determine Seller’s actual damages. Seller and Purchaser acknowledge that it is impossible to estimate
the actual damages Seller would suffer from Purchaser’s breach of this Agreement, but that the liquidated damages provided herein
represent a reasonable pre-estimate of such damages and Seller and Purchaser therefore intend to provide for liquidated damages
as herein specified, and that the agreed upon liquidated damages are not punitive or penalties and are just, fair and reasonable,
all in accordance with O.C.G.A. Â§13â€’6â€’7. The foregoing sentence shall in no form or fashion affect Seller’s rights and remedies
against Purchaser in connection with the Inspection Indemnity.

 

    	13

    	 

    

B. In the event that the transaction contemplated
herein is not closed and consummated because of Seller’s failure or breach to perform its obligations hereunder, Purchaser shall
have the right only (i) to terminate this Agreement by giving notice thereof to Seller and Escrow Agent, and upon receipt of such
notice Escrow Agent shall return so much of the Deposit as is then held by Escrow Agent to Purchaser and thereafter this Agreement
shall terminate and be null and void and of no further force or effect, and neither Seller nor Purchaser shall have any further
rights, duties, liabilities or obligations to the other hereunder except for the Inspection Indemnity, or (ii) to sue Seller for
specific performance of Seller’s obligations under this Agreement; which remedies specified in (i) and (ii) shall be in lieu of
any other rights or remedies for Purchaser, including, without limitation, any right or claim for damages; provided, however, in
the event that the remedy of specific performance is not available to Purchaser because Seller has voluntarily conveyed the Property
after the date of this Agreement, Purchaser shall have the right to sue Seller for the damages occasioned thereby to Purchaser.
If Purchaser consummates the transaction contemplated in this Agreement it shall be conclusively deemed to have waived any breach
by Seller of any covenant, representation or warranty under this Agreement (but not under any of the documents executed at Closing
which shall continue in accordance with their terms) which the Purchaser knew or should have known existed prior to the Closing.

 

ARTICLE XIII -- NOTICES

 

A. Whenever any notice, demand, or request is
required or permitted hereunder, such notice, demand or request shall be in writing and shall be hand-delivered in person or sent
by FedEx or similar expedited overnight delivery service, all charges prepaid, to the addresses set forth below:

 

To Seller:

 

Northridge Parkway, LLC

375 Northridge Road

Suite 330

Atlanta, GA 30350

Attention: Charles S. Roberts

 

    	14

    	 

    

With a copy to:

 

ACRE Realty Investors, Inc.

c/o Avenue Capital Group

399 Park Avenue

New York, NY 10022

Attention: Robert Gellert

 

and  a copy to:

 

Sanford H. Zatcoff, Esq.

Holt Ney Zatcoff & Wasserman, LLP

100 Galleria Parkway

Suite 1800

Atlanta, GA 30339

 

To Purchaser:

 

Vista Acquisitions, LLC

2964 Peachtree Road

Suite 585

Atlanta, GA 30305

Attention: Eduard de Guardiola

 

With a copy to:

 

Douglas P. Krevolin, Esq.

1201 W. Peachtree Street, NW

Suite 3250

Atlanta, GA 30309

 

To Escrow Agent:

 

Slutzky, Wolfe and Bailey, LLP

2255 Cumberland Parkway, SE

Building 1300

Atlanta, GA 30339

Attention: Robert Laney

 

Any notice, demand, or request which shall be served upon any of
the parties in the manner aforesaid shall be deemed sufficiently given for all purposes hereunder (i) at the time such notice,
demand or request is hand-delivered in person, or (ii) on the day such notice, demand or request is deposited with FedEx or similar
overnight delivery service in accordance with the preceding portion of this Article XII. Any party hereto shall have the right
from time to time to designate by written notice to the other such other person or persons and at such other places in the United
States as Purchaser or Seller desires written notices, demands, or requests to be delivered or sent in accordance herewith; provided,
however, at no time shall either party be required to send more than an original and two (2) copies of any such notice, demand
or request required or permitted hereunder. Notices from Seller may be executed and delivered by a party’s counsel.

 

    	15

    	 

    

ARTICLE XIV -- BROKERS

 

A. Purchaser and Seller hereby represent to
each other that no real estate broker or agent was involved in negotiating the transaction contemplated herein. In the event any
claim(s) for real estate commissions, fees or compensation arise in connection with this Agreement and the transaction contemplated
herein, the party so incurring or causing such claim(s) shall indemnify, defend and hold harmless the other party from any loss,
claim or damage which the other party suffers because of said claim(s).

 

ARTICLE XV – WARRANTIES,
REPRESENTATIONS AND COVENANTS OF PURCHASER

 

Purchaser represents, warrants
and covenants to and with Seller, knowing that Seller is relying on each representation, warranty and covenant, that:

 

A. Purchaser is a limited
liability company duly organized, validly existing and in good standing under the laws of the State of Georgia;

 

B. There are no actions,
suits or proceedings pending or threatened against, by or affecting Purchaser which question the validity or enforceability of
this Agreement or of any action taken by Purchaser under this Agreement, in any court or before any governmental authority, domestic
or foreign;

 

C. The execution of and
entry into this Agreement and the performance by Purchaser of Purchaser’s duties and obligations under this Agreement and
of all other acts necessary and appropriate for the full consummation of the purchase and sale of the Property as contemplated
by and provided for in this Agreement, are consistent with and not in violation of any contract, agreement or other instrument
to which Purchaser is a party, or any judicial order or judgment of any nature by which Purchaser, or any officer of Purchaser,
is bound; and this Agreement, and the covenants and agreements of Purchaser under this Agreement, are the valid and binding obligations
of Purchaser, enforceable in accordance with their terms; and

 

D. Purchaser will deliver
on the Closing Date all documents and instruments required by this Agreement for the consummation of the purchase and sale of the
Property.

 

    	16

    	 

    

ARTICLE XVI -- MISCELLANEOUS

 

A. This Agreement constitutes the entire agreement
between the parties hereto and cannot be changed or modified other than by a written agreement executed by both Purchaser and Seller.

 

B. If Seller desires, Purchaser shall cooperate
with Seller in Seller’s effort to effect a tax-free exchange of the Property for other property of like kind pursuant to Internal
Revenue Code §1031, and the regulations promulgated thereunder; provided, however, no such exchange shall delay the Closing
Date, or require Purchaser to take title to any other real property or cause Purchaser to incur any costs relating thereto, other
than minimal costs such as execution of acknowledgment of assignment of this Agreement to Seller’s qualified intermediary,
and Seller’s obligations under this Agreement shall not be conditioned upon Seller’s ability to effect such an exchange.

 

C. Irrespective of the place of execution or
performance, this Agreement shall be governed by and construed in accordance with the laws of the State of Georgia. This Agreement
shall be construed without regard to any presumption or other rule requiring construction against the party causing this Agreement
to be drafted. If any words or phrases in this Agreement shall have been stricken out or otherwise eliminated, whether or not any
other words or phrases have been added, this Agreement shall be construed as if the words or phrases so stricken out or otherwise
eliminated were never included in this Agreement and no implication or inference shall be drawn from the fact that said words or
phrases were so stricken out or otherwise eliminated. All terms and words used in this Agreement regardless of the number or gender
in which they are used, shall be deemed to include any other number and any other gender as the context may require.

 

D. This Agreement may be executed in more than
one counterpart, each of which shall be deemed an original.

 

E. The captions of this Agreement are inserted
for convenience or reference only and do not define, describe or limit the scope or intent of this Agreement or any of the terms
hereof.

 

F. Time is of the essence of this Agreement
and each term and provision hereof. In the event that time for performance of any matter hereunder falls on a Saturday, Sunday
or legal holiday, the time for performance shall automatically be extended to the next business day.

 

G. If any term, covenant or condition of this
Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder
of this Agreement and the application of such terms, covenants and conditions to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant and condition of this Agreement
shall be valid and be enforced to the fullest extent permitted by law.

 

    	17

    	 

    

H. All rights, powers and privileges conferred
hereunder upon the parties unless otherwise provided shall be cumulative and not restricted to those given by law.

 

I. No failure of any party to exercise any power
given such party hereunder or to insist upon strict compliance by any other party to its obligations hereunder, and no custom or
practice of the parties in variance with the terms hereof, shall constitute a waiver of any party’s right to demand exact compliance
with the terms hereof.

 

J. Purchaser shall have the right to waive any
condition or contingency herein in Purchaser’s favor and Seller shall have the right to waive any condition or contingency herein
in Seller’s favor.

 

K. Anything contained in this Agreement to the
contrary notwithstanding, except as specifically set forth in this Agreement to the contrary, the terms and provisions of this
Agreement shall not survive Closing and shall be merged into the Deed.

 

L. Subject to the provisions of Section XVI
M hereof, the provisions of this Agreement shall extend to, bind and inure to the benefit of the parties hereto and their respective
successors, assigns and the legal representatives of their estates.

 

M. This Agreement may not be assigned by Purchaser
without the prior written consent of Seller; provided, however, that Purchaser shall have the right without any consent of Seller
being required to assign this Agreement to any other entity owned, controlled or managed, directly or indirectly, by Eduard de
Guardiola provided that prompt written notice and a copy of any such assignment is delivered to Seller and provided that such assignee
assumes all of Purchaser’s obligations under this Agreement.

 

N. This Agreement may be executed in multiple
counterparts and shall be deemed to have become effective when and only when one or more of such counterparts has been signed by
or on behalf of each of the parties to this Agreement and delivered to the other party (although it shall not be necessary that
any single counterpart be signed by or on behalf of both parties hereto, and all such counterparts shall be deemed to constitute
one and the same instrument). Furthermore, the parties agree that (i) this Agreement may be transmitted between them by facsimile
transmission or email, (ii) that signature pages to this Agreement may be transmitted between them by facsimile transmission or
email, (iii) that facsimile or PDF signatures sent by email shall have the effect of original signatures, and (iv) that a faxed
or emailed Agreement containing the signatures (original, faxed or emailed) of all the parties hereto shall be binding on a party
when the signature page of such party is transmitted to the other party hereto accompanied by instructions to insert same into
a complete original of this Agreement.

 

    	18

    	 

    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed, sealed and delivered the day and year first above written.

 

 

	 	
        SELLER:

         

        NORTHRIDGE PARKWAY, LLC, a Georgia limited liability company

         

        By:ACRE Realty LP, a Georgia
        limited partnership, its sole manager

         

        By:ACRE Realty Investors Inc.,
        a Georgia corporation, its sole general partner

         

        By:                                                         

        Name:

        Title:

         

        (CORPORATE SEAL)

         

         

         

 

 

 

 

[Executions continued on next page]

 

 

    	19

    	 

    

	 	
        PURCHASER:

         

         

         

        VISTA ACQUISITIONS, LLC, a Georgia limited
        liability company

         

         

        By:                                                         (SEAL)

        Eduard de Guardiola, Manager

         

 

 

 

 

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    	20

    	 

    

Escrow Agent joins in the execution of this
Agreement for the purpose of acknowledging the agreements set forth in this Agreement as to the holding of the Deposit.

 

 

	 	
        ESCROW AGENT:

         

         

        SLUTZKY, WOLFE AND BAILEY, LLP

         

        By:                                                          

        Name:                                                          

        Title:                                                          

         

	 	 

 

 

    	21

    	 

    

exhibit
a

TRACT ONE:

 

All that tract of land in Land Lots 25 and
26 of the 17th District, and in Land Lots 385 and 386 of the 18th District, Fulton County, Georgia, described as follows:

 

Beginning at a point at the intersection of
the North right-of-way line of Northridge Parkway (right-of-way varies) with the West line of said Land Lot 385, said point being
the True Point of Beginning; Running THENCE along said right-of-way line of Northridge Parkway, the following courses and distances:
North 81 degrees 24 minutes 03 seconds West for a distance of 43.13 feet to a POINT; THENCE South 08 degrees 35 minutes 57 seconds
West for a distance of 3.47 feet to a POINT; THENCE North 81 degrees 24 minutes 03 seconds West for a distance of 34.91 feet to
a pk nail set; THENCE leaving said right-of-way North 09 degrees 32 minutes 31 seconds East for a distance of 33.22 feet to a pk
nail set; THENCE North 20 degrees 22 minutes 20 seconds East for a distance of 53.01 feet to a pk nail set; THENCE North 35 degrees
10 minutes 51 seconds East for a distance of 92.75 feet to a pk nail set; THENCE North 00 degrees 08 minutes 26 seconds West for
a distance of 129.97 feet to a 1/2“rebar found; THENCE North 00 degrees 04 minutes 15 seconds East for a distance of 157.44
feet to a 1/2“rebar found; THENCE North 53 degrees 35 minutes 55 seconds East for a distance of 137.24 feet to a 3/8“rebar
found; THENCE North 62 degrees 58 minutes 05 seconds East for a distance of 167.53 feet to a 1“crimp top pipe; THENCE South
71 degrees 01 minute 34 seconds East for a distance of 51.67 feet to a 1” open top pipe; THENCE South 00 degrees 04 minutes
19 seconds West for a distance of 70.28 feet to a 3/8“rebar found; THENCE South 85 degrees 55 minutes 21 seconds East for
a distance of 47.87 feet to a 1“crimp top pipe; THENCE South 85 degrees 26 minutes 22 seconds East for a distance of 49.98
feet to a 1/2“rebar found; THENCE South 85 degrees 33 minutes 17 seconds East for a distance of 149.90 feet to a 1/2“rebar
found; THENCE South 85 degrees 01 minute 18 seconds East for a distance of 99.92 feet to a 1/2“rebar found; THENCE South
85 degrees 00 minutes 38 seconds East for a distance of 149.73 feet to a 1“rebar found; THENCE South 85 degrees 07 minutes
06 seconds East for a distance of 38.89 feet to a 1/2“rebar found; THENCE South 03 degrees 10 minutes 27 seconds West for
a distance of 474.12 feet to a 1/2“rebar found on the North right-of-way line of said Northridge Parkway (right-of-way varies);
Running THENCE along said right-of-way line of Northridge Parkway, the following courses and distances: South 66 degrees 55 minutes
55 seconds West for a distance

of 38.49 feet to a POINT; THENCE along a curve
to the right having a radius of 778.51 feet and an arc length of 432.82 feet, being subtended by a chord of South 82 degrees 40
minutes 19 seconds West for a distance of 427.27 feet to a POINT; THENCE North 81 degrees 24 minutes 03 seconds West for a distance
of 340.98 feet to a POINT; THENCE North 08 degrees 35 minutes 37 seconds East for a distance of 8.47 feet to a POINT; THENCE North
81 degrees 24 minutes 27 seconds West for a distance of 21.45 feet to the True Point of Beginning, said tract being designated
“Tract One – 10.929 acres” as shown on plat of ALTA/ACSM Land Title Survey prepared by Precision Planning, Inc.
for Northridge Parkway, LLC, Dutch American Finance, LLC, Chicago Title Insurance Company and Paul J. A. van Hessen, bearing the
seal and certification of Randall W. Dixon, Georgia Registered Land Surveyor No. 1678, dated February 9, 2012.

 

    	22

    	 

    

TRACT TWO:

 

All that tract of land in Land Lot 25 of the
17th District, Fulton County, Georgia, described as follows:

 

Commence at a point at the intersection of
the North right-of-way line of Northridge Parkway (right-of-way varies) with the West line of Land Lot 385 of the 18th District,
Fulton County, Georgia, THENCE South 00 degrees 48 minutes 34 seconds East for a distance of 89.73 feet to a 1/2” rebar found
on the south right-of-way line of said Northridge Parkway, said point being the True Point of Beginning; THENCE South 00 degrees
32 minutes 22 seconds West for a distance of 74.11 feet to a 1/2” rebar found; THENCE South 61 degrees 01 minute 34 seconds
West for a distance of 43.27 feet to a pk nail found in a rock; THENCE North 88 degrees 01 minute 58 seconds West for a distance
of 34.84 feet to a POINT; THENCE North 45 degrees 18 minutes 03 seconds West for a distance of 35.67 feet to a POINT; THENCE North
81 degrees 51 minutes 27 seconds West for a distance of 47.05 feet to a POINT; THENCE South 87 degrees 35 minutes 49 seconds West
for a distance of 37.47 feet to a POINT; THENCE South 56 degrees 54 minutes 36 seconds West for a distance of 53.53 feet to a POINT;
THENCE South 79 degrees 23 minutes 27 seconds West for a distance of 12.71 feet to a POINT; THENCE South 78 degrees 27 minutes
12 seconds West for a distance of 334.23 feet to a 1” open top pipe found; THENCE South 60 degrees 36 minutes 33 seconds
West for a distance of 31.31 feet to a 1 1/2” crimp top pipe found; THENCE South 86 degrees 32 minutes 28 seconds West for
a distance of 234.61 feet to a POINT; THENCE North 84 degrees 33 minutes 25 seconds West for a distance of 31.85 feet to a POINT;
said point being along the Easterly right-of-way of Roswell Road (A.K.A. Georgia Highway #9; right-of-way varies), Running THENCE
along said right-of-way line of Roswell Road, the following courses and distances: THENCE North 02 degrees 18 minutes 44 seconds
West for a distance of 58.99 feet to a concrete monument found; THENCE North 72 degrees 43 minutes 10 seconds East for a distance
of 51.86 feet to a concrete monument found; THENCE North 03 degrees 12 minutes 14 seconds West for a distance of 18.88 feet to
a concrete monument found; THENCE North 72 degrees 21 minutes 59 seconds West for a distance of 53.37 feet to a concrete monument
found; THENCE North 02 degrees 45 minutes 39 seconds West for a distance of 44.00 feet to a concrete monument found; THENCE North
84 degrees 20 minutes 00 seconds East 14.52 feet to a concrete monument found; THENCE North 02 degrees 37 minutes 47 seconds West
for a distance of 13.12 feet to a concrete monument found, said point being at the intersection of the Easterly right-of-way of
Roswell Road (right-of-way varies) and Southerly right-of-way of Northridge Parkway (right-of-way varies); THENCE along said right-of-way
line of Northridge Parkway, the following courses and distances: THENCE along a curve to the right having a radius of 138.06 feet
and an arc length of 67.05 feet, being subtended by a chord of North 85 degrees 46 minutes 26 seconds East for a distance of 66.39
feet to a POINT; THENCE South 79 degrees 46 minutes 41 seconds East for a distance of 279.89 feet to a POINT; THENCE along a curve
to the left having a radius of 257.60 feet and an arc length of 120.56 feet, being subtended by a chord of North 86 degrees 48
minutes 52 seconds East for a distance of 119.46 feet to a POINT; THENCE North 73 degrees 24 minutes 25 seconds East for a distance
of 202.55 feet to a POINT; THENCE along a curve to the right having a radius of 324.80 feet and an arc length of 142.81 feet, being
subtended by a chord North 86 degrees 00 minutes 10 seconds East for a distance of 141.66 feet to a POINT; THENCE South 81 degrees
18 minutes 45 seconds East for a distance of 58.08 feet to a POINT; said point being the True Point of Beginning, said tract being
designated “Tract Two – 2.036 acres” as shown on plat of ALTA/ACSM Land Title Survey prepared by Precision Planning,
Inc. for Northridge Parkway, LLC, Dutch American Finance, LLC, Chicago Title Insurance Company and Paul J. A. van Hessen, bearing
the seal and certification of Randall W. Dixon, Georgia Registered Land Surveyor No. 1678, dated February 9, 2012.

 

    	23

    	 

    

TOGETHER WITH, a non-exclusive right, title
and interest in and to the easements appurtenant to the above described Tracts created pursuant to that certain:

 

(i)Amended and Restated Declaration of
Reciprocal Easements among MLH Income Realty Partnership III, a New York limited partnership, Northridge 400 Associates, a Georgia
general partnership, NationsBank of Georgia, N.A., formerly known as The Citizens and Southern National Bank, and Roberts Properties
Highland Park, L.P., a Georgia limited partnership, dated as of August 12, 1994, filed August 19, 1994, recorded in Deed Book
18640, page 98, Fulton County, Georgia records; as amended by that certain First Amendment to Amended and Restated Declaration
of Reciprocal Easements between and among MLH Income Realty Partnership III, a New York limited partnership, Northridge 400 Associates,
a Georgia general partnership, Roberts Properties Residential, L.P. and Roberts Properties, Inc., dated December X, 1995, filed
December 21, 1995, recorded in Deed Book 20394, page 302, aforesaid records; as re-filed on February 5, 1996, re-recorded
in Deed Book 20586, page 132, aforesaid records; as further amended by that certain Second Amendment to Amended and Restated
Declaration of Reciprocal Easements between and among Roberts Properties Residential, L.P., a Georgia limited partnership, and
Gateway Mosswood, Inc., dated August 6, 2003, filed August 7, 2003, recorded in Deed Book 35630, page 176, aforesaid records;

 

(ii)Grant of Drainage Easement by and between
Roberts Properties, Inc., a Georgia corporation, and Northridge Atlanta, Inc., a Delaware corporation, dated February 23, 2001,
filed March 2, 2001, recorded in Deed Book 30028, page 362, aforesaid records (the “Drainage Easement”); and

 

(iii)Declaration of Easements by Roberts Properties Residential,
L.P., a Georgia limited partnership, dated June 28, 2001, filed June 29, 2001, recorded in Deed Book 30621, page 508, aforesaid
records; as amended by that certain First Amendment to Declaration of Easements by Roberts Properties Residential, L.P., a Georgia
limited partnership and Northridge Parkway, LLC, a Georgia limited liability company, dated October 30, 2013, filed November 5,
2013, recorded in Deed Book 53314, page 578, aforesaid records.

 

    	24

    	 

    

exhibit
b

		1.	General and special taxes and assessments for the year 2015 and subsequent years, not yet due and
payable.

 

		2.	Easement from G. B. Powell, agent for Ebb Rutledge, to Georgia Power Company, dated November 3,
1937, filed November 22, 1937, recorded in Deed Book 1647, page 516, Fulton County, Georgia records.

 

		3.	Easement from J. C. Brumbelow to Georgia Power Company, dated November 3, 1937, filed November
22, 1937, recorded in Deed Book 1689, page 83A, aforesaid records.

 

		4.	Easement from Mrs. Mary Bullard to Georgia Power Company, dated November 3, 1937, filed November
22, 1937, recorded in Deed Book 1689, page 83B, aforesaid records.

 

		5.	General Permit from John Sullivan to Southern Bell Telephone and Telegraph Company, dated March
10, 1953, filed February 20, 1954, recorded in Deed Book 2073, page 256, aforesaid records.

 

		6.	Right-of-Way Easement from E. D. Spruill to Georgia Power Company, dated November 15, 1957, filed
December 10, 1957, recorded in Deed Book 3283, page 656, aforesaid records.

 

		7.	Easements contained in Dedication of Option from Mrs. Dozier Watkins and Mr. Dozier Watkins to
Fulton County, dated July 14, 1964, filed September 28, 1964, recorded in Deed Book 4306, page 173, aforesaid records.

 

		8.	Permit for Anchors, Guy Poles and Wires from William B. Orkin and Sanford Orkin to Georgia Power
Company, dated January 14, 1972, filed March 16, 1972, recorded in Deed Book 5550, page 106, aforesaid records.

 

		9.	Sewer Easement from Northridge Associates, Ltd. to Fulton County, Georgia, dated September 1, 1981,
filed October 19, 1981, recorded in Deed Book 7980, page 310, aforesaid records, as shown on the Survey.

 

		10.	Easement Agreement between General Electric Real Estate Equities, Inc., a Delaware corporation,
and First Capital Institutional Real Estate, Ltd., a Florida limited partnership, dated September 28, 1983, filed September 29,
1983, recorded in Deed Book 8659, page 152, aforesaid records, as shown on the Survey.

 

		11.	Sewer Easement from Northridge Associates, Ltd. to Fulton County, Georgia, not dated, filed October
25, 1984, recorded in Deed Book 9224, page 50, aforesaid records, as shown on the Survey.

 

		12.	Easement Agreement from Northridge Associates, Ltd., a Georgia limited partnership, to Northridge
400 Associates, a Georgia general partnership, and MLH Income Realty Partnership III, a New York limited partnership, dated August
29, 1985, filed September 5, 1985, recorded in Deed Book 9694, page 172, aforesaid records, as shown on the Survey.

 

    	25

    	 

    
		13.	Right of Way Easement from Northridge Associates, Ltd., a partnership, to Southern Bell Telephone
and Telegraph Company, dated January 9, 1986, filed January 13, 1986, recorded in Deed Book 9917, page 396, aforesaid records.

 

		14.	Amended and Restated Declaration of Reciprocal Easements among MLH Income Realty Partnership III,
a New York limited partnership, Northridge 400 Associates, a Georgia general partnership, NationsBank of Georgia, N.A., formerly
known as The Citizens and Southern National Bank, and Roberts Properties Highland Park, L.P., a Georgia limited partnership, dated
as of August 12, 1994, filed August 19, 1994, recorded in Deed Book 18640, page 98, aforesaid records; as amended by that
certain First Amendment to Amended and Restated Declaration of Reciprocal Easements between and among MLH Income Realty Partnership
III, a New York limited partnership, Northridge 400 Associates, a Georgia general partnership, Roberts Properties Residential,
L.P. and Roberts Properties, Inc., dated December X, 1995, filed December 21, 1995, recorded in Deed Book 20394, page 302,
aforesaid records; as re-filed on February 5, 1996, re-recorded in Deed Book 20586, page 132, aforesaid records; as further
amended by that certain Second Amendment to Amended and Restated Declaration of Reciprocal Easements between and among Roberts
Properties Residential, L.P., a Georgia limited partnership, and Gateway Mosswood, Inc., dated August 6, 2003, filed August 7,
2003, recorded in Deed Book 35630, page 176, aforesaid records.

 

		15.	Easement contained in Right of Way Deed from Roberts Properties, Inc. to Fulton County, dated June
21, 1999, filed October 7, 1999, recorded in Deed Book 27741, page 132, aforesaid records.

 

		16.	Obligations contained in Grant of Drainage Easement between Roberts Properties, Inc., a Georgia
corporation, and Northridge Atlanta, Inc., a Delaware corporation, dated February 23, 2001, filed March 2, 2001, recorded in Deed
Book 30028, page 362, aforesaid records.

 

		17.	Declaration of Easements by Roberts Properties Residential, L.P., a Georgia limited partnership,
dated June 28, 2001, filed June 29, 2001, recorded in Deed Book 30621, page 508, aforesaid records; as amended by that certain
First Amendment to Declaration of Easements by Roberts Properties Residential, L.P., a Georgia limited partnership and Northridge
Parkway, LLC, a Georgia limited liability company, dated October 30, 2013, filed November 5, 2013, recorded in Deed Book 53314,
page 578, aforesaid records.

 

		18.	Lease between The Oxford Group, Inc., as Lessor, and The Kroger Co., as Lessee, dated July 15,
1981, filed July 28, 1981, recorded in Deed Book 7911, page 156, aforesaid records; as amended by that certain Amended Lease
between The Oxford Group, Inc., as Lessor, and The Kroger Co., as Lessee, undated, filed February 4, 1983, recorded in Deed
Book 8368, page 436, aforesaid records; as further amended by that certain Second Amended Lease between First Capital Institutional
Real Estate, Ltd.-1, as Lessor, and The Kroger Co., as Lessee, dated as of January 3, 1984, filed January 18, 1984, recorded in
Deed Book 8812, page 497, aforesaid records; as further amended by that certain Lease Modification Agreement #2 between
First Capital Institutional Real Estate, Ltd.-1, as Lessor, and The Kroger Co., as Lessee, dated November 21, 1983 and January
3, 1984, filed March 2, 1984, recorded in Deed Book 8869, page 327, aforesaid records (only affects the Drainage Easement).

 

    	26

    	 

    
		19.	Declaration of Restrictions and Cross Easement Agreement between Northridge Associates and First
Capital Institutional Real Estate, Ltd., dated as of September 29, 1983, filed September 29, 1983, recorded in Deed Book 8659,
page 143, aforesaid records (only affects the Drainage Easement).

 

		20.	Slope Easement Agreement by First Capital Institutional Real Estate, Ltd.-1 in favor of Pointe/North
Limited, dated as of November 14, 1984, filed December 5, 1984, recorded in Deed Book 9282, page 224, aforesaid records
(only affects the Drainage Easement).

 

		21.	Easement from Northridge Atlanta, Inc. to Georgia Power Company, dated December 30, 1996, filed
May 14, 1997, recorded in Deed Book 22596, page 167, aforesaid records (only affects the Drainage Easement).

 

		22.	The following matters as disclosed by ALTA/ACSM Land Title Survey prepared by Precision Planning,
Inc. for Northridge Parkway, LLC, Dutch American Finance, LLC, Chicago Title Insurance Company and Paul J. A. van Hessen, bearing
the seal and certification of Randall W. Dixon, Georgia Registered Land Surveyor No. 1678, dated February 9, 2012, and such state
of facts occurring after February 9, 2012 which would be disclosed by a current survey and inspection of the real property herein
described:

 

		(a)	Branch running through the northwesterly portion of Tract One of subject property;

		(b)	Encroachments of concrete sidewalks along southerly boundary line of Tract One of subject property;

		(c)	Limits of landscape area encroachments along the northerly boundary line of Tract One of subject
property;

		(d)	Encroachment of concrete wing wall onto Tract Two of subject property across its easterly boundary
line;

		(e)	Concrete wall running along the southerly boundary line of Tract Two of subject property;

		(f)	Branch running through portions of Tract Two of subject property;

		(g)	Encroachment of concrete headwall onto adjacent property across the southerly boundary line of
Tract Two of subject property.

 

		23.	Easement from Roberts Properties Residential, L.P., a Georgia limited partnership, to BellSouth
Telecommunications, Inc., dated September 17, 2001, filed October 15, 2001, recorded in Deed Book 31144, page 7, aforesaid
records, as shown on the Survey. (affects Tract Two)

 

		24.	Easements acquired by condemnation in that certain Order and Judgment styled Department of Transportation
vs. 0.047 acres of land and certain easement rights, Roberts Residential, L.P., The Hellenic Tower, Inc., Northridge Atlanta, Inc.,
Northridge Park Owners Association, Inc., Bank of North Georgia and SouthTrust Bank, Civil Action File No. 2005-CV-98320, dated
March 15, 2005, filed March 22, 2007, recorded in Deed Book 44685, page 645, aforesaid records. (affects Tract Two)

 

    	27

    	 

    
		25.	Water Utility System Easement from Northridge Parkway, LLC to City of Atlanta, dated June 22, 2012,
filed July 16, 2012, recorded in Deed Book 51425, page 669, aforesaid records.

 

		26.	Rights of upper and lower riparian owners in and to the waters of the stream traversing the subject
property, and the natural flow thereof.

 

		27.	All zoning and other land use laws, regulations and codes.

 

 

 

    	28

    	 

    

SALES CONTRACT

 

 

 

 

By and Between

 

 

NORTHRIDGE PARKWAY, LLC,

a Georgia limited liability company,

as Seller,

 

and

 

 

VISTA ACQUISITIONS, LLC,

a Georgia limited liability company, as Purchaser.

 

 

 

 

 

 

 

March 31, 2015

 

 

 

 

Property Located At:

 

 

Land Lots 25 and 26 of the 17th District
and in Land Lots 385 and 386 of the 19th District, Fulton County, Georgia

 

 

    	 

    	 

    

TABLE OF
CONTENTS

	ARTICLE I -- PROPERTY TO BE CONVEYED	1
	ARTICLE II -- PURCHASE PRICE	1
	ARTICLE III – TITLE AND SURVEY	4
	ARTICLE IV -- ITEMS TO BE DELIVERED BY SELLER AT CLOSING	5
	ARTICLE V -- ITEMS TO BE DELIVERED BY PURCHASER AT CLOSING	6
	ARTICLE VI -- TIME AND PLACE OF CLOSING AND CLOSING COSTS	7
	ARTICLE VII -- APPORTIONMENTS	7
	ARTICLE VIII -- EMINENT DOMAIN	8
	ARTICLE IX -- PURCHASER’S CONDITIONS PRECEDENT	8
	ARTICLE X -- DELIVERIES BY SELLER	8
	ARTICLE XI -- REPRESENTATIONS AND WARRANTIES OF SELLER	10
	ARTICLE XII -- DEFAULT AND REMEDIES	13
	ARTICLE XIII -- NOTICES	14
	ARTICLE XIV -- BROKERS	16
	ARTICLE XV -- warranties, representations and covenants of purchaser	17
	ARTICLE XVI -- MISCELLANEOUS	17

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