Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

by and among 
 BGC PARTNERS, INC., 
 BGC HOLDINGS, L.P., 

BGC PARTNERS, L.P. 
 and 
 THE NASDAQ OMX GROUP, INC. 

Dated as of June 28, 2013 

 TABLE OF CONTENTS 

 

									
	 	 	 	    	 	 	Page	 
			
	ARTICLE I	 	DEFINITIONS	 	 	1	  
		 	Section 1.1.	    	Certain Defined Terms	 	 	1	  
		 	Section 1.2.	    	Terms Generally	 	 	4	  
			
	ARTICLE II	 	REGISTRATION RIGHTS	 	 	4	  
		 	Section 2.1.	    	Piggyback Registrations	 	 	4	  
		 	Section 2.2.	    	Demand Registrations	 	 	5	  
		 	Section 2.3.	    	Holdback Agreements;	 	 	8	  
		 	Section 2.4.	    	Registration Procedures	 	 	8	  
		 	Section 2.5.	    	Restriction on Disposition of Registrable Securities	 	 	11	  
		 	Section 2.6.	    	Selection of Underwriters	 	 	11	  
		 	Section 2.7.	    	Registration Expenses	 	 	11	  
		 	Section 2.8.	    	Conversion of Other Securities	 	 	12	  
		 	Section 2.9.	    	Rule 144; Rule 144A	 	 	12	  
		 	Section 2.10.	    	Transfer of Registration Rights	 	 	12	  
		 	Section 2.11.	    	Free Writing Prospectuses	 	 	13	  
		 	Section 2.12.	    	Other Registration Rights	 	 	13	  
		 	Section 2.13.	    	Indemnification	 	 	13	  
			
	ARTICLE III	 	MISCELLANEOUS	 	 	17	  
		 	Section 3.1.	    	Other Activities; Nature of Holder Obligations	 	 	17	  
		 	Section 3.3.	    	Termination	 	 	18	  
		 	Section 3.4.	    	Amendment and Waiver	 	 	18	  
		 	Section 3.5.	    	Severability	 	 	18	  
		 	Section 3.6.	    	Entire Agreement	 	 	18	  
		 	Section 3.7.	    	Counterparts	 	 	18	  
		 	Section 3.8.	    	Remedies	 	 	18	  
		 	Section 3.9.	    	Notices	 	 	19	  
		 	Section 3.10.	    	Governing Law; WAIVER OF JURY TRIAL	 	 	19	  

  
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 Index of Principal Terms 

 

			
	 Defined Term
	  	 Section

		
	 Action
	  	1.1
	 Affiliate
	  	1.1
	 Agreement
	  	1.1
	 Beneficial Ownership
	  	1.1
	 Business Day
	  	1.1
	 Company
	  	Preamble
	 Company Records
	  	2.4(i)
	 Company Shares
	  	Recitals
	 Delay Period
	  	2.2(f)
	 Delivery Failure
	  	2.13(a)
	 Demand Registration
	  	2.2(c)
	 Existing Registration Rights Agreement
	  	1.1
	 Exchange Act
	  	1.1
	 Full Cooperation
	  	1.1
	 Fully Marketed Underwritten Offering
	  	1.1
	 Governmental Authority
	  	1.1
	 Holder Information
	  	2.4
	 Holders
	  	1.1
	 indemnified party
	  	2.13(c)
	 indemnifying party
	  	2.13(c)
	 Independent Contractor Representatives
	  	1.1
	 Initiating Holders
	  	2.2(a)
	 Inspectors
	  	2.4(i)
	 Issuer Free Writing Prospectus
	  	1.1
	 Losses
	  	2.13(a)
	 Majority
	  	1.1
	 Parent
	  	Preamble
	 Parties
	  	Preamble
	 Party
	  	Preamble
	 Person
	  	1.1
	 Piggyback Registration
	  	2.1(a)
	 Privilege
	  	1.1
	 Prospectus
	  	1.1
	 Purchase Agreement
	  	Recitals
	 Registrable Securities
	  	1.1
	 Registration Statement
	  	1.1
	 Rule 144
	  	1.1
	 Rule 144A
	  	1.1
	 SEC
	  	1.1
	 Securities Act
	  	1.1
	 Seller
	  	Preamble
	 Sellers
	  	Preamble

  
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	 Selling Holder
	  	1.1
	 Shelf Registration Statement
	  	2.2(a)
	 Suspension Notice
	  	2.4(e)
	 transferee
	  	2.10(a)
	 Underwritten Offering
	  	1.1

  
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 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of June 28, 2013, is by and among BGC Partners, Inc., a Delaware corporation
(“Parent”), BGC Holdings, L.P., a Delaware limited partnership (“BGC Holdings”), BGC Partners, L.P., a Delaware limited partnership (“BGC US” and together with Parent and BGC Holdings, collectively,
“Sellers,” and each individually, a “Seller”), and The NASDAQ OMX Group, Inc., a Delaware corporation (the “Company”) (Sellers, together with the Company, collectively, the
“Parties,” and each, individually, a “Party”). 
 WHEREAS, the Parties have entered
into the Purchase Agreement, dated as of April 1, 2013 (as amended, supplemented, restated or otherwise modified from time to time, the “Purchase Agreement”), pursuant to which, among other things, Sellers agreed to sell,
transfer and convey to the Company, and the Company agreed to purchase and acquire from Sellers, the Acquired Assets, and the Company shall assume the Assumed Liabilities; 
 WHEREAS, pursuant to Section 3.8 of the Purchase Agreement and on the terms and conditions set forth therein, the Company agreed to issue to Sellers shares of the Company’s common stock, par
value $0.01 per share (“Company Shares”); and 
 WHEREAS, in connection with the execution of the Purchase
Agreement, the Company has agreed to provide to Sellers certain rights as set forth herein. 
 NOW, THEREFORE, in consideration
of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1. Certain Defined Terms. As used herein, the following terms shall have the following meanings (capitalized terms not defined herein shall the meanings assigned to them in the
Purchase Agreement): 
 “Action” means any legal, administrative, regulatory or other suit, action, claim,
audit, assessment, arbitration or other proceeding, investigation or inquiry. 
 “Affiliate” with respect to
any Person, means any other Person directly or indirectly controlling, 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. Notwithstanding the foregoing, the Company and its Affiliates, on the one hand, will not be deemed to be Affiliates of any of Parent and its Affiliates, on the other hand, and vice
versa. 

 “Agreement” means this Registration Rights Agreement, as it may be amended,
supplemented, restated or modified from time to time. 
 “Beneficial Ownership” by a Person of any securities
includes ownership by any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (i) voting power which includes the power to vote, or to direct the voting of, such
security; and/or (ii) investment power which includes the power to dispose, or to direct the disposition, of such security; and shall otherwise be interpreted in accordance with the term “beneficial ownership” within the meaning of
Rule 13d-3 adopted by the SEC under the Exchange Act. The term “Beneficially Own” shall have a correlative meaning. 
 “Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in New York are authorized or obligated by law or executive order to be closed. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by
the SEC from time to time thereunder. 
 “Existing Registration Rights Agreement” means a registration rights
agreement listed on Schedule 1 hereto. 
 “Full Cooperation” means, in connection with any Fully Marketed
Underwritten Offering, in addition to the other cooperation otherwise required by this Agreement, (a) members of senior management of the Company shall fully cooperate with the underwriter(s) in connection therewith, and make themselves
available to participate in all of the marketing processes of the Fully Marketed Underwritten Offering as recommended by the underwriter(s), and (b) the Company shall prepare preliminary and final Prospectuses for use in connection with such
offering containing such additional information as reasonably requested by the underwriter(s) (in addition to the minimum information required by law, rule or regulation); provided, however, that, in any Fully Marketed Underwritten
Offering pursuant to a request made under Section 2.2 involving less than $75,000,000 of Registrable Securities (calculated on the basis of the average closing price of a share of the Company’s common stock on the NASDAQ over the
five business days preceding such request), Full Cooperation shall not require senior management of the Company to participate in any road show or similar public marketing activity for more than one (1) day or to travel in connection with any
road show or similar public marketing activity. 
 “Fully Marketed Underwritten Offering” means an Underwritten
Offering which includes due diligence sessions, road shows, one-on-one meetings with prospective purchasers of the Registrable Securities, and other customary marketing activities, as recommended by the underwriter(s). 

“Governmental Authority” means any governmental or regulatory federal, state, local and foreign authority, agency,
court, commission or other entity, including, solely to the extent of its regulatory capacity, any stock exchange or other self-regulatory organization. 
 “Holders” means Sellers and any permitted transferee of Registrable Securities. 

  
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 “Independent Contractor Representatives” means all individuals who render
services to the Company or any of its subsidiaries who are classified by the Company or such subsidiary as having the status of an independent contractor. 
 “Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of the Registrable Securities. 

“Majority” means holders of greater than half of the outstanding Registrable Securities. 

“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act. 
 “Privilege” means the attorney-client privilege, the work product doctrine, or
any other applicable protective privilege. 
 “Prospectus” means the prospectus included in any Registration
Statement (including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by
any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, any Issuer Free Writing Prospectus related thereto, and all other amendments and supplements to
such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 “Registrable Securities” means all Company Shares held by a Holder and any securities issued directly or indirectly with respect to such Company Shares because of stock splits, stock
dividends, reclassifications, recapitalizations, mergers, consolidations, or similar events. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to
the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold or disposed of in accordance with such Registration Statement or (ii) such securities shall have been sold or disposed of
pursuant to Rule 144. 
 “Registration Statement” means any registration statement of the Company under the
Securities Act that permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Rule 144” means Rule 144 under the Securities Act, as such rule may be amended from time to time, or any successor rule that may be promulgated by the SEC. 

“Rule 144A” means Rule 144A under the Securities Act, as such rule may be amended from time to time, or any successor
rule that may be promulgated by the SEC. 
 “SEC” means the U.S. Securities and Exchange Commission.

  
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 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the
rules and regulations promulgated by the SEC from time to time thereunder. 
 “Selling Holder” means each
Holder of Registrable Securities participating in a registration pursuant to Article II. 
 “Underwritten
Offering” means a registration in which Company Shares are sold to an underwriter for reoffering to the public. 

Section 1.2. Terms Generally. The definitions in Section 1.1 shall apply equally to both the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation,” unless the context expressly provides otherwise. All references herein to Sections, paragraphs, subparagraphs, clauses, Exhibits or Schedules shall be deemed references to Sections, paragraphs,
subparagraphs or clauses of, or Exhibits or Schedules to this Agreement, unless the context requires otherwise. Unless otherwise expressly defined, terms defined in this Agreement have the same meanings when used in any Exhibit or Schedule hereto.
Unless otherwise specified, the words “this Agreement,” “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Agreement as a whole (including the Schedules and
Exhibits) and not to any particular provision of this Agreement. The term “or” is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such
phrase shall not mean simply “if.” Unless expressly stated otherwise, any Law defined or referred to herein means such Law as from time to time amended, modified or supplemented, including by succession of comparable successor Laws and
references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 
 ARTICLE II 

REGISTRATION RIGHTS 
 Section 2.1. Piggyback Registrations. 
 (a) Right to Piggyback.
Whenever the Company proposes to register for sale under the Securities Act or publicly sell under a “shelf” registration statement any Company Shares (or securities convertible into or exchangeable or exercisable for Company Shares) for
its own account or the account of any stockholder of the Company (other than offerings pursuant to employee benefit plans or noncash offerings in connection with a proposed acquisition, exchange offer, recapitalization or similar transaction) and
the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company will give prompt written notice to the Holders and, subject to Section 2.1(b) hereof,
shall use its reasonable best efforts to include in such transaction all Registrable Securities with respect to which the Company has received written request for inclusion therein within 15 days after receipt of the Company’s notice.

  
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 (b) Priority. If a registration or sale pursuant to this Section 2.1
involves an Underwritten Offering and the managing underwriter advises the Company in writing that in its good faith opinion the number of securities requested to be included in such registration or sale exceeds the number which can be sold in such
offering without having a material adverse effect on such offering, including the price at which such securities can be sold, then the Company will be required to include in such registration the maximum number of securities that such underwriter
advises can be so sold, allocated (x) first, to the securities the Company proposes to sell and the securities of any other Person that, as of the date of this Agreement, is entitled to have such securities included in such registration on a
priority basis ahead of the Registrable Securities pursuant to an Existing Registration Rights Agreement, and (y) second, to Registrable Securities which the Holders have requested to be included in such registration and securities held by any
other Person which also have the right to be included in such registration and have requested to be so included, such amount to be allocated pro rata among such requesting Holders of Registrable Securities and such other Persons on the basis
of the amount of securities requested by such Holders and such other Persons to be included in such offering. 
 (c)
Withdrawal of Registrations. In the case of an offering initiated by the Company as a primary offering on behalf of the Company, nothing contained herein shall prohibit the Company from determining, at any time, not to file a registration
statement or, if filed, to withdraw such registration or terminate or abandon the offering related thereto, without prejudice, however, to the rights of the Holders to request a registration pursuant to Section 2.2 hereof. 

Section 2.2. Demand Registrations. 
 (a) Right to Request Shelf Registration. At any time after the date hereof when the Company is eligible to register Company Shares on Form S-3 (or a successor form), upon the written request of a
Majority of Holders (the “Initiating Holders”) that the Company effect the registration under the Securities Act of all or part of such Initiating Holders’ Registrable Securities pursuant to a registration statement, the
Company shall use reasonable best efforts to either (i) promptly file a registration statement (which, if permitted, shall be an “automatic shelf registration statement” as defined in Rule 405 under the Securities Act) on Form S-3 or
such other form under the Securities Act then available to the Company providing for the resale pursuant to Rule 415 from time to time of all or part of the Registrable Securities or (ii) amend an existing registration statement for the resale
pursuant to Rule 415 from time to time of all or part of the Registrable Securities (in each case and together with the Prospectus, amendments and supplements to the shelf registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such shelf registration statement, the “Shelf Registration Statement”). If the Company files any shelf
registration statement for its own benefit or for the benefit of the holders of any of its securities other than the Holders, the Company agrees that it shall use its reasonable best efforts to include in such registration statement such disclosures
as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such shelf registration statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment. The
Company shall use reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the SEC as promptly as reasonably practicable following such filing. The Company

  
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shall maintain the effectiveness of the Shelf Registration Statement for the maximum period permitted by SEC rules or such shorter period which shall terminate when all Registrable Securities
covered by such Registration Statement have been sold or otherwise cease to be Registrable Securities. The plan of distribution contained in the Shelf Registration Statement (or related Prospectus supplement) relating to the Company Shares shall be
determined by Parent, if Parent or any of its Subsidiaries is a requesting Holder for such Shelf Registration Statement, or otherwise by the other requesting Holder or Holders. Subject to the conditions of Section 2.2(b), each Holder
shall be entitled to require the Company to effect a Fully Marketed Underwritten Offering pursuant to the Shelf Registration Statement so long as the number of Registrable Securities proposed to be sold in each such offering either (1) equals
or exceeds 992,247 Company Shares (which amount shall be equitably adjusted in the case of stock dividends, stock splits, reverse stock splits, recapitalization, mergers, consolidations, combinations or exchanges of securities, split-ups,
split-offs, spin-offs, liquidations or other similar changes in capitalization), or (2) represents all of the remaining Registrable Securities owned by the requesting Holder and its Affiliates. Except as provided in this Section 2.2
with respect to Underwritten Offerings, there shall be no limitation on the number of takedowns off the Shelf Registration Statement. 
 (b) Limits on Underwritten Offerings. Notwithstanding the foregoing, the Company shall not be required to effect an Underwritten Offering pursuant to this Section 2.2 on more than one
occasion during any calendar year; provided, however, that if the number of Registrable Securities proposed to be included in such Underwritten Offering is reduced pursuant to the provisions of Section 2.2(d), then such
Underwritten Offering shall not be counted as an Underwritten Offering for purposes of this Section 2.2(b). 
 (c)
Right to Request Demand Registrations. At any time after the date hereof when the Company is not eligible to register Company Shares on Form S-3 (or a successor form), upon the written request of a Majority of Holders requesting that the
Company effect the registration under the Securities Act of all or part of the Registrable Securities pursuant to a registration statement separate from a Shelf Registration Statement (a “Demand Registration”), the Company shall use
reasonable best efforts to effect, as expeditiously as possible, the registration under the Securities Act of such number of Registrable Securities requested to be so registered; provided, that the Company shall not be required to file a
registration statement pursuant to this Section 2.2(c) unless the number of Registrable Securities proposed to be included therein either (1) equals or exceeds 992,247 Company Shares (which amount shall be equitably adjusted in the
case of stock dividends, stock splits, reverse stock splits, recapitalization, mergers, consolidations, combinations or exchanges of securities, split-ups, split-offs, spin-offs, liquidations or other similar changes in capitalization), or
(2) represents all of the remaining Registrable Securities owned by the requesting Holder and its Affiliates. Promptly after receipt of any such request for Demand Registration, the Company shall give written notice of such request to each
other Holder and to all other holders of Company Shares having rights to have their shares included in such registration and shall, subject to the provisions of Section 2.2(d) hereof, include in such registration all such Registrable
Securities with respect to which all stockholders having such rights have requested to be so registered. 
 (d) Priority.
If a requested registration pursuant to this Section 2.2 involves an Underwritten Offering and the managing underwriter shall advise the Company in writing that 

  
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in its good faith opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without having a material adverse effect on
such offering, including the price at which such securities can be sold, then the Company will be required to include in such registration the maximum number of securities that such underwriter advises can be so sold, allocated (x) first, to
the securities of any Persons that are, as of the date of this Agreement, entitled to be included in such underwriting on a priority basis ahead of the Registrable Securities pursuant to an Existing Registration Rights Agreement and have so
requested to be included in such registration, (y) second to Registrable Securities which the Initiating Holders have requested to be included in such registration pro rata among such Initiating Holders based on the total amount of
Registrable Securities requested by such Initiating Holders to be included in such registration, and (z) third, to Registrable Securities which other Holders have requested to be included in such registration and securities held by any other
Person which also have the right to be included in such registration and have requested to be so included, such amount to be allocated pro rata among such requesting Holders of Registrable Securities and such other Persons on the basis of the
amount of securities requested by such Holders and such other Persons to be included in such offering. 
 (e) A registration
will be deemed to be initiated by the Company if the Company provides written notice to the Holders of its intention to effect such a registration or sale pursuant thereto. 
 (f) Preemption of Demand Registration. Notwithstanding the foregoing, if the Board of Directors of the Company determines in its good-faith judgment, (i) that the disclosures that would be
required to be made by the Company in connection with such registration would be materially harmful to the Company because of transactions then being considered by, or other events then concerning, the Company, or would otherwise have a material
adverse effect on the Company, then the Company may defer the filing (but not the preparation) of the registration statement which is required to effect any registration pursuant to this Section 2.2 for a reasonable period of time, but
not in excess of 60 calendar days (or any longer period agreed to by the requesting Holder), or (ii) that registration at the time would require the inclusion of pro forma or other information, which requirement the Company is reasonably unable
to comply with, then the Company may defer the filing (but not the preparation) of the registration statement which is required to effect any registration pursuant to this Section 2.2 for a reasonable period of time, but not in excess of
60 calendar days (or any longer period agreed to by the requesting Holder); provided, that at all times the Company is in good faith using reasonable best efforts to file the registration statement as soon as practicable. The Company shall
provide prompt written notice to the Selling Holders of (x) any deferment of the filing of a registration statement pursuant to this Section 2.2(f) and (y) the Company’s decision to file such registration statement
following such deferment. The Company may defer the filing of a particular registration statement pursuant to this Section 2.2(f) only twice during any 12-month period. Notwithstanding the other provisions of this
Section 2.2(f), the Company may not defer the filing of a registration statement past the date that is the earliest of (a) the date that is five Business Days after the date upon which any matter, the disclosure of which the Company
has determined would be materially harmful to the Company because of transactions then being considered by, or other events then concerning, the Company, is disclosed to the public or ceases to be material; provided that, if filing such
registration statement at such time would require the inclusion of financial statements, pro forma or other information, which 

  
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requirement the Company is reasonably unable to comply with, then the Company may defer such filing for a reasonable period of time, but not in excess of 60 calendar days (or any longer period
agreed to by the requesting Holders) so long as at all times the Company is in good faith using reasonable best efforts to file such registration statement as soon as practicable; or (b) such date that, if such deferment continued, would result
in there being more than 120 days in the aggregate in any 12 month period during which the filing of one or more Registration Statements has been so deferred. The period during which a filing is so deferred hereunder is referred to as a
“Delay Period.” 
 Section 2.3. Holdback Agreements. To the extent requested by an
underwriter of any Underwritten Offering, the Company agrees not to directly or indirectly, offer, sell, pledge, contract to sell (including any short sale), grant any option to purchase or otherwise dispose of any equity securities of the Company
or enter into any hedging transaction relating to any equity securities of the Company during the 90 days beginning on the pricing date of any Underwritten Offering pursuant to any Registration Statement (except as part of such Underwritten Offering
or pursuant to registrations on Form S-8 or S-4 or any successor forms thereto) unless the underwriter managing the offering otherwise agrees to a shorter period. 
 Section 2.4. Registration Procedures. If and whenever the Company is required to effect or cause the registration and the sale of Registrable Securities pursuant to this Agreement, the Company
shall use its reasonable best efforts to: 
 (a) prepare and file with the SEC as expeditiously as reasonably possible, but in
no event later than 90 days after receipt of a request for registration with respect to such Registrable Securities, a registration statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate,
which form shall be available for the sale of the Registrable Securities in accordance with the intended methods of distribution thereof and which otherwise complies with the terms of this Agreement, and use reasonable best efforts to cause such
registration statement to become effective as soon as practicable; provided, that before filing with the SEC a registration statement or prospectus or any amendments or supplements thereto, including any documents incorporated by reference
therein, the Company shall (x) furnish to the Selling Holders and counsel for the Selling Holders copies of all such documents proposed to be filed, and use reasonable best efforts to take into account and, if appropriate, reflect in such
document such changes as the Selling Holders reasonably request, and (y) notify the Selling Holders of any stop order issued or threatened by the SEC and take all reasonable actions required to prevent the entry of such stop order or to remove
it if entered; 
 (b) prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective for the maximum period of time permitted by SEC rules or such shorter period which shall terminate when all Registrable Securities covered by
such registration statement have been sold or have otherwise ceased to be Registrable Securities (but not before the expiration of the applicable period referred to in Section 4(3) of the Securities Act and Rule 174, or any successor thereto,
thereunder, if applicable), and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition

  
 8 

 
by the sellers thereof set forth in such registration statement; provided, that notwithstanding the foregoing, the Company will not be required to file any amendment or supplement to a
registration statement or prospectus during the pendency of any Suspension Notice (as defined below); 
 (c) furnish, without
charge, to each Selling Holder and each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (including one conformed copy to each Selling Holder and one signed copy to each managing
underwriter and in each case including all exhibits thereto), and the prospectus included in such registration statement (including each preliminary prospectus), in conformity with the requirements of the Securities Act, and such other documents as
the Selling Holders may reasonably request in order to facilitate the disposition of the Registrable Securities registered thereunder; 
 (d) use reasonable best efforts to register or qualify such Registrable Securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as the Selling
Holders, and the managing underwriter, if any, reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable the Selling Holders and each underwriter, if any, to consummate the disposition in
such jurisdictions of the Registrable Securities registered thereunder; provided, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this paragraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction; 
 (e) immediately notify the managing underwriter, if any, and the Selling Holders at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of
any event which comes to the Company’s attention if as a result of such event the prospectus included in such registration statement 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 (a “Suspension Notice”), and the Company shall promptly prepare and furnish to the Selling Holders a supplement or amendment to such prospectus so that as
thereafter delivered, such prospectus shall 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 not misleading; provided,
however, that if the Board of Directors of the Company determines in its good faith judgment, (i) that the disclosure that would be required to be made by the Company would be materially harmful to the Company because of transactions
then being considered by, or other events then concerning, the Company, or would otherwise have a material adverse effect on the Company, then the Company may defer the furnishing to the Selling Holders a supplement or amendment to such prospectus
for a reasonable period of time, but not in excess of 60 calendar days (or any longer period agreed to by the requesting holders of Registrable Securities), or (ii) a supplement or amendment to such prospectus at such time would require the
inclusion of pro forma or other information, which requirement the Company is reasonably unable to comply with, then the Company may defer the furnishing to the Selling Holders a supplement or amendment to such prospectus for a reasonable period of
time, but not in excess of 60 calendar days (or any longer period agreed to by the requesting holders of Registrable Securities); provided, that at all times the Company is in good 

  
 9 

 
faith using reasonable best efforts to file such amendment or supplement as soon as practicable; provided, however, that such deferrals shall not exceed 120 days in the aggregate in
any 12 month period. In any event, the Company shall not be entitled to deliver more than a total of four (4) Suspension Notices or notices of any Delay Period in any 12 month period; 

(f) promptly notify the managing underwriter, if any, and the Selling Holders: 

(i) when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or
post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 

(ii) of any written request by the SEC for amendments or supplements to the Registration Statement or any Prospectus or of
any inquiry by the SEC relating to the Registration Statement or the Company’s status as a well-known seasoned issuer; 
 (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any
jurisdiction; 
 (g) in the case of an Underwritten Offering, (i) enter into such agreements (including underwriting
agreements in customary form), (ii) take all such other actions (other than providing Full Cooperation) as the Selling Holders or the underwriter(s) reasonably request in order to expedite or facilitate the disposition of such Registrable
Securities (including causing Company personnel to cooperate with the Selling Holders and the underwriter(s) in connection with performing due diligence) and (iii) request its counsel to issue opinions of counsel in form, substance and scope as
are customary in secondary underwritten offerings, addressed and delivered to the underwriter(s); 
 (h) use reasonable best
efforts to cause all such securities being registered to be listed on each securities exchange on which similar securities issued by the Company are then listed, and enter into such customary agreements including a listing application and
indemnification agreement in customary form, provided that the applicable listing requirements are satisfied, and to provide a transfer agent and registrar for such Registrable Securities covered by such registration statement no later than
the effective date of such registration statement; 
 (i) make available for inspection by the Holders and any holder of
securities covered by such registration statement, any underwriter participating in any distribution pursuant to such registration statement, and any attorney, accountant or other agent retained by such persons (collectively, the
“Inspectors”), all pertinent financial and other records, pertinent corporate documents and properties of the Company and its Subsidiaries (collectively, “Company Records”), if any, as shall be
reasonably necessary to enable them to exercise their due diligence responsibilities, and cause the Company’s and its Subsidiaries’ officers, directors, employees and Independent Contractor Representatives to supply all information and
respond to all inquiries reasonably requested by any such Inspector in connection with such registration statement. Notwithstanding the foregoing, the Company shall have no obligation to disclose any Company Records to the Inspectors in the event
the Company determines that such disclosure is reasonably likely to have an adverse effect on the Company’s ability to assert the existence of a Privilege with respect thereto; 

  
 10 

 (j) if requested, use reasonable best efforts to obtain a “comfort letter” from
the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by “comfort letters”; 
 (k) in connection with each Fully Marketed Underwritten Offering, cause there to occur Full Cooperation; and 
 (l) otherwise use reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earning
statement covering a period of at least 12 months, beginning with the first month after the effective date of the registration statement (as the term “effective date” is defined in Rule 158(c) under the Securities Act), which earning
statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 Each Holder of
Registrable Securities agrees as a condition to the registration of such Holder’s Registrable Securities as provided herein to furnish the Company in a reasonably timely manner with such information regarding such seller and pertinent to the
disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing, such information to be set forth in a separate letter signed by such Holder (the
“Holder Information”). 
 Section 2.5. Restriction on Disposition of Registrable Securities.
Each Holder agrees that, upon receipt of a Suspension Notice, such Holder shall, and shall cause each of its Affiliates to, discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities
until receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.4(e) hereof, or until otherwise notified by the Company, and, if so directed by the Company, each Holder shall, and shall cause each of its
Affiliates to, deliver to the Company (at the Company’s expense) all copies (including any and all drafts), other than permanent file copies, then in their possession, of the prospectus covering such Registrable Securities at the time of
receipt of such notice. 
 Section 2.6. Selection of Underwriters. For an Underwritten Offering made pursuant to a
registration requested by any Holder pursuant to Section 2.2 hereof, Sellers shall have the right, in consultation with the Company, to select a managing underwriter or underwriters to administer the offering; provided, that such
managing underwriter or underwriters shall be reasonably acceptable to the Company. 
 Section 2.7. Registration
Expenses. The Company shall pay for all costs and expenses with respect to its compliance with its obligations in connection with a registration or offering pursuant to this Agreement, including: (i) all registration and filing fees,
(ii) fees and expenses of compliance with securities or blue sky laws (including any reasonable fees and disbursements of the Company’s counsel in connection with blue sky qualifications of the Registrable Securities), (iii) printing
expenses, (iv) internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), (v) the fees and expenses 

  
 11 

 
incurred in connection with the listing of the Registrable Securities on any national securities exchange, (vi) the 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), (vii) subject to the second sentence of this Section 2.7, the reasonable fees and disbursements of one firm of attorneys acting as legal counsel for all of the Selling Holders, collectively, not to exceed $100,000,
(viii) the fees and expenses of any registrar and transfer agent, (ix) the underwriting fees, discounts and commissions applicable to any Company Shares sold for the account of the Company and (x) the cost of preparing all
documentation in connection therewith; provided, however, that with respect to any Fully Marketed Underwritten Offering of Registrable Securities pursuant to a request made under Section 2.2 involving less than $75,000,000
of Registrable Securities (calculated on the basis of the average closing price of a share of the Company’s common stock on the NASDAQ over the five business days preceding such request), the Selling Holders shall reimburse the Company for
(A) reasonable printing expenses, (B) reasonable fees and disbursements of a single firm of independent certified public accountants retained by the Company, and (C) reasonable out-of-pocket expenses incurred by the Company in
connection with any road show activities requested by the Selling Holders or their chosen underwriter, in each case, to the extent related to such Fully Marketed Underwritten Offering. Except as otherwise provided in clause (ix) of this
Section 2.7, the Company shall have no obligation to pay any underwriting fees, discounts, commissions or expenses attributable to the sale of Registrable Securities, including the fees and expenses of any underwriters and such
underwriters’ counsel or, solely in the case of an offering (including an Underwritten Offering) in which only Selling Holders offer securities, any fees and disbursements of attorneys acting as legal counsel to such Selling Holders.

 Section 2.8. Conversion of Other Securities. If any Holder offers any options, rights, warrants or other
securities issued by it or any other person that are offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities underlying such options, rights, warrants or other securities shall be
eligible for registration pursuant to Sections 2.1 and 2.2 hereof, so long as such transfer of registration rights is effected in compliance with Section 2.10 hereof. 

Section 2.9. Rule 144; Rule 144A. If and for so long as the Company is subject to the reporting requirements of the Exchange
Act, the Company shall take such measures and file such information, documents and reports as shall be required by the SEC as a condition to the availability of Rule 144 or Rule 144A (or any successor provisions) under the Securities Act.

 Section 2.10. Transfer of Registration Rights. (a) Any Seller may transfer all or any portion of its rights
under this Agreement to any transferee of Registrable Securities constituting not less than one percent (1%) of the outstanding Company Shares (each, a “transferee”); provided, however, that no such minimum
share assignment requirement shall be necessary for an assignment by a Holder which is (A) a partnership to its partners in accordance with partnership interests, (B) a limited liability company to its members in accordance with their
interest in the limited liability company, or (C) a corporation to its stockholders in accordance with their interests in the corporation. Any transfer of registration rights pursuant to this Section 2.10 shall be effective upon
receipt by the Company of (i) written notice from such 

  
 12 

 
Holder stating the name and address of any transferee and identifying the amount of Registrable Securities with respect to which the rights under this Agreement are being transferred and the
nature of the rights so transferred and (ii) written agreement from the transferee to be bound by the provisions of this Agreement. In connection with any such transfer, the term “Holder,” “Seller” or “Parent,” as
used in this Agreement shall, where appropriate to assign such rights and obligations to such transferee, be deemed to refer to or include the transferee holder of such Registrable Securities. Parent and its Affiliates may exercise their rights
hereunder in such proportion as they shall agree among themselves. 
 (b) After such transfer, each Holder shall retain its
rights under this Agreement with respect to all other Registrable Securities owned by such Holder. 
 Section 2.11. Free
Writing Prospectuses. The Company shall not permit any officer, director, underwriter, broker or other Person acting on behalf of the Company to use any free writing prospectus (as defined in Rule 405 under the Securities Act) in connection with
any offering of Registrable Securities without the prior written consent of the Selling Holders, which consent shall not be unreasonably withheld. 
 Section 2.12. Other Registration Rights. If the Company at any time after the date hereof grants to any other holders of Company Shares or securities of the Company convertible into Company
Shares any rights to request the Company to effect the registration under the Securities Act of any such Company Shares with any term more favorable to such holders than a term set forth in this Agreement, any term of this Agreement that is less
favorable shall be deemed amended or supplemented to the extent necessary to provide the Holders such more favorable rights and benefits. The foregoing covenant shall not apply to registration on Form S-4 or Form S-8 or any successor form
promulgated for similar purposes. 
 Section 2.13. Indemnification. 

(a) Indemnification by the Company. The Company shall indemnify and hold harmless, to the fullest extent permitted by Law, each
Selling Holder whose Registrable Securities are covered by a Registration Statement or Prospectus, the officers, directors, partners, members, managers and employees of each of them, each Person who controls (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) each such Selling Holder and the officers, directors, partners, members, managers and employees of each such controlling Person, and each underwriter (including any Holder that is deemed to
be an underwriter pursuant to any SEC comments or policies), if any, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter, from and against any and all
losses, claims, damages, liabilities, expenses (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees and any other reasonable fees or expenses incurred by such party in connection with any investigation
or Action), judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, arising out of or based upon (i) any untrue statement (or alleged untrue statement) of a material
fact contained in any applicable Registration Statement or any amendment of or supplement thereto, or the omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and (ii) any untrue statement (or alleged untrue statement) of a material fact 

  
 13 

 
contained in any preliminary or final Prospectus, any document incorporated by reference therein or any Issuer Free Writing Prospectus, or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company will not be liable to a Selling Holder
or underwriter, as the case may be, in any such case to the extent that any such Loss arises out of or is based on any untrue statement (or alleged untrue statement) or omission (or alleged omission) by such Selling Holder or underwriter, as the
case may be, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement (or in any preliminary or final Prospectus contained therein, any document
incorporated by reference therein or Issuer Free Writing Prospectus related thereto), or any amendment of or supplement to any of the foregoing or other document in reliance upon and in conformity with the Holder Information furnished to the Company
by such Selling Holder expressly for inclusion in such document; and provided, further, that the Company will not be liable to any Person who participates as an underwriter in any underwritten offering or sale of Registrable
Securities, or to any Person who is a Selling Holder in any non-underwritten offering or sale of Registrable Securities, or any other Person, if any, who controls such underwriter or Selling Holder within the meaning of the Securities Act, under the
indemnity agreement in this Section 2.13 with respect to any preliminary Prospectus or the final Prospectus (including any amended or supplemented preliminary or final Prospectus), as the case may be, to the extent that any such loss,
claim, damage or liability of such underwriter, Selling Holder or controlling Person results from the fact that such underwriter or Selling Holder sold Registrable Securities to a Person to whom there was not sent or given, at or prior to the
written confirmation of such sale, a copy of the final Prospectus as then amended or supplemented, whichever is most recent, if the Company has previously furnished copies thereof to such underwriter or selling Holder and such final Prospectus, as
then amended or supplemented, has corrected any such misstatement or omission (such failure to send or deliver, a “Delivery Failure”). Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of any Holder and shall survive the transfer of such securities. The foregoing indemnity agreement is in addition to any liability that the Company may otherwise have to a Holder. 

(b) Indemnification by Selling Holders. In connection with any Registration Statement in which a Selling Holder is participating
by registering Registrable Securities, such Selling Holder agrees, severally and not jointly with any other Person, to indemnify and hold harmless, to the fullest extent permitted by Law, the Company, the officers, directors and employees of the
Company, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, and each underwriter, if any, and each Person who controls (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) such underwriter, from and against all Losses, as incurred, arising out of or based on (i) any untrue statement (or alleged untrue statement) of a material fact contained in any such
Registration Statement (or in any preliminary or final Prospectus contained therein, any document incorporated by reference therein or Issuer Free Writing Prospectus related thereto) or any amendment of or supplement to any of the foregoing, or any
omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a final or preliminary Prospectus, in light of the circumstances under which they were made)
not misleading, in each case solely to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) 

  
 14 

 
is made in such Registration Statement (or in any preliminary or final Prospectus contained therein, any document incorporated by reference therein or Issuer Free Writing Prospectus related
thereto), or any amendment of or supplement to any of the foregoing or other document, in reliance upon and in conformity with the Holder Information furnished to the Company by such Selling Holder expressly for inclusion in such document (for
purposes of this Section 2.13(b), any information relating to any underwriter that is contained in a Registration Statement or Prospectus shall not be deemed to be information relating to a Selling Holder), or (ii) a Delivery
Failure (other than any Delivery Failure related to an Underwritten Offering); provided, that no Selling Holder will be liable to any Person who participates as an underwriter in any underwritten offering or sale of Registrable Securities or
any other Person, if any, who controls such underwriter within the meaning of the Securities Act, under the indemnity agreement in this Section 2.13 with respect to any preliminary Prospectus or the final Prospectus (including any
amended or supplemented preliminary or final Prospectus), as the case may be, to the extent that any such loss, claim, damage or liability of such underwriter or controlling Person results from the fact that such underwriter sold Registrable
Securities to a Person to whom there was not sent or given, at or prior to the written confirmation of such sale, a copy of the final Prospectus as then amended or supplemented, whichever is most recent, if the Company has previously furnished
copies thereof to such underwriter and such final Prospectus, as then amended or supplemented, has corrected any such misstatement or omission. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of the Company or any of its directors, officers, employees or controlling Persons. The Company may require as a condition to its including Registrable Securities in any Registration Statement filed hereunder that the holder thereof acknowledge its
agreement to be bound by the provisions of this Agreement (including this Section 2.13) applicable to it. 
 (c)
Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “indemnified party”), such indemnified party shall give prompt notice to the party from which such indemnity is sought
(the “indemnifying party”) of any claim or of the commencement of any Action with respect to which such indemnified party seeks indemnification or contribution pursuant hereto; provided, however, that the delay
or failure to so notify the indemnifying party shall not relieve the indemnifying party from any obligation or liability except to the extent that the indemnifying party has been actually and materially prejudiced by such delay or failure. The
indemnifying party shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of such claim or Action, to assume, at the indemnifying party’s
expense, the defense of any such Action, with counsel reasonably satisfactory to such indemnified party; provided, however, that an indemnified party shall have the right to employ separate counsel in any such Action and to participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party agrees to pay such fees and expenses; (ii) the indemnifying party fails promptly to
assume, or in the event of a conflict of interest cannot assume, the defense of such Action or fails to employ counsel reasonably satisfactory to such indemnified party, in which case the indemnified party shall also have the right to employ counsel
and to assume the defense of such Action; or (iii) in the indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such Action; provided,
further, however, that the indemnifying party shall not, in connection with any one such Action or separate but substantially similar or related Actions in the same jurisdiction, arising out of the same general

  
 15 

 
allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the indemnified parties, or
for fees and expenses that are not reasonable. Whether or not such defense is assumed by the indemnifying party, such indemnified party will not be subject to any liability for any settlement made without its consent. The indemnifying party shall
not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by all claimants or plaintiffs to such indemnified party of a release, in form and substance satisfactory to the
indemnified party, from all liability in respect of such claim or litigation. 
 (d) Contribution. 

(i) If the indemnification provided for in this Section 2.13 is unavailable to an indemnified party in respect
of any Losses (other than in accordance with its terms), then each applicable 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, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well
as any other relevant equitable considerations. The relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such indemnifying party or indemnified party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 
 (ii) The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.13(d) were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. 
 (iii) 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. 
 (iv) The obligation of any Selling Holder obliged to make contribution pursuant
to this Section 2.13(d) shall be several and not joint. 
 (e) Additional Provisions. 

(i) Notwithstanding anything to the contrary contained in this Agreement, an indemnifying party that is a Holder shall not
be required to indemnify or contribute any amount in excess of the amount by which the gross proceeds, after underwriting discounts and commissions but before expenses, from the sale of the Registrable Securities sold by such Holder in the
applicable offering exceeds the amount of any damages that such Holder has otherwise been required to pay pursuant to Section 2.13(b). 

  
 16 

 (ii) The indemnification provided for under this Agreement shall remain in
full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director, manager, partner or controlling Person of such indemnified party and shall survive the transfer of securities. 

(iii) The indemnification and contribution required by this Section 2.13 shall be made by periodic payments of
the amount thereof during the course of the investigation or defense, as and when bills are received or Loss is incurred. 
 (iv) To the extent that any of the Selling Holders is, or would be expected to be, deemed to be an underwriter of Registrable Securities pursuant to any SEC comments or policies or any court of law or
otherwise, the Company agrees that (i) the indemnification and contribution provisions contained in this Section 2.13 shall be applicable to the benefit of the Selling Holders in their role as deemed underwriter in addition to their
capacity as a Selling Holder (so long as the amount for which any other Selling Holder is or becomes responsible does not exceed the amount for which such Selling Holder would be responsible if the Selling Holder were not deemed to be an underwriter
of Registrable Securities) and (ii) the Selling Holders and their representatives shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act,
including receipt of customary opinions and comfort letters. 
 ARTICLE III 

MISCELLANEOUS 
 Section 3.1. Other Activities; Nature of Holder Obligations. (a) Notwithstanding anything in this Agreement, none of the provisions of this Agreement shall in any way limit a Holder or
any of its Affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar
activities conducted in the ordinary course of their business. 
 (b) Nature of Holders’ Obligations. The
obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement, other
than as expressly set forth herein. Nothing contained herein, and no action taken by any Holder pursuant hereto or in connection herewith, shall be deemed to constitute the Holders as a partnership, a joint venture or any other kind of entity, or
create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or any of the transactions contemplated by this Agreement. 

  
 17 

 Section 3.2. Termination. This Agreement shall terminate upon such time as there
are no Registrable Securities, except for the provisions of Sections 2.7, 2.13 and this Article III, which shall survive such termination. 
 Section 3.3. Amendment and Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and Parent. Each Holder shall be bound by any amendment
authorized by this Section 3.3 whether or not the Registrable Securities held by such Holder have been marked to indicate such amendment. The failure of any party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 3.4. Severability. If any provision of this Agreement shall be declared by any court of competent jurisdiction to be
illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 
 Section 3.5. Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, the Purchase Agreement, together with the several agreements and other documents and instruments
referred to herein or therein or annexed hereto or thereto, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any understandings, agreements or
representations by or among the parties, written or oral, prior to the date this agreement is first executed by the parties hereto. 
 Section 3.6. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same
instrument, and shall become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy, electronic delivery or otherwise) to the other parties. Signatures to this Agreement transmitted by facsimile
transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as
physical delivery of the paper document bearing the original signatures. 
 Section 3.7. Remedies. (a) Each
party hereto acknowledges that monetary damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement is not performed in accordance with its terms, and it is therefore agreed that, in addition to and
without limiting any other remedy or right it may have, the non-breaching party will have the right to seek an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach or
threatened breach and enforcing specifically the terms and provisions hereof. Each party hereto agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the
securing or posting of any bond in connection with such remedy. 
 (b) All rights, powers and remedies provided under this
Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any
other such right, power or remedy by such party. 

  
 18 

 Section 3.8. Notices. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next Business Day or
(iii) one Business Day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the addresses set forth below or such other address or
facsimile number as a party may from time to time specify by notice to the other parties hereto: 
 If to the Parent: 

BGC Partners, Inc. 
 499 Park Avenue 
 New York, New York 10022 

Attn: General Counsel 
 With a copy to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, New York 10019 
 Attn: David K. Lam, Esq. 

Facsimile: (212) 403-2000 
 Email: DKLam@wlrk.com 
 Telephone confirmation: (212) 403-1000 

If to the Company: 
 The NASDAQ
OMX Group, Inc. 
 805 King Farm Blvd. 
 Rockville, Maryland 20850 
 Attn: General Counsel 

With a copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 

Attn: Phyllis G. Korff, Esq. 
          Yossi Vebman, Esq. 

Facsimile: (212) 735-2000 
 Email: Phyllis.Korff@skadden.com 

           Yossi.Vebman@skadden.com 

Telephone confirmation: (212) 735-3000 
 Section 3.9. Governing Law; WAIVER OF JURY TRIAL. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made
and to be performed entirely within such State. The parties 

  
 19 

 
hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the State of Delaware for any actions, suits or proceedings
arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties hereby agrees not to commence any such action, suit or proceeding other than before one of the above-named courts. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND AGREE THAT ANY SUCH LEGAL
PROCEEDING WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 [Remainder of
Page Intentionally Left Blank] 

  
 20 

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

					
	BGC PARTNERS, INC.
		
	By:	 	 /s/ Howard W. Lutnick

		 	Name:	 	Howard W. Lutnick
		 	Title:	 	Chief Executive Officer
	
	BGC HOLDINGS, L.P.
		
	By:	 	 /s/ Howard W. Lutnick

		 	Name:	 	Howard W. Lutnick
		 	Title:	 	Chief Executive Officer
	
	BGC PARTNERS, L.P.
		
	By:	 	 /s/ Howard W. Lutnick

		 	Name:	 	Howard W. Lutnick
		 	Title:	 	Chief Executive Officer
	
	THE NASDAQ OMX GROUP, INC.
		
	By:	 	 /s/ Eric Noll

		 	Name:	 	Eric Noll
		 	Title:	 	Executive Vice President

 [Signature Page to Registration Rights Agreement] 

 SCHEDULE 1 
 Existing Registration Rights Agreements 
  

	1.	Registration Rights Agreement, dated as of April 21, 2005, by and among The Nasdaq Stock Market, Inc., Hellman & Friedman Capital Partners IV, L.P.,
H&F Executive Fund IV, L.P., H&F International Partners IV-A, L.P., H&F International Partners IV-B, L.P., Silver Lake Partners II TSA, L.P., Silver Lake Technology Investors II, L.L.C., Silver Lake Partners TSA, L.P.,
Silver Lake Investors, L.P., Integral Capital Partners VI, L.P. and VAB Investors, LLC. 

  

	2.	Registration Rights Agreement, dated as of February 27, 2008, by and among The NASDAQ OMX Group, Inc., Borse Dubai Limited and Borse Dubai Nasdaq Share Trust (as
amended by the First Amendment to Registration Rights Agreement, dated as of February 19, 2009, among The NASDAQ OMX Group, Inc., Borse Dubai Limited and Borse Dubai Nasdaq Share Trust). 

 

	3.	Registration Rights Agreement, dated as of September 25, 2009, by and among The NASDAQ OMX Group, Inc., Silver Lake Partners TSA, L.P., Silver Lake Investors,
L.P., Silver Lake Partners II TSA, L.P., Silver Lake Technology Investors II, L.P. and Edward J. Nicoll. 

  
 1-1Purchase and Sale Agreement

 Exhibit 10.1 
 PURCHASE AND SALE AGREEMENT 
 THIS PURCHASE AND SALE
AGREEMENT is made and entered into as of 5th day of March,
2012 (the “Effective Date”), by and between Boulevard Forest & Trees LLC, a North Carolina limited liability company ("Seller"), and Bainbridge Communities Acquisition I, LLC, a Florida limited liability
company ("Buyer"). Seller and Buyer are sometimes referred to herein as the “Parties.” 
 WHEREAS, Seller is the owner of the Property (as such term is defined below); and 
 WHEREAS, Seller desires to sell the Property to Buyer, and Buyer desires to purchase the Property from Seller, on the terms and conditions set forth in this Agreement. 

1.         Definitions.  The following terms shall have the
following meanings when used in this Agreement: 
 "Agreement"  shall mean this
Purchase and Sale Agreement, including all exhibits attached hereto. 
 "Broker" has the
meaning set forth in Section 11.1. 
 "Business Day" shall mean a day other than a
Saturday, Sunday or day on which banking institutions in the City of Durham, State of North Carolina are authorized or required by law or executive order to be closed. 

"Buyer's Objections" has the meaning set forth in Section 5.1. 

"Cash" shall mean United States currency represented by cash in hand or federally insured wire transfer.

 "City Approvals" has the meaning set forth in Section 5.8. 

"Closing" or "Close of Escrow" shall mean the consummation of the Transaction, as
evidenced by the delivery of all required funds and documents to Escrow Agent, Buyer, or Seller as the case may be. 
 "Closing Date" shall mean 60 days from the date of Buyer's receipt of the City Approvals, provided however that in no event shall the Closing Date be later than December 31,
2012, unless extended pursuant to Section 6.1. 
 “Danziger Property” has the
meaning set forth in the Option Agreement. 
 "Earnest Money Deposit" shall collectively mean
the Initial Earnest Money Deposit, the Second Earnest Money Deposit, the Extension Fees and all accrued interest thereon. 
 "Escrow" shall mean the escrow created pursuant to this Agreement. 
 "Escrow Agent" shall mean First American Title Insurance Company. 

 “Extension Fees” has the meaning set forth in
Section 6.1. 
 "Initial Earnest Money Deposit" has the meaning set forth in
Section 3.1. 
 “Initial Option Payment” has the meaning set forth in the Option
Agreement. 
 "Inspection" has the meaning set forth in Section 5.5. 

"Inspection Period" has the meaning set forth in Section 5.6. 

“Inspection Reports” has the meaning set forth in Section 5.5(b). 

“Option Agreement” shall mean the Option Agreement to be executed and delivered by J. Michael Waldroup,
Trustee of The J. Michael Waldroup Living Trust Dated January 26, 2007, Marc David Waldroup, Kristin Maria Ramsden and Boulevard Properties LLLP (collectively, “Grantor”) and Buyer at Closing in the form attached hereto as
Exhibit E. 
 "Permitted Exceptions" shall mean all matters affecting title to
the Property approved, deemed approved or waived by Buyer in accordance with Sections 5.1, 5.2 and 5.3. 
 "Personal Property" shall mean all of Seller's right, title and interest, if any, in and to (i) all land use or other consents, authorizations, variances, waivers, licenses,
permits and other approvals issued by any governmental or quasi-governmental authority pertaining solely to the Property; (ii) all entitlements, plans and specifications, engineering and other reports and surveys pertaining solely to the
Property; and (iii) all other items of tangible and intangible personal property used solely in connection with the Property. 
 "Property" shall mean the real property owned by Seller and located in Durham, North Carolina, which is generally depicted on Exhibit A attached hereto, together with
all right, title and interest, if any, of Seller in and to all strips and gores and any land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Property, and all easements, rights-of-way, privileges,
licenses, and all appurtenances thereto. At such time as the property depicted in Exhibit A is subdivided pursuant to the terms of this Agreement, and a subdivision plat (“Plat”) is recorded effectuating such subdivision, the legal
description of the Property as set forth in the Plat shall be substituted in place of the depiction attached hereto as Exhibit “A” and shall be the description of the Property conveyed to Buyer as part of the Closing. 

"Purchase Price" shall mean the total purchase price to be paid by Buyer for the Property, as set forth
in Section 3. 
 "Second Earnest Money Deposit" has the meaning set forth in
Section 3.2. 
 “Seller’s Affiliates” shall collectively mean (i) BP
Phase2 LLC, (ii) Boulevard Properties LLLP, (iii) LH Boulevard LLC, (iv) Barnyard LLC, (v) J. Michael Waldroup, Trustee of The J. Michael Waldroup Living Trust Dated January 26, 2007, (vi) Marc David Waldroup,
(vii) Kristin Maria Ramsden, and (viii) J. Michael Waldroup. 

  
 2 

 “Seller’s Property” shall mean the real property
identified in Exhibit A-1 attached hereto, owned by Seller or Seller’s Affiliates and located in Durham, North Carolina, less and except the Property but including, without limitation, the Danziger Property. 

"Survey" has the meaning set forth in Section 5.2. 

"Title Commitment" has the meaning set forth in Section 5.1. 

"Transaction" shall mean the purchase and sale contemplated by this Agreement. 

"1445 Affidavit" has the meaning set forth in Section 6.2(b). 

2.          Definitive Agreement for Purchase and Sale of
Property.  Upon full execution, this Agreement shall be a binding agreement between Buyer and Seller for the purchase and sale of the Property and Personal Property on the terms, conditions and provisions set forth in this Agreement.
This Agreement supersedes all other written or oral agreements between Buyer and Seller concerning the Transaction. 
 3.          Purchase Price and Method of Payment; Earnest Money.  The Purchase Price for the Property payable by Buyer to Seller shall be
an amount equal to $4,480,000 plus an amount equal to $14,000 multiplied by the number of multi-family residential units in excess of 320 units approved by the City of Durham, as part of the City Approvals, for construction on the Property,
and shall be payable as follows: 
 3.1      Earnest Money Deposit of Fifty
Thousand and No/100 Dollars ($50,000) (the "Initial Earnest Money Deposit"), in Cash, to be deposited by Buyer with Escrow Agent on or prior to three (3) Business Days following the Effective Date, time being of the essence;

 3.2      Fifty Thousand and No/100 Dollars ($50,000) (the "Second
Earnest Money Deposit", in Cash, to be deposited by Buyer with Escrow Agent on or prior to three (3) Business Days immediately following Buyer’s receipt of the City Approvals, time being of the essence; and 

3.3      the amount equal to the total Purchase Price less the Earnest Money Deposit to be
paid by Buyer to Seller, in Cash, at the Closing. 

4.          Disposition of Earnest Money
Deposit.  Seller and Buyer hereby instruct Escrow Agent to place the Earnest Money Deposit in a federally-insured interest-bearing account, subject to immediate withdrawal. Seller and Buyer agree that the Earnest Money Deposit shall be
applied as follows and hereby instruct Escrow Agent to apply the Earnest Money Deposit as follows: 

4.1      In the event the Transaction is consummated, the Earnest Money Deposit shall be
paid and delivered immediately to Seller at Closing and shall be applied against the Purchase Price that shall be paid to Seller; 
 4.2      In the event the Transaction is not consummated due to Seller's failure to perform all of Seller's obligations under this Agreement (beyond any applicable
notice or grace 

  
 3 

 
period), then Buyer shall give written notice to Escrow Agent and Seller that Seller has defaulted in the performance of its obligations under this Agreement beyond the applicable grace period
(the "Buyer’s Notice"). Seller shall have five (5) business days after receipt of the copy of the Buyer's Notice to deliver written notice to Escrow Agent objecting to the release of the Earnest Money Deposit to Buyer
("Seller's Objection Notice"), with a copy of Seller’s Objection Notice simultaneously delivered to Buyer. If Escrow Agent does not receive a timely Seller's Objection Notice, the Escrow Agent shall deliver the
Earnest Money Deposit then on deposit with Escrow Agent to Buyer on the next business day. If Escrow Agent does receive a timely Seller's Objection Notice, the Escrow Agent shall release the Earnest Money Deposit only upon receipt of, and in
accordance with, written instructions signed by Seller and Buyer or the final order of a court of competent jurisdiction. 
 4.3      In the event the Transaction is not consummated due to Buyer's cancellation of this Agreement pursuant to any provision herein which permits Buyer to terminate
this Agreement (other than in connection with Seller’s failure to perform any of its obligations under this Agreement) then the Earnest Money Deposit shall be paid and delivered immediately to Buyer upon such termination; and 

4.4      In the event the Transaction is not consummated due to Buyer's failure to
perform all of Buyer's obligations under this Agreement (beyond any applicable notice or grace period), then Seller shall give written notice to Escrow Agent and Buyer that Buyer has defaulted in the performance of its obligations under this
Agreement beyond the applicable grace period (the "Seller's Notice"). Buyer shall have five (5) business days after receipt of the copy of the Seller's Notice to deliver written notice to Escrow Agent objecting to the
release of the Earnest Money Deposit to Seller ("Buyer's Objection Notice"), with a copy of Buyer’s Objection Notice simultaneously delivered to Seller. If Escrow Agent does not receive a timely Buyer's Objection
Notice, the Escrow Agent shall deliver the Earnest Money Deposit then on deposit with Escrow Agent to Seller on the next business day. If Escrow Agent does receive a timely Buyer's Objection Notice, the Escrow Agent shall release the Earnest
Money Deposit only upon receipt of, and in accordance with, written instructions signed by Seller and Buyer or the final order of a court of competent jurisdiction. 

5.          Preliminary Title Commitment and Objections; Survey;
Title Insurance Policy; Inspection. 
 5.1      Preliminary Title
Commitment and Objections.  Within seven (7) Business Days after the Effective Date, Seller shall deliver to Buyer a current survey of the Property and a current survey of the Danziger Property (which may be one and the same
survey), together with copies of any existing title policy in Seller’s reasonable control covering the Property or the Danziger Property. Promptly following its receipt of the existing title policy(ies), Buyer shall order from Escrow Agent a
preliminary title commitment with respect to the Property disclosing all matters of record and Escrow Agent's requirements for closing the Escrow and issuing an ALTA standard coverage owner's policy of title insurance with respect to the
Property, together with legible copies of all instruments referred to therein (collectively, the "Title Commitment"). No later than the end of the Inspection Period, time being of the essence, Buyer shall deliver to Seller, in
writing, any of Buyer’s objections to any easements, liens, encumbrances or other exceptions or requirements in the Title Commitment (except for real property taxes and 

  
 4 

 
assessments not due and payable which may constitute a lien on the Property) ("Buyer's Objections"). If Buyer fails to object timely, then the Title Commitment shall be
deemed approved by Buyer. If Buyer's Objections are timely made, Seller will use commercially reasonable efforts to cure the matters covered by Buyer's Objections on or before the date which is thirty (30) days from the expiration of
the Inspection Period or will advise Buyer, in writing, of Seller’s election not to so cure. If Seller is unable or unwilling to cure the matters covered by Buyer's Objections on or before such date upon terms acceptable to Buyer in
Buyer's sole and absolute discretion, then Seller, in writing prior to the expiration of the date which is thirty (30) days from the expiration of the Inspection Period shall so notify Buyer and Buyer, within five (5) Business Days
from receipt of Seller's notice, time being of the essence, shall, in writing, either (a) waive such of Buyer's Objections as Seller shall have been unable or unwilling to cure (without a reduction in the Purchase Price) or
(b) cancel this Agreement, whereupon, the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder shall automatically terminate, with the exception of the obligations which expressly survive termination
of this Agreement. If Buyer does not provide its election notice timely, then Buyer shall be deemed to have waived such uncured Buyer’s Objections and to have elected to proceed with the Transaction on the terms and conditions of this
Agreement. Notwithstanding anything to the contrary contained in this Agreement, Seller shall pay all monetary liens and encumbrances (up to the amount of the Purchase Price) prior to or at Closing and Buyer shall have no obligation to object
thereto. 
 5.2       Survey. 

(a)       Buyer shall have the right to obtain a new survey of the Property (as
contemplated as of the Effective Date) during the Investigation Period (the "Preliminary Survey"). Prior to the expiration of the Investigation Period, time being of the essence, Buyer shall provide to Seller any objections to the
boundaries and legal description of the Property (as contemplated as of the Effective Date) and all easements, encroachments, improvements and other matters shown on the Preliminary Survey, in writing (the "Survey Objections"). If
Buyer fails to object timely, then the Property's easements, encroachments, improvements as reflected on the Preliminary Survey and all other matters reflected on the Preliminary Survey (other than the boundaries and legal description) shall be
deemed approved by Buyer. If the Survey Objections are timely made, Seller will use commercially reasonable efforts to cure the matters covered by the Survey Objections on or before the date which is thirty (30) days from the expiration of the
Inspection Period or will advise Buyer, in writing, of Seller’s election not to so cure. If Seller is unable or unwilling to cure the matters covered by the Survey Objections on or before such date upon terms acceptable to Buyer in Buyer's
sole and absolute discretion, then Seller, in writing prior to the expiration of the date which is thirty (30) days from the expiration of the Inspection Period shall so notify Buyer and Buyer, within five (5) Business Days from receipt of
Seller's notice, time being of the essence, shall, in writing, either (a) waive such of the Survey Objections as Seller shall have been unable or unwilling to cure (without a reduction in the Purchase Price) or (b) cancel this
Agreement, whereupon, the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder shall automatically terminate, with the exception of the obligations which expressly survive termination of this Agreement.
If Buyer does not provide its election notice timely, then Buyer shall be deemed to have waived such uncured Survey Objections and to have elected to proceed with the Transaction on the terms and conditions of this Agreement. 

  
 5 

 (b)       Notwithstanding anything to
the contrary contained in this Agreement, Buyer shall have the right to obtain a new or updated survey of the Property once the subdivision plat contemplated in Section 5.12 has been approved by both Buyer and Seller (the "Final
Survey"). No later than fifteen (15) Business Days after Buyer and Seller have approved the subdivision plat, time being of the essence, Buyer shall provide to Seller any objections to the boundaries and legal description of the
Property and all easements, encroachments, improvements and other matters shown on the Final Survey not previously shown to affect the Property in the Preliminary Survey, in writing (the "Updated Survey Objections"). If Buyer fails
to object timely, then the legal description and the boundaries of the Property, the Property's easements, encroachments, improvements as reflected on the Final Survey and all other matters reflected on the Final Survey shall be deemed approved
by Buyer. If the Updated Survey Objections are timely made, Seller will use commercially reasonable efforts to cure the matters covered by the Updated Survey Objections before the date which is thirty (30) days following Seller’s receipt
of the Updated Survey Objections (and the Closing may be extended up to such thirty (30) day period to the extent necessary). If Seller is unable or unwilling to cure the matters covered by the Updated Survey Objections before such date upon
terms acceptable to Buyer in Buyer's sole and absolute discretion, Seller, in writing prior to the date which is thirty (30) days following Seller’s receipt of the Updated Survey Objections, shall notify Buyer and Buyer, within five
(5) Business Days from receipt of Seller's notice, time being of the essence, shall, in writing, either (a) waive such of the Updated Survey Objections as Seller shall have been unable or unwilling to cure (without a reduction in the
Purchase Price) or (b) cancel this Agreement, whereupon the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder shall automatically terminate, with the exception of the obligations which expressly
survive termination of this Agreement. If Buyer does not provide its election notice timely, then Buyer shall be deemed to have waived such uncured Updated Survey Objections and to have elected to proceed with the Transaction on the terms and
conditions of this Agreement. 
 5.3       Subsequent Acts;
Update.  After the date of the Title Commitment, but prior to Closing or the termination of this Agreement, Seller shall not enter into any easements, encumbrances or other title matters or recordable instrument affecting the Property,
nor take any other action to cause title to the Property to differ from the condition of title approved by Buyer, without Buyer’s consent, which shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Seller shall have the
right (i) to cause the Property to be subdivided from Seller’s other property and to record the Plat effectuating such subdivision, upon the terms and conditions contained in this Agreement, and (ii) to develop and implement the
Signage Plan in accordance with Section 5.11. The Title Commitment may be updated periodically by Buyer. In the event any update to the Title Commitment shows new exceptions to title to the Property (other than as expressly permitted
under this Section 5.3), then each such new or additional exception shall be deemed to be objectionable to Buyer and shall be removed by Seller promptly upon Buyer’s request, but in all events, prior to the Closing Date. 

5.4       Title Insurance Policy.  At the Close of Escrow, Escrow
Agent shall commit to issue to and in favor of Buyer a standard coverage owner's policy of title insurance (“Title Policy”) with respect to the Property in the amount of the Purchase Price, effective on the date of the Close of
Escrow, insuring fee simple title to the Property in Buyer subject only to the Permitted Exceptions and together with such endorsements as Buyer may reasonably request. 

  
 6 

 5.5       Inspection. 

(a)       During the term of this Agreement, Buyer, with the reasonable cooperation
of Seller, at Buyer's expense, has the right to inspect, test, analyze, study and evaluate the Property and Personal Property, otherwise investigate the feasibility and desirability of acquiring the Property and the Personal Property from
Seller and complete any studies of the Property and the Personal Property as Buyer may desire (collectively and individually, "Inspection"). Seller shall provide to Buyer, within seven (7) Business Days after the Effective
Date, all information concerning the Property in Seller's possession or reasonably available to Seller, including but not limited to zoning information, engineering studies, geotechnical investigations, environmental investigations, easements,
water/storm water and sanitary sewer capacity letters relating to the Property, ad valorem property tax bills for 2009, 2010 and 2011, any covenants, conditions and restrictions and related architectural guidelines affecting the Property and any
other written agreements impacting the use of the Property, in all cases on the express condition that Buyer agrees to treat such information and materials as confidential (collectively, the “Evaluation Materials”). In addition,
Seller shall deliver to Buyer any additional Evaluation Materials with respect to the Property within three (3) business days of the Seller’s receipt thereof. Buyer acknowledges and agrees that any Evaluation Material prepared by third
parties are being provided by Seller as an accommodation to Buyer and without representation, recourse or warranty by Seller as to the accuracy or completeness thereof or the suitability of the information contained therein for any purpose
whatsoever. 
 (b)       Seller hereby grants to Buyer and Buyer's
agents, employees and contractors a non-exclusive right and license to enter upon the Property to conduct the Inspection at reasonable times and, with respect to any invasive testing only, upon reasonable prior notice to Seller (at least one
(1) Business Day) and subject to Seller’s prior approval, not to be unreasonably withheld, conditioned or delayed. Upon completion of each Inspection, Buyer shall restore the Property inspected to its condition prior to the Inspection.
Buyer hereby indemnifies and defends Seller, its members, managers, officers and employees (collectively, the “Seller Parties”), against, and agrees to hold the Seller Parties harmless for, from and against all claims, costs, fees
(including witness and attorneys' fees), expenses, loss, damage and liability of any kind that may be asserted against or incurred by any of the Seller Parties as a result of the Inspection; provided, however, the indemnity shall not extend
(a) to protect the Seller Parties from any pre-existing liabilities for matters merely discovered by Buyer (i.e., latent environmental contamination) or (b) to the extent any claims, costs, fees, expenses, loss, damage or liability
are attributable to the action or inaction of the Seller Parties. The obligations of Buyer under this Section 5.5 shall survive Closing and/or termination of this Agreement. All studies, reports and other written materials derived from
or reflecting the Inspection are hereinafter referred to, collectively, as “Inspection Reports”. 
 (c)       All actions taken by or on behalf of Buyer in connection with the Inspection shall be in accordance with all applicable laws, rules and regulations of the
appropriate governmental authorities having jurisdiction over the Property. Buyer shall (A) not unreasonably interfere with the use of the Property, (B) promptly pay when due the cost of all Inspections, (C) not permit any liens to
attach to the Property by reason of the exercise of its rights hereunder, (D) provide Seller with copies of all Inspection Reports, and (E) prior to and as a condition to any Inspections, deliver to Seller certificates of insurance
evidencing 

  
 7 

 
comprehensive liability insurance (including coverage for contractual indemnities) with a combined single limit of at least $1,000,000 in a form reasonably acceptable to Seller, and naming Seller
as an additional insured. 
 (d)      The obligations of Buyer under this
Section 5.5 shall survive Closing and/or termination of this Agreement. 

5.6      Inspection Period.   Buyer shall have until sixty
(60) days after the Effective Date (the "Inspection Period") in which to complete the Inspection. If, based upon the Inspection, Buyer determines that Buyer, in its sole discretion, wishes to proceed with the Transaction, Buyer
shall give written notice to Seller to confirm Buyer's intention of moving forward with the Agreement prior to the expiration of the Inspection Period, time being of the essence. If Buyer does not timely elect to proceed with this Agreement
pursuant to this Section 5.6, then this Agreement and all rights and liabilities arising hereunder shall automatically terminate, whereupon the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising
hereunder shall automatically terminate, with the exception of the obligations which expressly survive termination of this Agreement. In addition, Buyer shall also have the right, in Buyer’s sole and absolute discretion, at any time on or
before the expiration of the Inspection Period, to terminate this Agreement by sending written notice of such termination to Seller, in which event the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder
shall automatically terminate, with the exception of the obligations which expressly survive termination of this Agreement. In the event the Agreement is terminated pursuant to this Section 5.6 or for any other reason other than as a result of
a default by Seller under this Agreement, Buyer shall deliver to Seller, without any representation or warranty whatsoever, copies of any Inspection Reports in Buyer’s possession not previously provided to Seller; provided, however, the
delivery of such Inspection Reports shall not in any way be a condition to Buyer’s return of the Earnest Money Deposit. The foregoing sentence shall survive Closing and/or termination of this Agreement. 

5.7      Independent Examination.  Buyer hereby acknowledges that it has
been, or will have been, given, prior to the expiration of the Inspection Period, a full, complete and adequate opportunity to make such legal, factual and other determinations, analyses, inquiries and investigations as Buyer deems necessary or
appropriate in connection with the acquisition of the Property. Buyer is relying upon its own independent examination of the Property and all matters relating thereto and not upon any statements (other than representations in this Agreement) of
Seller or of any manager, member, officer, director, employee, agent or attorney of Seller or of its affiliates with respect to acquiring the Property. The provisions of this Section 5.7 shall survive Closing and/or termination of this
Agreement. 
 5.8      City Approvals.   Buyer's
obligation to proceed with the Transaction is contingent upon the City of Durham, and any other applicable governmental authorities having jurisdiction over the Property, granting and adopting any necessary amendment to any development plan
applicable to the Property, all zoning approvals, site plan approvals and ordinances necessary for Buyer's proposed development and use of the Property as a luxury multifamily housing community containing at least 320 multi-family units,
together with associated parking and other related amenities and infrastructure, in each case subject only to stipulations, conditions and restrictions acceptable to Buyer in its sole and absolute discretion

  
 8 

 
(collectively, the "City Approvals"). The City Approvals shall be deemed obtained when final, unappealable approvals for such City Approvals are adopted by the City of Durham and
the statutory periods for any appeal, protest or referendum have expired without an appeal, protest or referendum being filed or pursued, or if such appeal shall have been taken, such appeal(s) shall have been finally and conclusively resolved in
favor of the applicable approval. Buyer shall pursue the City Approvals on the following terms and conditions: 
  

	 	(a)	 Prior to the expiration of the Inspection Period, Buyer shall provide written notice to Seller of Buyer’s third party professional consultants
that Buyer intends to engage to assist in obtaining City Approvals (“Buyer’s Consultants”). Buyer shall select Buyer’s Consultants who are in Buyer’s opinion experienced in working with the Durham City-County Planning
Department (the “Planning Department”) and in pursuing project approvals similar to the City Approvals. 

  

	 	(b)	 Buyer and Buyer’s Consultants shall prepare, at Buyer’s sole cost and expense, such documents and applications as may be required to
obtain all of the City Approvals Buyer and Buyer’s Consultants determine to be required (collectively, the “Applications”) and shall submit the Applications to Seller for its review and approval (which shall not be unreasonably
withheld or delayed) no later than forty-five (45) days following expiration of the Inspection Period, time being of the essence, provided that nothing contained in this Agreement shall prohibit Buyer from preparing the Applications and
pursuing their submittal in accordance with this Section 5.8 prior to the expiration of the Inspection Period. In no event shall the Applications include any proposal that would adversely affect any Seller’s Property, or be
conditioned on any entitlements from any such other Seller’s Property, or materially enlarge or reconfigure the Property as of the Effective Date, without Seller’s prior consent, which consent shall not be unreasonably withheld,
conditioned or denied. Notwithstanding the foregoing, to the extent that Buyer has reasonably determined that the City of Durham will not permit any existing road to serve as a second means of access to the proposed development on the Property, the
Applications (as applicable) shall include a road to be located on Seller’s Property between "OUTPARCEL 1" and “OUTPARCEL 2”, in the location outlined on Exhibit D, for the purpose of providing additional
access for the Property as well as the balance of Seller’s Property to Southwest Durham Parkway (the “Additional Road”); provided however, Seller shall have the right, in its sole discretion and at any time prior to the
re-submittal of Application materials following the first round of comments from Planning Department staff, to require that Buyer relocate the proposed location of the Additional Road to the “Alternative” alignment set forth on
Exhibit D if an Additional Road is required by the City of Durham, and in such event Seller shall bear all additional design, engineering and construction costs that arise directly as a result of such
relocation, as reasonably determined by Seller and Buyer. Subject to Seller's right to require the relocation of the Additional Road in accordance with the remainder of this Section 5.8(b), within five (5) days
following Seller’s receipt of the proposed Applications, Seller shall provide Buyer with any comments and required revisions to the Applications (which comments shall be limited to items which directly impact the Seller’s Property, such as
access and 

  
 9 

	 	 
shared storm water. If Buyer is unwilling to effectuate the changes to the Applications in accordance with Seller’s comments and required revisions, the Parties shall work in good faith in
an attempt to reach an agreement on the form of the Applications. In the event that the Parties are unable to reach agreement on the form of the Applications on or before the 75th day following the expiration of the Inspection Period, this Agreement shall automatically terminate, whereupon the
Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder shall automatically terminate, with the exception of the obligations which expressly survive termination of this Agreement. This Section 5.8(b)
shall survive Closing. 

  

	 	(c)	 If the Parties reach agreement on the form of the Applications, Buyer shall promptly submit same to the applicable governmental authority(ies) at
Buyer’s sole cost and expense, no later than five (5) Business Days after the later of (i) the date that the Parties reach agreement on the form of the Applications or (ii) the expiration of the Inspection Period. Thereafter,
Buyer shall (and shall cause Buyer’s Consultants to): 

  

	 	(i)	 diligently pursue the City Approvals, including, without limitation, promptly responding to all requests by members of the Planning Department
staff, attending all meetings with Planning Department staff, and timely making all required submissions to the Planning Department. 

  

	 	(ii)	 be prohibited from making or causing any material changes to the Applications without Seller’s prior consent, which consent shall not be
unreasonably withheld, conditioned or denied, if those changes relate to access to the Property or to the size or configuration of the Property, or which otherwise negatively affect Seller’s Property. 

 

	 	(iii)	 promptly advise Seller of Buyer’s receipt of the City Approvals or any denial of the City Approvals, and provide to Seller the corresponding
approval or denial documentation. 

  

	 	(d)	 Buyer and Seller (at no additional cost to Seller) shall reasonably cooperate with each other and with the governmental authorities in an effort to
obtain the City Approvals as quickly as possible (subject to the parties’ respective rights to exercise their sole discretion in agreeing to the Applications). In connection with the foregoing, Seller shall execute and deliver such documents as
may be reasonably required by the governmental authorities in connection with the Applications and City Approvals, as applicable, within five (5) days of request thereof from Buyer. 

 

	 	(e)	 If, at anytime during the term of this Agreement, (i) the City Approvals are denied or (ii) Buyer, in its reasonable judgment, believes
that the conditions associated with the City Approvals would render the purchase of the Property and construction of the Property not economically feasible, then Buyer shall have the right to terminate this Agreement by providing written notice to
Seller, 

  
 10 

	 	 
whereupon the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising hereunder shall automatically terminate, with the exception of the obligations which
expressly survive termination of this Agreement. 

5.9        Integrated Storm Water Management
Plan.    Buyer and Buyer’s Consultants shall use commercially reasonable efforts to meet storm water treatment requirements, based on Buyer’s proposed development of the Property, within the boundaries of the
Property. If Buyer and Buyer’s Consultants determine that a storm water treatment facility will be required to be located on Seller’s Property in order to accommodate Buyer’s proposed development of the Property, Buyer and Seller
shall cooperate in the development of an integrated storm water management plan for the Property and Seller’s Property (the “Storm Water Plan”), which Storm Water Plan shall address, without limitation, the development, cost
(including permit fees and any required payment to the Durham Storm Water Facility Replacement Fund), use, possible expansion, and permanent maintenance of such storm water treatment facility. At Closing, provided Buyer deems the Storm Water Plan
necessary, the Parties shall execute and deliver an easement, in a form reasonably acceptable to Buyer and Seller, which will provide for the Storm Water Plan. 

5.10      Additional Road.    At Closing, provided that the
Additional Road is included in the City Approvals, Seller and Buyer shall execute and deliver an easement agreement, in a form reasonably acceptable to Buyer and Seller, pursuant to which Seller shall grant to Buyer a temporary construction easement
to construct the Additional Road, and a permanent access easement of the Additional Road, and Buyer shall agree to be fully responsible for the cost of constructing and installing the Additional Road and to fully indemnify and hold the Seller
Parties harmless from and against all claims and damages arising out of Buyer’s exercise of its rights under such easement agreement (the “Road Easement Agreement”). Seller shall cause any lien holder having an interest in the
Additional Road to subordinate its interest in and to the Road Easement Agreement. The Road Easement Agreement shall provide that all costs related to the Additional Road after its construction and installation shall be proportionately shared by all
properties which have use and access thereto based upon a reasonable calculation of average daily trips generated by such properties. 
 5.11      Signage Plan.  Within sixty (60) days following the Effective Date, Seller, with reasonable input from Buyer, shall develop, and thereafter
submit to the applicable local authority(ies) for approval, a proposed signage plan applicable, in whole or in part, to the Property which would impose signage requirements and standards on the Property (the “Signage Plan”). The
Signage Plan shall be subject to Buyer’s prior written approval, not to be unreasonably withheld. Buyer and Seller shall reasonably cooperate to timely develop and diligently pursue approval of the Signage Plan, including, without limitation,
by executing and delivering such documentation as may be necessary in connection with obtaining such approvals. In addition, the Signage Plan shall include a provision that permits (or, otherwise, this Section 5.11 shall serve as evidence that
Buyer does hereby authorize) Seller to amend such Signage Plan in the future without Buyer’s prior consent provided that such amendment does not render Buyer’s existing signage non-conforming or in violation of the Signage Plan, as
amended. In addition, the "Common Signage Plan" (CSP) applicable to this area and approved by the City of Durham shall include a provision that permits (or, otherwise, this Section 5.11 shall serve as evidence that Buyer does hereby
authorize) Seller to amend such Signage Plan in the future 

  
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without Buyer’s prior consent provided that such amendment (i) does not require any modification to Buyer's existing signage and (ii) does not render Buyer’s existing
signage non-conforming or in violation of the Signage Plan, as amended, thereby allowing full reconstruction of the original design in the event of damage or destruction. In the event that the City of Durham requires in the future additional
confirmation of the foregoing from Buyer, Buyer and Buyer’s successors in title to the Property shall promptly provide same in writing and this obligation shall be memorialized at Closing in the Memorandum of Agreement. This provision shall
survive the Closing. 
 5.12      Plat.    Seller, at
its sole expense, agrees that it shall use commercially reasonably efforts to subdivide the Property from Seller’s Property and record the Plat prior to the Closing; provided, however, Seller agrees that the Plat shall be subject to the
reasonable written approval of Buyer and that Seller shall not cause or permit the Plat to be recorded until after the City Approvals are obtained. 
 5.13      Environmental Report.  Prior to the end of the Inspection Period, Buyer will procure from a licensed, insured environmental consultant of its
choice (said environmental consultant selected by Buyer hereinafter referred to as the “Environmental Consultant”) a Phase 1 environmental audit (“Phase 1”) of the Property. Buyer shall deliver a copy of the Phase 1
to Seller promptly following its receipt of same but in any event prior to the end of the Inspection Period. Buyer’s election to proceed with this transaction following the end of the Inspection Period shall be conclusive evidence that Buyer is
satisfied with the Phase 1 and all environmental matters pertaining to the Premises. Notwithstanding the foregoing, due to the lengthy period of time between the expiration of the Inspection Period and Closing, Seller hereby agrees that Buyer may
obtain from the Environmental Consultant an update to the Phase 1 prior to the Closing. In the event that such updated Phase 1 evidences a discovery on the Property of hazardous substances in violation of environmental laws which (i) was not
present during the Inspection Period or could not, with the exercise of reasonable diligence, have been discovered during the Inspection Period; and (ii) would materially and adversely affect Buyer, as reasonably determined by Buyer, Buyer
shall have the right to object to said condition to Seller by providing written notice to Seller, specifying the exact nature and scope of the condition, within ten (10) days of discovery of said condition. Seller shall have sixty
(60) days from receipt of said written notice to cure said material and adverse condition in accordance with applicable environmental laws (and the Closing may be extended up to such sixty (60) day period to the extent necessary), failing
which, Buyer shall have the right to terminate this Agreement, whereupon the Earnest Money Deposit shall be immediately returned to Buyer and this Agreement shall be of no further force and effect, except for such terms and provisions which
specifically survive expiration or termination of this Agreement as provided herein. 

6.         Closing. 

6.1        Time and Place.  The Closing shall take place on the
Closing Date in the offices of Escrow Agent. Notwithstanding the foregoing, the Parties need not attend the Closing in person and shall have the right to close the Transaction pursuant to written Closing escrow instructions, so long as such
instructions are consistent with the terms hereof. Notwithstanding anything contained herein to the contrary, Buyer may elect to extend the Closing Date for up to three consecutive periods of 30 days each on written notice to Seller and by
depositing with Escrow Agent, as an additional non-refundable deposit (to be applied to the Purchase Price at Closing), the sum of $20,000 for each such extension (collectively, the "Extension Fees"). 

  
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 6.2      Seller's Closing
Deliveries.  At the Closing, Seller shall deliver to Buyer or to Escrow Agent: 

(a)      Special Warranty Deed in the form of Exhibit B, fully executed and
properly acknowledged by Seller, conveying to Buyer the Property (the “Deed”); 

(b)      Affidavit in a form and having the substance mutually acceptable to Buyer and
Seller, fully executed and properly acknowledged by Seller, as required by Internal Revenue Code Section 1445(b)(2) (the "1445 Affidavit"); 

(c)      A Bill of Sale in the form of Exhibit C, fully executed by Seller,
assigning and transferring to Buyer all of Seller's right, title and interest in and to the Personal Property; 
 (d)      A no-lien and exclusive possession affidavit executed by Seller, sufficient for the Escrow Agent to delete any exceptions for parties in possession and
mechanic’s or materialmen’s liens from the Title Policy; 

(e)      Such evidence of the power and authority of Seller to consummate the transactions
described in this Agreement as may be reasonably required by Buyer or the Escrow Agent; 

(f)      A duly executed certification that every representation and warranty of the
Seller under this Agreement is true and correct in all material respects as of the Closing as if made by the Seller at such time, or stating any such representations and warranties which are no longer true and correct in any material respect;

 (g)      Memorandum of Agreement; 

(h)      Originals or, if originals are not available, true and correct copies of all
records and files pertaining solely to the Property and in Seller's possession or reasonable control; 

(i)      Such documents as may be required pursuant to Sections 5.9, 5.10
and 5.11, fully executed and properly acknowledged (as applicable) by Seller; 

(j)      One or more closing statements, agreed upon by the Parties and consistent with
this Agreement, in a form acceptable to the Escrow Agent (the “Closing Statement”), fully executed by Seller; 
 (k)      The Option Agreement, fully executed by the owner(s) of the Danziger Property; and 

(l)      Such other funds, instruments or documents as may be reasonably requested by
Escrow Agent or reasonably necessary to effect or carry out the purposes of this Agreement. 

  
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 6.3      Buyer's Closing
Deliveries.  At the Closing, Buyer shall deliver to Escrow Agent: 

(a)      The Purchase Price (subject to Sections 3, 6.5 and 6.6
of this Agreement; 
 (b)      Such other funds, instruments or documents as may
be reasonably requested by Escrow Agent, or necessary, to effect or carry out the purposes of this Agreement; 

(c)      Such documents as may be required pursuant to Sections 5.9, 5.10
and 5.11, fully executed and properly acknowledged (as applicable) by Buyer; 

(d)      The Closing Statement, fully executed by Buyer; 

(e)      The Option Agreement, fully executed by Buyer; 

(f)      The Initial Option Payment; 

(g)      Written certificate executed by Buyer certifying that Buyer is not a person or
entity listed on Appendix A to Title 31, Chapter V of the Code of Federal Regulations (the “Suspected Terrorist List”). Buyer understands that Executive Order 13224 and the regulations promulgated pursuant thereto provide that any
transfer of property or interest in property with a person or entity listed on the Suspected Terrorist List (such person or entity being hereinafter referred to as a “Blocked Person”) is “null and void” and the party
entering such transaction with a Blocked Person could be subject to monetary penalties or imprisonment in accordance with 31 CFR '594.701; 
 (h)      Such evidence of the power and authority of Buyer to consummate the transactions described in this Agreement as may be reasonably required by Seller or the Escrow
Agent; 
 (i)      A duly executed certification that every representation and
warranty of the Buyer under this Agreement is true and correct in all material respects as of the Closing as if made by Buyer at such time, or stating any such representations and warranties which are no longer true and correct in any material
respect; and 
 (j)      Memorandum of Agreement. 

6.4      Escrow Agent's Duties.  At the Closing, Escrow Agent shall:
(i) record the Deed, the Road Easement Agreement, and such other recordable instruments as the parties shall have delivered in accordance with Sections 6.2 and 6.3 in the Office of the Register of Deeds of Durham County;
(ii) disburse all funds in accordance with the Closing Statement; (iii) deliver the Bill of Sale, 1445 Affidavit and other closing documents executed by Seller to Buyer; and (iv) do such other items requested by Buyer and Seller, in
writing, consistent with this Agreement. 

  
 14 

 6.5      Prorations.  All
real and personal property taxes for the Property and the Personal Property for the current calendar year and all charges for fuel, water, sewer, electricity and other utility services furnished to the Property (which shall be prorated outside of
Closing) shall be prorated on and as of the Closing Date (Buyer shall be deemed to be the owner of the Property on the Closing Date), provided however in no event shall Seller be responsible for any fees, charges or other costs associated with
Buyer’s proposed development of the Property. All rollback taxes and special assessments shall be paid by Seller in full at the Close of Escrow. To the extent that information required for any prorates or adjustments is not available on the
Closing Date, Seller and Buyer shall base prorates and adjustments on the most recent bills available, and shall reconcile such prorates and adjustments when such information becomes available. Notwithstanding anything contained in this
Section 6.5 to the contrary, in the event that a separate tax bill for the Property only is not available at Closing, (i) the real property taxes and assessments shall be reasonably allocated (1) based on the square footage of
the Property and the total square footage of the tax parcel of which it is a part and (2) taking into consideration the rate at which the Property and the remainder of the tax parcel of which it is a part are assessed, and (ii) the parties
shall pay, at Closing, all taxes and assessments against the Property and the tax parcel of which it is a part for the entire calendar year in which Closing occurs based upon the most recent tax bill for such tax parcel and further based upon such
allocation. To the extent applicable, the provisions of this Section 6.5 shall survive Closing. 

(a)      Closing Costs.  Except as expressly provided in this Agreement,
each party shall bear its own costs and expenses (including attorneys' fees) in connection with its negotiation, due diligence investigation and conduct of the Transaction. Escrow fees shall be divided equally between the parties. Buyer shall
pay the costs of the Title Policy and the cost of the Survey. Seller shall pay the cost of recording the Deed and any other documents to be recorded at Closing, along with any stamps to be affixed to the deed, transfer fees, transfer taxes, excise
stamps or any other tax or fee imposed by law. Buyer shall pay for any endorsements requested by Buyer and for any mortgagee policy obtained by Buyer. Buyer shall also be responsible for the payment of all the costs associated with preparing the
Applications and pursuing and obtaining City Approvals, including without limitation, the cost of Buyer’s Consultants. All other costs associated with the closing of the Transaction shall be borne by the parties in accordance with custom in
Durham County, North Carolina, as determined by Escrow Agent, unless otherwise specified in this Agreement. 

6.6      Possession.    Buyer shall be entitled to possession
of the Property immediately after the Close of Escrow. 

7.         Seller's Representations and Warranties. 

7.1      Seller hereby represents, warrants and covenants to Buyer that: 

  (a)      Organization and Standing.  Seller is
a limited liability company, is duly organized, validly existing, in good standing in the state of its formation and qualified to do business in the State of North Carolina and has full power and authority to enter into this Agreement and complete
the Transaction. 

  
 15 

 (b)      Binding
Agreement.  The acceptance and performance of the terms and provisions of this Agreement by Seller have been duly authorized and approved by all necessary parties, subject to the approval of the formal subdivision of the Property. Upon
Seller's execution and delivery of this Agreement, this Agreement shall be binding and enforceable against Seller in accordance with its terms, and upon Seller's execution of the additional documents contemplated by this Agreement, they
shall be binding and enforceable against Seller in accordance with their terms. 

(c)      Consents.  To Seller’s actual knowledge,
neither the execution or delivery of this Agreement nor the consummation of the Transaction is subject to any requirement that Seller obtain any consent, approval or authorization of, or make any declaration or filing with, any governmental
authority or third party which has not been obtained or which, in the aggregate, if not obtained or made would render such execution, delivery or consummation illegal or invalid, or would constitute a default under, result in the creation of any
lien, charge or encumbrance upon the Property or the Personal Property, other than the approval of the formal subdivision of the Property, and the City Approvals that Buyer is responsible to obtain under this Agreement. 

(d)      Litigation.  There is no litigation, arbitration
or administrative proceeding pending, nor to the actual knowledge of Seller, threatened against Seller with respect to the Property, the Personal Property or this Agreement. 

(e)      Conflict.    Subject to the approval of
the formal subdivision of the Property, neither the execution of this Agreement, the consummation of the Transaction hereby contemplated, nor the fulfillment of the terms hereof, will conflict with or result in a breach of any of the terms,
conditions, or provisions of, or constitute a default under, any agreement or instrument to which Seller is, or to Seller’s actual knowledge is asserted to be, a party affecting the Property or to which the Property is subject or any applicable
laws or regulations of any governmental body having jurisdiction. 

(f)      Environmental.  To Seller’s knowledge, no
hazardous substances are, will be, or have been, stored, treated, disposed of or incorporated into, on or around the Property in violation of any applicable statutes, ordinances or regulations; and Seller has no notice of any pending or, to the
Seller’s knowledge, threatened action or proceeding arising out of the condition of the Property, or any alleged violation of environmental, health or safety statutes, ordinances or regulations. 

(g)      Condemnation.    There are no
condemnation or eminent domain proceedings pending or, to Seller’s knowledge, threatened against the Property or any part thereof, and the Seller has received no notice of the desire of any public authority to take or use the Property or any
part thereof. 
 (h)      Parties in
Possession.  There are no parties in rightful possession of any portion of the Property, whether as lessees, tenants-at-sufferance or otherwise. 

(i)      Service Contracts.  There are no contracts
related to the use, ownership or operation of the Property which will be binding upon Buyer after the Closing. 

  
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(j)         OFAC.  Seller is not, and will
not be, a person or entity with whom Buyer is restricted from doing business with under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56
(commonly known as the “USA Patriot Act”) and Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001 and regulations promulgated pursuant thereto (collectively, “Anti-Terrorism Laws”), including
without limitation persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List. 
 (k)        Unrecorded Agreements.  To Seller’s knowledge, there are no unrecorded agreements, easements, restrictions or encumbrances, or
violations thereof, affecting all or any part of the Property. 

(l)         Prior Agreement.  Seller has
not committed nor obligated itself in any manner whatsoever to sell the Property or any portion thereof to any party other than Buyer. Seller has not entered into any agreement to lease, sell, or otherwise dispose of its interest in the Property or
any part thereof. No person, firm, corporation or other entity has any right or option to acquire the Property, or any part thereof, from Seller, other than Buyer as herein provided. 

(m)       Attachment.  There are no attachments,
executions or assignments for the benefit of creditors, receiverships, conservatorship or voluntary or involuntary proceedings in bankruptcy or pursuant to any other debtor relief law which have been filed by Seller or are pending in current
judicial or administrative proceedings against Seller. 

7.2      Knowledge.  Whenever used in this Agreement, the phrase “to
Seller’s actual knowledge”, “to the knowledge of Seller”, and similar phrases shall be limited in meaning to the current actual (as distinguished from implied, imputed or constructive) knowledge of J. Michael Waldroup and Marc D.
Waldroup in their capacity as asset managers of Seller, without independent inquiry or investigation, and without imputation to such individuals or Seller of facts and matters otherwise within the personal knowledge of any other officers, members,
managers or employees of Seller and shall not be construed to impose upon such individuals any duty to investigate or any liability or personal responsibility hereunder. 

7.3      Change in Representation/Waiver.  Notwithstanding anything to
the contrary contained herein, Buyer acknowledges that Buyer shall not be entitled to rely on any representation made by Seller above to the extent that, prior to or at Closing, Buyer shall have or obtain actual knowledge of any information that was
contradictory to such representation or warranty. If, prior to Closing, Seller discloses to Buyer in writing, or Buyer discovers and has actual knowledge of, any material misrepresentation of, or material inaccuracy with respect to any of
Seller’s representations and warranties in this Agreement, then Buyer may either (i) upon written notice to Seller delivered within five (5) Business Days, terminate this Agreement subject to the obligations which survive termination
of this Agreement, whereupon the Earnest Money Deposit shall be refunded to Buyer, or (ii) elect to close this transaction with no adjustment in the Purchase Price notwithstanding such misrepresentations or inaccuracies, thereby waiving any
claim for the breach of the applicable representation or warranty. If Buyer fails to timely deliver the written notice described in subclause (i) in the previous sentence, then Buyer shall be deemed to have elected to proceed under subclause
(ii) in the previous sentence. 

  
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8.          Buyer's Representations and
Warranties.  Buyer hereby represents, warrants and covenants to Seller that: 

8.1      Organization and Standing.  Buyer is a Florida limited liability
company, is duly organized, validly existing, in good standing in the state of its formation and at Closing will be qualified to do business in the State of North Carolina and has full power and authority to enter into this Agreement and complete
the Transaction. 
 8.2      Binding Agreement.  The acceptance
and performance of the terms and provisions of this Agreement have been duly authorized and approved by all necessary parties. Upon Buyer’s execution and delivery of this Agreement, this Agreement shall be binding and enforceable against Buyer
in accordance with its terms, and upon Buyer’s execution of the additional documents contemplated by this Agreement, they shall be binding and enforceable against Buyer in accordance with their terms. 

8.3      Litigation.  There are no claims, actions, suits or proceedings
pending or threatened against Buyer which question the validity or enforceability of this Agreement or of any action taken by Buyer under this Agreement. 
 8.4      No Other Seller Representations.  Except as expressly set forth in this Agreement and in any closing documents delivered to Buyer at Closing, Buyer
acknowledges that no representations or warranties, express or implied, have been made by Seller or Seller’s representatives. 
 8.5      Investor.  Buyer shall purchase the Property on the basis of its own independent investigation of the Property and shall not rely on any projections
or statements provided by Seller or Seller’s agents, and Buyer has the financial capability of performing its obligations under this Agreement. 
 9.          Condition Precedent; Survival of Representations and Warranties; Disclaimer. 

9.1      Condition Precedent to Buyer’s Obligations.  The
obligations of Buyer to pay the Purchase Price and to perform Buyer’s other obligations at the Closing under this Agreement are and shall be subject to the satisfaction of each of the following conditions on or prior to the Closing Date.

 (a)         The Escrow Agent shall be able to
deliver at Closing the Title Policy or a marked-up copy of the Title Commitment, insuring Buyer’s right, title and interest in the Property in the amount of the Purchase Price, excepting no matters other than the Permitted Exceptions;

 (b)         All of the representations and
warranties of Seller contained in this Agreement shall have been true and correct in all material respects when made, and shall be true and correct in all material respects on the Closing Date with the same effect as if made on and as of such date;

  
 18 

 (c)      Seller shall have
performed, observed, and complied with all covenants, agreements, and conditions required by this Agreement to be performed, observed, and complied with on Seller’s part prior to or as of the Closing Date; 

(d)      There shall be no moratoriums or restrictions on platting,
building, schools, transportation, sewer and/or water hookups that, in Buyer’s reasonable opinion, would materially impede, delay or prohibit the development of the Property for Buyer’s intended use; and 

(e)      The City Approvals shall have been obtained and the Plat shall
have been recorded. 
 If any of the foregoing conditions benefiting the Buyer have not been satisfied as of the
Closing Date, and such non-satisfaction is not a result of a Buyer default hereunder, then Buyer may, in Buyer’s sole discretion: (i) terminate this Agreement by delivering written notice to the Seller, in which event the Earnest Money
Deposit shall be immediately returned to the Buyer (unless otherwise provided for in Section 4), and the Parties shall be released from any further liability or obligation hereunder except for those rights and obligations which
specifically survive termination hereunder, (ii) the Buyer may waive such condition and elect to close, notwithstanding the non-satisfaction of such condition without reduction in the Purchase Price, or (iii) extend the Closing Date for
thirty (30) days to permit the conditions to be met and, if such condition(s) are still not met at the end of such extension, elect to pursue either option (i) or (ii). 

9.2      Condition Precedent to Seller’s Obligations.  The
obligations of Seller to perform Seller’s obligations at the Closing under this Agreement are and shall be subject to the satisfaction of each of the following conditions on or prior to the Closing Date. 

(a)      All of the representations and warranties of Buyer contained in
this Agreement shall have been true and correct in all material respects when made, and shall be true and correct in all material respects on the Closing Date with the same effect as if made on and as of such date; 

(b)      Buyer shall have performed, observed, and complied with all
covenants, agreements, and conditions required by this Agreement to be performed, observed, and complied with on Buyer’s part prior to or as of the Closing Date, including, without limitation, payment of the Purchase Price; and 

(c)      the Plat shall have been recorded. 

If any of the foregoing conditions benefiting the Seller have not been satisfied as of the Closing Date, and such
non-satisfaction is not a result of a Seller default hereunder, then Seller may, in Seller’s sole discretion: (i) terminate this Agreement by delivering written notice to the Buyer, in which event the Earnest Money Deposit shall be
released to Seller in accordance with Section 4 of this Agreement, unless the failure of the condition precedent is the recording of the Plat in which case the Earnest Money Deposit shall be immediately returned to the Buyer (unless
otherwise provided for in Section 4), and the Parties shall be released from any further liability or obligation hereunder except for those rights and obligations which specifically survive termination hereunder, (ii) the Seller may waive
such condition and elect to close, 

  
 19 

 
notwithstanding the non-satisfaction of such condition without increase in the Purchase Price, or (iii) extend the Closing Date for thirty (30) days to permit the conditions to be met
and, if such condition(s) are still not met at the end of such extension, elect to pursue either option (i) or (ii). 
 9.3      Survival of Representations and Warranties.  All representations and warranties by Seller and Buyer set forth in this Agreement shall survive the
execution and delivery of this Agreement, the recordation of the Deed and the Close of Escrow for a period of two hundred seventy (270) days. All claims for breach of representation and warranty shall be made in writing and any action for
enforcement thereof commenced prior to the expiration of such 270 day period. 

9.4      Disclaimer.  Buyer acknowledges and agrees that, except as set
forth in Section 7 and in any closing documents delivered by Seller to Buyer at Closing, Buyer is acquiring the Property in its "AS IS" condition, WITH ALL FAULTS, IF ANY, AND WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED. Except as
set forth herein or in the documents executed and delivered by Seller to Buyer at Closing, neither Seller nor any agents, representatives, or employees of Seller have made any representations or warranties, direct or indirect, oral or written,
express or implied, to Buyer or any agents, representatives, or employees of Buyer with respect to the Property, including, without limitation, the physical condition of the Property or the Personal Property. Seller expressly disclaims and negates,
as to the Property: (i) any implied or express warranty of merchantability; (ii) any implied or express warranty of fitness for a particular purpose; and (iii) any implied warranty with respect to the condition of the Property, the
past or projected financial condition of the Property (including, without limitation, the income or expenses thereof) or the uses permitted on, the development requirements for, or any other matter or thing relating to all or any portion of the
Property. Except as set forth herein, Seller makes no warranty, representation or covenant with respect to any of the foregoing. NOTWITHSTANDING ANYTHING STATED TO THE CONTRARY IN THIS AGREEMENT, THE DISCLAIMERS PROVIDED FOR IN THIS
SECTION 9.4 SHALL NOT APPLY TO OR PREVENT ANY CLAIMS ARISING FROM A BREACH OF THE REPRESENTATIONS, WARRANTIES OR OBLIGATIONS OF SELLER UNDER THIS AGREEMENT OR THE DOCUMENTS EXECUTED AND DELIVERED BY SELLER TO BUYER AT CLOSING THAT
SURVIVE THE CLOSING. The provisions of this Section 9.4 shall survive the cancellation or termination of this Agreement and shall survive the Close of Escrow. 

9.5      Release.  Without in any way limiting the generality of the
preceding Section 9.4, except as otherwise expressly set forth in this Agreement or in the documents executed and delivered by Seller to Buyer at Closing, Buyer specifically acknowledges and agrees that it hereby waives, releases and
discharges all claims, demands, legal or administrative proceedings, losses liabilities, damages, penalties, fines, liens, judgments, costs for expenses known or unknown, foreseen or unforeseen, it has, might have had, or may have, against each
and/or any of Seller and its affiliates, and their managers, members, officers, directors, employees and agents, relating to, arising out of with respect to or any way connected with (i) the condition of the Property, either patent or latent,
(ii) the actual or potential income, or profits, to be derived from the Property, (iii) the real estate, or other, taxes or special assessments, now or hereafter payable on account of, or with respect to, the Property,
(iv) Buyer’s ability or inability to develop the Property, (v) the environmental condition of the Property, (vi) the 

  
 20 

 
condition of title to the Property; (vii) the Property’s compliance with any applicable federal, state or local, law, rule or regulation, or (viii) any other matter relating to the
Property. The release set forth in this Section 9.5 includes claims of which Buyer is presently unaware or which Buyer does not presently suspect to exist which, if known by Buyer, would materially affect Buyer’s release of Seller.

 10.        Covenants; Subdivision Condition. 

(a)      From and after the Effective Date and until Closing or any termination or
cancellation of this Agreement, Seller, without the prior written consent of Buyer, not to be unreasonably withheld, conditioned or delayed, and except as otherwise permitted in this Agreement, shall not (i) enter into a contract or agreement
for the sale, transfer or conveyance, exchange, encumbrance or other disposition of all or any portion of the Property; (ii) grant a lien, pledge, encumbrance, security interest, option, right of first refusal, charge, license, right of way,
dedication or easement against or across the Property which will not be released or removed prior to Close of Escrow; (iii) enter into any maintenance, management or service contracts for the Property which will remain in force and effect after
the Closing; or (iv) terminate any liability insurance for the Property prior to Close of Escrow. 

(b)      Provided that Closing occurs, then for a period of eighteen (18) months
following the date on which 85% of the multi-family units approved for development at the Property, pursuant to the City Approvals, have received certificates of occupancy, Seller and Seller’s Affiliates will not sell any other of Seller’s
Property that is described in Exhibit “A-1” to any other third party which will develop such property for multi-family rental use, other than multi-family senior housing which is expressly permitted. The terms of this provision shall be
memorialized in a written agreement (“Memorandum of Agreement”), evidencing this provision as a covenant running with the Seller’s Property, and recorded as part of the Closing, which shall benefit the Buyer and its successors
and assigns for the time period set forth herein. This Section 10(b) shall survive Closing. 

(c)      Seller and the Seller’s Affiliates hereby covenant and agree that, so long
as the Property is being operated as a multi-family apartment complex, no portion of the applicable Seller’s Property shall be used for any of the prohibited uses set forth on the applicable Exhibits G-K, respectively. The terms
of this Section 10(c) shall be memorialized at Closing in the Memorandum of Agreement. 

(d)      Neither Buyer nor any of Buyer’s affiliates, members, principals or agents
shall protest any application by Seller or Seller’s successors in title to Seller’s Property for the rezoning of, or any other City of Durham or Durham County approvals related to, Seller’s Property or any other real property owned by
Seller or any affiliate of Seller, and Buyer shall cause Buyer’s affiliates, members, principals and agents to comply with this Section 10(d). In addition, Buyer shall, at no cost to Buyer, also timely support and reasonably
cooperate with Seller and Seller’s Affiliates in their efforts to replace the current “mixed-use” zoning designation applicable to Seller’s Property with any future rezoning classification which either allows greater density,
greater owner design flexibility or otherwise provides beneficial regulatory advantages over the current “mixed-use” zoning classification, and in the event that the City requires the inclusion or participation of the Property in such
change, Buyer shall 

  
 21 

 
reasonably cooperate, at no cost to Buyer, with Seller in effecting such change. Notwithstanding anything contained in this Agreement to the contrary, Buyer’s breach of this
Section 10(d) shall entitle Seller to all rights and remedies available at law or in equity, including, without limitation, the right to specific performance and injunctive relief. The terms of this Section 10(d) shall be
memorialized at Closing in the Memorandum of Agreement. 
 (e)      Upon Closing,
the Property may not be used for any purpose other than exclusively for multifamily residential purposes, which may include apartments, townhomes, and condominiums, but shall expressly exclude, among other things, single family residences. Such
restriction shall be in effect for a period of three (3) years following the date on which 85% of the multi-family units approved for development at the Property, pursuant to the City Approvals, have received certificates of occupancy.
Furthermore, no portion of the Property shall be used for any of the prohibited uses set forth on Exhibit F. The terms of this Section 10(e) shall be memorialized at Closing in the Memorandum of Agreement or as express
restrictions in the Deed. 
 (f)      Notwithstanding anything contained herein
to the contrary, in the event that this Agreement is terminated for any reason other than as the result of a breach of this Agreement by Seller, at the request of Seller, Buyer shall promptly assign (to the extent assignable) over and transfer to
Seller all agreements with (and work product generated by) Buyer’s Consultants related to the pursuit of the City Approvals and Buyer shall cooperate with Seller (at no cost to Buyer) to obtain the consent of each Buyer’s Consultant to
such assignment(s). This Section 10(f) shall survive the termination of this Agreement. 

11.        Broker's Commission.  Concerning any brokerage
commission, Seller and Buyer agree as follows: 
 11.1      Seller and Buyer
warrant, each to the other, that they have not dealt with any finder, broker or realtor in connection with the Transaction other than Real Estate Associates ("Broker"). 

11.2      Seller shall pay the commission to Broker in accordance with a separate
agreement between Seller and Broker only upon the occurrence of the Close of Escrow. 

11.3      Seller shall and does hereby indemnify Buyer against, and agrees to hold Buyer
harmless for and from any claim, demand or suit for any brokerage commission, finder's fee or similar charge in respect of the execution of this Agreement or the Transaction based on any act by or agreement or contract with Seller, and for all
losses, obligations, costs, expenses and fees (including attorneys' fees) incurred by Buyer on account of or arising from any such claim, demand or suit. This Section 11.3 shall survive Closing. 

11.4      Except for the commission payable by Seller to Broker pursuant to
Section 11.2, Buyer shall and does hereby indemnify Seller against, and agrees to hold Seller harmless for and from any claim, demand or suit for any brokerage commission, finder's fee or similar charge in respect of the execution
of this Agreement or the Transaction based on any agreement or contract with Buyer, and for all losses, obligations, costs, expenses and fees (including attorneys' fees) incurred by Seller on account of or arising from any such claim, demand or
suit. This Section 11.4 shall survive Closing. 

  
 22 

 The provisions of this Section 11 shall survive the Closing Date
and the delivery of the Deed. 

12.        Assignment.  No later than three (3) Business
Days prior to Closing, Buyer may assign its rights under this Agreement to an entity controlled by Buyer or its principals, or affiliated with Buyer or its principals, or to any financial institution which may become a “partner” (which
shall include an affiliation through any form of business organization) of Buyer (or any of Buyer’s affiliates) on written notice to Seller but without Seller’s consent, or to any entity in which Buyer, its principals or said affiliates,
have a controlling equity interest or operational control. Seller may not assign this Agreement or any of its rights under this Agreement to any person, partnership, corporation or other entity. 

13.        Risk of Loss.  In the event of any material loss,
damage or taking of the Property prior to the Close of Escrow, as reasonably determined by Buyer, Buyer may, within 10 Business Days after Buyer receives notice of such loss, damage or taking, or prior to Close of Escrow, whichever occurs first,
cancel this Agreement, in which event the Earnest Money Deposit shall be immediately returned to the Buyer and the parties shall be released from any further liability or obligation hereunder except for those rights and obligations which
specifically survive termination hereunder. In the alternative, Buyer may attempt to negotiate an appropriate downward adjustment of the Purchase Price. If Seller and Buyer cannot agree upon such a downward adjustment within a reasonable period (not
to exceed 10 Business Days from the date Buyer receives notice of the loss, damage or taking or Close of Escrow), Buyer may cancel this Agreement, in which event the Earnest Money Deposit shall be immediately returned to the Buyer and the parties
shall be released from any further liability or obligation hereunder except for those rights and obligations which specifically survive termination hereunder. If (i) Buyer waives any such loss, damage or taking and proceeds to consummate the
Transaction or (ii) the loss, damage or taking is not material, the Transaction shall continue as set forth in this Agreement, then Seller, at the Close of Escrow and as a condition precedent thereto, shall pay to Buyer or apply against the
Purchase Price the amount of any insurance or condemnation proceeds attributable thereto which have been received by Seller, and assign to Buyer as of the Close of Escrow all rights or claims to such proceeds payable thereafter. 

14.        Remedies. 

14.1    Buyer's Remedies.  If Seller fails to perform any of Seller's
obligations under this Agreement and such failure continues for five days after Seller's receipt of written notice from Buyer, then Buyer may, as Buyer's sole remedies for such failure, pursue any one of the following: (i) waive such
failure and proceed to consummate the Transaction (provided that in no event shall Buyer have the right to waive any of Seller's conditions precedent hereunder); (ii) obtain specific performance of this Agreement; (iii) if and only
if, specific performance is denied to Buyer for any reason, recover damages due to such failure of Seller to perform hereunder; or (iv) cancel this Agreement and receive a return of the Earnest Money Deposit. 

  
 23 

 14.2    Seller's Remedies.  If
Buyer fails to perform any of Buyer's obligations under this Agreement and such failure continues for five days after Buyer's receipt of written notice from Seller, then Seller shall be entitled to cancel this Agreement and retain the
Earnest Money Deposit in accordance with Section 4, as Seller's agreed and total liquidated damages. Seller and Buyer agree that actual damages would be difficult to calculate and that the earnest money deposit is a reasonable
estimate of the damages Seller will incur in the event of a default by Buyer. In no event shall Seller be entitled to recover any other monetary damages against Buyer due to any such failure of Buyer to perform hereunder. 

14.3    Limitation of Liability.  Notwithstanding anything to the contrary in this
Agreement, under no circumstances shall Seller be liable to Buyer on account of this Agreement for any covenant, representation, warranty or indemnification obligation herein or in any document executed in connection with this Agreement or any
transaction or matter contemplated hereby, unless (w) the breach results from, or is based on, a condition, state of facts or other matter which was not disclosed to or known by Buyer prior to Closing; (x) written notice is provided to
Seller prior to the expiration of the two hundred seventy (270) day survival period; and (y) any action with respect to such breach is commenced by Buyer within the two hundred seventy (270) days immediately following the Closing.
Notwithstanding the foregoing, in no event shall the aggregate amount of any and all liabilities or obligations of Seller hereunder exceed, in the aggregate, twenty percent (20%) of the Purchase Price. 

14.4    Actual Damages.  In no event shall either Seller or Buyer be liable to the
other for any special, exemplary, punitive, indirect or consequential damages, or loss of profits, arising from or caused by the action, inaction, omission, default, or comparative or sole negligence of Seller or Buyer under this Agreement. Seller
and Buyer hereby release the other and such party’s managers, members, partners, stockholders, officers, directors, employees, agents and representatives from, and covenant not to sue any of them for, any such special, exemplary, punitive,
indirect or consequential damages, or loss of profits. This limitation shall not apply to claims of Seller against Buyer under any indemnification provisions of this Agreement. 

14.5    Survival.  The provisions of this Section 14 shall survive the
Closing and/or any termination of this Agreement, subject to the limitations in Sections 9 and 24 of this Agreement. 
 15.        Cancellation.  If this Agreement is to be cancelled pursuant to the provisions hereof, such cancellation shall be effected by the
canceling party giving written notice of the cancellation to the other party and Escrow Agent. Upon such cancellation, Escrow Agent shall dispose of the Earnest Money Deposit in accordance with Section 4 and return all documents
deposited in the Escrow to the party who supplied the documents. Upon such delivery of money and documents, this Agreement and the Escrow shall be deemed cancelled and terminated, and except as expressly provided herein, neither party shall have any
further obligations hereunder. 
 16.        Attorneys'
Fees.  If there is any litigation between Seller and Buyer to enforce or interpret any provisions hereof or rights arising hereunder, the unsuccessful party in such litigation, as determined by the court, shall pay to the successful
party, as determined by the court, all costs and expenses, including but not limited to reasonable attorneys' fees incurred by the successful party, such fees to be determined by the court sitting without a jury. 

  
 24 

 17.      Notices.  Except as
otherwise required by law, any notice given in connection with the Transaction shall be in writing and shall be delivered personally, by reputable overnight delivery service, or by E-mail, and shall be addressed to the respective party as set forth
in this Section 17. All notices and communications shall be deemed given and effective upon delivery thereof. Copies of all notices given to Seller or Buyer shall be given to Escrow Agent. 

 

			
	 Seller:
	  	 Boulevard Forest & Trees LLC

		  	 Attn: J. Michael Waldroup

		  	 5324 McFarland Dr., Suite 450

		  	 Durham, NC 27707

		  	 E-mail:
mikewald@mindspring.com

		
	 with a copy to:
	  	 Boulevard Forest & Trees LLC

		  	 Attn: Marc D. Waldroup

		  	 P.O. Box 222276

		  	 Carmel, CA 93922

		  	 E-mail: marcwaldroup@me.com

		
	 and a copy to:
	  	 Michael J. Ovsievsky

		  	 K&L Gates LLP

		  	 430 Davis Drive – Suite 400

		  	 Morrisville, NC 27560

		  	 E-mail:  michael.ovsievsky@klgates.com

		
	 Buyer:
	  	 Bainbridge Communities Acquisition I, LLC

		  	 Attn: Ronald P. Perera

		  	 1616 Evans Road, Suite 104

		  	 Cary, NC 27513

		  	 E-mail:  rperera@bainbridgere.com

		
	 and a copy to:
	  	 Broad and Cassel

		  	 7777 Glades Road, Suite 300

		  	 Boca Raton, Florida 33434

		  	 Telephone:  561-883-8960

		  	 Facsimile:  561-218-8954

		  	 Attn:   Jeffrey A. Deutch, Esq.

		  	           Christopher Staller, Esq.

		  	 Email:  cstaller@broadandcassel.com

  
 25 

			
	Escrow Agent:	  	First American Title Insurance Company
		  	National Commercial Services
		  	111 N Orange Avenue, Suite 1285,
		  	Orlando, FL
		  	Telephone: 407-843-8669
		  	Facsimile:  888-216-9921
		  	Attn:  Rachael Yenque
		  	Email: ryenque@firstam.com

 18.      Exclusivity.  In consideration
for the considerable amount of time and expense that Buyer will devote to the evaluation of the transactions described herein, Seller agrees that during the pendency of this Agreement, neither Seller nor anyone acting on its behalf will solicit,
encourage, negotiate, act upon or conclude in any way any offer from any person or entity other than Buyer with respect to the Property. 
 19.      Escrow Cancellation Charges.  If the Close of Escrow does not occur because of Seller's default, Seller shall be liable for any cancellation
charges by Escrow Agent. If the Close of Escrow does not occur because of Buyer's default, Buyer shall be liable for any cancellation charges by Escrow Agent. If the Close of Escrow does not occur for any other reason, Seller and Buyer each
shall be liable for one-half of any cancellation charges. 

20.      Additional Acts.  The Parties agree to execute promptly such
other documents and perform such other acts as may be reasonably necessary to carry out the purpose and intent of this Agreement. 
 21.      Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of North Carolina.

 22.      Time of Essence.  Time is of the essence of this
Agreement. However, if this Agreement requires any act to be done or action to be taken on a date that is not a Business Day, such act or action shall be deemed to have been validly done or taken if done or taken on the next succeeding Business Day.

 23.      Waiver.  The waiver by any party hereto of any right
granted to it hereunder shall not be deemed to be a waiver of any other right granted hereunder, nor shall the same be deemed to be a waiver of a subsequent right obtained by reason of the continuation of any matter previously waived. 

24.      Survival.  All of the covenants, agreements, representations and
warranties set forth in this Agreement shall survive the Closing for a period of two hundred seventy (270) days, and shall not merge into any deed, assignment or other instrument executed or delivered pursuant hereto. All claims for breach of
any covenants, agreements, representations and warranties must be made in writing during such two hundred seventy (270) day period or shall be deemed waived. Notwithstanding the foregoing or anything contained in this Agreement to the contrary,
Section 10(c) of this Agreement shall survive Closing without limitation or expiration. 

  
 26 

 25.      Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 26.      Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns. 
 27.      Entire Agreement.  This Agreement
sets forth the entire understanding of the parties with respect to the matters set forth herein as of the date hereof; it supersedes all prior oral or written agreements of the parties as to the matters set forth herein; and it cannot be altered or
amended except pursuant to an instrument in writing, signed by each of the parties hereto. 

28.      Construction.  This Agreement is the result of negotiations
between the parties, neither of whom has acted under any duress or compulsion, whether legal, economic or otherwise. Accordingly, the terms and provisions hereof shall be construed in accordance with their usual and customary meanings. Seller and
Buyer hereby waive the application of any rule of law which otherwise would be applicable in connection with the construction of this Agreement that ambiguous or conflicting terms or provisions should be construed against the party who (or whose
attorney) prepared the executed Agreement or any earlier draft of the same. 

29.      Interpretation.  If there is any specific and direct conflict
between, or any ambiguity resulting from, the terms and provisions of this Agreement and the terms and provisions of any document, instrument or other agreement executed in connection herewith or in furtherance hereof, including any exhibits hereto,
the same shall be consistently interpreted in such manner as to give effect to the general purposes and intention as expressed in this Agreement, which shall be deemed to prevail and control. 

30.      Headings.  The headings in this Agreement are for reference only
and shall not limit or define the meaning of any provision of this Agreement. 

31.      No Third Party Beneficiary.  No term or provision of this
Agreement or the exhibits hereto is intended to be, nor shall any such term or provision be construed to be, for the benefit of any person, firm, corporation or other entity not a party hereto (including, without limitation, any broker), and no such
other person, firm, corporation or entity shall have any right or cause of action hereunder. 

32.      Severability.  If any provision of this Agreement or any portion
of any provision of this Agreement shall be deemed to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not alter the remaining portion of such provision, or any other provision hereof, as each provision of
this Agreement shall be deemed severable from all other provisions hereof. 

33.      Incorporation by Reference.  All exhibits to this Agreement are
fully incorporated herein as though set forth herein in full. 
 34.      Tax
Deferred Exchange.  Buyer agrees to cooperate with Seller to qualify the transfer of the Property as a like kind exchange of property under Section 1031 of the Internal Revenue Code of 1986, as amended, provided that: (a) the
exchange shall in no way hinder or delay Closing; (b) Buyer shall not be required to take title to any property other than the 

  
 27 

 
Property; (c) Seller shall indemnify and pay all costs, fees and expenses related to the exchange; (d) Buyer shall have no obligation with respect to the exchange except to cooperate
with Seller; and (e) Seller shall hold harmless Buyer from all costs, expenses and liabilities arising from the exchange or the effectiveness of the exchange. 

35.        Danziger Property. 

35.1    Not more than forty-five (45) days following the Effective Date, Buyer shall specify to
Seller in writing (a) the third-party reports or certifications Buyer requires for its normal inspection process with respect to the Danziger Property, (b) the names of Buyer’s preferred consultants, and (c) Buyer’s budget
for each individual report. Seller shall engage such consultants directly and use commercially reasonable efforts to cause them to promptly prepare and deliver to Buyer the third party reports and certifications requested by Buyer in accordance with
Buyer’s budget, provided however that in the event that the cost of any report or certification will exceed Buyer’s budget, Seller shall first provide Buyer with notice of such fact, and Buyer shall have the right to revise its budget,
designate a different third party consultant, or withdraw its request for such report or certification. 

35.2    Not more than forty-five (45) days following the Effective Date, Buyer shall also
provide Seller with a conceptual building layout of the Danziger Property which shall seek to achieve a minimum project unit count of 325 multi-family units, and which shall have sufficient detail to allow Seller to conduct soil testing, per
Buyer’s direction (and subject to the Buyer’s budget as described above) as to number and location of borings, to the extent and on the terms and conditions acceptable to Seller, in its sole and absolute discretion. Seller shall cause the
results of such soil-testing to be immediately delivered to Buyer. 
 35.3    The
investigations contemplated in Sections 35.1 and 35.2 shall be undertaken at Seller’s initial cost and expense, provided however that Buyer shall reimburse Seller for such costs and expenses (a) at the time of the closing of
the Danziger Property pursuant to the Option Agreement, or (b) immediately upon the expiration or earlier termination of the Option Agreement unless such termination is caused by Grantor’s default thereunder or is the result of Grantor
having entered into a purchase and sale agreement for the sale of the Danziger Property to anyone other than Buyer or an assignee of Buyer, or (c) immediately upon the termination of this Agreement, except in the case of a Seller default
hereunder or in the case of a failure of a condition precedent benefiting Buyer as described in Section 9.1 above. This Section 35.3 shall survive Closing and/or termination of this Agreement. 

35.4    Pursuant to the terms of the Option Agreement, Buyer shall have the right, following
Closing, to purchase the Danziger Property. The terms of the purchase and sale of the Danziger Property pursuant to the Option Agreement shall be consistent with the terms of this Agreement applicable to the Property, subject to the express terms
and conditions of the Option Agreement. 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the Effective Date. 
  

											
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC

			
		 	 By:
	 	 Boulevard Properties LLLP,

		 		 	 a North Carolina limited liability limited

partnership, its Manager

					
		 		 	 By:
	 	 Thunderbird, Inc.,
	 	
		 		 		 	 a California corporation,
	 	
		 		 		 	 its General Partner
	 	
					
		 		 	 By:
	 	  /S/ May S. Waldroup
	 	 (SEAL)

 
											
		 		 	  Name:
	 	 May S. Waldroup
	 	
		 		 	  Title:
	 	 President
	 	
	
	 BUYER:

	
	 BAINBRIDGE COMMUNITIES ACQUISITION I, LLC,

a Florida limited liability company

			
	 By:
	 	  /S/ Thomas J. Keady
	 	
		 		 	 Name:
	 	 Thomas J. Keady
	 	
		 		 	 Title:
	 	 Vice President
	 	

  
 29 

 The undersigned Escrow Agent hereby joins in this Agreement and, by doing
so, Escrow Agent hereby acknowledges its duties and obligations under the terms and provisions of this Agreement and hereby agrees to be bound by and to perform such duties and obligations in accordance with such terms and provisions. 

 
  

					
	 ESCROW AGENT:

	
	 FIRST AMERICAN TITLE INSURANCE
 COMPANY

		
	 By:
	 	  /S/ Rachael
Yenque                  

		 	 Name:
	 	  Rachael Yenque

		 	 Title:
	 	  Commercial Closer

  
 30 

 EXHIBIT A 
 DEPICTION OF THE PROPERTY 
  
 [Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT A-1 
 LIST OF THE SELLER’S PROPERTY 
  
 [Omitted as not necessary to an understanding of the Agreement] 

  
 2 

 EXHIBIT B 
 SPECIAL WARRANTY DEED 
  

[Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT C 
 BILL OF SALE 
  

[Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT D 
 DEPICTION OF ADDITIONAL ROAD 
  
 [Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT E 
 OPTION AGREEMENT 
  

[Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT F 
 RESTRICTED USES APPLICABLE TO THE PROPERTY 
  
 [Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT G 
 RESTRICTED USES APPLICABLE TO PORTION OF SELLER’S PROPERTY 
  

[Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT H 
 RESTRICTED USES APPLICABLE TO PORTION OF SELLER’S PROPERTY 
  

[Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT I 
 RESTRICTED USES APPLICABLE TO PORTION OF SELLER’S PROPERTY 
  

[Omitted as not necessary to an understanding of the Agreement] 

 EXHIBIT J 
 RESTRICTED USES APPLICABLE TO PORTION OF SELLER’S PROPERTY 
  

[Omitted as not necessary to an understanding of the Agreement] 

 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This First Amendment to Purchase and Sale Agreement (“Amendment”) is entered into between BOULEVARD
FOREST & TREES LLC, a North Carolina limited liability company (“Seller”), and BAINBRIDGE COMMUNITIES ACQUISITION I, LLC, a Florida limited liability company (“Buyer”). 

BACKGROUND 
 Seller and Buyer entered into Purchase and Sale Agreement with an effective date of March 5, 2012 (“Agreement”). Seller and Buyer desire to amend the Agreement as more particularly
set forth below. 
 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 
  

	1.	 RECITALS.  The above stated recitals are true and correct and are incorporated herein by this reference.

  

	2.	 DEFINED TERMS.  Capitalized terms which are not defined in this Amendment shall have the same meaning as defined in the
Agreement. The term “Agreement” shall include this Amendment. 

  

	3.	 RECIPROCAL EASEMENT AND OPERATION AGREEMENT.   Reference is made to paragraph 6 of the letter from Seller to Buyer dated
June 1, 2012 (“Response Letter”), wherein Seller recognizes Buyer’s title objection to Item 8 in Schedule B - Section II (“Item 8 Exception”) of the Title Commitment. Pursuant to the Response Letter,
Buyer and Seller agreed that Buyer would have until July 6, 2012 to cancel the Agreement upon written notice to Seller if, by such date, Seller was unable to cure the Item 8 Exception to Buyer’s written satisfaction. The parties
hereby reaffirm and ratify that agreement and extend the July 6, 2012 to July 20, 2012, such that if Seller is unable to cure the Item 8 Exception by July 20, 2012, then Buyer may cancel the Agreement, whereupon the Earnest Money
Deposit shall be returned to Buyer and all rights and liabilities arising thereunder shall automatically terminate, with the exception of the obligations which expressly survive termination of the Agreement. 

 

	4.	 CONFLICTING TERMS.  In the event of any conflict between the terms of the Agreement and the terms of this Amendment, the
terms of this Amendment shall control. Except as amended and modified herein, the remaining terms and provisions of the Agreement shall remain in full force and effect as originally set forth therein. 

 

	5.	 COUNTERPARTS FACSIMILE SIGNATURES.   This Amendment may be executed in multiple counterparts, each of which shall be deemed
an original but all of which, together, shall constitute one instrument. For the purposes of this Amendment, an executed facsimile counterpart copy of this Amendment shall be deemed an original for all purposes. 

	6.	 RATIFICATION.   The remaining terms and provisions of the Agreement and are ratified and confirmed by Seller and Buyer and
are incorporated in this Amendment by reference as if set forth fully herein. 

 This
Amendment has been entered into as of the day and year first above written. 

 

  
     

					
	 BUYER:

	
	 BAINBRIDGE COMMUNITIES ACQUISITION I, LLC, a
Florida limited liability
company

					
			
	 By:
	 	   /S/ Thomas Keady
	 	         

					
	 Name:
	 	   Thomas Keady
	 	

					
	 Title:
	 	     Vice President
	 	

					
		
	 Dated:  July 6, 2012
	 	
	
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC,

a North Carolina limited liability 
company

					
			
	 By:
	 	   /S/ Michael Waldroup
	 	

					
	 Name:
	 	   Michael Waldroup
	 	

					
	 Title:
	 	     Registered Agent
	 	
	
	 Dated:  July 5, 2012

 
 

  
 2 

 SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This Second Amendment to Purchase and Sale Agreement (“Amendment”) is entered into between BOULEVARD
FOREST & TREES LLC, a North Carolina limited liability company (“Seller”), and BAINBRIDGE COMMUNITIES ACQUISITION I, LLC, a Florida limited liability company (“Buyer”). 

BACKGROUND 
 Seller and Buyer entered into Purchase and Sale Agreement with an effective date of March 5, 2012 (“Purchase Agreement”), as amended by that certain First Amendment to Purchase and
Sale Agreement dated July 6, 2012 (“First Amendment”, and together with the Purchase Agreement, the “Agreement”). Seller and Buyer desire to amend the Agreement as more particularly set forth below. 

AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.      RECITALS.  The above stated recitals are true and correct
and are incorporated herein by this reference. 
 2.      DEFINED
TERMS.  Capitalized terms which are not defined in this Amendment shall have the same meaning as defined in the Agreement. The term “Agreement” shall include this Amendment. 

3.      RECIPROCAL EASEMENT AND OPERATION AGREEMENT.  Reference is
made to paragraph 6 of the Response Letter (as defined in the First Amendment), wherein Seller recognizes the Item 8 Exception (as defined in the First Amendment). The parties agree that Buyer will have the right and option to cancel the
Agreement upon written notice to Seller if Seller is unable to cure the Item 8 Exception to Buyer’s written satisfaction by July 27, 2012. Upon such cancellation, the Earnest Money Deposit shall be returned to Buyer and all rights and
liabilities arising under the Agreement shall automatically terminate, with the exception of the obligations which expressly survive termination of the Agreement. 

4.      CONFLICTING TERMS.  In the event of any conflict between
the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control. Except as amended and modified herein, the remaining terms and provisions of the Agreement shall remain in full force and effect as originally set
forth therein. 
 5.      COUNTERPARTS; FACSIMILE
SIGNATURES.  This Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which, together, shall constitute one instrument. For the purposes of this Amendment, all executed facsimile
counterpart copy of this Amendment shall be deemed an original for all purposes. 

6.      RATIFICATION.  The remaining terms and provisions of the
Agreement and are ratified and confirmed by Seller and Buyer and are incorporated in this Amendment by reference as if set forth fully herein. 
  

[SIGNATURE PAGE TO SECOND AMENDMENT 
 TO PURCHASE AND SALE AGREEMENT] 
 This Amendment has been entered into as of the
day and year first above written. 

 

  
     

					
	 BUYER:

		
	 BAINBRIDGE COMMUNITIES ACQUISITION I,
LLC,

a Florida limited liability company
	 	

					
			
	 By:
	 	   /S/ Thomas Keady
	 	 

					
	 Name:
	 	   Thomas Keady
	 	

					
	 Title:
	 	     Vice President
	 	

					
		
	 Dated:  July 20, 2012
	 	
	
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC,

a North Carolina limited liability 
company

					
			
	 By:
	 	   /S/ Michael Waldroup
	 	

					
	 Name:
	 	   Michael Waldroup
	 	

					
	 Title:
	 	     Registered Agent
	 	

					
	
	 Dated:  July 18, 2012

 
 

  
 2 

 THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This Third Amendment to Purchase and Sale Agreement (“Amendment”) is entered into between BOULEVARD
FOREST & TREES LLC, a North Carolina limited liability company (“Seller”), and BA1NBRIDGE COMMUNITIES ACQUISITION I, LLC, a Florida limited liability company (“Buyer”). 

BACKGROUND 
 Seller and Buyer entered into Purchase and Sale Agreement with an effective date of March 5, 2012 (“Purchase Agreement”), as amended by that certain First Amendment to Purchase and
Sale Agreement dated July 6, 2012 (“First Amendment”) and that certain Second Amendment to Purchase and Sale Agreement dated July 20, 2012 (“Second Amendment”, and together with the First Amendment and
Purchase Agreement, the “Agreement”). Seller and Buyer desire to amend the Agreement as more particularly set forth below. 
 AGREEMENT 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.      RECITALS.  The above stated recitals are true and correct and are incorporated herein by this reference. 

2.      DEFINED TERMS.  Capitalized terms which are not defined in
this Amendment shall have the same meaning as defined in the Agreement. The term “Agreement” shall include this Amendment. 
 3.      RECIPROCAL EASEMENT AND OPERATION AGREEMENT.  Reference is made to paragraph 6 of the Response Letter (as defined in the First Amendment),
wherein Seller recognizes the Item 8 Exception (as defined in the First Amendment). The parties agree that Buyer will have the right and option to cancel the Agreement upon written notice to Seller if Seller is unable to cure the Item 8
Exception to Buyer’s written satisfaction by August 3, 2012. Upon such cancellation, the Earnest Money Deposit shall be returned to Buyer and all rights and liabilities arising under the Agreement shall automatically terminate, with the
exception of the obligations which expressly survive termination of the Agreement. 

4.      CONFLICTING TERMS.  In the event of any conflict between
the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control. Except as amended and modified herein, the remaining terms and provisions of the Agreement shall remain in full force and effect as originally set
forth therein. 
 5.      COUNTERPARTS; FACSIMILE
SIGNATURES.  This Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which, together, shall constitute one instrument. For the purposes of this Amendment, an executed facsimile
counterpart copy of this Amendment shall be deemed an original for all purposes. 

6.      RATIFICATION.  The remaining terms and provisions of the
Agreement and are ratified and confirmed by Seller and Buyer and are incorporated in this Amendment by reference as if set forth fully herein. 

 [SIGNATURE PAGE TO THIRD AMENDMENT 

TO PURCHASE AND SALE AGREEMENT] 
 This Amendment has been entered into as of the day and year first above written. 
  

 

  
     

					
	 BUYER:

		
	 BAINBRIDGE COMMUNITIES ACQUISITION I, LLC,
a Florida limited liability company
	 	

					
			
	 By:
	 	   /S/ Thomas Keady
	 	 

					
	 Name:
	 	   Thomas Keady
	 	

					
	 Title:
	 	     Vice President
	 	

					
		
	 Dated:  July 27, 2012
	 	
	
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC,

a North Carolina limited liability 
company

					
			
	 By:
	 	   /S/ Michael Waldroup
	 	

					
	 Name:
	 	   Michael Waldroup
	 	

					
	 Title:
	 	     Registered Agent
	 	

					
	
	 Dated:  July 26, 2012

 
 

  
 2 

 FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This Fourth Amendment to Purchase and Sale Agreement (“Amendment”) is entered into between BOULEVARD
FOREST & TREES LLC, a North Carolina limited liability company (“Seller”), and BAINBRIDGE COMMUNITIES ACQUISITION I, LLC, a Florida limited liability company (“Buyer”). 

BACKGROUND 
 Seller and Buyer entered into Purchase and Sale Agreement with an effective date of March 5, 2012 (“Purchase Agreement”), as amended by that certain First Amendment to Purchase and
Sale Agreement dated July 6, 2012 (“First Amendment”), that certain Second Amendment to Purchase and Sale Agreement dated July 20, 2012 (“Second Amendment”) and that certain Third Amendment to Purchase and
Sale Agreement dated July 27, 2012 (“Third Amendment”, and together with the First Amendment, Second Amendment and Purchase Agreement, the “Agreement”). Seller and Buyer desire to amend the Agreement as more
particularly set forth below. 
 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 

1.      RECITALS.  The above stated recitals are true and correct
and are incorporated herein by this reference. 
 2.      DEFINED
TERMS.  Capitalized terms which are not defined in this Amendment shall have the same meaning as defined in the Agreement. The term “Agreement” shall include this Amendment. 

3.      RECIPROCAL EASEMENT AND OPERATION AGREEMENT.  Reference is
made to paragraph 6 of the Response Letter (as defined in the First Amendment), wherein Seller recognizes the Item 8 Exception (as defined in the First Amendment). The parties agree that Buyer will have the right and option to cancel the
Agreement upon written notice to Seller if Seller is unable to cure the Item 8 Exception to Buyer’s written satisfaction by August 17, 2012. Upon such cancellation, the Earnest Money Deposit shall be returned to Buyer and all rights
and liabilities arising under the Agreement shall automatically terminate, with the exception of the obligations which expressly survive termination of the Agreement. 

4.      CONFLICTING TERMS.  In the event of any conflict between
the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control. Except as amended and modified herein, the remaining terms and provisions of the Agreement shall remain in full force and effect as originally set
forth therein. 
 5.      COUNTERPARTS; FACSIMILE
SIGNATURES.  This Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which, together, shall constitute one instrument. For the purposes of this Amendment, an executed facsimile
counterpart copy of this Amendment shall be deemed an original for all purposes. 

6.      RATIFICATION.  The remaining terms and provisions of the
Agreement and are ratified and confirmed by Seller and Buyer and are incorporated in this Amendment by reference as if set forth fully herein. 

  
 2 

 [SIGNATURE PAGE TO FOURTH AMENDMENT 

TO PURCHASE AND SALE AGREEMENT] 
 This Amendment has been entered into as of the day and year first above written. 

 

  
     

					
	 BUYER:

		
	 BAINBRIDGE COMMUNITIES ACQUISITION I,
LLC,

a Florida limited liability company
	 	

					
			
	 By:
	 	   /S/ Robert W. Gaherty
	 	 

					
	 Name:
	 	   Robert W. Gaherty
	 	

					
	 Title:
	 	     Authorized Representative
	 	

					
		
	 Dated:  August 3, 2012
	 	
	
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC,

a North Carolina limited liability 
company

					
			
	 By:
	 	   /S/ Marc D. Waldroup
	 	

					
	 Name:
	 	   Marc D. Waldroup
	 	

					
	 Title:
	 	     Vice President
	 	

					
	
	 Dated:  August 3, 2012

 
 

  
 3 

 FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This Fifth Amendment to Purchase and Sale Agreement (“Amendment”) is entered into between BOULEVARD
FOREST & TREES LLC, a North Carolina limited liability company (“Seller”), and BAINBRIDGE COMMUNITIES ACQUISITION I, LLC, a Florida limited liability company (“Buyer”). 

BACKGROUND 
 Seller and Buyer entered into Purchase and Sale Agreement with an effective date of March 5, 2012 (“Purchase Agreement”), as amended by that certain First Amendment to Purchase and
Sale Agreement dated July 6, 2012 (“First Amendment”), that certain Second Amendment to Purchase and Sale Agreement dated July 20, 2012 (“Second Amendment”), that certain Third Amendment to Purchase and
Sale Agreement dated July 27, 2012 (“Third Amendment”) and that certain Fourth Amendment to Purchase and Sale Agreement dated August 3, 2012 (“Fourth Amendment”, and together with the First Amendment,
Second Amendment, Third Amendment and Purchase Agreement, the “Agreement”). Seller and Buyer desire to amend the Agreement as more particularly set forth below. 

AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.      RECITALS.  The above stated recitals are true and correct
and are incorporated herein by this reference. 
 2.      DEFINED
TERMS.  Capitalized terms which are not defined in this Amendment shall have the same meaning as defined in the Agreement. The term “Agreement” shall include this Amendment. 

3.      RECIPROCAL EASEMENT AND OPERATION AGREEMENT.  Reference is
made to paragraph 6 of the Response Letter (as defined in the First Amendment), wherein Seller recognizes the Item 8 Exception (as defined in the First Amendment). The parties agree that Buyer will have the right and option to cancel the
Agreement upon written notice to Seller if Seller is unable to cure the Item 8 Exception to Buyer’s written satisfaction by August 24, 2012. Upon such cancellation, the Earnest Money Deposit shall be returned to Buyer and all rights
and liabilities arising under the Agreement shall automatically terminate, with the exception of the obligations which expressly survive termination of the Agreement. 

4.      MISCELLANEOUS TERMS.  In the event of any conflict between
the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control. Except as amended and modified herein, the remaining terms and provisions of the Agreement shall remain in full force and effect as originally set
forth therein. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which, together, shall constitute one instrument. For the purposes of this Amendment, an executed facsimile counterpart copy
of this Amendment shall be deemed an original for all purposes. The remaining terms and provisions of the Agreement and are ratified and confirmed by Seller and Buyer and are incorporated in this Amendment by reference as if set forth fully herein.

 [SIGNATURE PAGE TO FIFTH AMENDMENT 

TO PURCHASE AND SALE AGREEMENT] 
 This Amendment has been entered into as of the day and year first above written. 
  

 

  
     

					
	 BUYER:

		
	 BAINBRIDGE COMMUNITIES ACQUISITION I,
LLC,

a Florida limited liability company
	 	

					
			
	 By:
	 	   /S/ Thomas Keady
	 	 

					
	 Name:
	 	   Thomas Keady
	 	

					
	 Title:
	 	     Vice President
	 	

					
		
	 Dated:  August 17, 2012
	 	
	
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC,

a North Carolina limited liability 
company

					
			
	 By:
	 	   /S/ Michael Waldroup
	 	

					
	 Name:
	 	   Michael Waldroup
	 	

					
	 Title:
	 	     Project Manager/Registered Agent
	 	

					
	
	 Dated:  August 17, 2012

 
 

  
 2 

 SIXTH AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This Sixth Amendment to Purchase and Sale Agreement (“Amendment”) is entered into between BOULEVARD FOREST &
TREES LLC, a North Carolina limited liability company (“Seller”), and BAINBRIDGE COMMUNITIES ACQUISITION I, LLC, a Florida limited liability company (“Buyer”). 

BACKGROUND 
 Seller and Buyer entered into Purchase and Sale Agreement with an effective date of March 5, 2012, as amended by that certain First Amendment to Purchase and Sale Agreement dated July 6, 2012,
that certain Second Amendment to Purchase and Sale Agreement dated July 20, 2012, that certain Third Amendment to Purchase and Sale Agreement dated July 27, 2012, that certain Fourth Amendment to Purchase and Sale Agreement dated
August 3, 2012 and that certain Fifth Amendment to Purchase and Sale Agreement dated August 17, 2012 (collectively, the “Agreement”). Seller and Buyer desire to amend the Agreement as more particularly set forth below.

 AGREEMENT 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.      RECITALS.  The above stated recitals are true and correct
and are incorporated herein by this reference. 
 2.      DEFINED
TERMS.  Capitalized terms which are not defined in this Amendment shall have the same meaning as defined in the Agreement. The term “Agreement” shall include this Amendment 

3.      CLOSING DATE.  The Closing Date is hereby modified to mean
“60 days from the date of Buyer’s receipt of the City Approvals, provided however that in no event shall the Closing Date be later than March 29, 2013, unless extended pursuant to Section 6.1”. 

4.      MISCELLANEOUS TERMS.  In the event of any conflict between
the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control. Except as amended and modified herein, the remaining terms and provisions of the Agreement shall remain in full force and effect as originally set
forth therein. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which, together, shall constitute one instrument. For the purposes of this Amendment, an executed facsimile counterpart copy
of this Amendment shall be deemed an original for all purposes. The remaining terms and provisions of the Agreement and are ratified and confirmed by Seller and Buyer and are incorporated in this Amendment by reference as if set forth fully herein.

  
 [SIGNATURES APPEAR ON FOLLOWING PAGE] 

 [SIGNATURE PAGE TO SIXTH AMENDMENT 

TO PURCHASE AND SALE AGREEMENT] 
 This Amendment has been entered into as of the day and year first above written. 

 

  
     

					
	 BUYER:

		
	 BAINBRIDGE COMMUNITIES ACQUISITION I,
LLC, a Florida limited liability company
	 	

					
			
	 By:
	 	   /S/ Thomas Keady
	 	 

					
	 Name:
	 	   Thomas Keady
	 	

					
	 Title:
	 	     Vice President
	 	

					
		
	 Dated:  December 12, 2012
	 	
	
	 SELLER:

	
	 BOULEVARD FOREST & TREES LLC,

a North Carolina limited liability 
company

					
			
	 By:
	 	   /S/ Michael Waldroup
	 	

					
	 Name:
	 	   Michael Waldroup
	 	

					
	 Title:
	 	     Registered Agent
	 	

					
	
	 Dated:  December 11, 2012

 
 

  
 2

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