Document:

EXHIBIT 10.1

 Exhibit 10.1 
  
 CONTRACT OF PURCHASE AND SALE 
  
 BY AND AMONG 
  
 ARC CORPORATE REALTY TRUST, INC., 
  
 THE AFFILIATES OF ARC CORPORATE REALTY TRUST, INC. 
 LISTED ON SCHEDULE I HERETO 
  
 AND 
  
 HPI/NL INVESTORS LLC OR ITS NOMINEE 
  

dated as of 
  
 December 20, 2004 

 EXHIBITS: 
  

					
	“A”	  	-	  	Legal Descriptions
	“B”	  	-	  	Knowledge Parties
	“C”	  	-	  	First Refusal Properties
	“D”	  	-	  	Survey Requirements/Certification Form
	“E”	  	-	  	Title Insurance Endorsements
	“F”	  	-	  	Intentionally Omitted
	“G”	  	-	  	Form of Assignment and Assumption of Service Contracts, with Schedule of Service Contracts Required to be Assumed
	“H”	  	-	  	Estoppel Certificate Form
	“I”	  	-	  	Form of Assignment and Assumption of Leases
	“J”	  	-	  	Intentionally Omitted
	“K”	  	-	  	Sellers’ Disclosure Schedule
	“L”	  	-	  	Intentionally Omitted
	“M”	  	-	  	Schedule of Sellers and Properties
	“N”	  	-	  	Intentionally Omitted
	“O”	  	-	  	Schedule of Insurance Policies
	“P”	  	-	  	Schedule of Real Estate Tax Appeals
	“Q”	  	-	  	Intentionally Omitted
	“R”	  	-	  	Intentionally Omitted
	“S”	  	-	  	Rent Roll
	“T”	  	-	  	Allocation of Purchase Price
	“U”	  	-	  	Assumed Debt Properties
	“V”	  	-	  	Schedule of Mortgages to be Paid and Assigned

  

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 CONTRACT OF PURCHASE AND SALE 
  
 THIS CONTRACT OF PURCHASE AND SALE (the “Agreement”) is made and entered into as of the 20th day of December, 2004 (the “Effective Date”), by and among ARC CORPORATE REALTY TRUST, INC.
(“Parent”), the affiliates of ARC CORPORATE REALTY TRUST, INC. listed on Schedule I hereto (collectively, “Sellers” and individually, a “Seller”), and HPI/NL INVESTORS LLC or its permitted assigns
(“Buyer”). Parent, Buyer and each of the Sellers are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
  
 RECITALS: 
  
 WHEREAS, Sellers are the owners of the various properties listed on Exhibit M attached hereto (collectively, the
“Properties” and individually, a “Property”), with each Seller being the owner of the Property so indicated as being owned by it as identified on Exhibit M. 
  
 WHEREAS, Parent is the sole member of Fort Washington ARC, LLC, a Virginia
limited liability company (the “Fort Washington Limited Partner”), which holds a limited partnership interest in Fort Washington Fitness, L.P., a Delaware limited partnership (the “Fort Washington Limited Partnership”), pursuant
to a Limited Partnership Agreement dated as of December 26, 2002 (the “Fort Washington Limited Partnership Agreement”). 
  
 WHEREAS, each Seller has agreed to sell its Property to Buyer and Buyer has agreed to purchase from the Sellers all of the Properties, and the Parent has
agreed to sell all of the membership interest of the Fort Washington Limited Partner (the “Fort Washington Interest”) to Buyer and Buyer has agreed to purchase from Parent the Fort Washington Interest all on the terms and conditions set
forth herein. 
  
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which being hereby acknowledged, the parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 For purposes of this Agreement the
following terms shall have the following meanings: 
  
 “Affiliate” means any person that directly or indirectly controls, or is controlled by, or is under common control with, a party hereto. For purposes of this definition, the term “control” of (including the terms
“controlling”, “controlled by” and “under common control with”) a person means the possession, direct or indirect, of the power to vote five percent (5%) or more of the voting stock of such person or the power to direct
or cause the direction of the management and policies of such person by contract or other agreement. 
  
 “Agreement” shall have the meaning set forth in the introductory paragraph hereof. 
  
 “Assignment and Assumption of Leases” shall have the meaning
set forth in Section 6.2(a) (v) hereof. 

 “Assignment and Assumption of Service Contracts” shall have the meaning set forth in
Section 6.2(a) (iii) hereof. 
  
 “Buyer”
shall have the meaning set forth in the introductory paragraph hereof. 
  
 “Closing” shall have the meaning set forth in Section 6.1 hereof. 
  
 “Closing Date” shall have the meaning set forth in Section 6.3(a) hereof. 
  
 “Due Diligence Period” shall have the meaning set forth in
Section 4.1 hereof. 
  
 “Effective Date”
shall have the meaning set forth in the introductory paragraph hereof. 
  
 “Environmental Law(s)” shall mean all applicable federal, state and local statutes, regulations, directives, ordinances, rules, guidelines, court orders, judicial or administrative decrees, arbitration awards and the common
law, each to the extent applicable to the Sellers, which pertain to the environment, soil, water, air, flora and fauna, or health and safety matters, as such have been amended, modified or supplemented from time to time (including all amendments
thereto and reauthorizations thereof). Environmental Laws include, without limitation, those relating to: (i) the manufacture, processing, use, distribution, treatment, storage, disposal, generation or transportation of Hazardous Materials; (ii)
air, soil, surface, subsurface, groundwater or noise pollution; (iii) Releases; (iv) protection of endangered species, wetlands or natural resources; (v) the operation and closure of underground storage tanks; (vi) health and safety of employees and
other Persons; and (vii) notification and reporting requirements relating to the foregoing. Without limiting the above, Environmental Laws also include the following: (i) the Comprehensive Environmental Response, Compensation and Liability Act (42
U.S.C. §§ 9601 et seq.), as amended (“CERCLA”); (ii) the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act (42 U.S.C. §§ 6901 et seq.), as amended
(“RCRA”); (iii) the Emergency Planning and Community Right to Know Act of 1986 (42 U.S.C. §§ 11001 et seq.), as amended; (iv) the Clean Air Act (42 U.S.C. §§ 7401 et seq.), as amended;
(v) the Clean Water Act (33 U.S.C. §§ 1251 et seq.), as amended; (vi) the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.), as amended; (vii) any state, county, municipal or local
statutes, laws or ordinances similar or analogous to (including counterparts of) any of the statutes listed above; and (viii) any rules, regulations, guidelines, directives, orders or the like adopted pursuant to or implementing any of the above.

  
 “Estoppel Certificate(s)” shall have the
meaning set forth in Section 6.2(a) (iv) hereof. 
  
 “Fort Washington Interest” shall mean all of the membership interest of the Fort Washington Limited Partner. 
  
 “Fort Washington Limited Partner” shall mean Fort Washington ARC, LLC, a Virginia limited liability company. 
  
 “Fort Washington Limited Partnership” shall mean Fitness,
L.P., a Delaware limited partnership. 
  
 “Fort Washington
Limited Partnership Agreement” shall refer to the Limited Partnership Agreement between Fort Washington ARC, LLC and Fitness, L.P. 
  

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 “Hazardous Material(s)” shall mean any chemical, pollutant, contaminant, pesticide,
petroleum or petroleum product or byproduct, radioactive substance, hazardous or extremely hazardous solid waste, special, dangerous or toxic waste, substance, chemical or material regulated, listed, limited or prohibited under any Environmental
Law, including without limitation: (i) friable or damaged asbestos, asbestos-containing material, polychlorinated biphenyls, solvents and waste oil; (ii) any “hazardous substance” as defined under CERCLA; and (iii) any “hazardous
waste” as defined under RCRA or comparable state or local law. 
  
 “Improvements” shall have the meaning set forth in Section 2.1 hereof 
  
 “Knowledge,” when used with reference to any Seller, shall mean the actual knowledge of those persons listed on Exhibit B.

  
 “Leases” shall have the meaning set forth in
Section 6.2(a)(iv) hereof. 
  
 “Lien(s)”
means (a) any encumbrance, mortgage, pledge, lien, charge or other security interest of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and the filing of any financing statement under the
Uniform Commercial Code in any jurisdiction in connection with the creation of a security interest) upon any property or assets of any character, or upon the income or profits therefrom, (b) any acquisition of or agreement to have an option to
acquire any property or assets upon conditional sale or other title retention agreement, device or arrangement (including a capitalized lease), or (c) any sale, assignment, pledge or other transfer for security of any accounts, general intangibles
or chattel paper, with or without recourse. 
  
 “Losses” shall mean any liability, cost, expense (including, without limitation, reasonable expenses of investigation and reasonable attorneys’ fees and expenses), loss, damages, assessment, settlement, or judgment
(for actual damages only). 
  
 “Material Adverse
Effect” shall mean any event, circumstance, change or effect that has a material and adverse effect on the business, operation or financial condition of a Property, transferred from Seller to Buyer pursuant hereto (or on all such Properties
taken as a whole, if so specified.) 
  
 “Notices”
shall have the meaning set forth in Article XIV hereof. 
  
 “Organization Documents” shall mean: (i) with respect to a corporation, its articles or certificate of incorporation and bylaws and all amendments thereto; (ii) with respect to a limited partnership, its certificate of
limited partnership and limited partnership agreement and all amendments thereto; and (iii) with respect to a limited liability company, its certificate of organization and operating agreement, if any, and all amendments thereto. 
  
 “Parent” shall have the meaning set forth in the
introductory paragraph hereof. 
  
 “Parent Stockholder
Approval” means the approval of the Transactions by the affirmative vote of such holders of the outstanding shares of Parent Common Stock entitled to vote thereon as shall be required by applicable law. 
  
 “Party” and “Parties” shall have the
meaning set forth in the introductory paragraph hereof. 
  

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 “Permitted Exceptions” shall mean all items which become Permitted Exceptions under
Section 5.3 below. 
  
 “Permitted Lien”
shall mean (i) any Lien relating to the obligations of any Seller for tenant deposits and credit balances due tenants, and (ii) liens imposed by law, such as materialmen’s, mechanics’, workers’, repairmen’s, employees’,
carriers’, vendors’, warehousemen’s and other like liens arising in the ordinary course of business in respect of obligations that are not yet due and payable. 
  
 “Person” shall mean any individual, partnership, corporation, limited liability company, joint venture,
association, trust, unincorporated organization or other governmental or legal entity. 
  
 “Personal Property” shall have the meaning set forth in Section 2.1 hereof. 
  
 “Property” and “Properties” shall have the meanings set forth in the introductory paragraph hereof and in Section
2.1 hereof and shall be deemed to include the Real Property(ies). 
  
 “Purchase Price” shall have the meaning set forth in Section 3.1 hereof. 
  
 “Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
disposing, or dumping into any or all of the Properties, that results in a violation of any Environmental Law. 
  
 “Real Property” shall have the meaning set forth in Section 2.1 hereof. 
  
 “Rent Roll” shall have the meaning set forth in Section
7.1(h) hereof. 
  
 “Seller” and
“Sellers” shall have the meanings set forth in the introductory paragraph hereof. 
  
 “Survey” shall have the meaning set forth in Section 5.1 hereof. 
  
 “Service Contracts” shall have the meaning set forth in Section 6.2(a) (iii) hereof. 
  
 “Tenants” shall have the meaning set forth in Section
6.2(a) (iv) hereof. 
  
 “Termination Fee”
means an amount equal to the greater of (i) $1,000,000 or (ii) thirty-five percent (35%) of the amount by which the amount payable to the Parent and/or the Sellers pursuant to a Parent Superior Proposal exceeds the Purchase Price, minus the value of
Buyer expenses reimbursed pursuant to Section 13.3(b). 
  
 “Title Commitment” shall have the meaning set forth in Section 5.2 hereof. 
  
 “Title Company” shall have the meaning set forth in Section 5.1 hereof. 
  
 “Title Review Period” shall have the meaning set forth in
Section 5.3 hereof. 
  
 “Transactions”
means the transactions involving the purchase and sale of Properties contemplated by this Agreement. 
  
 “Warranty Deed” shall have the meaning set forth in Section 6.2(a) (i) hereof. 
  

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 ARTICLE II 
  
 PROPERTIES 
  
 SECTION 2.1 Properties. Subject to the terms and provisions of this Agreement, each Seller, severally and not jointly and severally, agrees to sell
to Buyer, and Buyer agrees to purchase from each Seller, all of Seller’s rights, title and interest in the Property owned by the Seller as listed on Exhibit M attached hereto (which Properties are legally described in Exhibit A),
together with, for each of the Properties, all of the applicable Seller’s right, title and interest in and to any rights, benefits, privileges, easements, tenements, hereditaments, and appurtenances thereon or in any way appertaining thereto,
and any right, title, and interest of Seller in and to adjacent streets, alleys, and rights-of-way for such Property (the “Real Property”) and all the buildings and other improvements situated thereon (the
“Improvements”), together with all appliances, apparatus, furniture, furnishings, fixtures, equipment, machinery, fittings, building supplies, maintenance and repair supplies, tools, inventory and other articles of personal property
which are owned by a Seller and which are now or as of the Closing situated on or attached to the Real Property and/or the Improvements and/or used in connection with the ownership, development, maintenance and/or management of the Real Property
and/or the Improvements (which shall include but need not be limited to all plans, specifications, drawings, entitlements, development rights, proprietary rights and all such similar matters), excluding only property owned by tenants at the Real
Property (collectively, the “Personal Property”; the Real Property, the Improvements and the Personal Property are hereinafter collectively referred to as the “Property” with respect to any one Seller and the
“Properties” with respect to all of the Sellers). 
  
 SECTION 2.2 Fort Washington Interest. Subject to the terms and provisions of this Agreement, Parent agrees to sell to Buyer, and Buyer agrees to purchase from Parent, all of Parent’s right, title and interest in the Fort
Washington Interest. Notwithstanding any provision of this Agreement to the contrary, within 15 days of the Effective Date Buyer may notify Parent that Buyer will not purchase the Fort Washington Interest. If Buyer does so, (i) no Party shall have
any further obligations hereunder with respect to the Fort Washington Interest, except as provided in Section 4.5, (ii) the Purchase Price shall be reduced by Two Million Five Hundred Thousand Dollars ($2,500,000), and (iii) all other rights and
obligations of the Parties hereunder shall remain in full force and effect. 
  
 SECTION 2.3 First Refusal Properties. Certain Affiliates of Parent (the “First Refusal Affiliates”) hold ownership interests (“First Refusal Interests”) in certain additional properties,
which properties are owned in partnership with third parties (“First Refusal Partners”). The First Refusal Partners have rights of first refusal applicable to any transfer of the First Refusal Interests to Buyer. The First Refusal
Interests and the First Refusal Affiliates are identified on Exhibit C. Subject to the conditions set forth in this Section 2.3, Parent agrees to cause each First Refusal Affiliate, severally and not jointly and severally, to sell to Buyer,
and Buyer agrees to purchase from each First Refusal Affiliate, all of the First Refusal Affiliate’s right, title and interest in its First Refusal Interest for the purchase price set forth on Exhibit C. Promptly following Parent’s
execution of this Agreement, Parent shall cause each First Refusal Affiliate to notify the appropriate First Refusal Partner of Buyer’s offer to purchase the First Refusal Interest in accordance with all requirements of the agreement providing
for the right of first refusal. As to each First Refusal Interest, if the First Refusal Partner waives its right of first refusal, or fails to exercise its right of first refusal such that the right becomes no longer exercisable prior to the Closing
Date, such First Refusal Interest shall be subject to sale by the First Refusal Affiliate and purchase by the Buyer in accordance with the terms and conditions of this Agreement, the parties 
  

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 shall amend this Agreement and the schedules and exhibits hereto to the extent necessary to provide for such sale and
purchase, and Parent and Buyer shall agree to a reasonable and mutually acceptable timeframe for completing due diligence and consummating the purchase and sale of the First Refusal Interests. If Buyer elects not to purchase one or more First
Refusal Interests in accordance with the terms of this Agreement, as amended, such election shall not affect Buyer’s right or obligation to purchase or Sellers’ obligation to sell the Properties in accordance with this Agreement. If the
First Refusal Partner exercises its right of first refusal with respect to any First Refusal Interest, then no party to this Agreement shall have any further obligation with respect to such First Refusal Interest. 
  
 ARTICLE III 
  
 PURCHASE PRICE 
  
 SECTION 3.1 Purchase Price. The purchase price for Sellers’ interests in the Properties and Parent’s interest in the Fort Washington
Interest is Seventy-Seven Million Seven Hundred Sixty-Four Thousand Seven Hundred Ninety-One Dollars ($77,764,791.00) (the “Purchase Price”), payable as follows: 
  
 (a) Buyer shall pay the sum of Five Hundred Thousand Dollars ($500,000.00) (such sum, together with the additional deposit
amount referred to in Section 3.1(b) below, as well as all interest earned thereon, the “Deposit”) by wire transfer payable to a nationally recognized title company reasonably acceptable to Buyer and Parent (“Escrow
Agent”) within two (2) business days of the Effective Date. The Deposit shall be held in an interest-bearing federally insured account by Escrow Agent in accordance with the Escrow Agent’s standard form of escrow trust instructions, as
reasonably acceptable to Buyer and Parent and this Agreement pending consummation of the Transactions. Any interest earned on the Deposit shall be shared equally by Buyer and Parent unless either party shall be entitled to the Deposit by reason of a
default by the other Party, in which case such interest shall be paid to the non-defaulting Party. 
  
 (b) Buyer shall pay the additional sum of Five Hundred Thousand Dollars ($500,000.00) to the Escrow Agent, to be added to and to be handled as part of the
Deposit, by wire transfer payable to the Escrow Agent within two (2) business days following the later of the expiration of the Due Diligence Period or Title Decision Date, if Buyer shall not have notified Parent of its determination not to proceed
with the Transactions in accordance with Section 13.1(c)(iii). 
  
 (c) Buyer shall pay the balance of the Purchase Price, adjusted by the prorations and adjustments as set forth in this Agreement, to Parent and Sellers at Closing (as defined below) in cash by wire transfer of immediately available federal
funds, or by other consideration mutually agreed upon by Buyer, Parent and Sellers. The Purchase Price shall be allocated among and paid to Parent and Sellers in accordance with Exhibit T attached hereto. All prorations shall be as of 12:01
a.m. on the Closing Date. 
  
 (d) The Purchase Price shall be
increased as follows: 
  
 (i) The Parties acknowledge that the
tenant of the Property located in Plymouth, Indiana has proposed to increase the rentable space of that Property. If the Buyer or its Affiliate enters into an agreement with the tenant providing the terms and conditions of such 
  

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 increase prior to the first anniversary of the Closing Date, or on such first anniversary date is actively involved in
negotiations which subsequently results in such an agreement being entered into, the Buyer will pay to the Parent an amount equal to the net present value (calculated using a discount rate of 10%) of 40% of the excess of (x) the amount of additional
rent attributable to the expansion to be paid during the term of the lease over (y) the reasonably estimated direct costs of increasing the rentable space amortized over the term of the lease. Such amount shall be paid within 10 days of execution of
such an agreement with the tenant. 
  
 (ii) With respect to the
Property located in Overland Park, Kansas, the Parties agree that in determining the Purchase Price, they did not take into account additional annual payments of $83,290 relating to tenant improvements to be paid during the initial term of the
lease. Buyer will pay to Seller of that Property at Closing an amount equal to the net present value (calculated using a discount rate of 10%) of the remaining amount of such payments to be received. 
  
 SECTION 3.2 Assumption of Debt. 
  
 (a) Buyer agrees to use commercially reasonable efforts to assume the
existing debt instruments of certain Sellers encumbering certain of the Properties, as listed on Exhibit U attached hereto (collectively, the “Assumed Debt”) and certain Sellers agree to use commercially reasonable efforts to
cause the mortgagees listed on Exhibit V attached hereto to assign to Buyer’s lender any and all mortgages referenced therein. Buyer shall take all actions reasonably necessary to effect assumption of the Assumed Debt, including
proffering such parties as may be required by the Lenders to personally guaranty all “carve out guaranty” liabilities relating to the Assumed Debt. In connection therewith, each Seller which is an obligor under any of the Assumed Debt
(each, an “Obligated Seller”) shall provide Buyer with copies of each of the loan documents (collectively, the “Loan Documents”) evidencing the Assumed Debt to which such Obligated Seller is a party as may be
reasonably requested by Buyer. Each Obligated Seller and Buyer shall cooperate in good faith and with all reasonable diligence to obtain the consent of each of the lenders under the Loan Documents (collectively, “Lender”) to the
assumption by Buyer (or its designee) of the Assumed Debt. 
  
 (b)
If and only if the Closing occurs, Buyer shall pay fifty percent (50%) of the fees and expenses in connection with the assumption of the Assumed Debt, provided for in the Loan Documents. 
  
 (c) Buyer shall execute, with respect to the Loan Documents, assumption agreements in form reasonably satisfactory to Buyer
and Lender and containing releases of the Obligated Sellers in form and substance reasonably satisfactory to the Obligated Sellers. 
  
 (d) The consent of Lender shall be deemed to have been given when Lender executes and delivers assumption documentation to the Escrow Agent for delivery
at Closing, reasonably acceptable to Buyer and each Obligated Seller, that (i) permits Buyer to assume the Loan Documents, (ii) states that there is no default with respect to the Loan Documents and the Assumed Debt is current in all respects, and
(iii) unconditionally releases the Obligated Sellers and their respective Affiliates from all liabilities and obligations relating to the Assumed Debt. 
  
 (e) The balance of the Purchase Price shall be adjusted to reflect the Assumed Debt. 
  

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 ARTICLE IV 
  
 DUE DILIGENCE 
  
 SECTION 4.1 Buyer shall have the period commencing upon the date of this Agreement and ending 5:00 p.m. E.S.T. on January 31, 2005 (the “Due
Diligence Period”) to conduct any and all due diligence investigations and analyses of the Properties and the Fort Washington Interest and all information pertaining thereto as Buyer in its sole discretion deems necessary, subject to the
restrictions set forth in Section 4.3 regarding Physical Testing. If Buyer, in its sole discretion, determines that it does not desire to acquire the Properties and the Fort Washington Interest, with or without reason, and notifies Sellers by
5:00 p.m. E.S.T. on the last day of the Due Diligence Period of its election to terminate this Agreement, the Deposit shall be promptly returned to Buyer, this Agreement thereupon shall become void and there shall be no further obligation or
liability on either of the parties hereto, except to the extent provisions hereof expressly survive termination pursuant to Section 13.2(a). Buyer’s failure to notify Sellers of its desire to terminate this Agreement within the time
period specified above shall be deemed to be an automatic election by Buyer not to exercise its right to so terminate this Agreement. 
  
 SECTION 4.2 Seller has delivered or made available to Buyer (at Seller’s office) all of the following instruments with respect to the Properties
which are in the possession of any Seller or which Sellers can readily obtain from their agents or contractors or which are otherwise readily obtainable by Sellers without any material cost, all of which shall be continuously so available to Buyer
and which are hereby certified by Sellers true and complete in all material respects to the knowledge of Sellers: 
  
 (a) All certificates of occupancy, licenses, plans, permits, authorizations and approvals required by law and issued by all governmental authorities
having jurisdiction over the Properties, as well as any and all information relating to any planned unit development approvals; 
  
 (e) All Leases (and all documents in Sellers’ possession with respect to the Leases, including all tenant files); 
  
 (f) All Service Contracts (and all documents in Sellers’ possession with
respect to the Service Contracts); 
  
 (g) All environmental
reports and any other documents with respect to the environmental condition of the Properties, as well as any and all engineering reports, archaeological reports, structural reports and any other similar reports with respect to the Properties (but
specifically excluding therefrom any such reports not obtained by any Seller, to the extent that any such reports are not readily available to any such Seller); 
  

(h) All real estate tax bills for the Properties for the previous three (3) fiscal years and all information relating to assessments for the Properties
(including any and all information relating to any challenges to such assessments and/or taxes); 
  
 (i) All guaranties and warranties with respect to any of the Personal Property and/or the Improvements, including but not limited to any roof warranties;

  
 (j) All plans, specifications, as-built drawings, surveys,
site plans, equipment manuals, technical data and material documentation relating to the building systems, equipment and any other personal property forming part of the any of the Properties or any portion thereof in the possession of Sellers or in
any property manager(s); 
  

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 (k) All current title insurance policies and commitments, all documents of record, all existing surveys,
and all other similar information with respect to title to the Properties; 
  
 (l) All current insurance policies and similar information with respect to the Properties. 
  
 In addition, Parent has made available to Buyer similar due diligence materials regarding the Fort Washington Interest and the property owned by the Fort Washington
Limited Partnership, recognizing that the Parent as an indirect holder of a limited partnership interest in the Fort Washington Limited Partnership does not have access to much of the information referenced in clauses (a) through (l) above. Buyer
acknowledges that the foregoing due diligence materials have been made available. 
  
 SECTION 4.3 At reasonable times following reasonable notice, Buyer, its accountants, architects, attorneys, engineers, contractors, lenders, third party designees and other representatives (collectively,
“Representatives”) shall be afforded reasonable access (i) to each of the Properties to inspect, measure, appraise, test (including the inspection, investigation or physical testing of soils and groundwater; taking environmental or
other samples; or drilling or coring or any other form of work or investigation which may physically alter or disturb any portion of the Properties (or the soils or groundwater thereunder) (collectively, “Physical Testing”) and make
surveys of the Properties and (ii) to all books, records and files in Sellers’ possession relating to each of the Properties including, without limitation, the Leases and the Service Contracts. Buyer shall have the right, at Buyer’s
expense, to make copies of all such books and records including, without limitation, all books and records relating to increases in real estate taxes, building and operations maintenance costs allocable to tenants and all information reasonably
necessary for Buyer to audit the income and expense statement referred to above in this Agreement. Seller may have a representative present during all visits to the Properties. Buyer shall not conduct Physical Testing without the prior approval of
Seller, which Seller may withhold in its sole discretion. Prior to any entry, inspection, investigation or testing on the Properties, Buyer shall demonstrate to Seller that either Buyer or its Representatives maintain general liability and workers
compensation insurance coverage with insurers rated as A-VI or better by A.M. Best’s (or any other reputable national rating agency), or in commercially reasonable amounts to insure any reasonably foreseeable losses arising out of, or relating
to, the performance of the Physical Testing and related due diligence activities by such Representatives, but in no event shall the amounts of such coverage be less than (i) $3 million with respect to general liability insurance coverage and (ii)
the limits required by any applicable statutes with respect to workers compensation insurance coverage. Such general liability and workers compensation insurance coverage shall include Seller as an additional insured, as its interests may appear. In
no event shall the Representatives’ terms of engagement with Buyer limit such Representatives’ potential liability concerning the work to amounts less than the coverage provided under the Representatives’ insurance. Buyer shall not
interfere unreasonably with the operation or any tenants’ use of any of the Properties and shall restore any area on any Property disturbed in the course of Buyer’s testing to the conditions existing prior to any tests conducted by Buyer.
Buyer shall perform, or cause its Representatives to perform, any inspection, investigation or Physical Testing at its sole expense and risk and Buyer expressly assumes by this Agreement the risk of loss or injury to Buyer or to its Representatives
from entering any Property or performing inspection, investigation or Physical Testing on the Property. Buyer shall 
  

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 indemnify, defend and hold harmless Seller and its respective successors and assigns, from and against any claim,
liability, cost and expense (including reasonable attorney’s fees) arising out of, in connection with or resulting from any entry on or inspection, investigation or Physical Testing of any Property by, or on behalf of, Buyer. Each Seller shall
cooperate with Buyer’s reasonable requests in connection with Buyer’s review of the books, records and files relating to the Properties and any audit by Buyer. In addition to providing Buyer with copies of all existing environmental
reports for the Properties, subject to its right to withhold approval of Physical Testing, each Seller agrees to cooperate reasonably with Buyer in connection with Buyer obtaining current environmental reports for any or all of the Properties,
provided that Sellers shall not be obligated to incur any additional cost in connection therewith. 
  
 SECTION 4.4 Buyer and its representatives shall be permitted to make and are authorized to make any searches of governmental records as they deem
necessary with respect to the Properties; and each Seller agrees fully to cooperate with Buyer and its attorneys and other representatives in this regard and to issue any consents or authorizations required therefor. Nothing in this Agreement
entitles Buyer to examine the personal tax returns of any equity owner of a Seller. 
  
 SECTION 4.5 Buyer acknowledges that, in the course of its due diligence, it has obtained and will obtain information regarding Parent, Sellers, the Fort Washington Limited Partnership and the Properties which is
confidential in nature. Buyer agrees that, during the Due Diligence Period (and, if Buyer does not elect to terminate this Agreement during or at the conclusion of the Due Diligence Period, then prior to the Closing) it will not disclose any such
information to any third party (other than to Buyer’s financing sources, employees, agents, attorneys and other advisors assisting in this transaction or as otherwise required by applicable law). In the event of any termination of this
Agreement for any reason whatsoever other than the default of Parent or Sellers, the restrictions on Buyer’s use of all such confidential information will continue in effect, and Buyer will promptly return to Parent or Sellers or destroy all
documents, records, financial data, and the like, and all copies thereof, which it obtained from Parent or Sellers. Any violation of this Section 4.5 by any officer, employee, agent or representative of Buyer will constitute a violation of
this Section 4.5. Sellers shall be entitled to seek specific performance and injunctive relief in connection with any breach of this Section 4.5. 
  

SECTION 4.6 For a period of two (2) years from the date of this Agreement, unless such shall have been specifically invited in writing by Parent or all
or substantially all of the Properties have been sold, Buyer will not in any manner, directly or indirectly, (a) effect or seek, offer or propose (whether publicly or otherwise) to effect, or assist any other person to effect or seek, offer or
propose (whether publicly or otherwise) to effect, (i) any acquisition of any securities (or beneficial ownership thereof) or assets of Parent or Sellers for the purpose of acquiring any Properties as to which a Seller has provided disclosure; (ii)
any tender or exchange offer, merger or other business combination involving Parent or Sellers for the purpose of acquiring any Properties as to which a Seller has provided disclosure; (iii) any recapitalization, restructuring, liquidation,
dissolution or other extraordinary transaction with respect to Parent or Sellers for the purpose of acquiring any Properties as to which a Seller has provided disclosure; or (iv) any “solicitation” of “proxies” (as such terms are
used in the proxy rules of the Securities and Exchange Commission) or consents to vote any voting securities of Parent or Sellers for the purpose of acquiring any Properties as to which a Seller has provided disclosure; (b) otherwise act, alone or
in concert with others, to seek to control or influence the management, Board of Directors or policies of Parent or Sellers with respect to any Properties as to which a Seller has provided disclosure; or (c) take any action which could reasonably be
expected to require Sellers or any of their respective Affiliates to make a public announcement regarding any of the types of matters set forth in (a) above with respect to any Properties as to which a Seller has provided disclosure. 
  

 10 

 ARTICLE V 
  
 TITLE AND SURVEY 
  
 SECTION 5.1 Survey. Sellers shall cause a current certified ALTA/ACSM Survey (1992 Minimum Standard Detail Requirements) (with respect to each
Property, the “Survey” and collectively for all of the Properties, the “Surveys”) to be made of Properties in accordance with the survey standards set forth on Exhibit D attached hereto, and shall deliver
three (3) copies of each such Survey to Buyer and two (2) copies of each such Survey to First American Title Insurance Company (the “Title Company”). Each Survey shall contain a certification in substantially the same form as the
certification set forth in Exhibit D attached hereto. Buyer shall reimburse Sellers’ costs associated with obtaining the Surveys in the aggregate amount of $37,450 within 10 days of the Effective Date. 
  
 SECTION 5.2 Title Commitment. On or before the 15th day after the Effective Date, Sellers shall order a current title commitment (with respect to each Property, the
“Title Commitment” and with respect to all of the Properties, the “Title Commitments”) for an extended coverage owner’s policy of title insurance (including those endorsements set forth in Exhibit E
hereto (the “Endorsements”)) for each Property issued through the Title Company, setting forth the status of title of each Property and all exceptions affecting that Property, together with complete and legible copies of all
instruments referred to in the Title Commitment affecting title to that Property (with respect to each Property, the “Owner’s Policy of Title Insurance” and with respect to all of the Properties, the “Owner’s
Policies of Title Insurance”). Sellers shall provide the Buyer with copies of the Title Commitment as and when they become available. Sellers shall provide the Title Company with Buyer’s address (as set forth in Article XIV) for
billing purposes, and Buyer shall pay the Title Company directly for all premiums, fees and expenses associated with any Title Commitment or Owner’s Policy of Title Insurance. 
  
 SECTION 5.3 Title Review Period. The “Title Review Period” means the period of time ending on the
date which is ten (10) business days following the date as of which Buyer has received a Title Commitment and a Survey for each of the Properties. Buyer shall have until the end of the Title Review Period to notify the Company of any objections
Buyer has to any matters shown or referred to in any of the Title Commitments or Surveys. Any exception or matter to which Buyer does not take exception in writing by the end of the Title Review Period shall be a Permitted Exception. If Buyer gives
notice of any unacceptable exceptions or conditions within the Title Review Period, the Seller of the Property to which such exceptions or conditions relate shall have ten (10) business days after receipt of Buyer’s objections (the
“Title Response Period”) in which it may at its election undertake to eliminate or modify such unacceptable exceptions or conditions to Buyer’s reasonable satisfaction within a reasonable period of time. Each such Seller shall
notify Buyer of its election by the end of the Title Response Period. If a Seller is unable or unwilling to undertake to eliminate or modify such unacceptable exceptions or conditions with respect to a Property to the reasonable satisfaction of
Buyer within the Title Response Period, Buyer may elect not to proceed with the Transaction in accordance with Section 13.1(c)(iii), such election to be made on or before the fifth (5th) business day after the end of the Title Response Period (the “Title Decision Date”); provided, however, that Sellers shall be required to
cure at or before the Closing any such exception or condition that is based upon a mechanic’s lien, judgment lien, or other lien securing a monetary amount created by, through or 
  

 11 

 under Sellers which may be removed by the payment of a liquidated sum not exceeding $500,000 in the aggregate.
Alternatively, Buyer may elect to proceed to Closing and accept the Property or Properties in question subject to all such exceptions or conditions to which Buyer objected. 
  
 ARTICLE VI 
  
 CLOSING 
  
 SECTION 6.1 Date and Place of the Closing. The closing of the purchase and sale contemplated by this Agreement shall take place at the offices of
Piper Rudnick LLP, 1251 Avenue of the Americas, New York, New York, or such other mutually agreed upon location, on a mutually agreed-upon date within thirty (30) days after the date of Parent Stockholder Approval (which date, time and place are
referred to in this Agreement as the “Closing”). Closing shall be deemed to occur at 12:01 a.m. on the date of the Closing (the “Closing Date”) for all purposes of this Agreement including without limitation the
adjustment provisions set forth in Section 6.3. 
  
 SECTION
6.2 Items to be Delivered at the Closing. 
  
 (a) By
Sellers. At the Closing, each Seller shall deliver to Buyer each of the following items with respect to the particular Property that it owns: 
  
 (i) A special warranty deed, duly executed and acknowledged by Seller, and in form for recording, conveying good and indefeasible title to the Property
to Buyer, subject to the Permitted Exceptions (the “Warranty Deed”), in a form mutually acceptable to the Seller and the Buyer. The Warranty Deed shall be recorded upon the Closing in the appropriate land offices for the county in
which the Property is located. 
  
 (ii) An affidavit executed by
Seller stating, under penalty of perjury, its United States taxpayer identification number and that Seller is not a “foreign person” as defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended, and otherwise in the
form prescribed by the Internal Revenue Service. 
  
 (iii) An
assignment and assumption of the management or service contracts (the “Service Contracts”), substantially in the form of Exhibit G attached hereto (the “Assignment and Assumption of Service Contracts”), duly
executed and acknowledged, assigning and transferring to Buyer all right, title and interest of Seller in and to all assignable or transferable Service Contracts in effect with respect to such Property, and containing the assumption thereof by Buyer
of all obligations arising after the Closing Date. The foregoing assignment does not include any service contracts obtained by a Tenant to which Seller is not a party. Buyer shall not be obligated to assume any Service Contracts except those listed
as required on Exhibit G and those entered into between the Effective Date and the Closing Date in accordance with this Agreement. 
  
 (iv) Originals of all leases currently in effect (collectively, the “Leases”) and a duly executed, original, “clean” estoppel
certificate (each an “Estoppel Certificate”) from each of the tenants (the “Tenants”) occupying rentable space in the Property. At Buyer’s option, Seller shall initially utilize the estoppel form required by
Buyer’s lender; provided, however, that if any of the Tenants refuse to execute such form, Seller shall obtain an Estoppel Certificate in the form required under each Tenant’s respective Lease or, in the event there shall be no such form,
in substantially the form attached hereto as Exhibit H, executed as of 
  

 12 

 a date not more than thirty (30) days prior to the Closing Date. To the extent that a Seller does not have an original of
any of the Leases, such Seller shall provide Buyer with a certified copy of such Lease. 
  
 (v) An assignment and assumption of the Leases (the “Assignment and Assumption of Leases”), substantially in the form of Exhibit I attached hereto, duly executed and acknowledged, assigning and
transferring to Buyer all right, title and interest of Seller in and to the Leases in effect with respect to such Property, and containing the assumption thereof by Buyer of all obligations arising after the Closing Date. 
  
 (vi) An assignment in form and substance reasonably satisfactory to Buyer,
duly executed by Seller, assigning to Buyer all of Seller’s right, title and interest in and to any and all guaranties and warranties, if any, pertaining to the Property, to the extent assignable, as well as any permits, licenses, plans,
authorizations and approvals relating to ownership, operation or occupancy of the Property, to the extent assignable. The assignment hereunder shall also include an assignment of all plans and specifications, drawings, permits, development rights
and entitlements, any proprietary rights and any and all other similar matters owned by the Seller with respect to the Property (both improved and vacant), to the extent assignable. 
  
 (vii) All keys and combinations to locks at the Property. 
  
 (viii) A written confirmation that all sales commissions and other fees payable to Buyers Brokerage Services Inc. in
connection with the Transactions have been paid in full by Sellers. 
  
 (ix) Such organizational documents, resolutions confirming the authority of the Seller to consummate the Transactions, good standing certificates, incumbency certificates and other such documents as may be reasonably required by the Title
Company. 
  
 (x) The written approval, evidenced by written
consents, resolutions and other instruments as shall be in form reasonably satisfactory to Buyer and the Title Company, of all members, partners, directors, trustees and/or shareholders of Seller and its constituent entities, to the extent required
under the Organization Documents of Seller and such constituent entities, authorizing Seller to consummate the sale of the Property to Buyer pursuant to this Agreement and the execution of all documents and performance of all actions required to be
taken by Seller pursuant hereto. 
  
 (xii) An Affidavit as to
mechanics’ liens and all other title matters customarily requested by the Title Company to issue to Buyer an Owner’s Policy of Title Insurance in accordance with the Title Commitment. 
  
 (xiii) All additional documents and instruments which Buyer’s counsel
and Sellers’ counsel may mutually and reasonably determine are necessary to the proper consummation of the Transactions. 
  
 (b) By Parent. At the Closing, Parent shall deliver to Buyer any and all certificates representing the Fort Washington Interest duly endorsed for
transfer in blank, or accompanied by stock transfer powers reasonably acceptable to Buyer. 
  

 13 

 (c) By Buyer. At the Closing, Buyer shall deliver to each of the Sellers each of the following
items: 
  
 (i) The portion of the Purchase Price allocable to
such Seller’s Property in accordance with Exhibit T hereto (subject to adjustment in accordance herewith) to be paid in cash, in immediately available funds. 
  
 (ii) Any agreements or documents referenced in Section 6.2(a) requiring Buyer’s signature, duly executed and,
where required, acknowledged, including, without limitation, the Assignment and Assumption of Leases and the Assignment and Assumption of Service Contracts. 
  
 (iii) A written confirmation that all sales commissions and other fees payable to Brandywine Real Estate, Inc. in connection with the Transactions have
been paid in full by Buyer. 
  
 (iv) Such organizational
documents, resolutions, good standing certificates, incumbency certificates and other such documents as may be required by the Title Company. 
  
 (v) All additional documents and instruments which Buyer’s counsel and Sellers’ counsel may mutually and reasonably determine are necessary to
the proper consummation of the transactions contemplated hereby. 
  
 (d) After the Closing. In addition, after the Closing: 
  
 (i) Parent and Sellers shall promptly, at the request of Buyer, supply to Buyer all such information with respect to the Fort Washington Limited Partner and each Property as Buyer shall reasonably determine to be
required for the preparation by Buyer of its federal, state or local income tax or other tax returns, including, but not limited to, information relating to the income tax basis of any such Property and the amount of depreciation or other accounting
methods adopted with respect to such Property; and 
  
 (ii) Buyer
shall promptly, at the request of Parent or Sellers, supply to Parent or Sellers all such information with respect to the Fort Washington Limited Partner and each Property as Sellers shall reasonably determine to be required for the preparation by
Sellers of their federal, state or local income tax or other tax returns; and 
  
 (iii) Sellers shall promptly, at the request of Buyer, make available to Buyer the historical information in Sellers’ possession regarding the operation of the Properties to the extent Buyer needs such
information to prepare stand-alone financial statements for such operations in accordance with generally accepted accounting principles, and to cooperate to a reasonable extent with Buyer and any auditor engaged by Buyer to audit such financial
statements. 
  
 (iv) The obligations in clauses (i), (ii) and
(iii) above shall survive the Closing for a period of 12 months. The party furnishing information under this Section 6.2(c) shall do so at its own expense to the extent such information is available in such party’s files, but the
requesting party shall pay any fees or costs to third parties if approved in advance and all copying charges. 
  

 14 

 SECTION 6.3 Adjustments at the Closing. The following items shall be adjusted or prorated between
Seller and Buyer at the Closing: 
  
 (a) Ad valorem taxes
relating to all of the Properties for the calendar year in which the Closing occurs shall be prorated between Sellers and Buyer as of the date of the Closing, based upon the best available estimates of the amount of taxes that will be due and
payable on the Properties during such calendar year. As soon as the amount of taxes and assessments on the Properties for such year is known, Seller and Buyer shall readjust the amount of taxes to be paid by each party, with the result that Seller
shall pay for those taxes attributable to the period of time prior to and including the date of the Closing (the “Closing Date”). In the event that appeals are pending on the assessments of some or all of the Properties and any
taxes for a period prior to Closing shall be reduced after the Closing, then any refund for the period prior to the Closing shall be paid to the Seller or the Tenant, as the case may be. Sellers shall be solely responsible for the costs associated
with pursuing any such appeal, to the extent resulting in a reduction of pre-Closing taxes. To the extent that any such appeal shall benefit Buyer (to the extent that it will relate to periods subsequent to the Closing), the parties agree to
allocate the costs between them pro rata to the extent of the benefit actually received. Notwithstanding the foregoing, in all instances, Buyer shall have the unrestricted right to participate in any proceedings relating to such tax obligations and
Sellers shall keep Buyer fully apprised of the status of all such proceedings. 
  
 (b) Base rents (collected) under the Leases for the month of Closing shall be apportioned pro rata on a per diem basis as of 12:01 A.M. on the Closing Date. Base rents collected under the Leases subsequent to the
Closing Date (accounts receivable), but attributable to periods prior to Closing shall be promptly remitted to Sellers. Buyer agrees to use commercially reasonable efforts to collect any outstanding amounts that Buyer has determined are properly
owed to a Seller. In the event Buyer is unable to collect such amounts on behalf of Seller, Seller shall have the right to independently institute any type of enforcement action for collection of any such amounts from any Tenant, without
Buyer’s prior written approval; provided, however, that no such actions shall result in the dispossession of any of the Tenants under the Leases. Subject to the second sentence of this Section 6.3(b), no Seller shall receive any credit
for amounts not actually collected by it prior to Closing or by Buyer following Closing. 
  
 (c) For those Leases which are on a “triple net” basis (as identified on the Rent Roll), amounts collected from Tenants under the Leases for the period up to and including the Closing Date as additional rent
for taxes and operating expenses shall be reconciled as follows: (i) to the extent Sellers have collected from the tenant under any Lease any such additional rent amounts in excess of amounts paid by Seller for taxes and operating expenses for the
Property up to and through the Closing Date, Seller agrees to transfer to Buyer’s operating account for said Property such excess amounts; and (ii) to the extent that a Seller has collected from tenants under the Leases as such additional rent
an amount that is less than the amount paid by Sellers for taxes and operating expenses for the Property up to and through the Closing Date, Seller shall not receive any credit from Buyer for any such amount. Instead, Buyer shall reconcile with its
tenants under the Leases at the end of the year or other period as appropriate any overpayments or deficiencies for such amounts. In such instance, any amounts collected under the Leases subsequent to the Closing Date for additional rent (accounts
receivable), but attributable to periods prior to Closing shall be promptly remitted to Seller, but only to the extent no amounts are currently due and owing under the Lease for the period subsequent to the Closing Date. Buyer shall use commercially
reasonable efforts to collect any outstanding amounts that Buyer has determined are properly owed to a Seller and, in the event Buyer is unable to collect 
  

 15 

 such amounts on behalf of Seller, Seller shall have the right to independently institute any type of enforcement action
for collection of any such amounts from any Tenant, without Buyer’s prior written approval; provided, however, that no such actions shall result in the dispossession of any of the Tenants under the Leases. For those Leases in which the Tenants
pay certain of the tax and operating expenses directly (rather than to a Seller as the landlord under a particular Lease), at Closing, Sellers shall provide to Buyer appropriate evidence that each of the applicable Tenants is current in such
obligations, which evidence shall include at a minimum, paid tax bills. 
  
 (d) Base rents paid under the Leases and all other additional amounts paid thereunder shall be apportioned pro rata on a per diem basis as of 12:01 A.M. on the Closing Date. Any such amounts due and owing, but not paid, for periods prior to
the Closing Date shall be similarly apportioned pro rata on a per diem basis as of 12:01 A.M. on the Closing Date (in the form of a credit to Seller). 
  
 (e) Buyer shall be entitled to credit for all Tenant security deposits at Closing, subject to the right of Sellers to deduct past due rent amounts from
such deposits prior to Closing. Sellers hold no tenant security deposits in the form of letters of credit, except as set forth on the Rent Roll. 
  
 (f) Buyer shall be entitled to a credit in the amount of One-Half Percent (0.5%) of the Purchase Price, as adjusted in accordance with this Agreement, for
its payment of a portion of the brokerage fees payable with respect to the Transactions, such credit to be applied against amounts payable to the Sellers in proportion to the Purchase Price allocation set forth in Exhibit T. 
  
 SECTION 6.4 Possession and Closing. Possession of each Property shall
be delivered to Buyer by the Seller of the applicable Property at the Closing unoccupied and free of any lease or other claims to or rights of possession except as provided for under the Leases for that Property, by delivery of the Warranty Deed for
the particular Property. 
  
 SECTION 6.5 Costs of Closing.
Buyer shall pay fifty percent (50%) of all realty transfer taxes imposed on or in connection with the conveyance of the Properties, which taxes are estimated to be in the amount of $548,549.00, and the Sellers shall pay the remaining fifty percent
(50%) of such taxes. All escrow closing charges of the Title Company shall be divided equally between Buyer on the one hand and Sellers on the other hand and all recording charges for recording the Warranty Deed for each Property shall be the
responsibility of Buyer. Any endorsement charges, as well as any recording charges, required to eliminate an exception that is not a Permitted Exception shall be the responsibility of the Seller of the Property to which the exception relates. Buyer
shall pay all fees and expenses associated with its financing for the Transactions. Except as otherwise provided herein, all other costs and expenses in connection with the Transactions shall be borne by Sellers and Buyer in the manner in which such
costs and expenses are customarily allocated between the parties at closing of real property similar to the Property in the area in which the Property is located. Each party will be responsible for its own legal fees. 
  
 SECTION 6.6 Assignment of Ownership Interests. Notwithstanding the
foregoing, by agreement of Buyer and one or more Sellers made on or before the end of the Due Diligence Period, each such Seller shall transfer its ownership interest in each of the Properties to newly formed single purpose entity limited liability
companies or other legal entities (collectively, the “Limited Liability Companies”), and the conveyance contemplated hereunder shall be effectuated by the transfer to Buyer (and/or its nominee) of one hundred percent (100%) of the
ownership 
  

 16 

 interests in such entities. In such instance, Sellers shall deliver to Buyer all necessary assignments of ownership
interests in lieu of the Warranty Deed. In addition, to the extent appropriate, all other documents to be delivered by such Sellers at Closing shall be modified to reflect that Buyer shall be acquiring interests in a Limited Liability Company rather
than a conveyance of title to the Properties. Sellers agree to this solely as an accommodation to Buyer and make no statement, representation, or opinion whatsoever as to the tax consequence of the assignment of ownership interests for federal,
state or local taxation. Buyer shall execute and deliver at Closing an agreement under which Buyer shall indemnify and hold harmless Sellers from any and all claims, costs, losses, liabilities, or penalties resulting from the transfer of ownership
interests in lieu of real property interests, including Sellers’ attorney fees and other costs of defense. 
  
 The following agreements and representations shall apply, in the event that Buyer elects to purchase or Seller elects to sell ownership interests instead
of the Property, as allowed in this Section 6.6: 
  
 (a)
Title to Ownership Interests. The Sellers shall be the sole record and beneficial owners of all of the equity interests (the “Membership Interests”) in the Limited Liability Companies, free and clear of any liens, claims,
charging orders or encumbrances of any kind or nature (including any restrictions on the right to vote, assign or otherwise transfer such Membership Interests), and the Sellers will transfer and deliver to Buyer at Closing good, valid and marketable
title to the Membership Interests free and clear of any such liens, claims, charging orders, encumbrances, limitations and restrictions. The Membership Interests shall constitute all outstanding Membership Interests in the Limited Liability
Companies, and there shall be no outstanding options, warrants or other rights that would entitle any other Person to acquire any interest in the Limited Liability Companies. All such Membership Interests shall be duly authorized and validly issued,
shall be fully paid and non-assessable and shall have no requirement for the owner thereof to make additional contributions to, or be liable for obligations of, the Limited Liability Companies, except as otherwise specifically provided in the
applicable limited liability company agreement. All unpaid capital contributions in the Limited Liability Companies will be paid at or before the Closing. 
  
 (b) Assets; Liabilities; Absence of Financial Statements, Books and Records. None of the Limited Liability Companies shall acquire any assets other
than any contributions made to the Limited Liability Companies by a Seller, the Property and personal property and rights incidental thereto, and the Leases and any payments made to the Limited Liability Companies under such agreements, including,
without limitation, rent under the Leases. None of the Limited Liability Companies shall have any subsidiaries or own any interests in any other Person. None of the Limited Liability Companies shall incur any obligation or liability, including,
without limitation, any contingent liabilities, other than (i) those arising under the Leases, (ii) those arising solely by reason of acquisition and ownership of the Property such as covenants, conditions and restrictions which burden the Property
and (iii) those arising as a result of operation of the Property, such as real estate taxes and obligations under Service Contracts. No Seller shall own any assets relating or with respect to the Property or the Limited Liability Companies other
than the Membership Interests. None of the Limited Liability Companies shall create or maintain books, records or financial statements apart from those relating to the Property. 
  
 (c) Taxes. None of the Limited Liability Companies shall be required to file any income, employment, franchise or
other Tax Returns (other than Federal form 1065 and related schedules) nor shall any of the Limited Liability Companies be liable for or required to pay any income, employment, franchise or other Taxes, except that all of the Limited Liability

  

 17 

 Companies may owe and pay ad valorem real estate taxes from time to time. As of the Closing Date, none of the Limited
Liability Companies shall be delinquent on any Taxes imposed on the Limited Liability Company or any predecessor in title to the Property or the Property, and all such Taxes shall be audited, appealed or protested with respect to all of the
Property. None of the Limited Liability Companies shall waive any statute of limitations in respect of Taxes or agree to any extension of time with respect to any Tax assessment or deficiency. 
  
 (d) ERISA. None of the Limited Liability Companies shall have any
liability, either individually or on a joint and several basis with any Seller or its affiliates, arising under the Employee Retirement Income Security Act of 1974. 
  
 (e) No Other Property Interests. There shall be no property interests, buildings, structures or other improvements or
personal property owned by any Seller which shall be necessary for the continuing operation of the Property without material increase in the cost to operate, other than those which are being conveyed pursuant to this Agreement. 
  
 (f) Ordinary Course of the Business. Each Limited Liability Company
shall operate its business in the ordinary course, and from the acquisition of a Property by such Limited Liability Company, 
  
 (i) there shall be no material adverse change in the business or in the assets, liabilities, results of operation, cash flow or financial condition of
such Limited Liability Company; 
  
 (ii) there shall be no
uninsured destruction or loss of or to any material portion of the assets or properties of such Limited Liability Company; 
  
 (iii) there shall be no sale, transfer or other disposition of any material asset or properties of such Limited Liability Company, except sales of
parcels of developed or undeveloped real property in the ordinary course of business; 
  
 (iv) the books, accounts and records of such Limited Liability Companies shall be maintained in the usual, regular and ordinary manner on a consistent basis; 
  
 (v) there shall be no material amendment, termination or waiver of any right
of such Limited Liability Company under any contract or agreement or governmental license, permit or authorization; and 
  
 (vi) such Limited Liability Company shall not have committed to make any capital expenditures, except as provided in any Lease to which it is a party.

  
 (g) Ordinary Course of Business. The Sellers shall
operate the Limited Liability Companies and the Properties in the ordinary course of business consistent with past practice and shall use their commercially reasonable efforts to preserve intact the Limited Liability Companies and their business
relationships, and the Sellers shall not permit any Limited Liability Company to undertake any business activity other than the ownership of the Property or enter into any other contracts or agreements or assume or incur any additional obligation or
indebtedness other than in the ordinary course of business, and they shall cause the Limited Liability Companies to perform and discharge in all material respects all of the duties and obligations and comply in all material respects with the
covenants and agreements of the landlord or lessor under the Leases in the manner and within the time limits required thereunder. In 
  

 18 

 addition, from the date hereof until Closing, the Sellers shall not permit any Limited Liability Company or any of its
officers, managers, representatives or agents to: 
  
 (i) issue
or agree to issue any additional membership interests; 
  
 (ii)
merge or consolidate with any other Person or acquire any assets outside of the normal operation of the Property; 
  
 (iii) sell, lease, license or otherwise dispose of any assets or property, other than entering into new Leases or in the ordinary course of business
(subject to Section 4.2(c) hereof); 
  
 (iv) fail in any
material respect to continue to properly maintain, insure, and protect the Property consistent with past practice; 
  
 (v) cancel any material debts or waive any material claims or rights; or 
  
 (vi) agree or commit to do any of the foregoing. 
  
 (h) Employees. The Sellers shall not, outside the ordinary course of business, allow any Limited Liability Company
to: (i) enter into any agreement with any person, labor union, or association regarding the employment of persons for such Limited Liability Company, (ii) institute or adopt any employee benefit arrangement, (iii) hire any persons as employees or
independent contractors, or (iv) enter into any agreement or employee benefit arrangement with any person serving as an officer, manager, director, member or in any other similar capacity of the Limited Liability Company. 
  
 (i) In the event that Buyer purchases the Membership Interests, the Limited
Liability Companies will distribute to the Selling Members, prior to the Closing, all cash and equivalents held by each Limited Liability Company. The purchase price for the Membership Interests will be adjusted to compensate for any pro rations of
taxes, rents, prepaid items, and the like that would have been applicable had the Buyer purchased the Property, it being the intent of the parties that Selling Members will receive the identical net consideration for the Membership Interests as the
Limited Liability Companies would have received for the Property and the Buyer will pay the identical net consideration it would have paid to the Limited Liability Companies for the Property. 
  
 (j) Buyer and Sellers will cooperate to structure and implement the transfer
of limited liability company interests so as not to impair the continuation of any health insurance policies held by one or more of the Limited Liability Companies for the benefit of the Selling Members and employees, including that the Selling
Members shall have the right not to assign their interests in such Limited Liability Company(ies) and to cause such Limited Liability Company(ies) to convey the Property held by such Limited Liability Company(ies) instead. 
  
 (k) No Limited Liability Company shall engage in any business other than the
ownership and management of the Property owned by such Limited Liability Company as listed on Exhibit M to this Agreement. 
  

 19 

 (l) Sellers and the Selling Member agree to cooperate with Buyer in making tax elections (including that
under Section 754 of the Internal Revenue Code) reasonably requested by Buyer. 
  
 ARTICLE VII 
  
 REPRESENTATIONS
AND WARRANTIES OF SELLERS AND PARENT 
  
 SECTION 7.1
Representations and Warranties of Sellers. Each Seller severally, and not jointly and severally, makes the following representations and warranties to Buyer as of the date of this Agreement with respect to itself and the Property that it
owns. Certain exceptions to such representations and warranties are set forth in the Disclosure Schedule attached hereto as Exhibit K. 
  
 (a) Organization and Good Standing. The Seller is duly organized, validly existing and in good standing in the state of its organization, with full
power and authority to own its assets and carry on its business as it is now operated and carried on by it. Seller is duly qualified or licensed to do business, and is in good standing, in each jurisdiction in which the character or location of the
property owned, leased or operated by it or the business as currently conducted by it in such jurisdiction makes such qualification or licensing necessary. 
  
 (b) Authorization. Subject to obtaining Parent Stockholder Approval, the execution, delivery and performance by Seller of this Agreement and the
agreements and instruments contemplated hereby (the “Related Agreements”) and the consummation of the Transactions (i) are within Seller’s power and authority, and (ii) have been duly authorized by all necessary and required
entity action or proceedings. 
  
 (c) Enforceability.
Subject to obtaining Parent Stockholder Approval, the execution and delivery by Seller of this Agreement and the Related Agreements will result in legal and valid binding obligations of Seller enforceable against it in accordance with the respective
terms and provisions hereof and thereof, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other laws affecting the enforcement of creditors’ rights generally, or by principles of equity, whether applied in a
proceeding at law or in equity. 
  
 (d) Non-Contravention;
Approvals. Subject to obtaining Parent Stockholder Approval, except as for certain rights of first refusal and certain options to purchase the Properties given to certain Tenants, as shown in the Leases, none of the execution and delivery of
this Agreement or the Related Agreements, the consummation of any of the Transactions, or compliance with the terms and provisions hereof and thereof conflicts with or constitutes a breach of, or a default under (with or without notice or lapse of
time, or both), or gives rise to a right of termination, cancellation, or acceleration of any obligation or loss of a material right under, or results in the creation of any Lien upon any property or asset of Seller under (i) the Organization
Documents of Seller, (ii) any applicable law or any order, judgment, injunction or decree of any court or governmental authority applicable to Seller or any of its assets or properties; or (iii) any contract, license, permit, franchise or other
agreement or instrument to which Seller is a party, by which Seller may be bound, which is applicable to the Property owned by Seller or that would prevent Seller’s consummation of the Transactions. 
  
 (e) Litigation. There are no claims, actions, suits, proceedings,
audits, investigations, criminal proceedings or grievances (including worker’s compensation claims), at 
  

 20 

 law or equity, before any court, tribunal, administrative agency, arbitrator or other governmental or regulatory
authority or other forum pending against Seller or the Property of which Seller has received written notification or, to Seller’s knowledge, threatened against Seller or the Property, except as set forth on Exhibit K attached hereto
(including any notices of violations of laws received in connection with any of the Properties). 
  
 (f) Title to the Property. Seller has not granted to any Person (other than Buyer pursuant to the provisions of this Agreement) any right or option
to acquire any direct or indirect interests in all or any portion of the Property, except certain rights of first refusal held by Tenants, as disclosed on the Rent Roll. Seller will notify any Tenant holding a right of first refusal of the proposed
sale of the Property and will use commercially reasonable efforts to obtain from each such Tenant a waiver or exercise of its right as soon as possible, but in any event prior to the end of the Due Diligence Period. 
  
 (g) Condemnation. Seller has not received written notice of any
pending or threatened condemnation or similar proceeding affecting the Property, or any part thereof. No written notice has been received by Seller from any insurance company, court, administrative agency, arbitrator or other governmental or
regulatory authority of (i) any material condition, defect, or inadequacy affecting the Property that, if not corrected, would result in termination of insurance coverage or materially increase its cost, (ii) any violation of any restrictive
covenant or deed restriction affecting the Property, (iii) any pending or threatened condemnation proceedings relating to the Property or any part thereof or (iv) any proceedings that would cause the change, redemption or other modification of the
zoning classification or other legal requirements applicable to the Property. 
  
 (h) Brokerage Commissions. Except as provided in Section 6.2(a)(viii), no Person has acted as a broker, finder or financial advisor for Sellers in connection with the Transactions. 
  
 (i) Tenant Leases. Seller has heretofore delivered to Buyer a
true, correct, and complete rent roll, dated as of a date not earlier than ten (10) days prior to the Effective Date, for the Property Seller owns (the “Rent Roll”) of annual and monthly rents payable by all tenants under Leases,
expiration dates of the Leases, and the amount of security deposit being held by Seller under each Lease, if any; a true copy of the Rent Roll is attached to this Agreement as Exhibit S. Seller has not granted any Tenant any rent concessions
or extensions of time not reflected in the Rent Roll beyond reasonable and customary concessions and extensions in the ordinary course of business. Seller has delivered to Buyer true, correct and complete copies of the Leases in effect as of the
Effective Date, and there are no other agreements (written or oral) in effect which amend in any material respect, or waive any material right of Seller under, the Leases. Unless otherwise specified in the Rent Roll: (i) the Leases are in full force
and effect, (ii) no notice of default has been given to any Tenant which remains uncured and which would have a Material Adverse Effect on the Property, (iii) to the Seller’s knowledge, no Tenant has any material set off or claim, or defense to
the enforcement of any Lease, (iv) Tenants are not in arrears in the payment of rent, additional rent or any other charges whatsoever due under any Lease in excess of the lesser of ten percent (10%) of the monthly amount due under the Lease or
$10,000 in the aggregate per Tenant, and to Seller’s knowledge, no Tenant is materially in default in the performance of any other obligations of such Tenant under its Lease, (v) no rentals have been prepaid under any of the Leases in excess of
thirty (30) days, (vi) Seller currently holds the security deposits (if any) as reflected in the Rent Roll and has not given any credit, refund, or set off against such security deposits to any Person, (vii) there is no material unperformed work
required on the part of any landlord under any Lease applicable to the Property, (viii) no 
  

 21 

 concession or credit has been given to any Tenant which would reduce the rent due to less than that shown on the Rent
Roll, and (ix) other than on-site property managers, to Seller’s knowledge there are no Persons using or occupying space in the Property as Tenants other than the Persons specifically named in the Leases. No brokerage or leasing commission or
other compensation is or will be due or payable to any firm, corporation or other entity with respect to or on account of the Leases applicable to the Property, except as set forth on the Rent Roll. Seller shall be solely responsible for all such
fees and commissions heretofore paid for the current term of a Lease, and Buyer will be solely responsible for all fees and commissions due to any broker periodically after the Closing during the current term (as shown on the Rent Roll) or on any
renewal, extension or expansion with regard to a Lease. Seller has not entered into any agreement with any broker or other party that would entitle such broker or party to a commission upon the exercise of any renewal options by any Tenant under the
Leases applicable to the Property or by reason of the extension or renewal of such Leases, except as is disclosed on the Rent Roll. There are no options or rights of first refusal affecting Seller’s Property, except as set forth on Exhibit K
attached hereto, all of which are the subject of valid and binding waivers entered into by the holders of such rights. 
  
 (j) Service Contracts. Seller has furnished Buyer with copies of all material Service Contracts (oral and written) in respect of the Property that
will survive the Closing, or if oral, written summaries thereof, and such copies are complete and correct as of the date hereof. Such Service Contracts are in full force and effect on the date hereof and are valid and binding obligations of Seller,
to Seller’s knowledge are valid and binding obligations of the other parties thereto and are enforceable in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other laws affecting the
enforcement of creditors’ rights generally, or by principles of equity, whether applied in a proceeding at law or in equity. Neither Seller nor, to Seller’s knowledge, any other Person is in breach of, or in default under, any such Service
Contract, and, to Seller’s knowledge, no event or action has occurred, is pending or is threatened, which, after the giving of notice, passage of time or otherwise, would constitute or result in such a material breach or material default by
Seller or any other Person. 
  
 (k) Foreign Person. Seller
is not a foreign person as defined in Section 1445 of the Internal Revenue Code of 1986, as amended. 
  
 (l) Permits and Licenses; Access. To Seller’s knowledge, all licenses, permits, consents and approvals required as of the date hereof by all
governmental authorities having jurisdiction over the Property, the absence of which would have a Material Adverse Effect, have been issued and are in full force and effect. To Seller’s knowledge, all certificates of occupancy issued with
respect to the Property are valid and in full force and effect and no violations exist with respect to any such certificate of occupancy, other than any violations which would not have a Material Adverse Effect. Seller has not received any written
notice from any governmental authority that any change is proposed to be made to the current means of ingress and egress to any Property or to the roads or driveways adjoining any of the Properties, or to change such ingress or egress or to change
the grade thereof. 
  
 (m) Environmental Matters. To
Seller’s knowledge: (i) there are no Hazardous Materials located in, on, under, upon or affecting the Property or any of the real property or water bodies adjacent to the Property which constitute a violation of any Environmental Law; (ii)
there are no underground storage tanks on the Property and there are no above-ground storage tanks used for the storage of any Hazardous Materials on the Property; (iii) no written notice has been received by Seller and, to Seller’s knowledge,
any party in the Property’s chain of title, from any governmental entity or any Person claiming any violation of, 
  

 22 

 or requiring compliance with, any Environmental Laws or demanding payment or contribution for any environmental damage
in, on, under, upon or affecting the Property; and (iv) no investigation, administrative order, consent order or agreement, litigation, or settlement with respect to Hazardous Materials located in, on, under, upon or affecting the Property is
pending or threatened. 
  
 (n) Personal Property. There is
no Personal Property, except items which are attached to the Improvements or are otherwise fixtures. 
  
 (o) Income and Expenses. The statements of income and expenses for the Property heretofore furnished by Sellers to Buyer are true and correct in
all material respects, accurately reflecting in all material respects the income and expenses for operating the Property for the year-2004 to-date and the three (3) calendar years 2001, 2002 and 2003 (or such lesser time to the extent Seller was the
owner of the Property for such lesser amount of time). 
  
 (p)
Rollback Taxes. None of the Properties are subject to any rollback taxes. To the extent any rollback taxes are imposed as a result of the Transactions, Sellers shall be solely responsible for such taxes. 
  
 (q) Tax Appeals. Except as set forth in Schedule P hereof,
there are no tax appeals, tax certiorari proceedings, tax reduction proceedings or tax protests pending with respect to the Property. 
  
 (r) Employees. Seller has no employees whom Buyer will be required to employ following the Closing. Seller shall be responsible for the payment of
any and all outstanding employee obligations, and shall indemnify Buyer against any and all claims relating thereto. 
  
 (s) Zoning. To Seller’s knowledge, the Improvements have been constructed and are presently used and operated in compliance with all
respective zoning requirements affecting the Property and no dedication or promise to dedicate any portion of the Property has been made. Seller has no knowledge of any zoning or other land-use regulation proceedings, either instituted or planned to
be instituted, which would detrimentally affect the use, operation or value of the Property. 
  
 (t) Utilities; Systems Serving the Property. To Seller’s knowledge, all utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. The
Property is serviced by public waste water and sewer systems; and, to Seller’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Property is in a good and safe condition and repair and in compliance with
all applicable laws. In addition, to Seller’s knowledge, no other utility fees are currently required to be paid with respect to the Property, based upon the current state of development of such Property (i.e. prior to the construction of any
Improvements). 
  
 SECTION 7.2 Representations and Warranties
of Parent. 
  
 (a) Fort Washington Interest. For all
purposes of this Agreement, Parent shall be deemed to have made with respect to the Fort Washington Interest and the Fort 
  

 23 

 Washington Limited Partner all representations and warranties set forth in Section 6.6 of this Agreement as if and with
the same effect that such representations and warranties were expressly set forth in this Section 7.2 and made by Parent as of the Effective Date. For all purposes of such representations and warranties of Parent: (i) the Fort Washington Interest
shall be deemed a Membership Interest as such term is defined in Section 6.6(a); (ii) the Fort Washington Limited Partner shall be deemed a Limited Liability Company as such term is defined in Section 6.6; (iii) all references to “Seller”
or Sellers” in Section 6.6 shall be deemed references to Parent; (iv) all references to obligations and liabilities in clauses (i), (ii) and (iii) of Section 6.6(b) shall be deemed obligations under the Fort Washington Limited Partnership
Agreement; (v) for purposes of Sections 6.6(f) and (g), the operative date shall be the Effective Date and such provisions shall be read and deemed amended to reflect the fact that the business of the Fort Washington Limited Partner is owning a
limited partnership interest in the Fort Washington Limited Partnership, and not owning and operating a Property; and (vi) the second sentence of Section 6.6(i) and all of Sections 6.6(j), (k) and (l) shall have no force or effect. 
  
 (b) Other. For all purposes of this Agreement, Parent shall be deemed
to have made with respect to Parent all representations and warranties set forth in Sections 7.1(a) through (e), (h), (k) and (o), provided that all references in such sections to “the Property” shall be deemed references to the Fort
Washington Interest. 
  
 SECTION 7.3 Survival. The
covenants representations, warranties and agreements of Sellers in this Agreement shall survive the Closing for a period of six (6) months. Parent covenants and agrees to maintain net worth (determined in accordance with generally accepted
accounting principles) in an aggregate amount which is not less than $2,000,000 (the “Post-Closing Net Worth”) for a period of 180 days after the Closing Date. In the event that, as of the date which is one hundred eighty (180) days
after the Closing Date, Buyer has not commenced an action against Parent and/or any Seller (which for the purposes hereof shall mean that a complaint has been filed in a court having personal jurisdiction over Parent and/or any Seller), then Parent
shall have no further obligations under this Section 7.3. If, as of such date, Buyer has commenced an action against Parent and/or any Seller as aforesaid, then Parent shall maintain net worth in such amount as would compensate Buyer for the
alleged loss (and Parent and/or Seller shall have no further obligations under this Section 7.3 with respect to the excess amount), and retain such amount of net worth until such time as the action has been finally adjudicated (and all appeal
periods have passed) or the action is settled, at which time Parent or any Seller shall have no further obligations under this Section 7.3. 
  
 PROPERTY SOLD AS IS. THE SALE OF THE PROPERTIES AS PROVIDED FOR HEREIN IS MADE ON AN “AS IS” BASIS, BASED UPON THE CONDITION OF THE PROPERTY AS OF
THE DATE OF THIS AGREEMENT, REASONABLE WEAR AND TEAR AND, SUBJECT TO THE PROVISIONS OF ARTICLE XI HEREOF, LOSS BY CONDEMNATION OR FIRE OR OTHER CASUALTY EXCEPTED, WITH ALL FAULTS AND DEFECTS AND BUYER EXPRESSLY ACKNOWLEDGES THAT, EXCEPT AS OTHERWISE
EXPRESSLY SPECIFIED HEREIN OR IN THE WARRANTY DEED, SELLERS MAKE NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY WARRANTY OF QUANTITY, QUALITY, CONDITION, VALUE, EXPENSE OF
OPERATION OR INCOME POTENTIAL, HABITABILITY, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTIES, ANY IMPROVEMENTS, THE PERSONALITY OR THE SOIL CONDITIONS. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, SELLERS HEREBY
SPECIFICALLY DISCLAIM ANY REPRESENTATION OR WARRANTY, ORAL OR WRITTEN, 
  

 24 

 INCLUDING, BUT NOT LIMITED TO THOSE CONCERNING (I) THE NATURE AND CONDITION OF THE PROPERTIES AND THE SUITABILITY OF THE
PROPERTIES FOR ANY AND ALL ACTIVITIES AND USES WHICH BUYER MAY ELECT TO CONDUCT THEREON, (II) THE MANNER, CONSTRUCTION, CONDITION AND STATE OF REPAIR OR LACK OF REPAIR OF THE IMPROVEMENTS, AND (III) THE COMPLIANCE OF THE PROPERTIES, THE IMPROVEMENTS
OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY GOVERNMENT OR OTHER BODY, IT BEING SPECIFICALLY UNDERSTOOD THAT BUYER SHALL HAVE THE FULL OPPORTUNITY DURING THE DUE DILIGENCE PERIOD TO DETERMINE FOR ITSELF THE CONDITION OF
THE PROPERTIES OR ANY PART OR PORTION THEREOF. 
  
 ARTICLE VIII

  
 REPRESENTATIONS AND WARRANTIES OF BUYER 
  
 SECTION 8.1 Representations and Warranties of Buyer. Buyer makes the
following representations and warranties to Sellers as of the Effective Date: 
  
 (a) Buyer has full legal right, power and authority to enter into this Agreement and the Related Agreements and to consummate the Transactions, and this Agreement constitutes, and upon execution and delivery the
Related Agreements will constitute, legal, valid and binding obligations of Buyer, enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other laws affecting the
enforcement of creditors’ rights generally, or by principles of equity, whether applied in a proceeding at law or in equity. The consent or approval of no Person or governmental authority is necessary for Buyer to perform fully its obligations
hereunder and under the Related Agreements. 
  
 (b) Buyer is duly
organized, validly existing and in good standing in the state of Delaware, with full power and authority to own its assets and carry on its business as it is now operated and carried on by it. Buyer will be duly qualified or licensed to do business,
and is in good standing, in the states in which each of the Properties is located at the Closing, if required to do so by the laws of such states. 
  
 (c) Except as provided in Section 6.2(c)(iii), Buyer has not incurred and will not incur, directly or indirectly, as a result of any action taken
by Buyer, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement. Buyer will indemnify and hold Sellers harmless against any liability, settlement, or expense arising
out of or in connection with any such claim resulting from the actions of Buyer. 
  
 (d) Buyer has sufficient financial resources to pay the Purchase Price and to make all other payments Buyer is required to make hereunder in connection with the Transactions. 
  
 SECTION 8.2 Survival. The representation and warranties of Buyer in
this Agreement shall survive the Closing for a period of six (6) months. 
  

 25 

 ARTICLE IX 
  
 PRE-CLOSING COVENANTS 
  
 SECTION 9.1 Operation of the Properties Prior to Closing: 
  

(a) Each Seller shall operate, manage and maintain its Property in a reasonable, professional and prudent manner, and shall use reasonable efforts to
cause it to be kept in substantially the condition that exists as of the date of this Agreement, reasonable wear and tear excepted. From the date hereof until the Closing Date, Seller shall maintain in full force and effect the casualty, liability
and rent and/or business interruption insurance policies currently in effect with respect to the Property (or policies providing comparable coverage). 
  
 (b) Each Seller shall comply with all of its material obligations under the Leases (affecting its Property) and the Service Contracts (affecting its
Property) and all other agreements and contractual arrangements affecting its Property. 
  
 (c) Each Seller promptly shall provide copies to Buyer upon Seller’s receipt of any: (i) written notice from any party alleging that Seller is in default of its obligations under any of the Leases, the Service
Contracts, or any permit or agreement affecting the applicable Property, or any portion or portions thereof, and any other material notice pursuant to any of the Leases or Service Contracts; (ii) any tax bill, written notice of assessment or written
notice of change in a tax rate or assessment affecting the applicable Property; (iii) any written notice of a taking or condemnation affecting or relating to the Property; (iv) any written notice instituting or asserting any material claim, action,
investigation or proceeding affecting the Property; (v) any written notice from any Tenant under the Leases terminating, expanding or extending, or seeking to terminate, expand or extend its Lease; or (vi) notice from any insurance company which has
issued a policy with respect to its Property or by any board of fire underwriters (or other body exercising similar functions) (x) claiming any defects or deficiencies or requesting the performance of any repairs, alterations or other work at the
Property, to the extent any such claim or request would constitute a breach of Section 7.1(h), or terminating any insurance policy; and any other material written notice pursuant to any of the Leases or the Service Contracts. 
  
 (d) From and after the end of the Due Diligence Period, no material contract
for or on behalf of or affecting any of the Properties which cannot be terminated upon thirty (30) days notice without charge, cost, penalty or premium shall be entered into without Buyer’s prior consent. 
  
 (e) From and after the end of the Due Diligence Period, no Seller shall enter
into any new leases without Buyer’s prior consent, which consent shall not be unreasonably withheld or delayed so long as (x) the tenant under the new lease is of equal or better creditworthiness than the predecessor tenant and (y) the terms
and conditions of the new lease are consistent in all material respects with then-current prevailing market terms, and a Seller shall enter into renewals of existing Leases, extensions of existing Leases and/or expansions of existing Leases for any
portion of a Property only on commercially reasonable terms substantially consistent with the terms and conditions of existing Leases at the Property. Seller shall deliver a copy of any documentation relating to any such new lease, (individually, a
“New Lease” and collectively, the “New Leases”) to Buyer within ten (10) days of its execution, together with an estoppel certificate from the tenant(s) and guarantor(s) thereunder as required hereunder and
otherwise shall comply, as to such New Leases and new guaranties, with the terms of this Agreement in the same manner as provided hereunder with respect to the other Leases. From and 
  

 26 

 after the date hereof, except with the prior written consent of Buyer, no Seller shall amend, extend, terminate, accept
surrender of, or permit any assignments or sublease of, any of the existing Leases or the New Leases nor with respect to any of the Properties accept any rental more than one (1) month in advance; provided that, other than with acceptance of rent,
Buyer’s consent to any of the foregoing actions shall not be unreasonably withheld or delayed so long as a result of such action (x) the creditworthiness of any tenant under any Lease or New Lease shall not be less than that of the predecessor
tenant and (y) the terms of any Lease or New Lease shall not be inconsistent in any material respect with then-current prevailing market terms. With respect to any New Leases, the provisions of this Agreement shall be amended to reflect the same or
similar agreements with respect to the New Leases as are currently in effect with respect to the other leases. In connection with any New Lease, renewal of an existing Lease, extension of an existing Lease and/or expansion of existing Lease, Buyer
shall reimburse the applicable Seller at Closing for all tenant improvement costs and leasing commissions reasonably incurred by such Seller. 
  
 SECTION 9.2 Stockholders Meeting. Parent, acting through Parent’s Board of Directors (the “Parent Board”), shall (i)
establish a record date for, duly call, give notice of, convene and hold a meeting of its stockholders for the purpose of obtaining Parent Stockholder Approval (the “Parent Stockholders Meeting”), (ii) include in the Proxy Statement
the recommendation of Parent Board that the stockholders of Parent vote in favor of the approval of the Transactions and (iii) use its best efforts to cause the Proxy Statement to be mailed to Parent’s stockholders and to obtain Parent
Stockholder Approval; provided, that Parent Board may fail to make or withdraw, modify or change such recommendation and/or may fail to use such efforts if it shall have determined in good faith that such action is appropriate in order for the
directors of Parent to act in a manner consistent with their duties under applicable law. At all times, Parent shall comply with all material legal requirements applicable to such Parent Stockholders Meeting. Notwithstanding anything to the contrary
contained in this Agreement, Parent shall not be required to hold Parent Stockholders Meeting if this Agreement is terminated. 
  
 SECTION 9.3 Proxy Statement. Parent shall prepare and file with the SEC a proxy statement (the “Proxy Statement”) in preliminary
form not later than fifteen (15) days after the end of the Due Diligence Period or at such other time as Parent and Buyer may agree, and shall provide Buyer a reasonable opportunity to review and comment on the Proxy Statement prior to its filing.
Parent shall use its best efforts to resolve as promptly as practicable any comments of the SEC with respect thereto. Parent shall notify Buyer promptly of the receipt of any comments from the SEC or its staff and of any request by the SEC or its
staff for amendments or supplements to the Proxy Statement or for additional information. Buyer shall have the right to approve prior to filing the Proxy Statement or any amendment or supplement thereto, which approval shall not be unreasonably
withheld or delayed. If, at any time prior to the Closing Date, any information relating to Parent, the Buyer, any Seller or any Property is discovered by Buyer or Parent that should be set forth in an amendment or supplement to the Proxy Statement
so that such document would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the party hereto
discovering such information shall promptly notify the other parties and, to the extent required by law, an appropriate amendment or supplement describing such information shall be promptly filed with the SEC and, to the extent required by law,
disseminated to the stockholders of Parent. 
  

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 SECTION 9.4 Parent Acquisition Proposals. 
  
 (a) Parent agrees that (i) it and its executive officers and directors shall
not and (ii) it shall use reasonable best efforts to ensure that its representatives shall not, (A) directly or indirectly, initiate, solicit or knowingly encourage or facilitate the making of any proposal or offer with respect to a tender offer or
exchange offer, proposal for a merger, consolidation, sale of substantially all assets or other business combination involving Parent and its subsidiaries or any proposal or offer to acquire in any manner an equity interest representing a 25% or
greater economic interest in Parent, other than the Transactions (any such proposal or offer being hereinafter referred to as a “Parent Acquisition Proposal”). Notwithstanding the foregoing, subject to the rights of Buyer under
Section 13.2, nothing contained in this Agreement shall prevent Parent or Parent Board from (i) taking and disclosing to its stockholders a position contemplated by Rule 14d-9 and Rule 14e-2(a) or Item 1012(a) of Regulation M-A promulgated
under the Exchange Act (or any similar communication to stockholders in connection with the making or amendment of a tender offer or exchange offer) or from making any legally required disclosure to stockholders with regard to a Parent Acquisition
Proposal, (ii) prior to Parent Stockholder Approval providing access to its properties, books and records and providing information or data in response to a request therefor by a Person who has made a Parent Acquisition Proposal, (iii) prior to
Parent Stockholder Approval engaging in any negotiations or discussions with any person who has made a Parent Acquisition Proposal, (iv) prior to Parent Stockholders Approval and following the receipt of a Parent Acquisition Proposal, (A)
withdrawing, modifying or changing in any adverse manner its approval or recommendation of this Agreement or the Transactions or (B) recommending a Parent Acquisition Proposal; if Parent Board shall have determined in good faith, that such Parent
Acquisition Proposal would, if consummated, result in a transaction more favorable to Parent’s stockholders than the Transactions (any such more favorable Parent Acquisition Proposal being referred to in this Agreement as a “Parent
Superior Proposal”); or (v) taking any and all actions Parent or any of its Affiliates may deem necessary or appropriate in connection with the direct or indirect disposition of assets that are not Properties or ownership interests in
entities holding title to Properties. 
  
 (b) If, at any time
prior to Parent Stockholder Approval Parent Board determines a Parent Acquisition Proposal is a Parent Superior Proposal, Parent or the Parent Board may terminate this Agreement so long as the Parent prior to or concurrently with such termination
pays to Buyer the fee payable pursuant to Section 13.2. 
  
 SECTION 9.5 Regulatory Matters. 
  
 (a) Each
Party agrees, to the extent necessary, to make an appropriate filing pursuant to any Antitrust Law (as defined below) with respect to the Transactions as promptly as practicable after the date hereof, to supply as promptly as practicable any
additional information and documentary material that may be requested pursuant to any Antitrust Law and to take all other actions necessary, proper or advisable to cause the expiration or termination of the applicable waiting periods under any
Antitrust Law as soon as practicable. 
  
 (b) Each of Parent and
Sellers on the one hand, and Buyer on the other hand, shall, in connection with the efforts referenced in Section 9.5(a) to obtain any requisite approvals and authorizations for the Transactions under any Antitrust Law, use its best efforts
to (i) cooperate in all respects with each other in connection with any filing or submission and in connection with any investigation or other inquiry, including any proceeding initiated by a private party; (ii) keep the other party informed of any
communication received by such party from, or given by such party to, the Federal Trade Commission (the “FTC”), the Antitrust Division of the 
  

 28 

 Department of Justice (the “DOJ”) or any other governmental authority and of any communication received
or given in connection with any proceeding by a private party, in each case regarding any of the transactions contemplated hereby; and (iii) permit the other party to review any communication given by it to, and consult with each other in advance of
any meeting or conference with, the FTC, the DOJ or any such other governmental authority or, in connection with any proceeding by a private party, with any other person, and to the extent permitted by the FTC, the DOJ or such other applicable
governmental authority or other person, give the other party the opportunity to attend and participate in such meetings and conferences. For purposes of this Agreement, “Antitrust Law” means the Sherman Act, as amended, the Clayton Act, as
amended, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the Federal Trade Commission Act, as amended, and all other federal, state and foreign, if any, statutes, rules, regulations, orders, decrees, administrative and judicial
doctrines and other laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition. 
  
 (c) In furtherance and not in limitation of the covenants of the parties
contained in Sections 9.5(a) and 9.5(b), if any objections are asserted with respect to the Transactions contemplated hereby under any Antitrust Law or if any suit is instituted (or threatened to be instituted) by the FTC, the DOJ or any
other applicable governmental authority or any private party challenging any of the Transactions as violative of any Antitrust Law or which would otherwise prohibit or materially impair or materially delay the consummation of the Transactions, each
of Parent, Sellers and Buyer shall use reasonable efforts to resolve any such objections or suits so as to permit consummation of the Transactions. In furtherance and not in limitation of the foregoing, the parties hereto shall use their respective
best efforts to change the proposed structure of the Transactions if such change would cause such objections or suits to be vacated, lifted, reversed or overturned in a manner that preserves the intended benefits of the Transactions; provided,
however, that no party hereto shall be required to agree to any change that (i) modifies the amount or kind of consideration to be received by holders of Parent Common Stock as provided herein or (ii) materially adversely effects the ability of
Buyer to obtain financing for the transactions contemplated hereby or the material terms thereof in the aggregate. 
  
 SECTION 9.6 Public Announcements. Parent, each Seller and Buyer agree that the initial public release or announcement concerning the Transactions
shall be jointly issued by the parties and thereafter each party shall use its reasonable best efforts to allow each other party reasonable time to comment on press releases or announcements relating to the Transactions in advance of their issuance,
it being understood that the final form and content of any such release or announcement shall be at the final discretion of the disclosing party. 
  
 ARTICLE X 
  
 CLOSING CONDITIONS 
  
 SECTION 10.1 Conditions to Buyer’s Obligations. The obligation of Buyer under this Agreement to purchase the Properties from Sellers and the Fort Washington Interest from Parent is subject to the satisfaction at Closing of each
of the following conditions, any one of which may be waived in whole or in part by Buyer in writing at or prior to Closing: 
  
 (a) All of the representations and warranties by Sellers and Parent set forth in this Agreement shall be true and correct at and as of Closing as though
such representations and warranties were made at and as of Closing, except to the extent that any inaccuracy would not 
  

 29 

 have a Material Adverse Effect on a Property or the Fort Washington Interest or Sellers’ or Parent’s ability to
perform their respective obligations hereunder, and Sellers and Parent shall have performed, observed and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed on its part prior to
or as of Closing, except to the extent that any failure to do so would not have a Material Adverse Effect or materially impair Sellers’ or Parent’s ability to perform their respective obligations hereunder. 
  
 (b) Not less than thirty (30) days prior to the Closing Date (the
“Estoppel Delivery Date”), each Seller shall deliver to Buyer a duly executed, original, “clean” Estoppel Certificate from each of the Tenants occupying rentable building space in such Seller’s Property. At
Buyer’s option, Seller shall initially utilize the estoppel form required by Buyer’s lender; provided, however, that if any of the Tenants refuse to execute such form, Seller shall obtain Estoppel Certificates in the form required under
each of the Tenants’ respective Lease or, in the event there shall be no such form, in substantially the form attached hereto as Exhibit H. The Closing Date shall be extended one day for each day after the Estoppel Delivery Date that any
Estoppel Certificate remains undelivered; provided, however, that the Closing Date shall not be extended past the Termination Date. As a condition to Closing, Sellers shall also be required to obtain from each Tenant a subordination,
non-disturbance, and attornment agreement reasonably acceptable to Buyer’s lender. This Section 10.1(b) shall also apply to Parent with respect to the Tenant of the property owned by the Fort Washington Limited Partnership. 
  
 (c) No assessments or charges for any public improvements shall have been
made against the Properties after the expiration of the Due Diligence Period but prior to Closing which remain unpaid, no improvements to the Properties or any roads or facilities abutting the Properties shall have been made or ordered for which a
lien, assessment or charge can be filed or made, except to the extent that the foregoing would not have a Material Adverse Effect on the Properties. 
  
 (d) Sellers shall not have received any written notice after the expiration of the Due Diligence Period but before Closing from any insurance company
which has issued a policy with respect to any Property or by any board of fire underwriters (or other body exercising similar functions) claiming any material defects or deficiencies or requesting the performance of any repairs, alterations or other
work (in all instances costing in excess of Fifty Thousand Dollars ($50,000.00) or in excess of Ten Thousand Dollars ($10,000.00) with respect to any fire protection matters), and the applicable Seller will promptly notify Buyer of any such notice
or requirement if such notice is received at any time prior to Closing. If a Seller shall have received such a notice, Seller shall have a reasonable opportunity to cure any such defect or deficiency or perform such work, and the Closing Date for
the Property in question shall be extended to the extent reasonably necessary for Seller to do so. 
  
 (e) Sellers shall have fee simple title subject to the Permitted Exceptions to the Properties as required by this Agreement. Parent shall have good and
marketable title to the Fort Washington Interest, free and clear of Liens. 
  
 (f) Sellers shall have given the notices to Tenants required to fulfill any options or rights of first refusal to purchase any of the Properties subject to a Lease and a waiver of such rights by the tenant, either by
written waiver or the failure of the Tenants to exercise said rights. 
  
 With respect to each Property and the Fort Washington Interest, unless all the foregoing conditions contained in this Section 10.1 are satisfied within the time period specified, 
  

 30 

 or if no time period is specified, prior to or at Closing, Buyer, at its election, may, either (i) extend the Closing
Date for a period up to thirty (30) days until such conditions are satisfied, (ii) waive in writing the satisfaction of any such conditions, in which event this Agreement shall be read with respect to such Property or the Fort Washington Interest as
if such conditions no longer existed, or (iii) terminate this Agreement in accordance with Section 13.1(c)(ii). 
  
 SECTION 10.2 Conditions of Seller’s Obligations. The obligation of Sellers to complete the Closing under this Agreement is subject to the
satisfaction of each of the following conditions, any one or more of which may be waived in writing by Sellers in whole or in part at or prior to the Closing: 
  

(a) All of the representations and warranties by Buyer set forth in this Agreement are and shall be true, correct and complete both at and as of the
date of this Agreement and at and as of the Closing Date. 
  
 (b)
Buyer shall have performed all agreements required by this Agreement to be performed by Buyer prior to or as of the Closing Date, including payment of the balance of the Purchase Price. 
  
 Unless all the foregoing conditions contained in this Section 10.2 are satisfied within the time period specified, or
if no time period is specified, prior to or at Closing, Sellers, at their election, may either (i) extend the date for Closing for a period up to thirty (30) days until such conditions are satisfied, (ii) waive in writing the satisfaction of any
such conditions, in which event this Agreement shall be read as if such conditions no longer existed, or (iii) terminate this Agreement in accordance with Section 13.1(d)(i). 
  
 SECTION 10.3 Conditions to Obligation of Each Party to Effect the Transactions. The respective obligations of each
party to effect the Transactions shall be subject to the satisfaction or waiver at or prior to the Closing Date of each of the following conditions: 
  
 (a) Parent shall have obtained the Parent Stockholder Approval; 
  

(b) no statute, rule, regulation, executive order, decree, ruling, injunction or other order (whether temporary, preliminary or permanent) shall have
been enacted, entered, promulgated or enforced by any governmental authority which prohibits, restrains or enjoins the consummation of the Transactions or makes such consummation illegal; and 
  
 (c) all material consents, filings, approvals, orders or authorizations from
any governmental authority required to consummate the Transactions shall have been obtained or made. 
  
 ARTICLE XI 
  
 CONDEMNATION AND RISK OF LOSS 
  
 SECTION 11.1
Condemnation. As provided in Section 7.1(f), each Seller has provided certain representations and warranties to Buyer with respect to condemnation proceedings affecting the Properties. If prior to Closing any such proceeding is
commenced or any change is made, or any Seller receives written notice that any change is proposed to be made, and such change is reasonably anticipated to (i) adversely affect the current means of ingress and egress to 
  

 31 

 any Property or to the roads, driveways or highways adjoining any of the Properties, (ii) adversely change such ingress
or egress or to change the grade thereof, (iii) adversely affect any portion of the Improvements (other than to have a de minimus effect on parking), (iv) invoke a right of termination on the part of any of the Tenants under their respective Leases,
which right shall not have been waived, or (v) require compensation to be paid for such condemnation in an amount in excess of $50,000, Sellers agree immediately to notify Buyer thereof. Buyer then shall have the right, at Buyer’s option, to
elect to terminate this Agreement in accordance with Section 13.1(d)(iii), by giving written notice to Seller within ten (10) days of Buyer’s receipt of such notice. If Buyer does not so elect, Buyer shall proceed to Closing hereunder as
if no such proceeding had commenced and will pay Sellers the full Purchase Price in accordance with this Agreement; the applicable Seller(s) shall assign to Buyer all of its right, title and interest in and to any compensation for such condemnation.
Prior to the expiration of the Due Diligence Period, Sellers shall advise Buyer as to the status of any negotiations to settle any claims for compensation arising by reason of the aforesaid condemnation or other proceedings. 
  
 SECTION 11.2 Risk of Loss. 
  
 (a) Sellers shall bear the risk of all loss or damage to the Properties from
all causes until Closing. Sellers represent that they (or the applicable Tenants) have, and will maintain pending Closing, a policy of fire and extended coverage insurance in at least the full amount of the replacement cost of all Improvements
located on all of the Properties (“Sellers’ Insurance”). Sellers represent and warrant that Sellers’ Insurance is in effect and covenants that such policy or policies will not be cancelled without at least ten (10)
days’ prior notice to Buyer. If at any time prior to Closing any portion of a Property having a value in excess of $50,000 (as estimated by an independent engineering firm having at least ten (10) years of experience in the construction of
buildings similar to the Properties in the areas in which the Properties are located, subject to Buyer’s review and reasonable approval of the same) is destroyed or damaged as a result of fire or any other casualty whatsoever, the applicable
Seller shall promptly give written notice thereof to Buyer. If the cost to restore the damage resulting from such casualty is less than the Threshold Amount, the applicable Seller shall assign to Buyer all of such Seller’s right, title and
interest in and to the proceeds under the Sellers’ Insurance attributable to such casualty and shall pay to Buyer an amount equal to the amount of the applicable deductible amount under the Sellers’ Insurance that applies to such casualty
(the “Deductible Amount”), and the parties shall thereafter proceed to Closing in accordance with this Agreement. If the cost to restore the damage resulting from such casualty exceeds the Threshold Amount (as estimated by an
appraiser or other professional reasonably acceptable to Buyer and Sellers) or if any Tenant under any of the Leases has the right to terminate its Lease, based on the occurrence of such casualty or the resultant damage, which right shall not have
been waived, Buyer shall have the right, to be exercised by Buyer’s written notice delivered to Sellers within ten (10) days following Buyer’s receipt of Seller’s notice of such casualty, (i) to elect to terminate this Agreement in
accordance with Section 13.1(d)(iii); or (ii) to proceed to Closing, in which event Closing shall occur on the date which is the later of (a) the Closing Date, or (b) fifteen (15) days following the delivery of Buyer’s notice, and at
Closing, the applicable Seller shall assign all of its right, title and interest in and to the proceeds of Sellers’ Insurance (and all claims therefor) to Buyer and shall pay to Buyer an amount equal to the Deductible Amount. If Buyer fails to
deliver Buyer’s notice within the time period specified above, Buyer shall be deemed to have elected to proceed to Closing in accordance with clause (ii) above. All unpaid claims and rights in connection with any such losses (including business
interruption insurance) shall be assigned to Buyer at Closing without in any manner affecting the Purchase Price. 
  

 32 

 ARTICLE XII 
  
 INTENTIONALLY OMITTED 
  
 ARTICLE XIII 
  
 TERMINATION 
  
 SECTION 13.1 Termination. This
Agreement may be terminated at any time prior to the Closing Date, whether before or after the receipt of the Parent Stockholder Approval: 
  
 (a) by mutual written consent of Buyer and Parent; 
  
 (b) by written notice of either Buyer or Parent if: 
  
 (i) any governmental authority shall have issued a final order, decree or ruling or taken any other final action restraining, enjoining or otherwise
prohibiting the consummation of the Transactions and such order, decree, ruling or other action is or shall have become final and non-appealable; provided, that the right to terminate this Agreement pursuant to this clause (i) shall not be available
to any party which has not used its reasonable best efforts to cause such order, decree, ruling or other action to be lifted or otherwise taken action necessary to comply with Section 9.5; 
  
 (ii) the Closing Date shall not have occurred on or before June 30, 2005 (as
it may be extended from time to time as provided for in this clause (ii), the “Termination Date”); provided, that the right to terminate this Agreement pursuant to this clause (ii) shall not be available to the party seeking to
terminate if any action of such party or the failure of such party to perform any of its obligations under this Agreement required to be performed at or prior to the Closing Date has been the cause of, or resulted in, the failure of the Closing Date
to occur on or before the Termination Date and such action or failure to perform constitutes a breach of this Agreement; or 
  
 (iii) the Parent Stockholder Approval is not obtained by the fifth business day prior to the Termination Date; 
  
 (c) by written notice of Buyer: 
  
 (i) at any time prior to the termination of the Due Diligence Period;

  
 (ii) if there shall have been a material breach of any
representation, warranty, covenant or agreement on the part of Parent and/or any Seller contained in this Agreement such that the conditions set forth in Section 10.1 would not be satisfied and which shall not have been cured prior to the
earlier of (1) thirty (30) days following notice of such breach and (2) the Termination Date; provided, that Buyer shall not have the right to terminate this Agreement pursuant to this clause (i) if Buyer is then in material breach of any of its
representations, warranties, covenants or agreements contained in this Agreement; 
  
 (iii) in accordance with Sections 4.1, 5.3, 9.7, 11.1 or 11.2; or 
  

 33 

 (iv) if the Parent Board shall have withdrawn, modified or changed in a manner adverse to Buyer its
approval or recommendation of this Agreement or the Transaction or shall have recommended to the stockholders of the Parent a Parent Acquisition Proposal other than the Transactions, or shall have resolved to effect any of the foregoing. 

 
 (d) by written notice of Parent: 
  
 (i) if there shall have been a material breach of any representation,
warranty, covenant or agreement on the part of Buyer contained in this Agreement such that the conditions set forth in Section 10.2 would not be satisfied and which shall not have been cured prior to the earlier of (i) thirty (30) days
following notice of such breach and (ii) the Termination Date; provided, that Parent shall not have the right to terminate this Agreement pursuant to this clause if Parent or any Seller is then in material breach of any of its representations,
warranties, covenants or agreements contained in this Agreement; or 
  
 (ii) prior to Parent Stockholder Approval, in accordance with, and subject to the terms and conditions of, Section 9.4(b). 
  
 SECTION 13.2. Certain Consequences of Default. 
  
 (a) In the event Parent or any Seller shall default in any of its obligations to be performed on or prior to the Closing Date, Buyer shall have the right
to seek to obtain specific performance of Parent’s and Sellers’ respective obligations hereunder, and Parent shall be liable for all costs and expenses (including, without limitation, reasonable attorneys’ fees and court costs)
incurred by Buyer by reason of such action in the event Buyer shall prevail in such action. 
  
 (b) If Parent and/or any Seller has (i) defaulted in the performance of any covenant, (ii) breached a representation as a result of an action, or omission to take an action required to be taken, by Parent and/or any
Seller or (iii) otherwise failed (in bad faith) to (x) consummate the Transactions or (y) take actions reasonably necessary to consummate the Transactions in accordance with the terms and provisions of this Agreement, and Buyer elects to terminate
this Agreement, Parent shall be obligated to reimburse to Buyer all reasonable out of pocket costs incurred by Buyer in connection with this Agreement, up to a maximum amount of $200,000. 
  
 (c) If (i) Buyer shall default in the payment of the Purchase Price or if Buyer shall default in the performance of any of
its other material obligations on the Closing Date, or (ii) Buyer shall default in the performance of any of its obligations to be performed prior to the Closing Date and, with respect to any default under this clause (ii) only, such default shall
not have been cured prior to the earlier of (x) thirty (30) days following notice thereof and (y) the Termination Date, Parent’s and Sellers’ sole remedy by reason thereof shall be to terminate this Agreement and, upon such termination,
Parent shall be entitled to retain the Deposit as liquidated damages for Purchaser’s default hereunder, and thereafter Buyer, Parent and Sellers shall have no further rights or obligations under this Agreement except for those that are
expressly provided in this Agreement to survive the termination hereof; provided, that Parent or any Seller shall not have the right to terminate this Agreement pursuant to this clause if Parent or any Seller is then in material breach of any of its
representations, warranties, covenants or agreements contained herein. 
  
 (d) The liabilities and obligations in subsections (a), (b) and (c) above shall survive the termination of this Agreement. 
  

 34 

 SECTION 13.3 Effect of Termination. 
  
 (a) In the event of the termination of this Agreement pursuant to Section 13.1, this Agreement shall forthwith become
void and there shall be no liability or obligation on the part of any party hereto, except with respect to Sections 4.1, 4.3, 4.5, 4.6, 5.1, 5.2, 13.2 and 13.3 and any other provision hereof which expressly states that it shall survive
termination, all of which shall survive such termination; provided, however, that nothing herein shall relieve any party from liability for any willful and material breach hereof. 
  
 (b) In the event that this Agreement is terminated by Seller pursuant to Section 13.1(d)(ii), then Parent shall pay
the Termination Fee to Buyer at or prior to the time of termination by wire transfer of same day funds, and shall reimburse to Buyer all reasonable out-of-pocket costs incurred by Buyer in connection with this Agreement, up to a maximum amount of
$200,000. 
  
 (c) In the event of termination of this Agreement in
accordance with Section 13.1, the Deposit shall be remitted to Buyer in all circumstances other than termination pursuant to Section 13.1(b)(ii), in which case the Deposit shall be remitted to the terminating party. 
  
 ARTICLE XIV 
  
 NOTICES 
  
 Any notice, consent, approval, request, demand, or payment required or permitted to be given or made between the parties to this Agreement (collectively
called “Notices”) must be in writing to be effective. Any Notice that is addressed to the party for whom it is intended at its address specified for the receipt of Notices (which is currently the address set forth below) will be
deemed to have been given when received after the date it is deposited in the United States mail, postage prepaid, certified, return receipt requested. Any party may change its address for the receipt of Notices by Notice in accordance with this
Article XIV. Notices given otherwise than in accordance with this Article XIV, such as by facsimile or by overnight delivery, will be effective upon receipt. The current addresses of the parties for Notices are as follows: 

 
 If to Buyer: 
  
 Mr. Michael S. Verruto 
 HPI Capital LLC 
 227 West Trade Street, Suite 2320 
 Charlotte, North Carolina 28202 
 Telephone: (704) 343-9334 
 Facsimile: (704) 343-0532 
  

 35 

 With a copy to: 
  
 Robert Koen, Esq. 
 Piper Rudnick LLP 
 1251 Avenue of the Americas 
 New York, New York 10020 
 Telephone: (212) 835-6187 
 Facsimile: (212) 884-8487 
  
 If to Parent or Sellers: 
  
 c/o ARC Corporate Realty Trust 
 1401 Broad Street 
 Clifton, New Jersey 07013 
 Telephone: (973) 249-1000 
 Facsimile: (973) 249-1001 
 Attn: Mr. Robert J. Ambrosi 
  
 With a copy to: 
  
 J. Benjamin English, Esq. 
 Hirschler Fleischer 
 Federal Reserve Bank Building 
 701 East Byrd Street 
 Richmond, Virginia 23219 
 Telephone: (804) 771-9544 
 Facsimile: (804) 644-0957 
  
 ARTICLE XV 
  
 MISCELLANEOUS 
  
 (a) Amendments; Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the
written consent of Buyer and each of the Sellers. Any amendment or waiver affected in accordance with this section shall be binding upon Buyer and Sellers. 
  
 (b) Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO
ANY CONFLICTS OR CHOICE OF LAWS PROVISIONS THAT WOULD CAUSE THE APPLICATION OF THE DOMESTIC SUBSTANTIVE LAWS OF ANY OTHER JURISDICTION). 
  
 (c) Consent to the Non-Exclusive Jurisdiction of the Courts Of New York. EACH OF THE PARTIES HERETO HEREBY CONSENTS TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AS WELL AS TO THE JURISDICTION OF ALL COURTS TO WHICH AN APPEAL MAY BE TAKEN FROM SUCH COURTS, FOR THE PURPOSE OF ANY SUIT,
ACTION OR OTHER PROCEEDING 
  

 36 

 ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREBY. 
  
 (d) Waiver Of Jury Trial. EACH OF
THE PARTIES HERETO HEREBY VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR OTHER PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT, ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

  
 (e) Lender Requirements. Sellers agree to cooperate to
a reasonable extent with Buyer in satisfying all reasonable requirements imposed by Buyer’s lender, including but not limited to obtaining estoppel certificates, subordination, non-disturbance and attornment agreements and such other documents
as may be reasonably required, all at Buyer’s sole cost and expense. 
  
 (f) Assignment. Buyer shall have the unrestricted right to designate one or more affiliates of Buyer and/or one or more entities created solely for purposes of owning the Properties, as the entity to which any
Property is to be conveyed at Closing, and upon notice from Buyer, Sellers agree to convey the Properties directly to Buyer’s assignee(s) provided that Buyer and/or assignee(s) have fulfilled Buyer’s obligations under this Agreement.
Sellers agree to convey the Property (or, as the case may be, Membership Interests) to one or more such entities as Buyer may designate, each of which shall be subject to this Agreement. 
  
 (g) Further Assurances. After Closing, at the sole cost and expense of the requesting party, Buyer, Parent and
Sellers shall each execute, acknowledge and deliver, for no further consideration, all assignments, transfers, deeds and other documents consistent with the terms and conditions hereof as Buyer, Parent or Sellers may reasonably request to vest in
Buyer and perfect Buyer’s right, title and interest in and to the Properties and the Fort Washington Interest. 
  
 (h) Entire Agreement. This Agreement and the other writings referred to herein or delivered pursuant hereto which form a part hereof contain the
entire understanding of the parties hereto with respect to its subject matter. This Agreement and the other writings referred to herein or delivered pursuant hereto, supersede and render null and void all prior agreements and understandings between
the parties with respect to the subject matter hereof. 
  
 (i)
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 (j) Section Headings. The descriptive headings of sections and
paragraphs of this Agreement are inserted for convenience only, and do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 (k) Successors and Assigns. This Agreement shall bind and inure to the
benefit of the respective successors and permitted assigns of the parties hereto. 
  
 (l) Buyer’s Assumption of Liabilities. Parent and Sellers agree that Buyer shall assume, and will be deemed to have assumed, only those liabilities expressly provided to be assumed by the Buyer herein, and
no other assumption of liability by Buyer is to be implied. 
  

 37 

 (m) Exhibits. All exhibits referred to in this Agreement are incorporated herein by reference and
shall be deemed part of this Agreement for all purposes as if set forth at length herein. 
  
 (n) No Recordation. This Agreement shall not be recorded. 
  
 (o) No Joint Venture. This Agreement shall not be construed as in any way establishing a partnership, joint venture, express or implied agency, or
employer-employee relationship between Buyer and Sellers. 
  
 (p)
No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto, their respective successors and permitted assigns, and no other person or entity shall be entitled to rely upon or receive any benefit from this
Agreement or any term hereof. 
  
 (q) Nature of Parent and
Seller Obligations. The obligations of Parent and the various Sellers hereunder shall be several and not joint and several; provided, however, that the Post-Closing Assets shall be subject to Buyer claims against Parent and all Sellers.

  
 (r) Section 1031 Exchange. Any Seller may consummate
the sale of its Property as part of a so-called like kind exchange (the “Exchange”) pursuant to §1031 of the Internal Revenue Code of 1986, as amended (the “Code”), provided that: (i) the Closing shall not be
delayed or affected by reason of the Exchange nor shall the consummation or accomplishment of the Exchange be a condition precedent or condition subsequent to Seller’s obligations under this Agreement; (ii) such Seller shall effect the Exchange
through an assignment of this Agreement, or its rights under this Agreement, to a qualified intermediary and Buyer shall not be required to take an assignment of the purchase agreement for the replacement property or be required to acquire or hold
title to any real property for purposes of consummating the Exchange; and (iii) such Seller shall pay any additional costs that would not otherwise have been incurred by Buyer or Seller had Seller not consummated its sale through the Exchange. Buyer
shall not by this agreement or acquiescence to the Exchange (1) have its rights under this Agreement affected or diminished in any manner or (2) be responsible for compliance with or be deemed to have warranted to Seller that the Exchange in fact
complies with §1031 of the Code. 
  
 (s) Consents.
Whenever the consent or approval of a party is required under this Agreement, such consent or approval shall not be unreasonably withheld or delayed, unless otherwise specifically designated above as being in such party’s sole and absolute
discretion. 
  
 (t) Fees and Expenses. Except as expressly
set forth herein to the contrary, each of the parties shall pay all fees and expenses it incurs in connection with this Agreement or in connection with the consummation of the Transactions. In the event of litigation between the parties regarding
the transactions described in this Agreement, the party substantially prevailing in such litigation shall have the right to recover from the other party the reasonable attorney’s fees and expenses of the substantially prevailing party for such
litigation. 
  

 38 

 IN WITNESS WHEREOF, Buyer and Sellers have executed this Agreement as of the day and year first above
written. 
  

							
	BUYER:
	HPI/NL INVESTORS LLC,
	a Delaware limited liability company
		
	 	 	 HPI Capital, Inc.,
 a Florida
corporation Member

				
	 	 	 	 	By:	 	 /s/ Michael Verruto

	 	 	 	 	 	 	Michael Verruto, Vice President
	
	PARENT:
	
	ARC CORPORATE REALTY TRUST, INC.
		
	By:	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	SELLERS:
	
	MONTGOMERYVILLE 309 ASSOCIATES, L.P.,
	a Pennsylvania limited partnership
		
	 	 	 Montgomeryville ACRT, LLC,
 a Pennsylvania
limited liability company
 General Partner

				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, President

  

 39 

  

							
	 NORCROSS G&I, INC.,

	 a Georgia corporation

		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	 TMD DEVELOPMENT, LLC,

	 a Kansas limited liability company

		
	 	 	Overland Park G&I, Inc.,
	 	 	a Kansas corporation
	 	 	Member
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	 Robert J. Ambrosi, President

	
	 STANLEY MAIN, LLC,

	 a North Carolina limited liability company

		
	 	 	Charlotte-Caromont,LLC,
	 	 	a North Carolina limited liability company
	 	 	Managing Member
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, Manager
	
	 GASTONIA-X-RAY, LLC,

	 a North Carolina limited liability company

		
	 	 	Charlotte-Caromont, LLC,
	 	 	a North Carolina limited liability company
	 	 	Managing Member
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, Manager

  

 40 

									
	 BELMONT-209 PARK, LLC,

	 a North Carolina limited liability company

		
	 	 	Charlotte-Caromont, LLC,
	 	 	a North Carolina limited liability company
	 	 	Managing Member
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, Manager
	
	 KING MOUNTAIN-CLEVELAND, LLC,

	 a North Carolina limited liability company

		
	 	 	Charlotte-Caromont, LLC,
	 	 	a North Carolina limited liability company
	 	 	Managing Member
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, Manager
	
	 REBOX DEVELOPMENT, LLC,

	 a Kansas limited liability company

		
	 	 	Wichita G&I, Inc.,
	 	 	a Kansas limited liability company
	 	 	Member
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, President
	
	 SACRAMENTO G&I, INC.,

	 a California corporation

		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President

  

 41 

									
	 LEVITTOWN-ARC, L.P.,

	 a Pennsylvania limited partnership

		
	 	 	Levittown-ARC, LLC,
	 	 	a Pennsylvania limited liability company
	 	 	General Partner
			
	 	 	 	 	    ARC Corporate Realty Trust, Inc.®,
	 	 	 	 	    a Maryland corporation
	 	 	 	 	    Manager
					
	 	 	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	 	 	Robert J. Ambrosi, President
	
	 MARIETTA G&I, INC.,

	 a Georgia corporation

		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	 LILBURNE G&I, INC.,

	 a Georgia corporation

		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	 SAN ANTONIO G&I, L.P.,

	 a Texas limited partnership

		
	 	 	San Antonio/GP, Inc.,
	 	 	a Texas corporation
	 	 	General Partner
				
	 	 	 	 	        BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, President

  

 42 

			
	 PLYMOUTH G&I, INC.,

	 an Indiana corporation

		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	 MEMWAL G&I, INC.,

	 a Tennessee corporation

		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President

  

 43Operating Agreement

  
 EXHIBIT 10.24 
  
 OPERATING AGREEMENT 
  
 OF 
  
 INTL CONSILIUM, LLC 
 (A Florida Limited Liability Company) 
  
 THIS OPERATING
AGREEMENT is made and entered into as of the 7th day of May, 2004, by and among INTL CONSILIUM, LLC, a Florida limited liability company (the “Company”), CONSILIUM INVESTMENT CAPITAL, INC., a Florida corporation (“CIC”), JONATHAN
M. BINDER (“Binder”), CHARLES T. CASSEL, III (“Cassel”), INTERNATIONAL ASSETS HOLDING CORPORATION, a Delaware corporation (“IAHC”), SEAN O’CONNOR (“O’Connor”), and SCOTT BRANCH (“Branch”).

  
 RECITALS: 
  
 A. The Company was organized as a Florida limited liability company on or
about May 11, 2004. 
  
 B. The parties to this Agreement have
elected to enter into this Agreement in order to set forth the terms under which the Company will operate. 
  
 AGREEMENT: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 1.1 Capitalized Terms. The following capitalized terms used in this Agreement have the meanings set forth below: 
  
 “Act” means the Florida Limited Liability
Company Act, as the same may be amended from time to time. 
  
 “Affiliate” means any Person who directly or indirectly controls, is controlled by, or is under common control with another Person. 
  

 “Agreement” means this Operating Agreement as it may be amended from
time to time. 
  
 “Articles of
Organization” means the Articles of Organization of the Company filed with the Florida Secretary of State in accordance with the Act, as such articles may be amended from time to time. 
  
 “Bankruptcy” or “Bankrupt”
means, with respect to any Member, a Member’s making an assignment for the benefit of creditors, becoming a party in any manner to any liquidation or dissolution action or proceeding with respect to such Member or any bankruptcy,
reorganization, insolvency, or other proceeding for the relief of financially distressed debtors with respect to such Member, or a receiver, liquidator, custodian, or trustee being appointed for such Member or a substantial part of such
Member’s assets and, if any of the same occur involuntarily, the same not being dismissed, stayed, or discharged within 90 business days; or the entry of an order for relief against such Member under Title 11 of the United States Code or any
state bankruptcy or insolvency proceeding. A Member will be deemed Bankrupt if the Bankruptcy of such Member will have occurred. 
  
 “Board of Directors,” “Board,” or “Directors” means those individuals elected to serve
as Directors by the Members pursuant to the term of this Agreement. Directors need not be Members. For purposes of this Agreement, the term “Director” is equivalent to the term “Manager” as used in the Act. 
  
 “Capital Account” means, as to any Member,
the capital account maintained for each Member in accordance with Section 5.1 of this Agreement. 
  
 “Capital Contribution” means, as to each Member, the amount of capital contributed by such Member in accordance with
Article 4 of this Agreement. Any reference in this Agreement to the Capital Contribution of a Member will include the Capital Contributions made by any predecessor in interest of such Member in respect of the relevant interest of such Member in the
Company. 
  
 “Code” means
the Internal Revenue Code of 1986, as amended. 
  
 “Consent of the Members” means the written consent, approval, ratification, or affirmative vote of Members holding two-thirds (2/3) or more of all outstanding Shares. 
  
 “Entity” means a Person other than a
natural person and includes, without limitation, corporations (both non-profit and other corporations), partnerships (both limited, limited liability, general), trusts, joint ventures, limited liability companies, and unincorporated associations.

  
 “Excess Capital
Contribution”, in the case of any Member, shall mean a Capital Contribution by that Member that exceeds the dollar amount of any other Member’s Capital Contribution in exchange for an equivalent number of Shares (pro-rated if
necessary). For 

  

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example, if the Company has two Members, each owning fifty percent (50%) of the Company’s Shares, and the first Member has made a $10 Capital
Contribution and the second Member has made a $100 Capital Contribution, the second Member is deemed hereunder to have made a $90 Excess Capital Contribution. 
  

“Fiscal Year” has the meaning set forth in Section 7.4 of this Agreement. 
  
 “GAAP” means accounting principles
generally accepted in the U.S.A., consistently applied. 
  
 “Members” means CIC and IAHC, and all other Persons admitted as additional or substitute Members pursuant to this Agreement, so long as they remain Members. 
  
 “Member’s Equity” means the allocable
share of profits and losses of the Company to each Member in accordance with each Member’s ownership interest (i.e., Shares) in the Company. 
  
 “Managing Director(s)” means the individual Director(s) who are responsible for managing the day-to-day business of the
Company. 
  
 “Officers” means
the individual(s) serving as the Compliance Officer, Secretary, Treasurer and Accountant, and such other officers as the Board of Directors may from time to time authorize. 
  
 “Person” means any individual or Entity, and the heirs, executors, administrators, legal
representatives, successors, and assigns to such Person as the context may require. 
  
 “Shares”, in accordance with Section 4.1(a) of this Agreement, means the limited liability company interests of a Member
in the Company at any particular time, including the right of such Member to any and all benefits to which a Member may be entitled under this Agreement, together with the obligation of such Member to comply with all of terms and provisions of this
Agreement. 
  
 “Treasury
Regulations” means the regulations of the U.S. Department of the Treasury promulgated under the Code, as such Treasury Regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

 
 “Transfer” has the meaning given to such
term in Section 9.1 of this Agreement. 
  
 ARTICLE 2

 ORGANIZATIONAL MATTERS 
  
 2.1 Formation. The Company has been formed as a limited liability company pursuant to the provisions of the Act. The rights and duties of the
Members, and the affairs of the 

  

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Company, will be governed by the provisions of this Agreement, the Company’s Articles of Organization, and the Act. 
  
 2.2. Execution of Certificates, Etc. From time to time, the Members
will execute such certificates, qualifications to do business, fictitious name certificates, or similar filings in such jurisdictions as the Board of Directors may determine from time to time to be necessary or appropriate in connection with the
conduct of the business of the Company or to provide notification of the limitation of liability of Members under applicable law. 
  
 2.3 Name. The name of the Company will initially be “INTL CONSILIUM, LLC.” 
  
 2.4 Principal Office. The principal office of the Company will be located at 1525 South Ocean Drive, Fort Lauderdale,
Florida 33316, or such other location as the Board of Directors may from time to time determine. 
  
 2.6 Other Offices. The Company may have such other offices as the Board of Directors may from time to time determine. 
  
 2.7 Term. The existence of the Company will continue indefinitely,
until such time as the Company is dissolved in accordance with the terms of this Agreement or the Act. 
  
 2.8 Registered Agent and Registered Office. The initial registered agent and registered office of the Company is Corporation Company of Miami, c/o
William G. McCullough, 201 South Biscayne Boulevard, Suite 1600, Miami, Florida 33131. 
  
 2.9 Change of Registered Agent or Registered Office. The registered agent and the registered office of the Company may be changed from time to time at the direction of the Board of Directors. 
  
 ARTICLE 3 
 PURPOSE AND POWERS 
  
 3.1 Purpose of the Company. The Company is organized for the purposes of (i) providing investment advisory services to registered and unregistered mutual funds and hedge funds and otherwise engaging in an asset
management business; and (ii) engaging in any other lawful business, trade, profession, or activity permitted under the Act. 
  
 3.2 Powers. The Company will have all powers of a limited liability company under the Act and the power to do all things necessary or convenient to
accomplish its purposes as set forth in Section 3.1. 
  

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 ARTICLE 4 

SHARES; CAPITAL CONTRIBUTIONS; FINANCING PROVISIONS 
  
 4.1 Shares. 
  
 (a) The Members’ interests in the Company (referred to in this Agreement as the “Shares”) will initially consist entirely of common
interests having equal voting rights. Subject to the provisions of Section 4.3, the Company may in the future issue preferred or non-voting interests in the Company. 
  
 (b) The number of Shares outstanding as of the date of this Agreement and the holders of such Shares are set forth on
Schedule 1 to this Agreement. The Company will amend Schedule 1 from time to time to reflect changes in the Persons holding the Shares and changes in the number of outstanding Shares. 
  
 (c) The holders of the Shares will be the Members and will be subject to the terms and conditions of, and will have the
rights and duties set forth in, this Agreement. 
  
 4.2 Capital
Contributions. The Capital Contributions made to the Company by the Members are set forth on Schedule 1 to this Agreement. The Company will amend Schedule 1 from time to time to reflect additional Capital Contributions made to the Company.

  
 4.3 Additional Capital Contributions; Right of First
Refusal on Issuance of Additional Shares. 
  
 (a) No Member
will be required to make any additional Capital Contributions for any purpose (including but not limited to the purpose of funding the Company’s indemnification obligations under Section 6.8). 
  
 (b) In the event that the Board determines that it is in the best interests
of the Company to raise additional capital, the Board may sell additional Shares (the “Additional Shares”). However, the decision to sell Additional Shares, the number of Additional Shares to be sold, and the price and terms of the sale of
the Additional Shares, shall require the prior unanimous written consent of all Members. Assuming the prior unanimous written consent of all Members is obtained, such sale of Additional Shares shall be conducted on the following terms: 

 
 (i) The Company will offer each of the holders of the
outstanding Shares the right to acquire such holder’s pro rata portion of the Additional Shares (on the basis of their ownership of Shares) on the price and terms approved by the Board with the prior unanimous written consent of all Members. In
the event that any of the holders do not subscribe to purchase their pro rata portion of the Additional Shares, the remaining Additional Shares will be offered to those holders who did subscribe to purchase their pro rata portion. 
  
 (ii) In the event that all of the Additional Shares are not
acquired by the existing holders of the Shares, then the Company may sell the remaining Additional Shares to one or more third party investors approved by the Board of Directors. 
  

 5 

 (iii) Each purchaser of the Additional Shares must agree to be bound by the terms and
conditions of this Agreement as a condition to the purchase of such Additional Shares. The holder of the Additional Shares will have the same rights and duties under this Agreement as each other holder of Shares. 
  
 (c) With the prior unanimous written consent of all Members, the Board may
sell and/or issue an additional class of shares with limited powers and/or rights pursuant to a separate agreement to be drafted at the direction of the Board, but approved in advance by prior unanimous written Consent of all Members. 
  
 4.4 Financing Arrangements. In addition to any capital contributions
IAHC may make hereunder, IAHC may fund any short-term working capital requirements of the Company by extending loans to the Company. Each such loan will bear interest at the applicable federal rate in effect at the time the loan is extended, as
published periodically by the Internal Revenue Service. The amounts, timing, and additional terms of such loans are subject to agreement between the Company and IAHC, to be reflected in mutually acceptable documentation. 
  
 ARTICLE 5 
 CAPITAL ACCOUNTS; ALLOCATIONS; DISTRIBUTIONS 
  
 5.1 Capital Accounts. The Company will establish, maintain, and adjust each Member’s Capital Account in accordance with the Code and the
Treasury Regulations, including, without limitation, (i) the adjustments permitted or required by Code Section 704(b) and, to the extent applicable, the principles expressed in Code Section 704(c); and (ii) the adjustments required to maintain
Capital Accounts in accordance with the “substantial economic effect test” set forth in the Treasury Regulations under Code Section 704(b). Subject to the foregoing, each Member’s Capital Account will be credited with (a) the
amounts of such Member’s Capital Contribution, and (b) such Member’s share of profits, gains, and credits of the Company, and charged with (c) such Member’s share of losses, deductions, costs, and expenses of the Company, and
(d) the amount of cash or value of all actual and deemed distributions of cash or other property distributed from the Company to such Member pursuant to this Agreement. 
  
 5.2 Allocations of Profits and Losses. 
  
 (a) For each Fiscal Year, items of income, gain, loss, deduction, and credit of the Company will be allocated, for federal,
state, and local income tax purposes, among the Members in accordance with the amounts that are distributed to the Members or would have been distributed to the Members if distributions had been made in accordance with the provisions of Section 5.3,
provided that such allocations are in accordance with the principles of Sections 704(b) and 704(c) of the Code and in conformity with regulations promulgated thereunder. To the extent practicable, allocations will be made on an aggregate, rather
than item-by-item, basis. 
  
 (b) Subject to the foregoing, the
Board of Directors will be authorized to determine, in its absolute and uncontrolled discretion, all questions as to the profits and losses reportable by the 

  

 6 

 
Company in its federal, state, and local income tax returns, and the share thereof allocable to each Member and which each Member will be required to report
in its individual income tax return with respect to the Company, including making of any elections or revocations thereof as permitted by any of the provisions of the federal, state, or local income tax laws. Notwithstanding the foregoing, the Board
of Directors will ensure that each Member’s precontribution gain with respect to property contributed by such Member will be allocated to such Member. 
  
 (c) In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulation Section 1.704-1(b),
items of Company income and gain will be specifically allocated to such Member in an amount and manner sufficient to eliminate the deficit balances, if any, in the Member’s Capital Account created by such adjustments, allocations, or
distributions as quickly as possible. Any special allocations of items of income or gain pursuant to this subparagraph (c) will be taken into account in computing subsequent allocations of profits and loss so that the net amount of any items so
allocated, to the extent possible, will be equal to the net amount that would have been allocated to the Member pursuant to the provisions of Section 5.2 if such unexpected adjustments, allocations, or distributions had not occurred. The provisions
of this Section 5.2(c) will not affect the allocation to any Member that acquires its Shares subsequent to the special allocation required by this Section 5.2(c). 
  
 (d) In the event that any Member, at any time, by reason of the application of Treasury Regulations Section 1.752-2(a), is
deemed to bear the economic risk of loss for a liability of the Company, Section 5.2(a) will be amended to the extent necessary to ensure that all losses and deductions of the Company attributable to such liability are allocated among the Members in
accordance with the principles of Sections 752 and 704 of the Code and the applicable regulations thereunder. 
  
 (e) The Company’s “tax matters” Member shall be empowered, upon written advice of the Company’s legal counsel or tax accountants, to
make such corrective allocations of profits and loss as may be necessary from time to time as a result of errors, requirements of taxing authorities, or other causes. 
  
 5.3 Distributions. 
  
 (a) The Company will make distributions to the Members at the times and in the aggregate amounts set forth below: 
  
 (i) To the extent equal or greater amounts are not
distributed by the Company pursuant to Section 5.3(a)(ii), the Company will make distributions (the “Tax Distributions”) to the Members in an amount sufficient to cover the aggregate anticipated federal and state income tax liabilities of
the Members (or their equity holders if the Members are not directly taxable) on the estimated income of the Company. For purposes of calculating such distributions, the Company will base the distributions on the highest marginal federal and state
income tax rates applicable to the Members. To the extent practicable, the Company will make the distributions required by this section to the Members within 105 days after the end of each 

  

 7 

 
calendar year, based on the estimated income of the Company for such calendar year, and in connection with the liquidation of the Company. 
  
 (ii) The Company will make additional distributions to the
Members at such times and in such amounts as may be approved by the Board of Directors. Without limiting the foregoing, the parties anticipate that the aggregate Member’s Equity of the Company remaining after (a) payment of the Management Bonus
in accordance with Section 6.9 and (b) retention of a reserve in an amount equal to six (6) months’ projected aggregate operating costs and expenses, will be distributed to the Members on a fiscal quarterly basis. 
  
 (iii) The Company will make distributions to the Members in
connection with the liquidation of the Company, as provided by Section 10.3. 
  
 (b) Except as provided in Section 10.3, the Company will allocate all distributions among the Members in proportion to their respective ownership of Shares. 
  
 5.4 Return of Capital. Except for distributions required by Section
5.3 or in connection with the dissolution and liquidation of the Company, no Member has the right to demand a return of such Member’s Capital Contribution (or the balance of such Member’s Capital Account). Further, no Member has the right
(i) to demand and receive any distribution from the Company in any form other than cash or (ii) to bring an action of partition against the Company or its property. 
  
 5.5 Limitations on Distributions. Notwithstanding any other provisions of this Article 5, the Company will not make
any distributions of money or property unless: (i) after such distribution is made, the fair market value of the Company’s assets exceeds its total liabilities; and (ii) such distribution does not otherwise contravene any provision of law
applicable to the Company. 
  
 ARTICLE 6 
 MANAGEMENT OF THE COMPANY; LIABILITY; INDEMNIFICATION 
  
 6.1 Control of Business. Subject to Section 6.4 below and the provisions of the Act, (i) the business and affairs of the Company will be managed or
under the direction of the Board of Directors, and (ii) the power to act for and bind the Company will be vested exclusively in the Board of Directors, subject to the authority of the Board of Directors to delegate powers and duties to the Officers
as set forth in this Agreement. 
  
 6.2 Board of Directors.

  
 (a) The Company will have four (4) Directors, two (2) of whom
will be appointed by CIC, and two (2) of whom will be appointed by IAHC. By executing this Agreement, CIC appoints Binder and Cassel to serve as Directors of the Company, and IAHC appoints O’Connor and Branch to serve as Directors of the
Company. The number of Directors of the Company may be increased or decreased from time to time with the Consent of the Members. 
  

 8 

 (b) At any time and from time to time, CIC may terminate the service as Director of any person appointed
by CIC to serve in such capacity, and IAHC may terminate the service as Director of any person appointed by IAHC to serve in such capacity. In the event Binder or Cassel (or any replacement) ceases to serve as a Director of the Company voluntarily
or due to death, incapacity, termination by CIC, or any other reason, then CIC may appoint a replacement Director (“Replacement Director”), who shall be deemed substituted for purposes of paragraph 6.2(a) for whichever such person has
ceased to serve as Director. In the event O’Connor or Branch (or any replacement) ceases to serve as a Director of the Company voluntarily or due to death, incapacity, termination by IAHC, or any other reason, then IAHC may appoint a
Replacement Director, who shall be deemed substituted for purposes of paragraph 6.2(a) for whichever such person has ceased to serve as Director. Any termination of a Director and/or appointment of a Replacement Director hereunder shall be made by
written notice from the party taking the action to the Company and the Company’s other Members. If a Director ceases serving, then the party (i.e., CIC or IAHC) responsible for appointing the Replacement Director shall have one hundred
eighty (180) days to appoint the Replacement Director. During the 180-day period, the remaining Director for that party (and/or a representative of that party designated by the party in writing, if there are no remaining Directors [e.g., the
two Directors appointed by the respective party cease to be Directors at or about the same time via death or otherwise]) shall exercise the authority of the Director(s) to be replaced. If a Replacement Director is not appointed by CIC or IAHC, as
the case may be, within 180-day period, the size of the Board of Directors will be deemed to be reduced accordingly, and the remaining Director(s) of the Company will be deemed to be all of the Company’s Directors. Finally, any Replacement
Director must agree to execute and be bound by this Agreement, including but not limited to the restrictions set forth in Section 6.12 of this Agreement. 
  
 (c) In the event that the Board of Directors does not approve any resolution because the same number of Directors voted for the resolution as voted
against the resolution, then the Board of Directors will be deemed to have a deadlock with respect to the matter addressed by the resolution. In such event, the approval or disapproval of the matter will be determined by Consent of the Members. The
provisions of this Section 6.2(c) will not supercede the provisions of Section 6.4. 
  
 (d) Without limitation, the following matters will require approval of the Board of Directors: 
  
 (i) establishment or amendment of the Company’s annual operating budget; 
  
 (ii) allocation of the Management Bonus in accordance with
Section 6.9; 
  
 (iii) capital expenditures in
excess of $5,000; 
  

 9 

 (iv) the entering into of any leases or contracts having a term of greater than one (1)
year and/or requiring aggregate expenditures or investments by the Company in excess of $10,000; 
  
 (v) any incurrence of indebtedness by the Company in excess of $10,000, excluding normal trade credit; 
  
 (vi) the waiver or modification of any material contractual
right of the Company; 
  
 (vii) hiring or setting
the compensation of executive officers; 
  
 (viii) the Company’s establishment or sponsorship of a new mutual fund or other investment vehicle; 
  
 (ix) the entering into or amendment of any contract for the performance by the Company of investment advisory services, asset management
services, portfolio advisory services, or similar services for any third party; 
  
 (x) the entering into or amendment of any contract with any third party for the distribution, offer, or sale of mutual fund shares or
other investment vehicles interests; 
  
 (xi) the
entering into or amendment of any contract with any third party for the provision of administrative services, portfolio management systems, sub-advisory services, or other administrative services or systems with respect to any mutual fund or other
investment vehicle; and 
  
 (xii) any operating
costs and expenses during any fiscal year or quarter in excess of those provided for in the Company’s then current annual operating budget; 
  
 (e) The Board of Directors will establish the Company’s Investment Committee, which shall be responsible for establishing the Company’s
investment policies and strategies and overseeing the activities of the Company’s portfolio managers. Initially, the members of the Investment Committee will consist of Binder, Cassel, and O’Connor; provided, however, that the composition
of the Investment Committee, as well as its functions, may be amended at any time by the Board of Directors. 
  
 6.3 Managing Director(s). Unless otherwise determined by unanimous written consent of the Members, the Company shall have at least one, but no more
than two, Managing Director(s), who may be, but is not required to be, a Member, Director, person and/or entity. The Managing Director(s) shall manage and control the day-to-day operations of the business and 

  

 10 

 
affairs of the Company pursuant to a management agreement, and to do all things necessary or convenient to carry out the business and affairs of the Company,
subject in all cases to the authority of the Board of Directors and the limitations set forth in Section 6.4 of this Agreement. The Managing Director(s) shall have the duties set forth in this Section 6.3 and such other duties as may be assigned to
him, her or it from time to time by the Board of Directors. The Managing Director(s) shall be appointed by unanimous written consent of the Members, and initially shall be Binder and Cassel, who each will be required to execute an initial management
agreement approved by the Board of Directors. Any Managing Director of the Company may be terminated by unanimous consent of the Company’s Directors (not counting, for such purposes, any Director who, in his capacity as Managing Director, is
facing termination pursuant to this provision). 
  
 6.4
Limitation of Authority of the Board of Directors and Officers. Notwithstanding the general authority of the Board of Directors under Sections 6.1 and 6.2, the following matters will require the prior Consent of the Members: 
  
 (a) the merger or consolidation of the Company with or into any other entity;

  
 (b) the sale, exchange, or other transfer of all or
substantially all of the assets of the Company; 
  
 (c) a change
in the name of the Company; 
  
 (d) the adoption or alteration of
any branding or other trademark, service mark, or similar symbol or emblem identifying the Company or its products or services (all of which the parties intend to utilize the mark “INTL” or otherwise reflect an association with IAHC);

  
 (e) the dissolution of the Company; 
  
 (f) any pledge of assets by the Company; 
  
 (g) any incurrence of indebtedness by the Company in excess of $25,000;

  
 (h) any investment of the Company’s own funds in
investment instruments other than U.S. bank deposits and money market instruments; 
  
 (i) initiation or settlement of litigation or arbitration; and 
  
 (j) the waiver or modification of, or the granting of any approval in respect of, any contractual obligation of any party in favor of the Company with respect to non-competition, non-solicitation, confidentiality, or
similar matters. 
  

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 6.5 Performance of Duties by Directors, Managing Directors and Officers. 
  
 (a) The Directors, Managing Directors and Officers will perform their duties
in good faith, in a manner reasonably believed by them to be in the best interests of the Company, and with such care as an ordinarily prudent person in a like position would use under similar circumstances. In performing their duties, the Directors
and Officers will be entitled to rely upon information, opinions, reports, or statements, including financial statements and other financial data, in each case prepared or presented by: 
  
 (i) one or more Directors, Managing Directors, Officers and/or agents of the Company whom they reasonably
believe to be reliable and competent in the matters presented; or 
  
 (ii) counsel, public accountants, and/or other Persons as to matters which they reasonably believe to be within such Persons’ professional or expert competence. 
  
 (b) The Directors, Managing Directors and/or Officers will not be considered
to be acting in good faith if they have knowledge concerning the matter in question that would cause such reliance described in the preceding paragraph to be unwarranted. 
  
 6.6 Limitations on Liability of Members, Directors, Managing Directors and Officers. No Members, Directors, Managing
Directors and/or Officers of the Company will have any liability to the Company or the Members for any losses sustained or liabilities incurred as a result of any act or omission of such Person if the conduct of the Person (i) did not constitute
actual fraud or willful misconduct, (ii) did not amount to a breach of this Agreement or any other written agreement between such Person and the Company or any Member, and (iii) was not unlawful. 
  
 6.7 Liability to Third Parties. The debts, obligations, and
liabilities of the Company, whether arising in contract, tort, or otherwise, will be solely the debts, obligations, and liabilities of the Company, and the Members, Directors, Managing Directors and/or Officers will not be obligated personally for
any such debt, obligation, or liability by reason of acting as a Member, Director, Managing Director and/or Officer of the Company. 
  
 6.8 Indemnification. 
  
 (a) To the maximum extent permitted by law, the Company will defend, indemnify, and hold harmless the Members, Directors, Managing Directors, and/or
Officers and the employees and agents of the Company (each, an “Indemnitee”) from and against any and all losses, claims, demands, costs, damages, liabilities, and expenses of any nature (including attorneys’ fees and disbursements),
judgments, fines, settlements, penalties, and other expenses actually and reasonably incurred by the Indemnitee, by reason of the fact that the Indemnitee is or was a Member, Director, Managing Director and/or Officer of the Company or is or was an
employee or agent of the Company, arising out of or incidental to the business of the Company, provided that: (i) the Indemnitee’s conduct did not constitute actual fraud or willful misconduct; (ii) the action is not based on a breach of this
Agreement; and (iii) the Indemnitee’s conduct was not unlawful. The 

  

 12 

 
termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, will
not, in and of itself, create a presumption that the Indemnitee acted in a manner contrary to that specified above. 
  
 (b) Expenses incurred by an Indemnitee in defending any claim, demand, action, suit, or proceeding subject to this Section will be paid by the Company as
incurred throughout the pendency of such claim, demand, action, suit, or proceeding, so long as the Indemnitee provides the Company an undertaking acceptable to the Company to repay such amount(s) if it ultimately is determined that such Person is
not entitled to be indemnified as authorized in this Section. 
  
 (c) The indemnification provided by this Section will be in addition to any other rights to which the Indemnitee may be entitled under any agreement, as a matter of law or equity, or otherwise, and will inure to the benefit of the
successors, assigns, heirs, personal representatives, and administrators of the Indemnitee. 
  
 6.9 Management Bonus. So long as Binder and/or Cassel are Managing Director(s) of the Company, and without limiting the Company’s obligations to pay salaries to Binder and Cassel pursuant to applicable
employment arrangements in their capacity as Managing Director(s), the Company shall pay the Managing Director(s) (and such other officers of similar seniority and/or authority as determined by the Board of Directors, but in no event including
Nancey McMurtry or Jonathan C. Hinz) a management bonus (the “Management Bonus”) in an aggregate amount equal to fifteen percent (15%) of the Company’s net pre-tax earnings as of the end of each fiscal quarter; provided that
the Company’s Member’s Equity, as determined in accordance with GAAP, are positive as of the end of such fiscal quarter; and provided further that the payment of such Management Bonus would not cause such Member’s Equity as of
the end of such fiscal quarter, as determined in accordance with GAAP, to be negative. Any modification of the amount and/or conditions for receiving the Management Bonus, if any, shall be pursuant to the prior Consent of the Members. 
  
 6.10 Officers. The Company will have the following Officers and such
other Officers as the Board of Directors may from time to time appoint: 
  
 (a) Compliance Officer. The Compliance Officer, who shall initially be Nancey McMurtry, will be responsible for establishing and implementing the Company’s legal and regulatory compliance program. The Compliance Officer will be
responsible for monitoring changes in laws and regulations applicable to the Company and for updating the Company’s compliance program as necessary. The Compliance Officer will have such other powers and perform such other duties as the Board
of Directors may from time to time assign to her. 
  
 (b)
Secretary. The Secretary, who shall initially be Nancey McMurtry, will attend all meetings of the Members and the Board of Directors and will keep true and accurate records of such meetings. The Secretary will give notice of all meetings of
the Members or the Board of Directors. The Secretary will have such other powers and perform such other duties as the Board of Directors may from time to time assign to her. 
  

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 (c) Treasurer/Accountant. The Treasurer/Accountant, who initially shall be Jonathan C. Hinz, will
keep and maintain or cause to be kept and maintained accurate and complete books and records of accounts for the Company. Subject to the authority of the Board of Directors, the Treasurer/Accountant will manage and oversee all monetary assets of the
Company including cash, short-term investments, and money market funds. The Treasurer/Accountant will have such other powers and perform such other duties as the Board of Directors may from time to time assign to him. 
  
 (d) Responsibility for Costs of Officers and Authority. Payment of any
and all compensation, costs and/or expenses associated with Nancey McMurtry and Jonathan C. Hinz (and any other Officers of the Company who, while serving as Officers of the Company are full-time employees of IAHC or any subsidiary of IAHC other
than the Company) shall be the sole responsibility and/or obligation of IAHC. Further, except as explicitly authorized by the Board of Directors or a Managing Director, the Officers shall have no actual and/or apparent authority to enter into
agreements of any kind on behalf of the Company and/or otherwise obligate and/or bind the Company. 
  
 (e) Removal of Officers. The Board of Directors shall have the authority to remove any Officer. 
  
 6.11 Other Expenses. IAHC shall be responsible for all expenses
relating to its own accounting, auditing and compliance needs, even if such expenses are affected incrementally through its ownership interest in the Company. 
  

6.12 Unfair Competition and Non-Competition. IAHC, CIC, Binder, Cassel, O’Connor, Branch, and/or all Subsequent Directors, as defined in
Section 9.2(e) (collectively, “Restrictive Covenant Parties”), shall agree as follows: 
  
 6.12.1 Covenant Against Unfair Competition. 
  
 (a) The Restrictive Covenant Parties acknowledge that pursuant to their positions and/or involvement with
the Company, their involvement with the Company is unique and extraordinary and, as a result, the Restrictive Covenant Parties will be in possession of confidential information relating to the business practices of the Company. The term
“confidential information” shall mean any and all information (verbal and written) relating to the Company or any of its subsidiaries, affiliates or clients, or any of their respective activities, other than such information which can be
shown by the Restrictive Covenant Parties to be in the public domain (such information not being deemed to be in the public domain merely because it is embraced by more general information which is in the public domain) other than as the result of
breach of the provisions of this Section 6.12.1, including but not limited to information relating to: trade secrets, personnel lists, client lists and prospects, financial information, research, investment strategies and objectives, investment
methodologies, investment performance, services used, pricing, product sourcing, marketing strategies and methods, and other proprietary information. The Restrictive Covenant Parties agree that they will not, during or at any time after the
termination of their involvement with the Company, directly or indirectly, use, communicate, disclose or disseminate 

  

 14 

 
to any person, firm or corporation any confidential information regarding the clients, customers or business practices of the Company acquired by the
Restrictive Covenant Parties during their involvement with the Company, without the prior written consent of the Company; provided, however, that the Restrictive Covenant Parties understand that they will be prohibited from misappropriating any
trade secret at any time during or after the termination of their involvement with the Company. 
  
 6.12.2 Non-Competition. The Restrictive Covenant Parties agree that during their involvement with the Company and for a period of
two (2) years following the termination of their involvement with the Company (for any reason, except that if the Company is dissolved and/or otherwise ceases to engage in business, the non-competition provisions of this subparagraph 6.12.2 shall
not apply and shall be otherwise null and void), they will not, for their own account or jointly with another, directly or indirectly, for or on behalf of any individual, partnership, corporation, or other legal entity, as principal, agent or
otherwise: 
  
 (a) own, control, manage, engage
in, be employed by, work as an independent contractor for, consult with, or otherwise participate in, a business other than the Company, wherever located, engaged in the provision of asset management, portfolio management, and/or investment
management or advisory services to dedicated emerging market funds (the “Business”); and/or 
  
 (b) directly or indirectly, solicit or induce, and/or in any manner attempt to solicit or induce, any person employed by the Company or
any of its subsidiaries or affiliates (including, for these purposes, IAHC) to leave such employment, whether or not such employment is pursuant to a written contract and whether or not such employment is at will, or hire any person who has been
employed by the Company or any of its subsidiaries or affiliates at any time during the six (6) month period preceding the termination of the Restrictive Covenant Party’s involvement with the Company. 
  
 6.12.3 The Restrictive Covenant Parties recognize the
importance of the covenants contained in this Section 6.12 and acknowledges that, in view of the Restrictive Covenant Parties’ interest in and/or involvement with the Company, the worldwide nature of the Company’s activities, the projected
expansion of the Company’s business, and the potential ability of a competitor located anywhere in the world to harm the Company’s interests, the restrictions imposed herein are: (i) reasonable as to scope, time and area; (ii) necessary
for the protection of the Company’s legitimate business interests, including without limitation, the Company’s trade secrets, goodwill, and its relationship with customers and suppliers; and (iii) not unduly restrictive of any the
Restrictive Covenant Parties’ rights as an individual and/or entity. The Restrictive Covenant Parties acknowledge and agree that the covenants contained in this Section 6.12 are essential elements of this Agreement and that but for these
covenants, the Company would not have agreed to enter into this Agreement. Such covenants shall be construed as agreements independent of any other provision of this Agreement. The existence of any claim or cause of action against the Company by the
Restrictive Covenant Parties, whether predicated on the breach of this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of the covenants contained in this Section 6.12. 
  

 15 

 6.12.4 If the Restrictive Covenant Parties commit a breach or threaten to commit a breach
of any of the provisions of this Section 6.12, the Company shall have the right and remedy, in addition to any others that may be available, at law or in equity, to have the provisions of this Section 6.12 specifically enforced by any court having
equity jurisdiction, through injunctive or other relief, it being acknowledged that any such breach or threatened breach will cause irreparable injury to the Company, the amount of which will be difficult to determine, and that money damages will
not provide an adequate remedy to the Company. 
  
 6.12.5 If any covenant contained in this Section 6.12, or any part thereof, is hereafter construed to be invalid or unenforceable, the same shall not affect the remainder of the covenants, which shall be given full effect, without regard to
the invalid portions, and any court having jurisdiction shall have the power to reduce the duration, scope and/or area of such covenant and, in its reduced form, said covenant shall then be enforceable. If the Restrictive Covenant Parties breach the
covenants set forth in this Section 6.12, the running of the non-compete period described herein (but not their obligation) shall be tolled for so long as such breach continues. The provisions of this Section 6.12 shall survive the expiration and
termination of this Agreement, and the termination of the Restrictive Covenant Parties’ involvement with the Company hereunder. 
  
 ARTICLE 7 
 BOOKS, RECORDS,
ACCOUNTING, AND REPORTS 
  
 7.1 Company Funds. Subject
to Section 6.4(l) of this Agreement, the funds of the Company that are not currently being utilized in the Company’s business will be deposited in such bank accounts, or invested in such interest-bearing or non-interest-bearing investments, as
will be determined by the Board of Directors. Such funds will not be commingled with the funds of any other Person. 
  
 7.2 Checks, Drafts, Orders for Payment. All checks, drafts, or orders for the payment of money, notes, or other evidences of indebtedness issued in
the name of the Company will be signed by such Officers or other agents of the Company and in such manner as the Board of Directors will from time to time determine. 
  
 7.3 Financial Reports. The Company will prepare and distribute to the Members as soon as practicable after the end of
each fiscal quarter and each Fiscal Year of the Company an unaudited balance sheet as at the end of such period, and an unaudited profit and loss statement for the period ended. Moreover, the Company, CIC, Binder, and Cassel will cooperate fully in
any audit or related inquiry undertaken by IAHC’s auditors or other advisers at IAHC’s discretion in connection with IAHC’s preparation of consolidated financial statements and the preparation and maintenance of IAHC’s books and
records and required regulatory filings. 
  
 7.4 Fiscal
Year. The Fiscal Year of the Company will end on September 30. 
  

 16 

 7.5 Tax Matters Member. International Assets Holding Corporation will be the “tax
matters” Member within the meaning of Section 6231 of the Code. 
  
 7.6 Tax Returns. The Directors will cause all tax returns for the Company to be prepared and timely filed with the appropriate authorities and, as soon as practicable after the end of each fiscal year, will provide to the Members
such information as will be necessary for the preparation by the Members of their federal income tax returns. 
  
 7.7 Books and Records. The Company will maintain appropriate books and records with respect to the Company’s business. The books and records
will include (i) the Company’s books of account; (ii) a current and past list of the full name and last known mailing address of each Member and each Officer and Director not a Member of the Company (all Officers and Directors will be
identified as such on the records); (iii) a copy of the Company’s Articles of Organization and all amendments thereto, together with executed copies of any powers of attorney pursuant to which any certificate of amendment has been executed;
(iv) copies of the Company’s federal, state, and local income tax returns and reports, if any, for the three most recent years; (v) an executed copy of this Agreement as in effect and all amendments thereto; (vi) recent financial statements of
the Company for the three most recent years; and (vii) copies of such other material instruments and documents as the Officers may execute on behalf of the Company. Such books and records will be kept at the principal office of the Company. Each
Member will have the right, during ordinary business hours, to inspect and copy any of such records at the requesting Member’s expense. 
  
 7.8 Accounting. The books of the Company for financial reporting purposes will be maintained on a cash basis, omitting footnote disclosure. The
Company’s books for purposes of maintaining and determining Capital Accounts will be maintained in accordance with the provisions of this Agreement, Section 704 of the Code and, to the extent not inconsistent therewith, the principles described
above for financial reporting purposes. 
  
 ARTICLE 8

 RIGHTS AND OBLIGATIONS OF MEMBERS 
  
 8.1 Limited Liability. No Member will be personally liable for any debts, liabilities, or obligations of the Company; provided that each Member
will be responsible (i) for the making of any Capital Contribution required to be made to the Company by such Member pursuant to the terms of this Agreement; and (ii) for the amount of any distributions made to such Member that must be returned to
the Company pursuant to the Act. 
  
 8.2 Participation in
Management. No Member, strictly by virtue of such Member’s status as a Member (as opposed to such Member’s status as an Officer or Director), will take any part in the management or control of the business of the Company nor will any
Member, by reason of the Member’s status as such, have any right to transact any business for the Company or any authority or power to sign for or bind the Company. Notwithstanding the foregoing, Members will have the right to approve or
disapprove or otherwise consent or withhold consent with respect to 

  

 17 

 
such matters as are specified in this Agreement or the Act; and provided that Members may take such actions on behalf of the Company and execute documents or
otherwise bind the Company to the extent, if any, that such powers are delegated to any such Member by the Board of Directors from time to time. 
  
 ARTICLE 9 
 TRANSFERS OF SHARES

  
 9.1 Restrictions on Transfer. No Member shall be
permitted to sell, assign, transfer, pledge, hypothecate, mortgage, encumber, or dispose of in any manner (“Transfer”) all or any portion of its Shares except with the prior unanimous written consent of all Members and otherwise in
compliance with the terms of this Agreement. Moreover, neither Binder nor Cassel shall Transfer or attempt to Transfer all or any portion of his shares or other ownership interest in CIC (the “CIC Shares”) except in compliance with the
terms of Section 9.9 of this Agreement. Any attempted Transfer in violation of this Article 9 will be null and void. 
  
 9.2 Permitted Transfers. The Shares of the Members may only be transferred under the following circumstances: 
  
 (a) any Member who is an individual may Transfer all or any of his Shares by
way of gift to his spouse, to any of his lineal descendants or ancestors, or to any trust, family limited partnership, or limited liability company for the benefit of such Member, his spouse, or his lineal descendants or ancestors; 
  
 (b) any Member who is an individual may Transfer all or any of his Shares,
upon his death, by will or the laws of descent and distribution; 
  
 (c) any Member who is an individual may Transfer all or any of his Shares to any Entity in which the Member owns all of the outstanding equity interests; 
  
 (d) any Member which is an Entity may distribute its Shares to the equity owners of such Member in proportion to each such
equity owner’s interest in the Member; or 
  
 (e) any Member
may Transfer all or any of its Shares with the prior consent of a majority of the Directors and the Consent of the Members (in each case, with the Member requesting the Transfer abstaining). Any Transfer under this Section 9.2(e) will be subject to
the provisions of Sections 9.5 and 9.6. 
  
 9.3 Death,
Bankruptcy, or Dissolution of a Member. The death, Bankruptcy, or dissolution of a Member will not terminate the Company. In the event of the death, Bankruptcy, or dissolution of a Member, such Member’s successors in interest will succeed
to the Member’s Shares and will be responsible for all of the liabilities and obligations of such Member under this Agreement; provided, however, that such successor in interest will have no right to participate in the management of the
Company, including any right to vote in any matters to be voted on by the 

  

 18 

 
Members, except with the prior consent of a majority of the Directors and the Consent of the Members (other than the Member whose Shares are being
transferred). 
  
 9.4 Member Ceasing to be a Member. A
Member will cease to be a Member only upon the occurrence of one or more of the following events: 
  
 (a) A Transfer of the Member’s Shares in accordance with the provisions of this Article 9; or 
  
 (b) Withdrawal of a Member from the Company, but only with the consent of a
majority of the Directors and the prior unanimous written consent of all Members. 
  
 9.5 Right of First Refusal on Dispositions of Shares. 
  
 (a) Any holder of Shares (the “Selling Member”) will be entitled to sell all or any of its Shares, provided that such sale is made pursuant to a Qualifying Offer (as defined below) and complies with the
requirements of Section 9.2(e), this Section 9.5, and Section 9.6 of this Agreement. For avoidance of doubt, the parties acknowledge that (i) no Member may Transfer all or any of its Shares under this Section 9.5 without the prior consent of a
majority of the Directors and the Consent of the Members (as provided in Section 9.2(e)), and (ii) the provisions of this Section 9.5 do not apply to any Transfer under Sections 9.2(a), (b), (c), or (d). 
  
 (b) For purposes of this Agreement, a “Qualifying Offer” means an
offer from an unaffiliated third party (the “Proposed Transferee”) to purchase specified Shares (the “Offered Shares”) for cash. The Qualifying Offer must be contained in a binding written agreement and be accompanied by
financial statements or other evidence reasonably demonstrating the ability of the Proposed Transferee to purchase the Offered Shares. 
  
 (c) If a Selling Member desires at any time to sell or otherwise transfer all or any of its Shares pursuant to a Qualifying Offer from a Proposed
Transferee, the Selling Member will submit a written offer (the “Offer”) to sell such Offered Shares to the other Members. The Offer will: (i) contain the same terms and conditions, including price, as the Qualifying Offer; and (ii) be
accompanied by a complete copy of the Qualifying Offer. The Offer will further state (i) that the other Members may acquire, in accordance with the provisions of this Agreement, all of the Offered Shares for the price and upon the other terms and
conditions set forth therein, and (ii) that if the other Members elect not to purchase all of the Offered Shares, then such other Members may exercise their rights provided pursuant to Section 9.6 hereof. 
  
 (d) The Members other than the Selling Member will have 60 days from the date
the Offer was made to elect, in the aggregate, to purchase all, but not less than all, of the Offered Shares. 
  
 (e) Each Member that elects to purchase all or any of the Offered Shares will communicate in writing its election to purchase such Offered Shares to the
Selling Member and to the other parties hereto, which communication will state the number of the Offered Shares that the 

  

 19 

 
electing party desires to purchase. Such communication will, when taken in conjunction with the Offer, be deemed to constitute a valid, legally binding, and
enforceable agreement for the sale and purchase of such number of Offered Shares; provided, however, that if the parties who have the right to purchase Offered Shares under this Section 9.5 do not, in the aggregate, elect to purchase all of the
Offered Shares, they may not purchase any of the Offered Shares. In the event that the Members other than the Selling Member, as a group, elect to purchase more than the Offered Shares, then the Offered Shares will be allocated among such other
Members in proportion to the number of Shares held by them in the Company. The sale of the Offered Shares will be consummated at the offices of the Company within 45 days following the date the Offer was made. 
  
 (f) If the other Members do not elect to purchase all of the Offered Shares,
then all, but not less than all, of the Offered Shares may be sold by the Selling Member at any time within 90 days after the date the Offer was made, subject to the provisions of Section 9.6. Any such sale will be to the Proposed Transferee, at not
less than the price and upon other terms and conditions, if any, not more favorable to the Proposed Transferee than those specified in the Qualifying Offer. If all of the Offered Shares are not sold within such 90-day period, then the Offered Shares
will continue to be subject to the requirement of a prior Offer pursuant to this Section 9.5. If Offered Shares are sold pursuant to this Section 9.5 to any purchaser who is not a party to this Agreement, the purchaser of such Offered Shares will
execute a counterpart of this Agreement as a precondition of the purchase of the Offered Shares and any Offered Shares sold to such purchaser will continue to be subject to the provisions of this Agreement. 
  
 9.6 Tag Along and Veto Rights. At any time during the sixty (60) day
period referenced in Section 9.5(d), any Member may provide written notice to a Selling Member of its intention, in the event rights of first refusal are not exercised pursuant to Section 9.5, to (a) require, as a precondition to any Transfer, that
the Selling Member arrange for the sale to the Proposed Transferee of Shares owned by such Member so as to permit such Member to sell the same proportionate part of the Shares held by it as the Selling Member proposes to sell, for the same
consideration and otherwise on the same terms and conditions set forth in the Qualifying Offer, or (b) if the Qualifying Offer is for less than 100% of the total outstanding Shares of the Company, to prohibit any sale by the Selling Member and any
other Member pursuant to the Qualifying Offer. Any such expression of intention pursuant to this Section 9.6 shall be binding on the Selling Member and all other Members. 
  
 9.7 Substituted Members. Any transferee acquiring the Shares of a Member as permitted under this Article will be
deemed admitted as a substituted Member with respect to the Shares transferred concurrently with the effectiveness of the Transfer (provided that such transferee, unless already a Member, will, as a condition to such admission, execute a counterpart
of this Agreement, agreeing thereby to be bound by all of the terms and conditions hereof), and such substituted Member will be entitled to all of the rights and benefits under this Agreement of the transferor of such Shares, subject to the
limitations applicable to successors in interest pursuant to Section 9.3. No purported Transfer of any Shares, or any portion thereof or interest therein, in violation of the terms of this Agreement (including any Transfer occurring by operation of
law) will vest the purported transferee with any rights, powers, or privileges hereunder, and no such purported transferee will be deemed for any purposes as a Member hereunder or have any right to 

  

 20 

 
inspect Company records to maintain derivative proceedings, to maintain any action for an accounting, or to exercise any other rights of a Member hereunder
or under the Act. Any Transfer in contravention of any of the provisions of this Article 9 will be void ab initio and of no effect and will not bind or be recognized by the Company. 
  
 9.8 was not utilized 
  
 9.9 Transfers of CIC Shares. The CIC Shares may only be transferred
under the following circumstances: 
  
 (a) either Binder or Cassel
may Transfer all or any of his CIC Shares by way of gift to his spouse, to any of his lineal descendants or ancestors, or to any trust, family limited partnership, or limited liability company for the benefit of such transferor, his spouse, or his
lineal descendants or ancestors; 
  
 (b) either Binder or Cassel
may Transfer all or any of his CIC Shares, upon his death, by will or the laws of descent and distribution; 
  
 (c) either Binder or Cassel may Transfer all or any of his CIC Shares to any Entity in which such transferor owns all of the outstanding equity interests;

  
 (d) in the event of Binder’s death or permanent
incapacity, Binder’s CIC Shares may be transferred by Binder or Binder’s estate, as the case may be, to Cassel; 
  
 (e) in the event of Cassel’s death or permanent incapacity, Cassel’s CIC Shares may be transferred by Cassel or Cassel’s estate, as the
case may be, to Binder; or 
  
 (f) either Binder or Cassel may
Transfer all or any of his CIC Shares with the prior consent of a majority of the Directors (not counting, for such purposes, the Director requesting the Transfer) and the written consent of IAHC; provided, however, that any such Transfer
shall be subject to a right of first refusal on the part of IAHC to purchase such CIC Shares pursuant to procedures equivalent to those set forth in Section 9.5. 
  
 ARTICLE 10 
 DISSOLUTION 
  
 10.1 Events of Dissolution.
The Company will dissolve upon the occurrence of any Event of Dissolution. Each of the following will be an “Event of Dissolution”: 
  
 (a) The prior Consent of the Members to dissolve the Company; or 
  

(b) The sale of all or substantially all the assets of the Company and distribution of the proceeds to the Members. 
  

 21 

 10.2 Effect of Death, Withdrawal, Bankruptcy, or Dissolution of Member. The Company will not
dissolve upon the death, withdrawal, Bankruptcy, or dissolution of a Member. 
  
 10.3 Liquidation. 
  
 (a)
Upon dissolution of the Company, the Managing Director(s), or, if there is no Managing Director, such Person as is designated by Members holding a majority of the Shares (the Managing Director(s) or such other Person being herein referred to as the
“Liquidator”) will proceed to wind up the business and affairs of the Company in accordance with the terms hereof and the requirements of the Act. A reasonable amount of time will be allowed for the period of winding up in light of
prevailing market conditions and so as to avoid undue loss in connection with any sale of the assets of the Company. The Liquidator will have all of the rights in connection with the liquidation and termination of the Company that the Board of
Directors and the Officers would have had with respect to the assets and liabilities of the Company during the term of the Company, and the Liquidator is hereby expressly authorized and empowered to effectuate the liquidation and termination of the
Company and the transfer of any assets and liabilities of the Company. The Liquidator will have the right from time to time, by revocable powers of attorney, to delegate to one or more Persons any or all of such rights and powers and the authority
and power to execute documents in connection therewith, and to fix the reasonable compensation of each such Person, which compensation will be charged as an expense of liquidation. The Liquidator is also expressly authorized to distribute the
Company’s property to the Members, subject to satisfaction of any liens. This Agreement will remain in full force and effect during the period of winding up, except that the Members will not have the right to make withdrawals of capital or
additional Capital Contributions or to retire from the Company. 
  
 (b) In connection with the winding up of the Company, before the later to occur of the end of the Fiscal Year of the Company or the ninetieth day after the liquidation of the Company within the meaning of Regulation Section
1.704-1(b)(2)(ii)(g), the assets of the Company will be distributed as follows: 
  
 (i) first, to creditors, including Members that were creditors, to the extent otherwise permitted by law, in satisfaction of liabilities
of the Company (whether by payment or the making of reasonable provision for payment thereof); 
  
 (ii) next, to any Member that has made an Excess Capital Contribution, to the extent of such Excess Capital Contribution; provided,
however, that any such Member shall be entitled to a distribution hereunder in the amount of any Excess Capital Contribution if and only if the Company is liquidated during the first three (3) years after the Company has commenced engaging in
business; and 
  
 (iii) finally, to all of the
Members in accordance with Section 5.3. 
  
 (c) If distributions
are insufficient to return to any Member the full amount of such Member’s Capital Contributions, such Member will have no recourse against any other Member or any Director. No Member will have any obligation to restore, or otherwise pay to the
Company, 

  

 22 

 
any other Member, or any third party, the amount of any deficit balance in such Member’s Capital Account upon dissolution and liquidation. Following the
completion of the winding up of the affairs of the Company and the distribution of its assets, the Company will be deemed terminated and the Liquidator will file articles of dissolution with the Secretary of State of the State of Florida as required
by the Act. 
  
 (d) Each Member will be furnished with a statement
prepared by the Liquidator which will set forth the assets and liabilities of the Company as at the date of complete liquidation, and each Member’s share thereof. Upon completion of the liquidation, each Member will cease to be a Member of the
Company, and the Liquidator will execute, acknowledge, and cause to be filed articles of dissolution of the Company, pursuant to the Act. 
  
 ARTICLE 11 
 MEETINGS OF DIRECTORS AND
MEMBERS 
  
 11.1 Meetings of Directors. Meetings of
Directors may be held whenever called by any Director or the President. 
  
 11.2 Meetings of Members. Meetings of the Members may be held whenever called by the Board of Directors or by the written demand of Members holding at least 25% of the Shares. Any written demand by a Member will state the purpose or
purposes of the proposed meeting, and business to be transacted at any such meeting will be confined to the purposes stated in the notice thereof, and to such additional matters as the Board of Directors may determine to be germane to such purposes.

  
 11.3 Place of Meetings. Meetings of the Directors or
the Members will be held at the principal office of the Company, or such other place as the Board of Directors will determine. 
  
 11.4 Notice of Meetings. Written notice stating the place, day, and hour of any meeting of the Directors or the Members and the purpose or purposes
for which the meeting is called shall be delivered by hand-delivery, certified mail (return receipt requested, postage prepaid), and/or nationally recognized overnight courier not less than five (5) nor more than thirty (30) days before the date of
the meeting, by or at the direction of the person calling the meeting, to each Director and each Member. Any party may waive notice of any meeting. The attendance of a party at any meeting will constitute a waiver of notice of such meeting except
where a party attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called or convened. 
  
 11.5 Quorum. At any meeting of the Directors, the presence in person of a majority of the Directors will constitute a
quorum. At any meeting of the Members, the presence in person or by proxy of all Members will constitute a quorum. 
  

 23 

 11.6 Voting. 
  
 (a) If a quorum is present at a meeting of Directors, the affirmative vote of a majority of all Directors will constitute
the approval of the Directors. 
  
 (b) If a quorum is present at a
meeting of Members, the Consent of the Members shall be the act of the Members, except where unanimous consent of all Members is explicitly required pursuant to this Agreement. 
  
 (c) For the avoidance of doubt, the Members intend that, except as otherwise explicitly provided in this Agreement, actions
to be taken and decisions to be made by the Company shall be taken or made with the Consent of the Members, as such phrase is defined in Section 1.1. 
  
 11.7 Proxies. At meetings of the Members and any adjournments thereof, a Member may vote in person or by proxy executed in writing by the Member or
by its duly authorized attorney-in-fact. Such proxy will be filed with the Board before or at the time of the meeting. No proxy will be valid after sixty (60) days from the date of its execution, unless otherwise provided in the proxy. The burden of
proving the validity of any undated, irrevocable, or otherwise contested proxy will rest with the Person seeking to exercise the same. 
  
 11.8 Meetings by Telephone. Any Director or Member may participate in any meeting of Directors or Members, as the case may be, by means of a
conference telephone or similar communication equipment whereby all Directors or Members participating in such meeting can hear one another. Such participation will constitute attendance in person. 
  
 11.9 Record of Meetings. The Company will prepare minutes for each
meeting of Directors or Members. 
  
 11.10 Action Without a
Meeting. 
  
 (a) Any action by the Directors which may be
taken at any meeting of the Directors may be taken without a meeting, without prior notice, and without a vote, if a consent in writing, setting forth the action to be taken, is signed by all of the Directors. 
  
 (b) Any action required to be taken at any meeting of Members or any action
which may be taken at any meeting of Members may be taken without a meeting, without prior notice, and without a vote if a consent in writing, setting forth the action so taken, is signed by the Members having not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting at which all Shares entitled to vote thereon were present and voted. 
  
 (c) Any consents under this Section 11.10 may: (i) be signed in counterparts; and (ii) may have faxed signatures, copies of which will be effective when
received by the Company. Within 10 days after authorization of any action by the Members by non-unanimous written consent, notice must be given to all Members. 
  

 24 

  
 ARTICLE 12 

GENERAL PROVISIONS 
  
 12.1 Notices. All notices, demands, or other communications to be given or delivered under this Agreement will be in writing and will be deemed
given: (i) upon delivery, if personally delivered to the recipient; (ii) five (5) days after mailing, if mailed to the recipient by certified or registered mail, return receipt requested, postage prepaid; and (iii) upon delivery, if sent to the
recipient by nationally recognized overnight courier service. All notices, demands, or other communications must be sent as follows: (i) if to a Member, delivered in person or sent to the Member at the address set forth on the signature pages hereto
or such other address as the Member may hereafter provide in writing to all other parties hereto; (ii) if to Binder or Cassel, delivered or sent to Binder or Cassel (as the case may be) at the address set forth on the signature pages hereto or such
other address as Binder or Cassel (as the case may be) may hereafter provide in writing to all other parties hereto, and (iii) if to the Company, delivered or sent to the Company’s principal office. 
  
 12.2 Governing Law. This Agreement will be governed by and interpreted
in accordance with the laws of the State of Florida, without reference to any principle of conflicts of laws that would result in the application of the laws of any other jurisdiction. 
  
 12.3 Headings. The Article and Section headings of this Agreement are for convenience only, do not form a part of
this Agreement, and will not in any way affect the interpretation hereof. 
  
 12.4 Parties in Interest. Nothing herein will be construed to be to the benefit of or enforceable by any Person not a party to this Agreement, including, but not limited to, any creditor of the Company, other
than the Persons entitled to indemnification under Section 6.8. 
  
 12.5 Further Assurances. The parties will execute and deliver such further instruments and do such further acts and things as may reasonably be required to carry out the intent and purposes of this Agreement. 
  
 12.6 Remedies Cumulative. No remedy conferred upon or reserved to the
Company or any Member by this Agreement is intended to be exclusive of any other remedy. Each and every such remedy will be cumulative and will be in addition to any other remedy given to the Company or any Member hereunder or now or hereafter
existing at law or in equity or by statute. 
  
 12.7 Successors
and Assigns. Subject to the restrictions on Transfer set forth in Article 9, this Agreement will bind and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 12.8 Other Business Lines. Subject to the restrictive covenants set
forth in Section 6.12 of this Agreement, without limiting the parties’ duties to one another pursuant to the Act, the parties agree that nothing in this Agreement shall be deemed to (i) limit the rights of IAHC to engage in other financial and
non-financial businesses and to invest in companies other than the Company, or (ii) limit the rights of the Company to expand its activities into additional business lines, subject to the provisions of Article 6. 
  

 25 

 12.9 Arbitration. Any dispute by and among the parties arising out of and/or relating to this
Agreement shall be settled by arbitration in Miami-Dade County, Florida, in accordance with the then current Commercial Rules of Arbitration of the American Arbitration Association. The panel for the arbitration shall consist of three members –
one independent arbitrator appointed by CIC, one independent arbitrator appointed by IAHC, and one independent arbitrator appointed by the mutual agreement of the arbitrators appointed by CIC and IAHC. This arbitration provision, however, shall have
no effect on and/or limit, restrict or alter in any manner the Company’s and/or any party’s right and/or ability to seek in a court of competent jurisdiction any relief for the another party’s breach(es) of the obligations and/or
covenants set forth in Section 6.12 of this Agreement, including but not limited to the equitable relief (e.g., injunctive relief and/or specific performance) expressly referenced therein. IN THE EVENT ANY DISPUTE AMONG THE PARTIES ARISING
PURSUANT TO OR IN CONNECTION WITH THIS AGREEMENT IS SUBJECT TO LITIGATION IN A COURT OF LAW (THOUGH THE PARTIES INTEND THAT ALL SUCH DISPUTES WILL BE SETTLED BY ARBITRATION EXCEPT AS OTHERWISE PROVIDED HEREIN), EACH OF THE PARTIES EXPLICITLY WAIVES
ANY RIGHT HE OR IT MAY HAVE TO A TRIAL BY JURY. 
  
 12.10 Legal
Fees. In any dispute arising out of and/or relating to this Agreement, the prevailing party shall be entitled to reimbursement from the non-prevailing party of all reasonable attorney’s fees and costs (including reasonable attorney’s
fees and costs associated with any appeal and/or confirmation and/or enforcement of and/or collection on any arbitration award) associated with such dispute, including but not limited to any fees and costs associated with an arbitration and/or
lawsuit. 
  
 12.11 Counterparts. This Agreement may be
executed in any number of counterparts, each of which will be deemed to be an original and all of which will constitute one and the same agreement. 
  
 12.12 Entire Agreement. The terms and conditions of this Agreement constitutes the entire agreement among the parties concerning the subject matter
hereof, and will supersede all previous communications, either oral or written, between the parties hereto, and no agreement or understanding modifying this Agreement will be binding upon any party unless such modification is in writing and signed
by such party. 
  
 12.13 Amendment. 
  
 (a) This Agreement may be amended from time to time with the prior Consent of
the Members, except as provided in Section 12.13(b). 
  

 26 

 (b) Notwithstanding the provisions of Section 12.13(a), no amendment of this Agreement will be effective
without the prior written consent of all of the Members if the amendment: 
  
 (i) imposes or creates any new or additional liability on any Member or enlarges the obligations of any Member to make contributions to the capital of the Company; or 
  
 (ii) alters the allocations of distributions and profits and
losses set forth in this Agreement. 
  

 27 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first-above written.

  

							
	 ADDRESSES:

	 	 	 	 MEMBERS:

	 	 
			
	 	 	CONSILIUM INVESTMENT CAPITAL, INC.	 	 
				
	 1525 South Ocean Dr.
	 	By:	 	/S/    CHARLES T. CASSEL,
III        	 	 
	 Ft. Lauderdale, FL 33136
	 	Its:	 	President	 	 
	 	 	Name:	 	Charles T. Cassel, III	 	 
			
	 	 	INTERNATIONAL ASSETS HOLDING CORPORATION	 	 
				
	 220 E. Central Parkway
	 	By:	 	/S/    SEAN M.
O’CONNOR        	 	 
	 Suite 2060
	 	Its:	 	CEO	 	 
	 Altamonte Springs, FL 32701
	 	Name:	 	Sean M. O’Connor	 	 
			
	 	 	COMPANY:	 	 
			
	 	 	INTL CONSILIUM, LLC	 	 
				
	 1525 South Ocean Drive
	 	By:	 	/S/    SEAN M.
O’CONNOR        	 	 
	 Ft. Lauderdale, FL 33316
	 	Its:	 	Director	 	 
	 	 	Name:	 	Sean M. O’Connor	 	 
			
	 	 	ADDITIONAL PARTIES:	 	 
			
	 1525 South Ocean Drive
	 	/S/    JONATHAN M.
BINDER        	 	 
	 Ft. Lauderdale, FL 33316
	 	JONATHAN M. BINDER	 	 
			
	 1525 South Ocean Drive
	 	/S/    CHARLES T. CASSEL,
III        	 	 
	 Ft. Lauderdale, FL 33316
	 	CHARLES T. CASSEL, III	 	 

  

 28 

							
			
	 220 E. Central Parkway
	 	/S/    SEAN
O’CONNOR        	 	 
	 Suite 2060
	 	SEAN O’CONNOR	 	 
	 Altamonte Springs, FL 32701
	 	 	 	 
			
	 220 E. Central Parkway
	 	/S/    SCOTT
BRANCH        	 	 
	 Suite 2060
	 	SCOTT BRANCH	 	 
	 Altamonte Springs, FL 32701
	 	 	 	 

  

 29 

  
 SCHEDULE
1 
  
 Schedule of Members 
  

						
	 Name

	  	Capital
Contributions

	  	Shares

	 CONSILIUM INVESTMENT CAPITAL, INC.
	  	$	100,000	  	499
	 INTERNATIONAL ASSETS HOLDING CORPORATION
	  	$	500,000	  	501

  

 30

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