Document:

Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of [ · ], 2017, is entered into by and among Workspace Property Trust, a Maryland real estate investment trust (the “Company”), Workspace Property Trust, L.P., a Delaware limited partnership (the “Operating Partnership”), and the holders listed on Schedule I hereto (each an “Initial Holder” and, collectively, the “Initial Holders”).

 

RECITALS

 

WHEREAS, in connection with the Initial Public Offering (defined below) of the Company’s common shares of beneficial interest, par value $0.01 per share (the “Common Shares”), the Company and the Operating Partnership have concurrently engaged in certain formation transactions (the “Formation Transactions”) pursuant to which the Initial Holders have concurrently received, in exchange for their (or certain related parties’) respective interests in the entities participating in the Formation Transactions or in exchange for services rendered, (i) units of limited partnership interest in the Operating Partnership (“OP Units”) and/or (ii) Common Shares;

 

WHEREAS, pursuant to the Partnership Agreement (as defined below), OP Units will be redeemable for cash or, at the Company’s option, exchangeable for Common Shares upon the terms and subject to the conditions contained therein; and

 

WHEREAS, as a condition to receiving the consent of the Initial Holders to the Formation Transactions, the Company has agreed to grant to the Initial Holders and their permitted assignees and transferees the registration rights set forth in Article II hereof.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I
 DEFINITIONS

 

SECTION 1.1                                             Definitions. In addition to the definitions set forth above, the following terms, as used herein, have the following meanings:

 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time.

 

 

“Articles of Amendment” means the Articles of Amendment and Restatement of the Company as filed with the State Department of Assessments and Taxation of Maryland on [ · ], 2017, as the same may be amended, modified or restated from time to time.

 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in The City of New York are authorized by law to close.

 

“Commission” means the Securities and Exchange Commission.

 

“Demand Registration” means a Demand Registration as defined in Section 2.2.

 

“End of Suspension Notice” means an End of Suspension Notice as defined in Section 2.5.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchangeable OP Units” means OP Units which may be redeemable for cash or, at the Company’s option, exchangeable for Common Shares pursuant to Section [ · ] of the Partnership Agreement (without regard to any limitations on the exercise of such exchange right as a result of the Ownership Limit Provisions).

 

“Holder” means (a) any Initial Holder who is the record or beneficial owner of any Registrable Security or (b) any assignee or transferee of such Registrable Security (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable Securities) to the extent (i) permitted under the Partnership Agreement or the Articles of Amendment, as applicable and (ii) such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless such Registrable Security is acquired in a public distribution pursuant to a registration statement under the Securities Act or pursuant to transactions exempt from registration under the Securities Act where securities sold in such transaction may be resold without subsequent registration under the Securities Act.

 

“Holder Piggy-Back Registration” means a Holder Piggy-Back Registration as defined in Section 2.3.

 

“Initial Filing Date” means an Initial Filing Date as defined in Section 2.1(a).

 

“Initial Public Offering” means the offering of the Company’s Common Shares pursuant to the Form S-11 Registration Statement (No. 333-[ · ]) filed by the Company with the Commission under the Securities Act.

 

“Indemnified Party” means an Indemnified Party as defined in Section 2.10.

 

“Indemnifying Party” means an Indemnifying Party as defined in Section 2.10.

 

“Inspector” means an Inspector as defined in Section 2.6.

 

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“Market Value” means, with respect to the Common Shares, the average of the daily market prices for the 10 consecutive trading days immediately preceding the date of a written request for registration pursuant to Section 2.2(a). The market price for each such trading day shall be: (a) if the Common Shares are listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as reported in the principal consolidated transaction reporting system, (b) if the Common Shares are not listed or admitted to trading on any securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the Company or (c) if the Common Shares are not listed or admitted to trading on any securities exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than 10 days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the 10 days prior to the date in question, the Market Value of the Common Shares shall be determined by the board of directors of the Company acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

 

“Notice and Questionnaire” means a written notice, substantially in the form attached as Exhibit A, delivered by a Holder to the Company (i) notifying the Company of such Holder’s desire to include Registrable Securities held by it in a Shelf Registration Statement, (ii) containing all information about such Holder required to be included in such Shelf Registration Statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto, and (iii) pursuant to such Holder agrees to be bound by the terms and conditions hereof.

 

“Ownership Limit Provisions” mean the various provisions of the Articles of Amendment set forth in Article VII thereof restricting the transfer and ownership of Common Shares by Persons to specified percentages of the outstanding Common Shares.

 

“Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated as of [ · ], 2017, as the same may be amended, modified or restated from time to time.

 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Records” means Records as defined in Section 2.6.

 

“Registrable Securities” means Common Shares at any time owned, either of record or beneficially, by any Holder and (a) received by such Holder in connection with the Formation Transactions or (b) issued or issuable upon exchange of Exchangeable OP Units received by such Holder in the Formation Transactions (including, without limitation, Common Shares

 

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issuable upon exchange of Exchangeable OP Units) and, in the case of (a) and (b), any additional Common Shares issued as a dividend, distribution, substitution or exchange for, upon any stock split, reverse stock split, recapitalization, combination or similar event, or in respect of such shares until (i) a registration statement covering such shares has been declared effective by the Commission and such shares have been disposed of pursuant to such effective registration statement, (ii) such shares have been disposed of pursuant to Rule 144, (iii) all such shares may be disposed of by such Holder in one transaction pursuant to Rule 144 without being subject to volume and manner of sale restrictions (it being understood, for the avoidance of doubt, that this clause (iii) shall not apply to any Holder who has been advised by counsel that such Holder is or may be considered to be an Affiliate of the Company) or (iv) such shares have been otherwise transferred in a transaction that constitutes a sale thereof under the Securities Act, the Company has delivered to the Holder’s transferee a new certificate or other evidence of ownership for such shares not bearing the Securities Act restricted stock legend and such shares may be resold or otherwise transferred by such transferee without subsequent registration under the Securities Act.

 

“Registration Expenses” means Registration Expenses as defined in Section 2.7.

 

“Requested Shares” means Requested Shares as defined in Section 2.1.

 

“Rule 144” means Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission.

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement under the Securities Act pursuant to the terms hereof.

 

“Shelf Registration Statement” means a Shelf Registration Statement as defined in Section 2.1.

 

“Suspension Event” means a Suspension Event as defined in Section 2.5.

 

“Suspension Notice” means a Suspension Notice as defined in Section 2.5.

 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal and not as part of such dealer’s market-making activities.

 

ARTICLE II
 REGISTRATION RIGHTS

 

SECTION 2.1                                             Shelf Registration.

 

(a)                                 Preparation and Filing of Shelf Registration Statement. On or before the tenth Business Day of the first calendar month after the 12-month anniversary of the effectiveness of the Form S-11 Registration Statement (No. 333-[ · ]) related to the Initial Public Offering (the “Initial Filing Date”), the Company shall prepare and file a “shelf” registration statement with respect to the resale of all of the Registrable Securities on an appropriate form for the offering

 

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and subsequent resale thereof (which form shall be Form S-3, if the Company is then eligible to use such form), to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”) and shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective on or as soon as practicable thereafter and to keep such Shelf Registration Statement continuously effective for a period ending when all Common Shares covered by the Shelf Registration Statement are no longer Registrable Securities

 

At least 20 Business Days prior to the anticipated effective date of the Shelf Registration Statement, the Company shall request each Holder to complete and execute a Notice and Questionnaires. At the time the Shelf Registration Statement is declared effective, the Company shall notify the Holders in writing of the effectiveness of the Shelf Registration Statement and each Holder that has delivered a duly completed and executed Notice and Questionnaire to the Company on or prior to the date five Business Days prior to such time of effectiveness (or such shorter period as may be agreed to by the Company) shall be named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. If required by applicable law, subject to the terms and conditions hereof, after effectiveness of the Shelf Registration Statement, the Company shall file a supplement to such prospectus or amendment to the Shelf Registration Statement not less frequently than once a quarter as necessary to name as selling securityholders therein any Holders that provide to the Company a duly completed and executed Notice and Questionnaire and shall use reasonable efforts to cause any post-effective amendment to such Shelf Registration Statement filed for such purpose to be declared effective by the Commission as promptly as reasonably practicable after the filing thereof.

 

(b)                                 Underwritten Shelf Registration. If the Holders of a majority of shares of the Registrable Securities then registered pursuant to the Shelf Registration Statement so elect by written notice to the Company, an offering of such Registrable Securities pursuant to such Shelf Registration Statement may be in the form of an underwritten offering; provided that the Registrable Securities requested to be registered in such underwritten offering (the “Requested Shares”) shall either (i) have a Market Value of at least $25 million on the date of such request or (ii) represent all remaining Registrable Securities held by the Holders of the Requested Shares on the date of such request. The Company shall not be obligated to effect more than two (2) underwritten offerings pursuant to the Shelf Registration Statement in any twelve (12)-month period. The Company shall select the Underwriter or Underwriters to serve as book-running manager or managers in connection with any such offering and any additional investment banks and managers to be used in connection with the offering, provided, however, that the book-running manager(s) shall be reasonably acceptable to the Holders of a majority of shares of the Registrable Securities to be included in such underwritten offering; provided, further, that the book-running manager(s) for the Company’s initial public offering of Common Shares shall be acceptable to the Holders for purposes of this Section 2.1(b).

 

(c)                                  Filing of Additional Registration Statements. The Company shall prepare and file such additional registration statements as necessary every three years and use its reasonable efforts to cause such registration statements to be declared effective by the Commission so that the registration statement remains continuously effective with respect to resales of Registrable

 

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Securities as of and for the periods required under Section 2.1(a) hereof, such subsequent registration statements to constitute a Shelf Registration Statement hereunder.

 

SECTION 2.2                                             Demand Registration.

 

(a)                                 Request for Registration. In the event that the Company fails to file a Shelf Registration Statement by the Initial Filing Date, or if filed fails to maintain the effectiveness of such Shelf Registration Statement, Holders of Registrable Securities may make a written request for registration under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”); provided, that, following the Initial Filing Date, if and so long as a Shelf Registration Statement is on file and effective and then usable by the Holders of Registrable Securities, then the Company shall have no obligation to effect a Demand Registration pursuant to this Section 2.2(a); and provided further, that the number of shares of Registrable Securities proposed to be sold by the Holders making such written request for a Demand Registration shall either (i) have a Market Value of at least $25 million on the date of such request or (ii) shall represent all remaining Registrable Securities held by such Holders making the demand on the date of such request. The number of Demand Registrations which may be made pursuant to this Section 2.2(a) shall be unlimited; provided that the Company shall not be obligated to effect more than two (2) Demand Registrations in any twelve (12)-month period. Any request for a Demand Registration will specify the number of shares of Registrable Securities proposed to be sold and will also specify the intended method of disposition thereof. Within 10 days after receipt of such request, the Company will give written notice of such registration request to all other Holders of the Registrable Securities and include in such registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within 20 Business Days after the receipt by the applicable Holder of the Company’s notice. Each such request will also specify the number of shares of Registrable Securities to be registered and the intended method of disposition thereof.

 

(b)                                 Effective Registration. A registration will not count as a Demand Registration until it has become effective.

 

(c)                                  Selling Holders Become Party to Agreement. Each Holder acknowledges that by asserting or participating in its registration rights pursuant to this Agreement, such Holder may become a Selling Holder and thereby will be deemed a party to this Agreement and will be bound by each of its terms.

 

(d)                                 Underwritten Demand Registrations. If the Holders of a majority of shares of the Registrable Securities to be registered in a Demand Registration so elect by written notice to the Company, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. The Company shall select the Underwriter or Underwriters to serve as book-running manager or managers in connection with any such Demand Registration and any additional investment banks and managers to be used in connection with the offering, provided, however, that the book-running manager(s) shall be reasonably acceptable to the Holders of a majority of shares of the Registrable Securities to be included in such underwritten offering; provided, further, that the book-running manager(s) for the Company’s initial public offering of Common Shares shall be acceptable to the Holders. Any

 

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request for an underwritten offering hereunder shall be made to the Company in accordance with the notice provisions of this Agreement.

 

SECTION 2.3                                             Holder Piggy-Back Registration. If, at any time following the completion of the Company’s Initial Public Offering (whether before or after the Initial Filing Date), the Company proposes to file a registration statement under the Securities Act with respect to an underwritten offering of Common Shares by the Company for its own account or for the account of any of its respective securityholders (other than (a) any registration statement filed by the Company under the Securities Act solely relating to an offering of Common Shares for its own account as a result of the exercise of the exchange rights set forth in Section [ · ] of the Partnership Agreement or (b) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted by the Commission) or filed in connection with an exchange offer or offering of securities solely to the Company’s existing securityholders), then the Company shall give written notice of such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no event less than five (5) Business Days before the anticipated filing date), and such notice shall offer such Holders the opportunity to register such number of shares of Registrable Securities as each such Holder may request (a “Holder Piggy-Back Registration”); provided, that if and so long as a Shelf Registration Statement is on file and effective and then usable by the Holders of Registrable Securities, then the Company shall have no obligation to effect a Holder Piggy-Back Registration. The Company shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Holder Piggy-Back Registration to be included on the same terms and conditions as any similar securities of the Company included therein.  In addition, the Company shall not be obligated to effect, or take any action to effect, an underwritten offering pursuant to a Shelf Registration Statement, a Demand Registration or a Holder Piggy-Back Registration (x) within one hundred and twenty (120) days following the last date on which an underwritten offering was effected for the benefit of Holders pursuant to a Shelf Registration Statement, a Demand Registration or a Holder Piggy-Back Registration or during any lock-up period required by the underwriter(s) in any prior underwritten offering conducted by the Company on its own behalf or on behalf of other securityholders and to which the Company is subject (provided that such lock-up period shall not be more than ninety (90) days (or, in the case of the Initial Public Offering, one hundred eighty (180) days) from the consummation of such prior underwritten offering), or (y) during the period commencing with the date thirty (30) days prior to the Company’s good faith estimate of the date of filing of (provided the Company is actively employed in good faith commercially reasonable efforts to file such registration statement), and ending on a date ninety (90) days after the effective date of, a registration statement with respect to an offering by the Company.

 

SECTION 2.4                                             Reduction of Offering. Notwithstanding anything contained herein, if the managing Underwriter or Underwriters of an underwritten offering pursuant to a Shelf Registration Statement, a Demand Registration or a Holder Piggy-Back Registration advise in writing to the Company and the Holders of the Registrable Securities included in such offering that the size of the offering that the Holders and such other persons intend to make is such that the success of the offering would be materially and adversely affected by inclusion of  the Registrable Securities requested to be included, then the number of Common Shares to be offered for the account of Holders, the Company and such other persons, respectively, shall be reduced pro rata (according to the number of Common Shares included in such registration

 

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statement) to the extent necessary to reduce the total number of Common Shares to be included in such offering to the number of Common Shares recommended by such managing Underwriter(s).

 

SECTION 2.5                                             Black-Out Periods.

 

(a)                                 Notwithstanding the provisions of Sections 2.1(a), 2.1(b), 2.2(a), and 2.2(d), the Company shall be permitted to postpone the filing of any Shelf Registration Statement or any registration statement filed in connection with a Demand Registration or Holder Piggy-Back Registration, and from time to time to require the Holders not to sell Registrable Securities under any Shelf Registration Statement or other registration statement or to suspend the effectiveness thereof, for such times as the Company reasonably may determine upon the advice of counsel is necessary and advisable (but in no event shall the Company be entitled to exercise such right more than two times or for more than an aggregate of ninety (90) days in any rolling twelve (12)-month period commencing on the consummation date of the Initial Public Offering), if any of the following events shall occur (each such circumstance a “Suspension Event”): (i) a majority of the board of directors of the Company reasonably determines in good faith and based on the advice of counsel that (A) the offer or sale of any Registrable Securities would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other material transaction involving the Company, (B) the sale of Registrable Securities pursuant to such Shelf Registration Statement or other registration statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law and the Company has a bona fide business purpose for preserving the confidentiality of such information or (C)(x) the Company has a bona fide business purpose for preserving the confidentiality of a material transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such a material transaction or (z) such a material transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Shelf Registration Statement or other registration statement (or such filings) to become effective or to promptly amend or supplement the Shelf Registration Statement or other registration statement on a post-effective basis, as applicable; or (ii) a majority of the board of directors of the Company determines in good faith, upon the advice of counsel, that it is in the Company’s best interest or it is required by law, rule or regulation to supplement the Shelf Registration Statement or other registration statement or file a post-effective amendment to such Shelf Registration Statement or other registration statement in order to ensure that the prospectus included in the Shelf Registration Statement or other registration statement (1) contains the information required by the form on which such Shelf Registration Statement or other registration statement was filed or (2) discloses any facts or events arising after the effective date of the Shelf Registration Statement or other registration statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the information set forth therein. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement or such other registration statement to become effective or to promptly amend or supplement the Shelf Registration Statement or such other registration statement on a post effective basis or to take such action as is necessary to permit resumed use of the Shelf Registration Statement or other registration statement or filing thereof as soon as reasonably practicable following the end of the applicable Suspension Event and its effect.

 

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The Company will provide written notice (a “Suspension Notice”) to the Holders of the occurrence of any Suspension Event. Upon receipt of a Suspension Notice, each Holder agrees that it will (i) immediately discontinue offers and sales of the Registrable Securities under the Shelf Registration Statement or other registration statement and (ii) maintain the confidentiality of any information included in the Suspension Notice unless otherwise required by law or subpoena. The Holders may recommence effecting offers and sales of the Registrable Securities pursuant to the Shelf Registration Statement or other registration statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders promptly following the conclusion of any Suspension Event and its effect (and in any event within the time periods set forth in the preceding paragraph); provided that the Holders agree that they will only effect such offers and sales pursuant to any supplemental or amended prospectus that has been provided to them by the Company pursuant to Section 2.5(b).

 

(b)                                 Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any Shelf Registration Statement or other registration statement pursuant to Section 2.5(a), the Company agrees that it shall extend the period of time during which such Shelf Registration Statement or other registration statement shall be maintained effective (including the period referred to in Section 2.6(a) hereof) by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and promptly provide copies of the supplemented or amended prospectus necessary to resume offers and sales, with respect to each Suspension Event; provided, that such period of time shall not be extended beyond the date that the Common Shares covered by such Shelf Registration Statement or other registration statement are no longer Registrable Securities.

 

SECTION 2.6                                             Registration Procedures; Filings; Information. Subject to Section 2.5 hereof, in connection with any Shelf Registration Statement under Section 2.1, any Demand Registration under Section 2.2 hereof or any other registration of Registrable Securities pursuant to this Agreement, the Company will use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as promptly as practicable, and in connection with any such request:

 

(a)                                 The Company will as promptly as practicable prepare and file with the Commission a registration statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts to cause such filed registration statement to become and remain effective (i) in the case of a Shelf Registration Statement, for the period described in Section 2.1 and (ii) in the case of a Demand Registration, for a period of not less than 270 days from the effective date of such registration statement, subject in each case to Section 2.5.

 

(b)                                 The Company will, if requested, prior to filing a registration statement or prospectus or any amendment or supplement thereto, furnish, without charge, to each Selling Holder and each Underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter furnish,

 

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without charge, to such Selling Holder and Underwriter, if any, such number of conformed copies of such registration statement, each amendment and supplement thereto (and upon request, all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such Selling Holder or Underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder.

 

(c)                                  After the filing of the registration statement, the Company will promptly notify each Selling Holder of Registrable Securities covered by such registration statement of any stop order issued or threatened by the Commission and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered.

 

(d)                                 The Company will use commercially reasonable efforts to (i) register or qualify the Registrable Securities under such other securities or blue sky laws of such jurisdictions in the United States (where an exemption does not apply) as any Selling Holder or managing Underwriter or Underwriters, if any, reasonably (in light of such Selling Holder’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Selling Holder to consummate the disposition of the Registrable Securities owned by such Selling Holder; provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.

 

(e)                                  The Company will immediately notify each Selling Holder of such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the Company’s receipt of any notification of the suspension of the qualification of any Registrable Securities covered by a Shelf Registration Statement or such other registration statement for sale in any jurisdiction or (ii) the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and promptly make available to each Selling Holder any such supplement or amendment.

 

(f)                                   The Company will enter into customary agreements (including an underwriting agreement, if any, in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.

 

(g)                                  The Company will make available for inspection by any Selling Holder of such Registrable Securities, if such Selling Holder has or may have a due diligence defense under the Securities Act, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any such Selling Holder or Underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be

 

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reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any Inspector in connection with such registration statement, subject to entry by each such Inspector into a customary confidentiality agreement or other confidentiality undertaking in a form reasonably acceptable to the Company.

 

(h)                                 The Company will furnish to each Selling Holder, if it has or may have a due diligence defense under the Securities Act, and to each Underwriter, if any, a signed counterpart, addressed to such Selling Holder or Underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) if eligible under AU 634, a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the Holders of a majority of the Registrable Securities included in such offering or the managing Underwriter or Underwriters therefor reasonably requests.

 

(i)                                     The Company will otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any successor rule or regulation hereafter adopted by the Commission).

 

(j)                                    The Company will use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed.

 

(k)                                 The Company may require each Selling Holder of Registrable Securities to promptly furnish in writing to the Company such information regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required in connection with such registration.

 

Each Selling Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.6(e) hereof, such Selling Holder will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Selling Holder’s receipt of written notice from the Company that such disposition may be made and, in the case of clause (ii) of Section 2.6(e) hereof, copies of the supplemented or amended prospectus contemplated by clause (ii) of Section 2.6(e) hereof, and, if so directed by the Company, such Selling Holder will deliver to the Company all copies, other than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice; provided, however, that in no event shall the Company be permitted to require the Selling Holders to discontinue disposition of Registrable Securities pursuant to this section for any period that, combined with any periods during which a Suspension Event has occurred, exceeds the maximum periods set forth in the first sentence of Section 2.5(a). Each Selling Holder of Registrable Securities agrees that it will promptly notify the Company at any time when a

 

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prospectus relating to the registration of such Registrable Securities is required to be delivered under the Securities Act of the happening of an event as a result of which information previously furnished by such Selling Holder to the Company in writing for inclusion in such prospectus contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made. In the event the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period referred to in Section 2.6(a) hereof) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.6(e) hereof to the date when the Company shall provide written notice that such dispositions may be made and, in the case of clause (ii) of Section 2.6(e) hereof, make available to the Selling Holders of Registrable Securities covered by such registration statement a prospectus supplemented or amended to conform with the requirements of Section 2.6(e) hereof.

 

SECTION 2.7                                             Registration Expenses. In connection with any Shelf Registration Statement or any registration statement filed in connection with a Demand Registration or Holder Piggy-Back Registration, the Company shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration Expenses”), regardless of whether such registration statement is declared effective by the Commission: (a) all expenses incurred by the Company in connection with the preparation and distribution of any registration statement and prospectus and all amendments and supplements thereto, including registration and filing fees, (b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (c) printing expenses, (d) internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (e) the fees and expenses incurred in connection with the listing of the Registrable Securities, (f) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by independent certified public accountants of a comfort letter or comfort letters requested pursuant to Section 2.6(h) hereof), (g) the reasonable fees and expenses of any special experts retained by the Company in connection with such registration; and (h) the reasonable fees and disbursements of one counsel for all Holders (in addition to local Maryland counsel). Except as provided in this Section 2.7, the Company shall have no obligation to pay any underwriting or brokerage fees, discounts or commissions attributable to the sale of Registrable Securities, or any out-of-pocket expenses of the Holders (or the agents who manage their accounts) (other than the fees of counsel as provided for in clause (h) above) or any transfer taxes relating to the registration or sale of the Registrable Securities.

 

SECTION 2.8                                             Indemnification by the Company. The Company agrees to indemnify and hold harmless each Selling Holder of Registrable Securities, its officers, directors, partners, members, trustees, employees, affiliates, representatives and agents, and each Person, if any, who controls such Selling Holder or any such other Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities that arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to such Registrable Securities, or any amendment or supplement thereto, or any preliminary

 

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prospectus, or that arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities that arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission included in reliance upon and in conformity with information furnished in writing to the Company by such Selling Holder or on such Selling Holder’s behalf expressly for inclusion therein. The Company also agrees to indemnify any Underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Selling Holders provided in this Section 2.8 (subject to any exceptions as may be agreed to between the Company and such Underwriters).

 

SECTION 2.9                                             Indemnification by Holders of Registrable Securities. Each Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company, each other Selling Holder, and each of their respective officers, directors, partners, members, trustees, employees, affiliates, representatives and agents and each Person, if any, who controls the Company or any such other Person within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Selling Holder pursuant to Section 2.8, but only with respect to information relating to such Selling Holder included in reliance upon and in conformity with information furnished in writing by such Selling Holder or on such Selling Holder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. Each Selling Holder also agrees to indemnify and hold harmless Underwriters of the Registrable Securities, their officers and directors and each Person who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this Section 2.9. Notwithstanding the foregoing, in no event will the liability of a Selling Holder under this Section 2.9 or Section 2.11 or otherwise hereunder exceed the net proceeds actually received by such Selling Holder.

 

SECTION 2.10                                      Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.8 or 2.9, such person (an “Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided that the failure of any Indemnified Party to give such notice will not relieve such Indemnifying Party of its obligations under Section 2.8 or 2.9, as applicable, except to the extent such Indemnifying Party is materially prejudiced by such failure. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (a) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (b) the named parties to any such proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not,

 

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in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the case of Persons indemnified pursuant to Section 2.8 hereof, the Selling Holders which owned a majority of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.9, the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceeding in respect of with any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding without any admission of liability by such Indemnified Party.

 

SECTION 2.11                                      Contribution. If the indemnification provided for in Section 2.8 or 2.9 hereof is held by a court of competent jurisdiction to be unavailable to an Indemnified Party or insufficient in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities (a) as between the Company and the Selling Holders on the one hand and the Underwriters on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Holders on the one hand and the Underwriters on the other from the offering of the securities, or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations and (b) as between the Company on the one hand and each Selling Holder on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of each Selling Holder in connection with such statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Selling Holders on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and the Selling Holders bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the prospectus. The relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Selling Holders or by the Underwriters. The relative fault of the Company on the one hand and of each Selling Holder on

 

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the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 2.11 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.11, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no Selling Holder shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Selling Holder in respect of the securities offered and sold by such Selling Holder to the public exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to contribute pursuant to this Section 2.11 are several in such proportion that the proceeds of the offering received by such Selling Holder bears to the total proceeds of the offering received by all the Selling Holders, and not joint. For the avoidance of doubt, this Section 2.11 applies in the case of a Shelf Registration, a Demand Registration, a Holder Piggy-Back Registration and any underwritten or other offering pursuant to this Agreement.

 

SECTION 2.12                                      Participation in Underwritten Offerings. No Person may participate in any underwritten offering hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the registration rights provided for in this Article II.

 

SECTION 2.13                                      Rule 144. The Company covenants that it will timely file any reports required to be filed by it under the Securities Act and the Exchange Act and that it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to dispose of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements.

 

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SECTION 2.14                                      Holdback Agreements. To the extent not inconsistent with applicable law, each Holder whose securities are included in a registration statement related to an underwritten public offering pursuant to this Agreement agrees not to effect any sale or distribution of the issue being registered or a similar security of the Company, or any securities convertible into or exchangeable or exercisable for such securities, including a disposition pursuant to Rule 144, during the 10 days prior to, and during the 90-day period beginning on, the effective date of such registration statement (except as part of such registration), if and to the extent requested in writing by the managing Underwriter or Underwriters and consented to by the Company in the case of an underwritten offering pursuant to this Agreement, which consent may be given or withheld in the Company’s sole and absolute discretion (such agreement to be in the form of lock-up agreement provided by the managing Underwriter or Underwriters, which shall include customary exceptions which shall be no less favorable to the Holders than the exceptions provided for in the lock-up agreements entered into with the underwriters of the Company’s Initial Public Offering); provided, however, that:

 

(a)                                 such Holder is provided an opportunity to participate as a selling security holder in such offering;

 

(b)                                 the restrictions above shall not apply to Registrable Securities sold on the Holders’ behalf to the public in an underwritten offering pursuant to a registration statement;

 

(c)                                  the restrictions above shall not apply to Registrable Securities transferred pursuant to the exceptions included in the Lock-Up Agreement dated [ · ], 2017 between each of the Holders and the representatives of the underwriters set forth therein; and

 

(d)                                 all officers and directors of the Company then holding Common Shares or securities convertible into or exchangeable or exercisable for Common Shares enter into similar agreements for not less than the entire time period required of the Holders hereunder.

 

ARTICLE III
 MISCELLANEOUS

 

SECTION 3.1                                             NYSE Listing. In the event that the Company shall issue any Common Shares in exchange for OP Units pursuant to Section [ · ] of the Partnership Agreement, then in any such case the Company agrees to cause any such Common Shares to be listed on the New York Stock Exchange or such other exchange on which the Common Shares may then be listed prior to or concurrently with the issuance thereof by the Company.

 

SECTION 3.2                                             Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including recovery of damages, the Holders shall be entitled to specific performance of the rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. Notwithstanding the foregoing, specific performance shall not be available with respect to the rights and obligations of the parties pursuant to Section 2.14.

 

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SECTION 3.3                                             Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holder(s) of a majority of the Registrable Securities; provided, however, that any amendment that would affect any Holder of Registrable Securities then outstanding in a disproportionately material or adverse manner specific to such Holder(s) shall not be effected without the prior written consent of such Holder(s). No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.

 

SECTION 3.4                                             Notices. All notices and other communications in connection with this Agreement shall be made in writing by hand delivery, registered first-class mail, telecopier, or air courier guaranteeing overnight delivery:

 

(a)                                 if to the Holders, initially to the address indicated in such Holder’s Notice and Questionnaire or, if no Notice and Questionnaire has been delivered, c/o Workspace Property Trust, 700 Dresher Road, Suite 150, Horsham, Pennsylvania 19044, Attention: [Chief Executive Officer], or to such other address and to such other Persons as any Holder may hereafter specify in writing; and

 

(b)                                 if to the Company, initially at 700 Dresher Road, Suite 150, Horsham, Pennsylvania 19044 (Attention: [ · ], Facsimile: [ · ]), or to such other address as the Company may hereafter specify in writing.

 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when received if deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery.

 

SECTION 3.5                                             Successors and Assigns. Except as expressly provided in this Agreement, the rights and obligations of the Holders under this Agreement shall not be assignable by any Holder to any Person that is not a Holder. This Agreement shall be binding upon the parties hereto and their respective successors and assigns.

 

SECTION 3.6                                             Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this Agreement immediately upon affixing its signature hereto.

 

SECTION 3.7                                             Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without regard to the choice of law provisions thereof.

 

SECTION 3.8                                             Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or

 

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unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

SECTION 3.9                                             Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

SECTION 3.10                                      Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

SECTION 3.11                                      No Third Party Beneficiaries. Nothing express or implied herein is intended or shall be construed to confer upon any person or entity, other than the parties hereto and their respective successors and assigns and all Indemnified Parties, any rights, remedies or other benefits under or by reason of this Agreement

 

SECTION 3.12                                      Waiver of Jury Trial. The parties hereto (including any initial Holder and any subsequent Holder) irrevocably waiver any right to trial by jury with respect of any legal action arising out of or relating to this Agreement.

 

SECTION 3.13                                      No Conflicting Rights. As of the date of this Agreement, the Company has not granted registration rights to any Person other than the registration rights provided for by this Agreement to the Holders.  The Company shall be permitted to grant registration rights to other Persons subsequent to the execution of this Agreement on substantially the same or similar terms as set forth in this Agreement, provided that the Company agrees that it shall not (a) grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder or (b) enter into any agreement that violates or subordinates the rights expressly granted to the Holders of Registrable Securities in this Agreement.

 

[remainder of page intentionally left blank; signature page follows]

 

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

 

	
 
    	
COMPANY
    
	
 
    	
 
    
	
 
    	
WORKSPACE   PROPERTY TRUST, a Maryland real estate investment trust
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
OPERATING PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
WORKSPACE   PROPERTY TRUST, L.P., a Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
Workspace   Property Trust, its General Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

Signature Page to Registration Rights Agreement

 

 

	
 
    	
INITIAL   HOLDERS
    
	
 
    	
 
    
	
 
    	
[ · ]
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
[ · ]
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

Signature Page to Registration Rights Agreement

 

 

EXHIBIT A
  WORKSPACE PROPERTY TRUST
  FORM OF NOTICE AND QUESTIONNAIRE

 

The undersigned beneficial holder of common shares of beneficial interest, par value $0.01 per share (“Common Shares”), of Workspace Property Trust (the “Company”) and/or units of limited partnership interests (“OP Units” and, together with the Common Shares, the “Registrable Securities”) of Workspace Property Trust, L.P. (the “Operating Partnership”), understands that the Company has filed or intends to file with the Securities and Exchange Commission one or more registration statements (collectively, the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”), dated [ · ], 2017, among the Company, the Operating Partnership and the holders party thereto. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Each beneficial owner of Registrable Securities is entitled to the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Securities pursuant to the Shelf Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named as a selling security holder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions as described below). To be included in the Shelf Registration Statement, this Notice and Questionnaire must be completed, executed and delivered to the Company at the address set forth herein on or prior to the tenth business day before the effectiveness of the Shelf Registration Statement. We will give notice of the filing and effectiveness of the initial Shelf Registration Statement by issuing a press release and by mailing a notice to the holders at their addresses set forth in the register of the registrar.

 

Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as provided below will not be named as selling security holders in the prospectus and therefore will not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement. Beneficial owners are encouraged to complete and deliver this Notice and Questionnaire prior to the effectiveness of the initial Shelf Registration Statement so that such beneficial owners may be named as selling security holders in the related prospectus at the time of effectiveness. Upon receipt of a completed Notice and Questionnaire from a beneficial owner following the effectiveness of the initial Shelf Registration Statement, in accordance with the Registration Rights Agreement, the Company will file such amendments to the initial Shelf Registration Statement or additional shelf registration statements or supplements to the related prospectus as are necessary to permit such holder to deliver such prospectus to purchasers of Registrable Securities.

 

Certain legal consequences arise from being named as selling security holders in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel

 

 

regarding the consequences of being named or not being named as a selling security holder in the Shelf Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial owner (the “Selling Security Holder”) of Registrable Securities hereby elects to include in the prospectus forming a part of the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The undersigned, by signing and returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement.

 

Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company and its directors, officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and against certain losses arising in connection with statements concerning the undersigned made in the Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire.

 

The undersigned hereby provides the following information to the Company and represents and warrants to the Company that such information is accurate and complete:

 

QUESTIONNAIRE

 

1.                                      (a)                                 Full Legal Name of Selling Security Holder:

 

(b)                                 Full Legal Name of registered holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are held:

 

(c)                                  Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3) below are held:

 

(d)                                 List below the individual or individuals who exercise voting and/or dispositive powers with respect to the Registrable Securities listed in Item (3) below:

 

2.                                      Address for Notices to Selling Security Holder:

 

Telephone:

 

Fax:

 

E-mail address:

 

Contact Person:

 

 

3.                                      Beneficial Ownership of Registrable Securities:

 

Type of Registrable Securities beneficially owned, and number of Common Shares and/or OP Units, as the case may be, beneficially owned:

 

4.                                      Beneficial Ownership of Securities of the Company Owned by the Selling Security Holder:

 

Except as set forth below in this Item (4), the undersigned is not the beneficial or registered owner of any securities of the Company, other than the Registrable Securities listed above in Item (3).

 

Type and amount of other securities beneficially owned by the Selling Security Holder:

 

5.                                      Relationship with the Company

 

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

6.                                      Plan of Distribution

 

Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Shelf Registration Statement only as follows and will not be offering any of such Registrable Securities pursuant to an agreement, arrangement or understanding entered into with a broker or dealer prior to the effective date of the Shelf Registration Statement. Such Registrable Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters or broker-dealers or agents. If the Registrable Securities are sold through underwriters or broker-dealers, the Selling Security Holder will be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of

 

 

sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions)

 

(i)                                     on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale;

 

(ii)                                  in the over-the-counter market;

 

(iii)                               in transactions otherwise than on such exchanges or services or in the over-the-counter market; or

 

(iv)                              through the writing of options.

 

In connection with sales of the Registrable Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.

 

State any exceptions here:

 

Note: In no event may such method(s) of distribution take the form of an underwritten offering of the Registrable Securities except as provided in the Registration Rights Agreement.

 

ACKNOWLEDGEMENTS

 

The undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions.

 

The Selling Security Holder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain persons set forth therein. Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the Selling Security Holders against certain liabilities.

 

In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains effective. All notices hereunder and

 

 

pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below.

 

In the event that the undersigned transfers all or any portion of the Registrable Securities listed in Item 3 above after the date on which such information is provided to the Company, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement.

 

By signing this Notice and Questionnaire, the undersigned consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Shelf Registration Statement and the related prospectus.

 

Once this Notice and Questionnaire is executed by the Selling Security Holder and received by the Company, the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall insure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the Selling Security Holder with respect to the Registrable Securities beneficially owned by such Selling Security Holder and listed in Item 3 above.

 

This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of New York.

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	
 
    	
Beneficial   Owner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
Dated:
    	
 
    

 

Please return the completed and executed Notice and Questionnaire to:

 

Workspace Property Trust

700 Dresher Road, Suite 150

Horsham, Pennsylvania 19044

Tel: (215) 328-2700

Fax:  [ · ]

Attention: [Chief Executive Officer]ASSET
PURCHASE AGREEMENT

 

This
Asset Purchase Agreement (the “Agreement’’) is entered into as of October 20 2017 by and between loan Hossu,
an individual (“IH”), and IHO-Agro International, Inc., a Nevada corporation (“IHO”).

 

WHEREAS,
IH desires to purchase, and IHO desires to sell, all of the assets currently owned by IHO, and to assume all of the liabilities
of IHO, including, but not limited to, all monetary and performance obligations under agreements hereby acquired by IH;

 

NOW,
THEREFORE, in consideration of the premises, the terms and conditions contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

	1.	PURCHASE
    OF ASSETS. IHO does hereby sell, convey, transfer, assign and deliver to IH all of its right, title and interest in and to
    all of the assets, property and intelligent property rights (the “Assets”) and as set forth in the Bill of Sale
    and Assignment attached as Exhibit A hereto, the IP Assignment attached as Exhibit B hereto and the Domain Assignment
    attached as Exhibit C hereto.
	 	 
	2.	ASSUMPTION
    OF LIABILITIES. IH does hereby agree to pay, perform, and cause to be paid or performed, and otherwise to discharge or cause
    to be discharged, all debts, duties and other obligations of Seller (the “Assumed Liabilities”) as set forth in
    the Assignment and Assumption Agreement attached as Exhibit D hereto.
	 	 
	3.	EFFECTIVE
    TIME. The foregoing sale and transfer of the Assets, and assumption of the Assumed Liabilities, shall be effective upon the
    execution and delivery of this Agreement and this Section 1 shall serve as a bill of sale with respect thereto.
	 	 
	4.	PURCHASE
    PRICE. In consideration of the purchase of the Assets and the assumption of the Assumed Liabilities, IH agrees to release
    and discharge IHO from any and all monetary obligations due to IH by IHO related to accrued and unpaid amounts due to IH under
    the Management Services Agreement between IH and IHO, and all other obligations of IHO to IH or any entity controlled by IH.
	 	 
	5.	REPRESENTATIONS
    AND WARRANTIES REGARDING THE ASSETS. IHO represents and warrants that the Assets is free and clear of any and all liens
    and encumbrances or claims of any ownership interest. IHO makes no representation or warranty, express or implied, as to the
    physical condition of the Assets, the fitness of any item of the Assets for the use intended, or the merchantability of any
    item of the Assets.
	 	 
	6.	GOVERNING
    LAW. This Agreement shall be construed in accordance with and governed by the laws of the State of Nevada applicable to agreements
    made and to be performed wholly within such jurisdiction.
	 	 
	7.	ENTIRE
    AGREEMENT. This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof, and supersedes
    all prior discussions or agreements related to the same.
	 	 
	8.	COUNTERPARTS.
    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
    shall constitute one and the same instrument. Facsimile, .pdf signature pages and other electronic transmissions shall be
    deemed original documents for all purposes.

 

[SIGNATURES
ON NEXT PAGE]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed by their duly authorized representatives as of the date set
forth herein.

 

	 	 	 
	By:	Ioan
    Hossu	 
	 	An
    Individual	 

 

IHO-AGRO
INTERNATIONAL, INC.

 

	 	 	 
	By:	Ioan
Hossu	 
	 	Chief
    Executive Officer	 

 

    	 	 	 

     

    

 

Exhibit
A

 

BILL
OF SALE AND ASSIGNMENT

 

BILL
OF SALE 

Dated as of October 20, 2017

 

This
Bill of Sale (the “Bill of Sale”), dated as of the date first set forth above, is made and entered into as of October
20, 2017, by IHO-Agro International, Inc., a corporation existing under the laws of the State of Nevada (“Seller”),
to and in favor of Ioan Hossu, an individual (the “Buyer”).

 

WHEREAS,
Buyer and Seller have entered into a certain Asset Purchase Agreement, dated as of October 20, 2017, 2017 (“APA”),
providing for Buyer to purchase the Assets (as defined below);

 

WHEREAS,
Seller is the owner of the assets as listed in Exhibit A attached hereto and incorporated by reference herein (the “Assets”);

 

WHEREAS,
Seller desires to convey, transfer, assign, deliver, and contribute to Buyer all of its right, title, and interest in and to the
Assets; and

 

WHEREAS,
Buyer shall accept, all rights, title and interest in and to the Assets as specified in the APA and this Bill of Sale;

 

NOW,
THEREFORE, in consideration of the premises and of the terms and conditions herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally
bound, hereby agree as follows:

 

1.
Seller hereby sells, grants, conveys, assigns, transfers and delivers to Buyer any and all of Seller’s right, title and
interest in and to (i) the Assets generally; (ii) any state or common law rights in the Assets and the right of priority, together
with (1) the goodwill of the business relating to the Assets; and (2) right to sue for and collect, for its own use, all income,
royalties, and damages hereafter due or payable to Seller with respect to the Assets, including without limitation, damages and
payments for past, present, and future infringement or misappropriation of the Assets; and (iii) all the rights in the trade dress,
labels, and design associated with the Assets, in each case free and clear of all liens, mortgages, pledges, options, claims,
security interests, conditional sales contracts, title defects, encumbrances, charges and other restrictions of every kind. Such
sale, transfer, conveyance and assignment shall be effective on the date hereof.

 

2.
The Seller covenants and agrees that in the event that (i) the Assets or other rights covered in this Bill of Sale cannot be transferred
or assigned by it without the consent of or notice to a third party and in respect of which any necessary consent or notice has
not as of the date hereof been given or obtained, or (ii) the Assets or rights are non-assignable by their nature and will not
pass by this Bill of Sale, the beneficial interest in and to the same will in any event pass to the Buyer, as the case may be;
and the Seller covenants and agrees (in each case without any obligation on the part of the Seller to incur any out-of-pocket
expenses) (a) to hold, and hereby declares that it holds, such property, Assets or rights in trust for, and for the benefit of,
the Buyer, (b) to cooperate with the Buyer in the Buyer’s efforts to obtain and to secure such consent and give such notice
as may be required to effect a valid transfer or transfers of such Assets or rights, (c) to cooperate with the Buyer in any reasonable
interim arrangement to secure for the Buyer the practical benefits of such Assets pending the receipt of the necessary consent
or approval, and (d) to make or complete such transfer or transfers as soon as reasonably possible. Seller covenants and agrees
to warrant and defend title to the Assets sold against any person, firm, corporation or association.

 

3.
The Seller further agrees that it will at any time and from time to time, at the request of the Buyer, execute and deliver to
the Buyer any and all other and further instruments and perform any and all further acts reasonably necessary to vest in the Buyer
the right, title and interest in or to any of the Assets which this instrument purports to transfer to the Buyer. Seller further
covenants that it will execute, at Buyer’s expense, all documents, papers, forms and authorizations and take all other actions
that may be necessary to assist Buyer in registering any trademarks with the United States Patent and Trademark Office and other
foreign offices, as necessary.

 

    	1

    	 

    

 

4.
Any individual, partnership, corporation or other entity may rely, without further inquiry, upon the powers and rights herein
granted to the Buyer and upon any notarization, certification, verification or affidavit by any notary public of any state relating
to the authorization, execution and delivery of this Bill of Sale or to the authenticity of any copy, conformed or otherwise,
hereof.

 

5.
All of the terms and provisions of this Bill of Sale will be binding upon the Seller and its successors and assigns and will inure
to the benefit of the Buyer and its successors and assigns.

 

6.
The Parties acknowledge and agree that the consideration for the purchase and sale of the Assets is the agreements of the Parties
pursuant to the APA, and each Party agrees that such consideration is legally and actual sufficient for purposes of the acquisition
of the Assets by the Buyer.

 

7.
This Bill of Sale shall be governed by the laws of the State of Nevada, without regard to conflicts of law principles thereunder.

 

8.
This Bill of Sale is being delivered in connection with the Closing under the APA and is made subject to the provisions of the
APA. In the event of any conflict or inconsistency between this Bill of Sale and the APA, the APA shall be the controlling document.

 

9.
This Bill of Sale may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Facsimile, .pdf signature pages and other electronic transmissions shall be deemed
original documents for all purposes.

 

[Signatures
appear on following page]

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Bill of Sale effective as of the day and year first above written.

 

	 	IHO-AGRO
    INTERNATIONAL, INC.
	 	 	                                 
	 	By:	
	 	 	Ioan
    Hossu, President
	 	 	 

 

	 	IOAN
    HOSSU
	 	 
	 	 
	 	loan
    Hossu, individually

 

    	3

    	 

    

 

Exhibit
A

 

Assets

 

	1.	All
    intellectual property rights to IHO-Agro International, including but not limited to patents, licenses and product registrations,
    research and development reports for “IHO – Agro Mineral,” a fertilizer consisting of mineral extracts from
    various salts, including sea salt, found naturally on the surface of the Earth; and “IHO-Bio,” a fertilizer consisting
    of a mixture of mineral extracts from various salts, including sea salt, as well as various plant extracts, including seaweed.
    It contains all the micronutrients present in “IHO – Agro Mineral”, plus plant extracts rich in amino acids,
    vitamins and natural plant hormones. Also included is the name “IHO Agro International, Inc.” and the domain name
    of the website, www.ihoagro.com, all design works and company logo.
	 	 
	1.	Lab
    and office assets, including laptops, printers, stationary and software
	 	 
	2.	Company
    cell phones
	 	 
	3.	Product
    (fertilizers) stored in Panama, and other production equipment and supplies

 

    	4

    	 

    

 

Exhibit
B

 

INTELLECTUAL
PROPERTY ASSIGNMENT
AGREEMENT

Dated
as of
October 20,
2017

 

This
Intellectual Property Assignment
Agreement (this
“Agreement”),
dated as of
the date first set forth above,
is
made by and
between IHO-Agro International,
Inc.., a corporation existing
under the laws of the State of
Nevada (“Seller”) ,
to and in favor of Ioan Hossu,
an individual (the “Buyer”). The Buyer and Seller may each be referred to herein as a “Party”
and collectively as
the “Parties.”

 

WHEREAS,
Buyer and Seller have entered
into a certain Asset Purchase Agreement, dated as of October 20,
2017 (“APA”
), providing for
Buyer to purchase the Assigned
IP (as defined below);

 

NOW,
THEREFORE, in consideration
of the
mutual covenants and agreements
hereinafter set forth and
for other
good and valuable consideration,
the receipt and sufficiency
of which are hereby acknowledged,
the Parties agree as follows:

 

	 	1.	Sale
    and Assignment. For good
    and valuable
    consideration as set
    forth below,
    the receipt and sufficiency
    of which
    are hereby acknowledged, Seller hereby irrevocably
    conveys, transfers, and assigns
    to Buyer (the “IP Assignment”),
    and Buyer hereby accepts, all of Seller’s right,
    title, and interest in and
    to all intellectual property rights of the Seller,
    including,
    without limitation,
    the following (the
    “ Assigned IP”):

 

	 	(a)	All
    patents, licenses and product
    registrations, research and development reports for “IHO
    - Agro Mineral,”
    a fertilizer consisting
    of mineral extracts from
    various salts,
    including sea salt,
    found natura11y on the surface
    of the Earth;
    and “IHO-Bio,”
    a fertilizer consisting of
    a mixture
    of mineral extracts from various salts,
    including sea
    salt, as well as various
    plant extracts,
    including seaweed.
    It contains
    all the micronutrients present
    in “JHO - Agro
    Mineral”, plus plant
    extracts rich in amino acids, vitamins
    and natural plant hormones.]
	 	 	 
	 	(b)	the
    name “IHO Agro
    International, Inc.”
	 	 	 
	 	(c)	the
    domain name of the website,
    www.ihoagro.com,
    and
	 	 	 
	 	(d)	all
    design works and company
    logo.

 

	 	2.	Purchase
    Price to be Paid; Determination of Purchase Price. The
    “Purchase
    Price” to
    be paid by the Buyer for the Assigned IP shall
    be the consideration set
    forth in the APA, payable by the Buyer to
    the Seller
    pursuant to the terms and
    conditions of the APA.
	 	 	 
	 	3.	No
Further Rights
in Assigned IP. By signing
below, the Seller understands,
acknowledges, and agrees that
upon the execution of this Agreement
by the Seller, the Seller is selling and assigning all right ,
title, and interest in and
to the Assigned IP to the Buyer,
and that the Seller shall have
no further
right, title, or interest in or to the Assigned IP, and
that this Agreement is definitive
and final with respect
to the sale and transfer
of the Assigned IP.
	 	 	 
	 	4.	Representations
    and Warranties. Seller represents
    and warrants to Buyer:

 

	 	(a)	Seller
    has the right, power and authority to enter into this Agreement;
	 	 	 
	 	(b)	Seller
    is the exclusive owners
    of all
    right, title
    and interest in the Assigned
    IP free of any security interest,
    charge or encumbrance;

 

    	 	 	 

     

    

 

	 	(c)	Seller
    warrants that all documents,
    computer records, disks and
    other materials of any nature
    of kind
    containing the Assigned IP
    or any
    portion thereof have been turned over
    to Buyer,
    and that
    Seller will not
    personally retain the Assigned
    IP,
    or any
    portion thereof,
    in any
    form whatsoever after
    the closing of
    the within
    transaction except
    as specifically
    permitted hereunder;
	 	 	 
	 	(d)	The
    Assigned IP does
    not infringe the
    rights of any person or
    entity;
	 	 	 
	 	(e)	There
    are no
    claims, pending or
    threatened, with respect
    to Seller’s
    rights in the intellectual
    Property;
	 	 	 
	 	(f)	This
    Agreement is valid, binding
    and enforceable in
    accordance with its
    terms;
    and
	 	 	 
	 	(g)	Seller
    is not
    subject to
    any agreement, judgment or
    order inconsistent with
    the terms of
    this Agreement.

 

	 	5.	Recordation
    and Further Actions.
    Seller hereby
    authorizes the
    Commissioner for Patents
    and the Commissioner
    for Trademarks
    in the
    United States Patent
    and Trademark Office and
    the Register of
    Copyrights in the
    United States Copyright
    Office to record and register
    this IP
    Assignment upon
    request by
    Buyer. Following
    the date hereof, upon
    Buyer’s reasonable
    request, and at
    Buyer’s sole
    cost and expense, Seller
    shall take
    such steps and actions, and
    provide such
    cooperation and assistance
    to Buyer and
    its successors, assigns,
    and legal representatives,
    including the
    execution and delivery
    of any affidavits, declarations,
    oaths, exhibits, assignments,
    powers of
    attorney, or
    other documents, as may be
    reasonably necessary
    to effect, evidence, or
    perfect the assignment
    of the Assigned
    IP to Buyer,
    or any assignee or successor
    thereto.
	 	 	 
	 	6.	Release
    by Seller.
    In exchange
    and further consideration
    for the payment
    of the
    Purchase Price
    by the Buyer,
    Seller hereby forever
    releases and
    discharges Buyer and
    all of its their
    officers, directors,
    agents,
    employees, parents,
    subsidiaries, attorneys,
    predecessors and
    successors
    in interest,
    and assigns and all other
    persons, firms,
    or corporations with whom
    any of the foregoing
    may now or
    may hereafter be affiliated
    of and
    from any and all past
    or present
    claims, demands,
    debts, liabilities,
    obligations, actions, causes
    of action, damages, attorneys’
    fees, costs, loss
    of services , expenses
    and compensation of
    any nature relating
    to the
    Assigned IP whether known
    or unknown, whether
    based
    on the
    United States Constitution,
    any state
    constitution, United States
    statutory violation, any state
    statutory violation, contract,
    tort, or
    other theory of
    recovery, which Seller now
    has or may
    have.
	 	 	 
	 	7.	Successors
    and Assigns. This Agreement shall be
    binding upon and
    shall inure to the
    benefit of the parties hereto
    and their respective successors
    and assigns.
	 	 	 
	 	8.	Amendment.
    This
    Agreement may not be
    amended or modified
    except by
    an instrument
    or instruments in
    writing signed by
    or on
    behalf of the
    party against whom enforcement
    of any
    such amendment or modification
    is sought.
	 	 	 
	 	9.	Governing
Law. This
Agreement shall
be governed by
the laws of the State of Nevada,
without regard
to conflicts of
law principles thereunder.
	 	 	 
	 	10.	APA. This
    Agreement is
    being delivered in connection
    with the Closing under the APA
    and is
    made subject
    to the provisions of the
    APA. In
    the event of any conflict
    or inconsistency between
    this Agreement and the APA,
    the APA
    shall be
    the controlling
    document.
	 	 	 
	 	11.	Counterparts. This
    Agreement may be
    executed in
    one or more
    counterparts,
    each of which shall
    be deemed
    an original,
    but all
    of which together shall
    constitute one and
    the same instrument.
    Facsimile,
    .pdf signature
    pages and other electronic
    transmissions shall be
    deemed original documents
    for all
    purposes.

 

[Signatures
appear on following page]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the
parties have executed
th.is Agreement effective as
of the day and
year first above written.

 

	 	IHO-AGRO INTERNATION AL, INC.
	 	 	
	 	By:	Ioan
    Hossu,
    President

 

	 	IOAN
    HOSSU
	 	 
	 	 
	 	loan
    Hossu, individually

 

    	 	 	 

     

    

 

Exhibit
C

 

DOMAIN
NAME ASSIGNMEN AGREEMENT

Dated
as of October 20, 2017

 

This
Domain Name Assignment Agreement (this "Agreement"), dated as of the date first set forth above, is made and entered
into by IHO-Agro International, Inc., a corporation existing under the laws of the State of Nevada ("Seller"), to and
in favor of Ioan Hossu, an individual (the "Buyer").

 

WHEREAS,
Buyer and Seller have entered into a certain Asset Purchase Agreement, dated as of October 20, 2017 ("APA"), providing
for Buyer to purchase the Domain Names (as defined below) and the entering into of this Agreement and the consummation of the
transactions contemplated herein are required pursuant to the terms of the APA;

 

WHEREAS,
Seller is the owner of the Internet domain names www.ihoagro.com (the "Domain Name") and is the registrant of
record for the Domain Name with [GoDaddy.com, LLC] (" Registrar''); and

 

WHEREAS,
pursuant to the terms and conditions of this Agreement, and subject to the APA, Seller desires to sell, and the Buyer desires
to purchase, all of the Seller's rights, title, and interest in and to the Domain Assets (as defined below);

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

1.
Subject to the terms and conditions of this Agreement, Seller hereby irrevocably sells, assigns, and transfers to the Buyer
all of Seller's and its Affiliates' (as defined below) rights, title, and interest in and to the Domain Names, the look and
feel of the websites associated with the Domain Name (the " Website"), and any goodwill associated therewith (the
Domain Name, the Website, and any goodwill associated therewith shall hereinafter collectively be referred to as the
"Domain Assets"), and the Buyer hereby accepts such assignment and transfer. Seller hereby irrevocably consents and
authorizes the· Registrar to transfer the Domain Name to the Buyer in accordance with the regular transfer procedures
of Registrar. Seller and its Affiliates, directors, officers, and employees shall hereafter take such other actions and
execute such other agreements and instruments as are reasonably deemed necessary by the Buyer or the Registrar to document
Seller's assignment and transfer of the Domain Assets to the Buyer. Seller will cooperate promptly in facilitating the
transfer to the Buyer of the Domain Name with the Registrar and will follow the rules designated by the Registrar to effect
such transfer, including promptly responding to the e-mail sent to Seller 's contact from the Registrar confirming the
transfer of the Domain Name to the Buyer. If not already in place, the Buyer will establish an account with the Registrar and
initiate the transfer and follow the procedures of the Registrar to transfer the Domain Name. " Affiliate" means ,
with respect to a Party hereto, any entity that, directly or indirectly, controls, is controlled by, or is under common
control with such Party; "control" means the direct or indirect possession of the power to direct or cause the
direction of the management and policies of another entity, whether through the ownership of voting securities, by contract
or otherwise.

 

2.
Following the Closing (as defined below) the Buyer shall be the owner of the Domain Assets, and Seller and its Affiliates
shall not make any use, either for their own benefit or for the benefit of any other person or entity, of the Domain Assets.
As of the Closing, the Buyer shall, as the sole owner of the Domain Assets, have the exclusive right to use or otherwise
transfer the Domain Assets. Seller agrees that it and its Affiliates, and all entities they control or are associated with,
shall not in the future register, use, apply to register or assist any third party with registering, use or apply to register
a domain name, trademark, or designation that comprises or includes, whether alone or in combination with each other or with
other words, any of the Domain Name.

 

    	 	 	 

     

    

 

3.
The Buyer shall not assume or become obligated in any way to pay any liabilities, debts, or obligations of Seller whatsoever,
including, but not limited to, any liabilities or obligations now or hereafter arising from Seller's business activities that
took place prior to the Closing or any liabilities arising out of or connected to the ownership or operation of the Domain
Assets prior to the Closing, and Seller shall indemnify and hold harmless the Buyer and its officers, directors, Affiliates,
employees, and agents against any loss or claim related to the foregoing. Notwithstanding the foregoing, the Buyer shall
assume any and all liabilities and obligations arising on or after the Closing associated with the Domain Assets and use of
the Website associated therewith arising out of or related to the Buyer's use of the Domain Assets and any associated website
on or after the Closing and the Buyer shall indemnify and hold harmless Seller and his Affiliates and agents against any loss
or claim related thereto.

 

4.
Any individual, partnership, corporation or other entity may rely, without further inquiry, upon the powers and rights herein
granted to the Buyer and upon any notarization, certification, verification or affidavit by any notary public of any state
relating to the authorization, execution and delivery of this Agreement or to the authenticity of any copy, conformed or
otherwise, hereof.

 

5.
The Parties acknowledge and agree that the consideration for the purchase and sale of the Domain Assets is the agreements of the
Parties pursuant to the APA, and each Party agrees that such consideration is legally and actual sufficient for purposes of the
acquisition of the Domain Assets by the Buyer.

 

 6. This Agreement shall be governed by the laws of the State of Nevada, without regard to conflicts of law principles thereunder.

 

7.
This Agreement is being delivered in connection with the Closing under the APA and is made subject to the provisions of the
APA. In the event of any conflict or inconsistency between this Agreement and the APA, the APA shall be the controlling
document

 

8.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Facsimile, .pdf signature pages and other electronic transmissions
shall be deemed original documents for all purposes.

 

[Signatures
appear on following page]

 

    	 	2	 

     

    

 

IN
WI1NESS WHEREOF, the parties have executed this Agreement effective as of the day and year first above written.

 

	 	IHO-AGRO
    INTERNATIONAL, INC.
	 	 	                                    
	 	By:	 
	 	 	Ioan Hossu, President

 

	 	IOAN
    HOSSU
	 	 
	 	 
	 	loan
    Hossu, individually

 

    	 	3	 

     

    

 

Exhibit
D

 

ASSIGNMENT
AND ASSUMPTION AGREEMENT

Dated
as of October 20, 2017

 

This
Assignment and Assumption Agreement (this “Agreement”) dated as of the date first set forth above, is made and entered
into by and between IHO-Agro International, Inc., a corporation existing under the laws of the State of Nevada (“Seller”),
to and in favor of loan Hossu, an individual (the “Buyer”).

 

WHEREAS,
Buyer and Seller have entered into a certain Asset Purchase Agreement, dated as of October 20, 2017 (“APA”), providing
for Buyer to assume the Assumed Liabilities (as defined below) and the entering into of this Agreement and the consummation of
the transactions contemplated herein are required pursuant to the terms of the APA;

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legatly bound hereby, the Parties agree as follows:

 

	1.
    	Assignment
    and Assumption of Assumed Liabilities.

 

	 	(a)	Seller
    does hereby sell, assign, transfer and convey to Buyer all of the right, title and interest of Seller in, to and under the
    liabilities set forth on Exhibit A hereto (the “Assumed Liabilities”), together with any other rights, privileges
    and benefits belonging to or held by Seller thereunder. Buyer hereby agrees to pay, perform, and cause to be paid or performed,
    and otherwise to discharge or cause to be discharged, all debts, duties and other obligations of Seller relating to the Assumed
    Liabilities.
	 	 	 
	 	(b)	Seller
    does hereby sell, assign, transfer and convey to Buyer all of the right, title and interest of Seller in, to and under the
    contracts and agreements as set forth on Exhibit B hereto (the “Assumed Contracts”), together with any other rights,
    privileges and benefits belonging to or held by Seller thereunder. Buyer hereby agrees to pay, perform, and cause to be paid
    or performed, and otherwise to discharge or cause to be discharged, all debts, duties and other ob1igations of Seller relating
    to the Assumed Contracts.

 

	2.
    	Further
    Assurances. Buyer and Seller shall execute and deliver such further instruments of sale, conveyance, transfer, assignment
    and assumption and take such other actions reasonably requested by the other in order to more effectively bargain, sell, assign,
    transfer, convey to and vest in Buyer all of the right, title, interest, duties and obligations of Seller associated with
    the Assumed Liabilities and the Assumed Contracts.
	 	 
	3.
    	Successors
    and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
    successors and assigns.
	 	 
	4.
    	Amendment.
    This Agreement may not be amended or modified except by an instrument or instruments in writing signed by or on behalf
    of the party against whom enforcement of any such amendment or modification is sought.
	 	 
	5.
    	Governing
    Law. This Agreement shall be governed by the laws of the State of Delaware, without regard to conflicts of law principles
    thereunder.
	 	 
	6.
    	APA.
    This Agreement is being delivered in connection with the Closing under the APA and is made subject to the provisions of
    the APA. In the event of any conflict or inconsistency between this Agreement and the APA, the APA shall be the controlling
    document.
	 	 
	7.	Counterparts.
    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
    together shall constitute one and the same instrument. Facsimile, .pdf signature pages and other electronic transmissions
    shall be deemed original documents for all purposes.

 

[Signatures
appear on following pages]

 

    	 	 	 

     

    

 

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

 

	 	IHO-AGO
    INTERNATIONAL, INC.
	 	 	                               
	 	By:	Ioan
    Hossu, President
	 	 	 

 

	 	IOAN
    HOSSU
	 	 
	 	 
	 	loan
    Hossu, individually

 

    	 	- 2 -	 

     

    

 

EXHIBIT
A

Assumed
Liabilities

 

    	 	- 3 -	 

     

    

 

EXHIBIT
B

Assumed
Contracts

 

    	 	- 4 -

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