Document:

EX-10.3

VOLTERRA SEMICONDUCTOR CORPORATION

SEVERANCE BENEFIT PLAN

Adopted January 22, 2010

1. INTRODUCTION.

The Volterra Semiconductor Corporation Severance Benefit Plan (the “Plan”) is established
effective January 22, 2010. The purpose of the Plan is to provide benefits to certain eligible
employees of Volterra Semiconductor Corporation (the “Company”) upon a Qualifying Termination (as
such term is defined below). This Plan will provide the exclusive benefits that each Eligible
Employee (as such term is defined below) may become eligible to receive upon such event, and except
as set forth in the Participation Notice (as defined below), will supersede any other severance
plan, policy or practice, whether formal or informal, written or unwritten, previously announced or
maintained by the Company (with the exception of any provisions contained in any equity incentive
plan or award agreement providing for accelerated vesting of the shares subject to such equity
award upon or following a Qualifying Termination). This Plan document also is the Summary Plan
Description for the Plan.

2. ELIGIBILITY FOR BENEFITS.

(a) General Rules. Subject to the terms and conditions set forth in this Section 2 and
elsewhere in the Plan, the Company will provide Eligible Employees who experience a Qualifying
Termination with the benefits set forth in Section 3.

(b) Definition of “Eligible Employee.” For purposes of this Plan, an Eligible Employee is a
full-time regular U.S. employee of the Company at or above the level of Vice President who has been
selected by the Board for participation, and who has received a Participation Notice from the
Company informing the employee that the employee is an Eligible Employee under the Plan and
executed and returned such Participation Notice to the Company. The determination of whether an
employee is an Eligible Employee will be made by the Plan Administrator, in its sole discretion,
and such determination will be binding and conclusive on all persons. For purposes of this Plan,
full-time employees are those regular hire employees who are regularly scheduled to work at least
thirty (30) hours per week. Neither temporary, leased or seasonal employees nor intern, agency
temporary employees, independent contractors, consultants or agents under a written contract or
purchase order, and persons so classified as such by the Company (whether or not such
classification is upheld on governmental, judicial or other review) are eligible for benefits under
the Plan.

(c) Release Requirement. In order to be eligible to receive benefits under this Plan, an
Eligible Employee must also execute a general waiver and release in substantially the form attached
hereto as Exhibit A, B or C, as applicable, within the time frame set forth therein and such
release must become effective in accordance with its terms, but in no event later than the 60th day
after the termination date. The Company, in its discretion, may modify the form of the required
release to comply with applicable law and will determine the form of the required release, which
may be incorporated into a termination agreement or other agreement with the Eligible Employee.

(d) Exceptions to Benefit Entitlement. An Eligible Employee will not receive benefits under
the Plan (or will receive reduced benefits under the Plan) in any of the following circumstances,
as determined by the Company in its sole discretion:

(i) The Eligible Employee is covered by any other severance or separation pay plan, policy or
practice of the Company or requirement to pay severance under applicable local law, or has executed
an individually negotiated employment or separation contract or agreement with the Company relating
to severance benefits payable upon a Qualifying Termination that is in effect on his or her last
day of employment, in which case such Eligible Employee’s severance benefit, if any, will be
governed by the terms of such individually negotiated employment, separation contract or agreement
or local law.

(ii) The Eligible Employee is rehired by the Company or an affiliate of the Company prior to
his or her last day of employment.

(iii) The Eligible Employee is offered immediate reemployment by the acquiring or surviving
corporation following a Change in Control under terms that do not give rise to a right to resign
for Good Reason. For purposes of the foregoing, “immediate reemployment” means that the employee’s
employment with the acquiring or surviving corporation, as the case may be, results in
uninterrupted employment such that the employee does not incur a lapse in pay as a result of the
Change in Control.

(iv) The Eligible Employee has not signed the Company’s standard form of confidential
information and inventions assignment agreement (“Proprietary Agreement”) covering the Eligible
Employee’s period of employment with the Company (and with any predecessor) and/or does not confirm
in writing that he or she is and will remain subject to the terms of that agreement.

3. AMOUNT OF SEVERANCE BENEFIT.

(a) Severance Benefits. Subject to the requirements set forth in Section 2 and elsewhere in
this Plan, in the event of an Eligible Employee’s Qualifying Termination, the Eligible Employee
will be eligible for the severance benefits set forth in Appendix A (except as such benefits may
otherwise be modified as provided in Section 3(d) below, which modification will be reflected in
the Eligible Employee’s Participation Notice).

(b) Definition of Qualifying Termination. For purposes of this Plan, a “Qualifying
Termination” means that the Eligible Employee’s employment is terminated either:

(i) by the Company without Cause more than two (2) months prior to or more than twelve (12)
months after a Change in Control (a “Non-Change in Control Termination”) or

(ii) by (1) the Company without Cause or (2) the Eligible Employee for Good Reason, if either
(1) or (2) occurs within two (2) months prior to or within twelve (12) months following a Change in
Control (a “Change in Control Termination”)

and in either case such termination satisfies the definition of “separation from service” as
defined in Treasury Regulation 1.409A(h)(ii). The foregoing notwithstanding, the following events
will not constitute a Qualifying Termination: (i) the Eligible Employee resigns his or her
employment with the Company at any time, other than a resignation for Good Reason within two (2)
months prior to or within twelve (12) months following a Change in Control or (ii) the Eligible
Employee’s employment is terminated due to the Eligible Employee’s death or disability or for
Cause.

(c) Definitions

(i) “Base Salary” will mean the Eligible Employee’s base salary or regular wage rate in effect
immediately prior to the Eligible Employee’s last day of employment or, if applicable, the base
salary or wage rate in effect prior to any reduction in base salary or wage rate that forms the
basis of the Eligible Employee’s termination for Good Reason. Base Salary does not include
variable forms of compensation such as but not limited to incentive compensation, commissions,
bonuses, expenses or expense allowances.

(ii) “Bonus Amount” will mean (1) the average annual incentive bonus earned by the Eligible
Employee in the two most recent full bonus years prior to the date of the Qualifying Termination or
(2) if the Eligible Employee has not been employed by the Company during the entirety of the two
most recent bonus years, (i) the annual incentive bonus earned by the Eligible Employee in the year
prior to the date of the Qualifying Termination or (ii) if the Eligible Employee has not been
employed for a full bonus year, the Eligible Employee’s target annual incentive bonus for the year
of termination.

(iii) “Cause” will mean one or more of the following: (i) indictment, conviction of or plea of
guilty or nolo contendere to, any crime that constitutes a felony under federal or state law; (ii)
participation in any fraud or material dishonesty against the Company; (iii) intentional misconduct
or material failure to perform assigned duties; (iv) material violation or breach of any Company
policy, agreement with the Company, or any duty to the Company (including, but not limited to,
unauthorized use or disclosure of the Company’s confidential information or trade secrets); or (v)
failure to cooperate with the Company in any investigation or formal proceeding.

(iv) “Change in Control” will mean the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the following events:

(1) any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the
Company representing more than fifty percent (50%) of the combined voting power of the Company’s
then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of
the acquisition of securities of the Company by an investor, any affiliate thereof or any other
Exchange Act Person from the Company in a transaction or series of related transactions the primary
purpose of which is to obtain financing for the Company through the issuance of equity securities
or (B) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a
repurchase or other acquisition of voting securities by the Company reducing the number of shares
outstanding, provided that if a Change in Control would occur (but for the operation of this
sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that,
assuming the repurchase or other acquisition had not occurred, increases the percentage of the then
outstanding voting securities Owned by the Subject Person over the designated percentage threshold,
then a Change in Control will be deemed to occur;

(2) there is consummated a merger, consolidation or similar transaction involving (directly or
indirectly) the Company and, immediately after the consummation of such merger, consolidation or
similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly
or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving corporation, partnership, limited
liability company or other entity (“Entity”) in such merger, consolidation or similar transaction
or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the
surviving Entity in such merger, consolidation or similar transaction, in each case in
substantially the same proportions as their Ownership of the outstanding voting securities of the
Company immediately prior to such transaction;

(3) there is consummated a sale, lease, license or other disposition of all or substantially
all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease,
license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of
the voting securities of which are Owned by stockholders of the Company in substantially the same
proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such sale, lease, license or other disposition; or

(4) during any period of two consecutive years, individuals who, at the beginning of such
period are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least
a majority of the members of the Board; provided, however, that if the appointment or election (or
nomination for election) of any new Board member was approved or recommended by a majority vote of
the members of the Incumbent Board then still in office, such new member will, for purposes of this
Plan, be considered as a member of the Incumbent Board.

(5) The term Change in Control will not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company.

The Plan Administrator will have full and final authority, which will be exercised in its
discretion, to determine conclusively whether a Change in Control of the Company has occurred
pursuant to the above definition, and the date of the occurrence of such Change in Control and any
incidental matters relating thereto.

(v) “Exchange Act Person” means any natural person, entity or “group” (within the meaning of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder (the “Exchange Act”)), except that “Exchange Act Person” will
not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the
Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter
temporarily holding securities pursuant to a registered public offering of such securities, (iv) an
Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or
“group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the
Effective Date, is the Owner, directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the combined voting power of the Company’s then outstanding
securities.

(vi) “Good Reason” will mean that the Eligible Employee voluntarily terminates employment with
the Company (or any successor thereto) if and only if:

(1) one of the following actions have been taken without the Eligible Employee’s express
written consent:

a. there is a material diminution in the authority, duties or responsibilities of the Eligible
Employee; provided, however, that Good Reason will not be satisfied solely by reason of such
individual retaining substantially the same position held prior to a Change in Control, but in a
distinct legal entity or business unit of a larger entity following such Change in Control (e.g.,
the CEO becoming, following a Change in Control, head officer of the business unit of the acquirer
responsible for the Company’s operations);

b. there is a material reduction in the Eligible Employee’s base salary that is not a part of
a Company-wide reduction plan;

c. the Eligible Employee is required to relocate his or her principal place of employment to a
location that would increase the Eligible Employee’s one way commute distance by more than
thirty-five (35) miles from the Eligible Employee’s place of employment immediately prior to such
change; or

d. any acquirer, successor or assignee of the Company materially fails to assume and perform,
in all material respects, the obligations of the Company hereunder; and

(2) the Eligible Employee provides written notice to the Plan Administrator within the thirty
(30)-day period immediately following such action; and

(3) such action is not remedied by the Company within thirty (30) days following the Company’s
receipt of such written notice; and

(4) the Eligible Employee’s resignation is effective not later than sixty (60) days after the
expiration of such thirty (30) day cure period.

(vii) “Own,” “Owned,” “Owner,” “Ownership” A person or Entity will be deemed to “Own,” to
have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or
Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities.

(viii) “Participation Notice” means the latest notice delivered by the Company to an Eligible
Employee informing the employee that the employee is an Eligible Employee in the Plan,
substantially in the form of Appendix B hereto.

(ix) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than
fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a
majority of the board of directors of such corporation (irrespective of whether, at the time, stock
of any other class or classes of such corporation will have or might have voting power by reason of
the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and
(ii) any partnership, limited liability company or other entity in which the Company has a direct
or indirect interest (whether in the form of voting or participation in profits or capital
contribution) of more than fifty percent (50%).

(x) “Tier Group” will mean either Tier 1 or Tier 2, which designation reflects the level of
benefits awarded under the Plan to an Eligible Employee by the Board or duly authorized committee
thereof (as evidenced by the resolutions of such body), which designation is based in part on such
employee’s position with the Company. The designation of Tier 1 or Tier 2 will be indicated on the
Eligible Employee’s Participation Notice.

(d) Additional Benefits. Notwithstanding the foregoing, the Company may, in its sole
discretion, (i) authorize benefits in addition to those benefits set forth in Appendix A to
Eligible Employees; (ii) waive or modify, in respect to one or more employees or classes of
employees, the eligibility requirements for receipt of benefits under this Plan; (iii) modify the
method of calculating the amount of benefits to be received under the Plan and/or (iv) modify the
time and/or form of payment of benefits, to the extent permissible under Section 409A, under the
Plan. The provision or modification of any such benefits will in no way obligate the Company or
its affiliates to provide or modify such benefits to any other person, even if similarly situated.
An employee for whom any eligibility requirement has been waived or modified, or who is offered
benefits under this Plan that are different than, or in addition to, those set forth in Appendix A,
will receive specific written notice that the Plan Administrator is exercising discretion in that
regard. Receipt of benefits under this Plan pursuant to such exceptions may be subject to a
covenant of confidentiality and non-disclosure and/or to other conditions determined by the Plan
Administrator in its sole discretion.

(e) Best After Tax. If any payment or benefit (including payments and benefits pursuant to
this Plan) that an Eligible Employee would receive in connection with a Change in Control from the
Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then
the Company will cause to be determined, before any amounts of the Payment are paid to the Eligible
Employee, which of the following two alternative forms of payment would maximize the Eligible
Employee’s after-tax proceeds: (i) payment in full of the entire amount of the Payment (a “Full
Payment”), or (ii) payment of only a part of the Payment so that the Eligible Employee receives the
largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”), whichever
amount results in the Eligible Employee’s receipt, on an after-tax basis, of the greater amount of
the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise
Tax. For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company
will cause to be taken into account all applicable federal, state and local income and employment
taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum
reduction in federal income taxes which could be obtained from a deduction of such state and local
taxes). If a Reduced Payment is made, (i) the Payment will be paid only to the extent permitted
under the Reduced Payment alternative, and the Eligible Employee will have no rights to any
additional payments and/or benefits constituting the Payment, and (ii) reduction in payments and/or
benefits will occur in the following order: (1) reduction of cash payments; (2) cancellation of
accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated
vesting of stock options; and (4) reduction of other benefits paid to the Eligible Employee. In
the event that acceleration of compensation from the Eligible Employee’s equity awards is to be
reduced, such acceleration of vesting will be canceled in the reverse order of the date of grant of
such equity awards. In no event with the Company or any shareholder be liable to any Eligible
Employee for any amounts not paid as a result of the operation of this Section 3(e).

The independent professional firm engaged by the Company for general tax audit purposes as of the
day prior to the effective date of the Change in Control will make all determinations required to
be made under this Section 3(e). If the firm so engaged by the Company is serving as accountant or
auditor for the individual, entity or group effecting the Change in Control, the Company will
appoint a nationally recognized independent professional firm to make the determinations required
hereunder. The Company will bear all expenses with respect to the determinations by such firm
required to be made hereunder.

The firm engaged to make the determinations hereunder will provide its calculations, together with
detailed supporting documentation, to the Company and the Eligible Employee within thirty (30)
calendar days after the date on which the Eligible Employee’s right to a Payment is triggered (if
requested at that time by the Company) or such other time as requested by the Company. If the firm
determines that no Excise Tax is payable with respect to a Payment, either before or after the
application of the Reduced Amount, it will furnish the Company and the Eligible Employee with a
statement reasonably acceptable to the Eligible Employee that no Excise Tax is reasonably likely to
be imposed with respect to such Payment. Any good faith determinations of the firm made hereunder
will be final, binding and conclusive upon the Company and the Eligible Employee.

(f) Certain Reductions. The Company will reduce an Eligible Employee’s benefits under this
Plan by any other severance benefits, pay and benefits provided during a period following written
notice of a plant closing or mass layoff, pay and benefits in lieu of notice, or other similar
benefits payable to the Eligible Employee by the Company that become payable in connection with the
Eligible Employee’s termination of employment pursuant to (i) any applicable legal requirement,
including, without limitation, the Worker Adjustment and Retraining Notification Act, the
California Plant Closing Act, or any other similar state law (collectively, “WARN”), (ii) a written
employment or severance agreement with the Company, or (iii) any Company policy or practice
providing for severance, termination pay, or otherwise allowing the Eligible Employee to remain on
the payroll for a limited period of time after being given notice of the termination of the
Eligible Employee’s employment, and the Plan Administrator will so construe and implement the terms
of the Plan. Any such reductions that the Company determines to make pursuant to this Section 3(f)
will be made such that any benefit under the Plan will be reduced solely by any similar type of
benefit under such legal requirement, agreement, policy or practice (e.g., any cash severance
benefits under the Plan will be reduced solely by any cash payments or severance benefits under
such legal requirement, agreement, policy or practice, and any continued insurance benefits under
the Plan will be reduced solely by any continued insurance benefits under such legal requirement,
agreement, policy or practice). The Company’s decision to apply such reductions to the severance
benefits of one Eligible Employee and the amount of such reductions will in no way obligate the
Company to apply the same reductions in the same amounts to the severance benefits of any other
Eligible Employee, even if similarly situated. In the Company’s sole discretion, such reductions
may be applied on a retroactive basis, with severance benefits previously paid being
re-characterized as payments pursuant to the Company’s statutory obligation.

(g) Code Section 409A. If the Company (or, if applicable, the successor entity thereto)
determines that the severance payments and benefits provided under the Plan (the “Plan Payments”)
constitute “deferred compensation” under Section 409A of the Code (Section 409A, together, with any
state law of similar effect, “Section 409A”) and an Eligible Employee is, at the time of
“separation from service” (as defined under Section 409A), a “specified employee” of the Company
(or any successor entity thereto), as such term is defined in Section 409A(a)(2)(B)(i) (a
“Specified Employee”) on his or her separation from service, then, solely to the extent necessary
to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of
the Plan Payments will be delayed as follows: on the earlier to occur of (i) the date that is six
months and one day after the individual’s separation from service and (ii) the date of the Eligible
Employee’s death (such earlier date, the “Delayed Initial Payment Date”), the Company (or the
successor entity thereto, as applicable) will (A) pay to the Eligible Employee a lump sum amount
equal to the sum of the Plan Payments that the Eligible Employee would otherwise have received
through the Delayed Initial Payment Date if the commencement of the payment of the Plan Payments
had not been delayed pursuant to this paragraph and (B) commence paying the balance of the Plan
Payments in accordance with Appendix A. For the avoidance of doubt, it is intended that (1) each
installment of the Plan Payments is a separate “payment” for purposes of Section 409A and (2) all
Plan Payments satisfy, to the greatest extent possible, the exemptions from the application of
Section 409A provided under of Treasury Regulation 1.409A-1(b)(4), 1.409A-1(b)(5),
1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v).

4. ADDITIONAL ELIGIBILITY AND TRANSITION MATTERS.

(a) Return of Company Property. An Eligible Employee will not be entitled to any benefit
under this Plan unless and until the Eligible Employee returns all Company Property upon his or her
termination (or earlier if so requested by the Company). For this purpose, “Company Property”
means all paper and electronic Company documents (and all copies thereof) created and/or received
by the Eligible Employee during his or her period of employment with the Company and other Company
property which the Eligible Employee had in his or her possession or control at any time,
including, but not limited to, Company files, notes, lab notebooks, drawings, records, plans,
forecasts, reports, studies, analyses, proposals, agreements, financial information, research and
development information, sales and marketing information, operational and personnel information,
specifications, code, software, databases, computer-recorded information, tangible property and
equipment (including, but not limited to, leased vehicles, computers, computer equipment, software
programs, facsimile machines, mobile telephones, servers), credit and calling cards, entry cards,
identification badges and keys; and any materials of any kind which contain or embody any
proprietary or confidential information of the Company (and all reproductions thereof in whole or
in part). As a condition to receiving benefits under the Plan, Eligible Employees must not make or
retain copies, reproductions or summaries of any such Company Property. However, an Eligible
Employee is not required to return his or her personal copies of documents evidencing the Eligible
Employee’s hire, termination, compensation, benefits and equity awards and any other documentation
received as a shareholder of the Company.

(b) Prepayment of Advanced Amounts. An Eligible Employee will not be entitled to any benefit
under this Plan if the Eligible Employee previously received an advance(s) for business travel and
entertainment expenses unless and until the Eligible Employee (i) properly completes and submits an
expense reimbursement form(s) and supporting receipts to his or her manager no later than the
Eligible Employee’s last day of employment and (ii) repays (via check payable to “Volterra
Semiconductor Corporation”) any amounts advanced but not used and approved for reimbursement.

(c) Transition of Work. An Eligible Employee will not be entitled to any benefit under this
Plan unless and until the Eligible Employee (i) has satisfactorily transitioned his or her work and
information concerning his or her work to the Company to the extent requested by the Company
(including but not limited to completion of exit checklists and properly signed and witnessed lab
notebooks) and (ii) has provided the Company with all logins, passwords, passcodes and similar
information created by the Eligible Employee for documents, email and electronic files that the
Eligible Employee created or used on Company systems.

5. TIME OF PAYMENT AND FORM OF BENEFIT.

All severance benefits under the Plan will be paid as provided in Appendix A following the
Eligible Employee’s satisfaction of all of the requirements set forth in this Plan. All payments
under the Plan will be subject to applicable withholding for federal, state and local taxes. If an
Eligible Employee is indebted to the Company as of his or her last day of employment, the Company
reserves the right to offset any severance payments under the Plan by the amount of such
indebtedness. Additionally, if an Eligible Employee is subject to withholding for taxes related to
any non-Plan benefits, including but not limited to any imputed income related to perquisites or
withholding taxes due in connection with the vesting or exercise of equity awards, the Company may
offset any severance payments under the Plan by the amount of such withholding taxes. However,
payments under the Plan will not be subject to any other deductions such as, but not limited to,
401(k) plan contributions and/or 401(k) loan repayments or other employee benefit and benefit plan
contributions except to the extent expressly provided for in such 401(k) plan documents.

6. REEMPLOYMENT.

In the event of an Eligible Employee’s reemployment by the Company or any other affiliate of
the Company during the period of time in respect of which severance benefits pursuant to the Plan
have been paid, the Company, in its sole and absolute discretion, may require such Eligible
Employee to repay to the Company all or a portion of such severance benefits as a condition of
reemployment.

7. RIGHT TO INTERPRET PLAN; AMENDMENT AND TERMINATION.

(a) Exclusive Discretion. The Plan Administrator is the Company. As Plan Administrator, the
Company is the named fiduciary charged with the responsibility for administering the Plan. The
Plan Administrator will have the exclusive discretion and authority to establish rules, forms, and
procedures for the administration of the Plan and to construe and interpret the Plan and to decide
any and all questions of fact, interpretation, definition, computation or administration arising in
connection with the operation of the Plan, including, but not limited to, the eligibility to
participate in the Plan and amount of benefits paid under the Plan. The Plan Administrator may
delegate any or all of its administrative duties to an officer of the Company and any such
delegation will convey with it the full discretionary authority of the Plan Administrator to carry
out the delegated duties to the greatest extent consistent with applicable law and the Company’s
bylaws. The Company or the Plan Administrator will indemnify and hold harmless any person to whom
it delegated its responsibilities; provided, however, such person does not act with gross
negligence or willful misconduct. The rules, interpretations, computations and other actions of
the Plan Administrator or its delegate will be binding and conclusive on all persons.

(b) Amendment or Termination.

(i) The Plan will terminate, and no further amounts may be earned hereunder (i.e., no future
terminations will be deemed Qualifying Terminations), on the earliest to occur of (1) any
liquidation, dissolution or winding up of the Company, (2) at such time as all payments due (as a
result of those Qualifying Terminations occurring prior to the Plan termination date) under the
Plan have been paid, and (3) the fourth (4th) anniversary of the effective date of the Plan set
forth on the first page of the Plan (the “Fourth Anniversary”). Notwithstanding the foregoing, if,
on the Fourth Anniversary, the Company has signed a definitive agreement for a transaction that
would qualify as a Change in Control, then the termination date of the Plan will automatically be
extended by eighteen (18) months.

(ii) The Company reserves the right to amend this Plan (including Appendix A) at any time
prior to the termination of the Plan; provided, however, that no such amendment will materially
adversely affect any Eligible Employee without the written consent of such individual. Any action
amending the Plan will be in writing and executed by a duly authorized executive officer of the
Company.

8. NO IMPLIED EMPLOYMENT CONTRACT.

This Plan will not be deemed (i) to give any employee or other person any right to be retained
in the employ of the Company or (ii) to interfere with the right of the Company to discharge any
employee or other person at any time, with or without cause, which right is hereby reserved.

9. LEGAL CONSTRUCTION.

This Plan is intended to be governed by and will be construed in accordance with the Employee
Retirement Income Security Act of 1974 (“ERISA”) and, to the extent not preempted by ERISA, the
laws of the State of California (without regard to principles of conflict of laws).

10. CLAIMS, INQUIRIES AND APPEALS.

(a) Applications for Benefits and Inquiries. Any application for benefits, inquiries about
the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan
Administrator in writing by an applicant (or his or her authorized representative). The Plan
Administrator is:

Volterra Semiconductor Corporation

Attn: General Counsel

47467 Fremont Blvd.

Fremont, CA 94538

(b) Denial of Claims. In the event that any application for benefits is denied in whole or in
part, the Plan Administrator must provide the applicant with written or electronic notice of the
denial of the application, and of the applicant’s right to review the denial. Any electronic
notice will comply with the regulations of the U.S. Department of Labor. The notice of denial
will be set forth in a manner designed to be understood by the applicant and will include the
following:

(i) the specific reason or reasons for the denial;

(ii) references to the specific Plan provisions upon which the denial is based;

(iii) a description of any additional information or material that the Plan Administrator
needs to complete the review and an explanation of why such information or material is necessary;
and

(iv) an explanation of the Plan’s review procedures and the time limits applicable to such
procedures, including a statement of the applicant’s right to bring a civil action under Section
502(a) of ERISA following a denial on review of the claim, as described in Section 10(d)below.

This notice of denial will be given to the applicant within ninety (90) days after the Plan
Administrator receives the application, unless special circumstances require an extension of time,
in which case, the Plan Administrator has up to an additional ninety (90) days for processing the
application. If an extension of time for processing is required, written notice of the extension
will be furnished to the applicant before the end of the initial ninety (90) day period.

This notice of extension will describe the special circumstances necessitating the additional
time and the date by which the Plan Administrator is to render its decision on the application.

(c) Request for a Review. Any person (or that person’s authorized representative) for whom an
application for benefits is denied, in whole or in part, may appeal the denial by submitting a
request for a review to the Plan Administrator within sixty (60) days after the application is
denied. A request for a review will be in writing and will be addressed to:

Volterra Semiconductor Corporation

Attn: General Counsel

47467 Fremont Blvd.

Fremont, CA 94538

A request for review must set forth all of the grounds on which it is based, all facts in
support of the request and any other matters that the applicant feels are pertinent. The applicant
(or his or her representative) will have the opportunity to submit (or the Plan Administrator may
require the applicant to submit) written comments, documents, records, and other information
relating to his or her claim. The applicant (or his or her representative) will be provided, upon
request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant to his or her claim. The review will take into account all comments,
documents, records and other information submitted by the applicant (or his or her representative)
relating to the claim, without regard to whether such information was submitted or considered in
the initial benefit determination.

(d) Decision on Review. The Plan Administrator will act on each request for review within
sixty (60) days after receipt of the request, unless special circumstances require an extension of
time (not to exceed an additional sixty (60) days), for processing the request for a review. If an
extension for review is required, written notice of the extension will be furnished to the
applicant within the initial sixty (60) day period. This notice of extension will describe the
special circumstances necessitating the additional time and the date by which the Plan
Administrator is to render its decision on the review. The Plan Administrator will give prompt,
written or electronic notice of its decision to the applicant. Any electronic notice will comply
with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator
confirms the denial of the application for benefits in whole or in part, the notice will set forth,
in a manner calculated to be understood by the applicant, the following:

(i) the specific reason or reasons for the denial;

(ii) references to the specific Plan provisions upon which the denial is based;

(iii) a statement that the applicant is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant to his
or her claim; and

(iv) a statement of the applicant’s right to bring a civil action under Section 502(a) of
ERISA.

(e) Rules and Procedures. The Plan Administrator will establish rules and procedures,
consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its
responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who
wishes to submit additional information in connection with an appeal from the denial of benefits to
do so at the applicant’s own expense.

(f) Exhaustion of Remedies. No legal action for benefits under the Plan may be brought until
the applicant (i) has submitted a written application for benefits in accordance with the
procedures described by Section 10(a) above, (ii) has been notified by the Plan Administrator that
the application is denied, (iii) has filed a written request for a review of the application in
accordance with the appeal procedure described in Section 10(c) above, and (iv) has been notified
that the Plan Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan
Administrator does not respond to an applicant’s claim or appeal within the relevant time limits
specified in this Section 10, the applicant may bring legal action for benefits under the Plan
pursuant to Section 502(a) of ERISA.

11. BASIS OF PAYMENTS TO AND FROM PLAN.

The Plan will be unfunded, and all benefits under the Plan will be paid only from the general
assets of the Company. An Eligible Employee’s right to receive payments under the Plan is no
greater than that of the Company’s unsecured general creditors. Therefore, if the Company were to
become insolvent, the Eligible Employee might not receive benefits under the Plan.

12. OTHER PLAN INFORMATION.

(a) Employer and Plan Identification Numbers. The Employer Identification Number assigned to
the Company (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue
Service is 94-3251865. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the
instructions of the Internal Revenue Service is 520.

(b) Ending Date for Plan’s Fiscal Year and Type of Plan. The date of the end of the fiscal
year for the purpose of maintaining the Plan’s records is December 31. The Plan is a welfare
benefit plan.

(c) Agent for the Service of Legal Process. The agent for the service of legal process with
respect to the Plan is:

Volterra Semiconductor Corporation

Attn: General Counsel

47467 Fremont Blvd.

Fremont, CA 94538

(d) Plan Sponsor and Administrator. The Plan Sponsor and the “Plan Administrator” of the Plan
is:

Volterra Semiconductor Corporation

Attn: General Counsel

47467 Fremont Blvd.

Fremont, CA 94538

The Plan Sponsor’s and Plan Administrator’s telephone number is (510) 743-1200 and facsimile number
is (510) 743-1600.

13. STATEMENT OF ERISA RIGHTS.

Eligible Employees in this Plan are entitled to certain rights and protections under ERISA.
If you are an Eligible Employee, you are considered a participant in the Plan and, under ERISA, you
are entitled to:

(a) Receive Information About Your Plan and Benefits

(i) Examine, without charge, at the Plan Administrator’s office and at other specified
locations, such as worksites, all documents governing the Plan and a copy of the latest annual
report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and
available at the Public Disclosure Room of the Employee Benefits Security Administration;

(ii) Obtain, upon written request to the Plan Administrator, copies of documents governing the
operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and
an updated (as necessary) Summary Plan Description. The Administrator may make a reasonable charge
for the copies; and

(iii) Receive a summary of the Plan’s annual financial report, if applicable. The Plan
Administrator is required by law to furnish each participant with a copy of this summary annual
report.

(b) Prudent Actions by Plan Fiduciaries. In addition to creating rights for Plan
participants, ERISA imposes duties upon the people who are responsible for the operation of the
employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a
duty to do so prudently and in the interest of you and other Plan participants and beneficiaries.
No one, including your employer, your union or any other person, may fire you or otherwise
discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your
rights under ERISA.

(c) Enforce Your Rights. If your claim for a Plan benefit is denied or ignored, in whole or
in part, you have a right to know why this was done, to obtain copies of documents relating to the
decision without charge, and to appeal any denial, all within certain time schedules as set forth
in detail in Section 10 herein.

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you
request a copy of Plan documents or the latest annual report from the Plan, if applicable, and do
not receive them within thirty (30) days, you may file suit in a Federal court and you are not
required to follow the claims procedure set forth in Section 10 herein. In such a case, the court
may require the Plan Administrator to provide the materials and pay you up to $110 a day until you
receive the materials, unless the materials were not sent because of reasons beyond the control of
the Plan Administrator.

If you have completed the claims and appeals procedure described in Section 10 and have a
claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or
Federal court.

If you are discriminated against for asserting your rights, you may seek assistance from the
U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who
should pay court costs and legal fees. If you are successful, the court may order the person you
have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and
fees, for example, if it finds your claim is frivolous.

(d) Assistance with Your Questions. If you have any questions about the Plan, you should
contact the Plan Administrator. If you have any questions about this statement or about your
rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator,
you should contact the nearest office of the Employee Benefits Security Administration, U.S.
Department of Labor, listed in your telephone directory or the Division of Technical Assistance and
Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights
and responsibilities under ERISA by calling the publications hotline of the Employee Benefits
Security Administration or accessing its website at http://www.dol.gov/ebsa/.

14. GENERAL PROVISIONS.

(a) Notices. Any notice, demand or request required or permitted to be given by either the
Company or an Eligible Employee pursuant to the terms of this Plan will be in writing (including an
electronic form acceptable to the Plan Administrator). Any such writing will be deemed received
when (i) hand delivered to the Eligible Employee or the Plan Administrator, as applicable, with
such receipt evidenced by a written receipt notice, (ii) received electronically by either party at
the designated email or facsimile address acceptable to the Plan Administrator, or (iii) deposited
in the U.S. mail, with postage prepaid, and addressed to the applicable party, in the case of the
Company, at the address set forth in Section 12(d) and, in the case of an Eligible Employee, at the
address as set forth in the Company’s employment file maintained for the Eligible Employee as
previously furnished by the Eligible Employee.

(b) Transfer and Assignment. The rights and obligations of an Eligible Employee under this
Plan may not be transferred or assigned without the prior written consent of the Company. This
Plan will be binding upon any person who is a successor by merger, acquisition, consolidation or
otherwise to the business formerly carried on by the Company without regard to whether or not such
person or entity actively assumes the obligations hereunder.

(c) Waiver. Any party’s failure to enforce any provision or provisions of this Plan will not
in any way be construed as a waiver of any such provision or provisions, nor prevent any party from
thereafter enforcing each and every other provision of this Plan. The rights granted the parties
herein are cumulative and will not constitute a waiver of any party’s right to assert all other
legal remedies available to it under the circumstances.

(d) Severability. Should any provision of this Plan be declared or determined to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
will not in any way be affected or impaired.

(e) Section Headings. Section headings in this Plan are included for convenience of reference
only and will not be considered part of this Plan for any other purpose.

15. CIRCULAR 230 DISCLAIMER.

THE FOLLOWING DISCLAIMER IS PROVIDED IN ACCORDANCE WITH THE INTERNAL REVENUE SERVICE’S CIRCULAR 230
(21 CFR PART 10). ANY ADVICE IN THIS PLAN IS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE
USED, BY YOU FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED ON YOU. ANY ADVICE IN
THIS PLAN WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF PARTICIPATION IN THE COMPANY’S
SEVERANCE BENEFIT PLAN. YOU SHOULD SEEK ADVICE BASED ON YOUR PARTICULAR CIRCUMSTANCES FROM AN
INDEPENDENT TAX ADVISOR.

16. EXECUTION.

To record the adoption of the Plan as set forth herein, effective as of January 22, 2010,
Volterra Semiconductor Corporation has caused its duly authorized officer to execute the same this
22nd day of January, 2010.

VOLTERRA SEMICONDUCTOR CORPORATION

By: /s/ David Oh

David Oh

General Counsel and Vice President, Legal Affairs

1

For Employees Age 40 or Older

Group Termination

EXHIBIT A

RELEASE AGREEMENT

I understand and agree completely to the terms set forth in the Volterra Semiconductor
Corporation Severance Benefit Plan (the “Plan”).

I understand that this Release, together with the Plan, constitutes the complete, final and
exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me
with regard to the subject matter hereof. I am not relying on any promise or representation by the
Company or an affiliate of the Company that is not expressly stated therein. Certain capitalized
terms used in this Release are defined in the Plan.

I hereby confirm my obligations under my proprietary information and inventions agreement with
the Company and/or an affiliate of the Company.

In consideration of the severance benefits and other consideration provided to me under the
Plan that I am not otherwise entitled to receive, and except as otherwise set forth in this
Release, I hereby generally and completely release the Company and its affiliates, and their
parents, subsidiaries, successors, predecessors and affiliates, and its and their partners,
members, directors, officers, employees, stockholders, shareholders, agents, attorneys, insurers,
affiliates and assigns, from any and all claims, liabilities and obligations, both known and
unknown, that arise out of or are in any way related to events, acts, conduct, or omissions
occurring at any time prior to and including the date I sign this Release. This general release
includes, but is not limited to: (a) all claims arising out of or in any way related to my
employment with the Company and its affiliates, or their affiliates, or the termination of that
employment; (b) all claims related to my compensation or benefits, including salary, bonuses,
commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options and other equity awards, or any other ownership interests in the Company and its
affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and
breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including
claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(e) all federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights
Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the
federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement
Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as
amended).

Notwithstanding the foregoing, I understand that the following rights or claims are not
included in my Release: (a) any rights or claims for indemnification I may have pursuant to any
written indemnification agreement with the Company or its affiliate to which I am a party; the
charter, bylaws, or operating agreements of the Company or its affiliate; or under applicable law;
or (b) any rights which cannot be waived as a matter of law. In addition, I understand that
nothing in this Release prevents me from filing, cooperating with, or participating in any
proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the
California Department of Fair Employment and Housing, except that I hereby waive my right to any
monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and
warrant that, other than the claims identified in this paragraph, I am not aware of any claims I
have or might have that are not included in the Release.

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have
under the ADEA, and that the consideration given under the Plan for this Release is in addition to
anything of value to which I was already entitled. I further acknowledge that I have been advised
by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any
rights or claims that may arise after the date I sign this Release; (b) I should consult with an
attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have
forty-five (45) days to consider this Release (although I may choose voluntarily to sign this
Release earlier); (d) I have seven (7) days following the date I sign this Release to revoke the
Release by providing written notice to an office of the Company; (e) this Release will not be
effective until the date upon which the revocation period has expired, which will be the eighth day
after I sign this Release; and (f) I have received with this Release all of the information
required by the ADEA, including without limitation a detailed list of the job titles and ages of
all employees who were terminated in this group termination and the ages of all employees of the
Company in the same job classification or organizational unit who were not terminated, along with
information on the eligibility factors used to select employees for the group termination and any
time limits applicable to this group termination program.

I acknowledge that I have read and understand Section 1542 of the California Civil Code which
reads as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or
her must have materially affected his or her settlement with the debtor.” I hereby expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of
similar effect with respect to my release of any claims hereunder.

I hereby represent that I have been paid all compensation owed and for all hours worked; I
have received all the leave and leave benefits and protections for which I am eligible pursuant to
the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have not
suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.

I hereby agree not to disparage the Company, or its officers, directors, employees,
shareholders or agents, in any manner likely to be harmful to its or their business, business
reputation, or personal reputation; provided, however, that I will respond accurately and fully to
any question, inquiry or request for information when required by legal process.

I acknowledge that to become effective, I must sign and return this Release to the Company so
that it is received not later than forty-five (45) days following the date it is provided to me.

EMPLOYEE

Printed Name:

Date:

2

For Employees Age 40 or Over

Individual Termination

EXHIBIT B

RELEASE AGREEMENT

I understand and agree completely to the terms set forth in the Volterra Semiconductor
Corporation Severance Benefit Plan (the “Plan”).

I understand that this Release, together with the Plan, constitutes the complete, final and
exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me
with regard to the subject matter hereof. I am not relying on any promise or representation by the
Company or an affiliate of the Company that is not expressly stated therein. Certain capitalized
terms used in this Release are defined in the Plan.

I hereby confirm my obligations under my proprietary information and inventions agreement with
the Company and/or an affiliate of the Company.

In consideration of the severance benefits and other consideration provided to me under the
Plan that I am not otherwise entitled to receive, and except as otherwise set forth in this
Release, I hereby generally and completely release the Company and its affiliates, and their
parents, subsidiaries, successors, predecessors and affiliates, and their partners, members,
directors, officers, employees, stockholders, shareholders, agents, attorneys, insurers, affiliates
and assigns, from any and all claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time
prior to and including the date I sign this Release. This general release includes, but is not
limited to: (a) all claims arising out of or in any way related to my employment with the Company
and its affiliates, or their affiliates, or the termination of that employment; (b) all claims
related to my compensation or benefits, including salary, bonuses, commissions, vacation pay,
expense reimbursements, severance pay, fringe benefits, stock, stock options and other equity
awards, or any other ownership interests in the Company and its affiliates, or their affiliates;
(c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of
good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional
distress, and discharge in violation of public policy; and (e) all federal, state, and local
statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or
other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans
with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as
amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), and
the California Fair Employment and Housing Act (as amended).

Notwithstanding the foregoing, I understand that the following rights or claims are not
included in my Release: (a) any rights or claims for indemnification I may have pursuant to any
written indemnification agreement with the Company or its affiliate to which I am a party; the
charter, bylaws, or operating agreements of the Company or its affiliate; or under applicable law;
or (b) any rights which cannot be waived as a matter of law. In addition, I understand that
nothing in this Release prevents me from filing, cooperating with, or participating in any
proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the
California Department of Fair Employment and Housing, except that I hereby waive my right to any
monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and
warrant that, other than the claims identified in this paragraph, I am not aware of any claims I
have or might have that are not included in the Release.

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have
under the ADEA, and that the consideration given under the Plan for this Release is in addition to
anything of value to which I was already entitled. I further acknowledge that I have been advised
by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any
rights or claims that may arise after the date I sign this Release; (b) I should consult with an
attorney prior to signing this Release (although I may choose voluntarily not do so); (c) I have
twenty-one (21) days to consider this Release (although I may choose voluntarily to sign this
Release earlier); (d) I have seven (7) days following the date I sign this Release to revoke the
Release by providing written notice to an officer of the Company; and (e) this Release will not be
effective until the date upon which the revocation period has expired, which will be the eighth day
after I sign this Release.

I acknowledge that I have read and understand Section 1542 of the California Civil Code which
reads as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or
her must have materially affected his or her settlement with the debtor.” I hereby expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of
similar effect with respect to my release of any claims hereunder.

I hereby represent that I have been paid all compensation owed and for all hours worked; I
have received all the leave and leave benefits and protections for which I am eligible pursuant to
the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have not
suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.

I hereby agree not to disparage the Company, or its officers, directors, employees,
shareholders or agents, in any manner likely to be harmful to its or their business, business
reputation, or personal reputation; provided, however, that I will respond accurately and fully to
any question, inquiry or request for information when required by legal process.

I acknowledge that to become effective, I must sign and return this Release to the Company so
that it is received not later than twenty-one (21) days following the date it is provided to me.

EMPLOYEE

Printed Name:

Date:

3

For Employees Under Age 40

Individual or Group Termination

EXHIBIT C

RELEASE AGREEMENT

I understand and agree completely to the terms set forth in the Volterra Semiconductor
Corporation Severance Benefit Plan (the “Plan”).

I understand that this Release, together with the Plan, constitutes the complete, final and
exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me
with regard to the subject matter hereof. I am not relying on any promise or representation by the
Company or an affiliate of the Company that is not expressly stated therein. Certain capitalized
terms used in this Release are defined in the Plan.

I hereby confirm my obligations under my proprietary information and inventions agreement with
the Company and/or an affiliate of the Company.

In consideration of the severance benefits and other consideration provided to me under the
Plan that I am not otherwise entitled to receive, and except as otherwise set forth in this
Release, I hereby generally and completely release the Company and its affiliates, and their
parents, subsidiaries, successors, predecessors and affiliates, and its and their partners,
members, directors, officers, employees, stockholders, shareholders, agents, attorneys, insurers,
affiliates and assigns, from any and all claims, liabilities and obligations, both known and
unknown, that arise out of or are in any way related to events, acts, conduct, or omissions
occurring at any time prior to and including the date I sign this Release. This general release
includes, but is not limited to: (a) all claims arising out of or in any way related to my
employment with the Company and its affiliates, or their affiliates, or the termination of that
employment; (b) all claims related to my compensation or benefits, including salary, bonuses,
commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options and other equity awards, or any other ownership interests in the Company and its
affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and
breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including
claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(e) all federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights
Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the
federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair
Employment and Housing Act (as amended).

Notwithstanding the foregoing, I understand that the following rights or claims are not
included in my Release: (a) any rights or claims for indemnification I may have pursuant to any
written indemnification agreement with the Company or its affiliate to which I am a party; the
charter, bylaws, or operating agreements of the Company or its affiliate; or under applicable law;
or (b) any rights which cannot be waived as a matter of law. In addition, I understand that
nothing in this Release prevents me from filing, cooperating with, or participating in any
proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the
California Department of Fair Employment and Housing, except that I hereby waive my right to any
monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and
warrant that, other than the claims identified in this paragraph, I am not aware of any claims I
have or might have that are not included in the Release.

I acknowledge that I have read and understand Section 1542 of the California Civil Code which
reads as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or
her must have materially affected his or her settlement with the debtor.” I hereby expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of
similar effect with respect to my release of any claims hereunder.

I hereby represent that I have been paid all compensation owed and for all hours worked; I
have received all the leave and leave benefits and protections for which I am eligible pursuant to
the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have not
suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.

I hereby agree not to disparage the Company, or its officers, directors, employees,
shareholders or agents, in any manner likely to be harmful to its or their business, business
reputation, or personal reputation; provided, however, that I will respond accurately and fully to
any question, inquiry or request for information when required by legal process.

I acknowledge that to become effective, I must sign and return this Release to the Company so
that it is received not later than fourteen (14) days following the date it is provided to me.

EMPLOYEE

Printed Name:

Date:

4

APPENDIX A

VOLTERRA SEMICONDUCTOR CORPORATION

SEVERANCE BENEFIT PLAN

Adopted January 22, 2010

Capitalized terms used in this Appendix A but not otherwise defined herein will have the meanings
ascribed to them in the Plan.

1. Severance Upon a Non-Change in Control Termination. Subject to the limitations set forth in the
Plan, in the event of an Eligible Employee’s Qualifying Termination pursuant to Section 3(b)(i) of
the Plan (that is, a Non-Change in Control Termination), the Eligible Employee will receive the
following severance benefits:

(a) Cash Severance Benefit. The Company will pay in a lump sum, as the “Cash Severance
Benefit,” the amount of the Eligible Employee’s Base Salary determined below based on the Eligible
Employee’s Tier Group:

• For Eligible Employees in Tier 1: 12 months of Base Salary.

• For Eligible Employees in Tier 2: 6 months of Base Salary

The Cash Severance Benefit will be paid out in a single lump sum on the 60th day following the
Eligible Employee’s termination date.

(b) COBRA Premium Benefit. If the Eligible Employee was enrolled in a group health plan
(e.g., medical, dental, or vision plan) sponsored by the Company immediately prior to termination,
the Eligible Employee may be eligible to continue coverage under such group health plan (or to
convert to an individual policy) following his or her last day of employment under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (together with any state law of similar effect, “COBRA”).
The Company will notify the Eligible Employee of any such right to continue such coverage at the
time of termination pursuant to COBRA. No provision of this Plan will affect the continuation
coverage rules under COBRA, except that the Company’s payment, if any, of applicable insurance
premiums, or waiver of any cost of coverage under any self-funded group health plan, will be
credited as payment by the Eligible Employee for purposes of the Eligible Employee’s payment
required under COBRA. Therefore, the period during which an Eligible Employee may elect to
continue the Company’s or its affiliate’s group health plan coverage at his or her own expense
under COBRA, the length of time during which COBRA coverage will be made available to the Eligible
Employee, and all other rights and obligations of the Eligible Employee under COBRA (except the
obligation to pay insurance premiums that the Company pays, if any, or, with respect to a
self-funded plan, any obligation to pay the cost of coverage to the Company that the Company
waives, if any) will be applied in the same manner that such rules would apply in the absence of
this Plan.

If an Eligible Employee timely elects continued coverage under COBRA, the Company will pay the
full amount of the Eligible Employee’s COBRA premiums (or will provide coverage under any
self-funded plan at the Company’s expense) for the continued coverage of the Eligible Employee and
his or her eligible dependents under the Company’s group health plans for up to that number of
months provided below following the Eligible Employee’s termination of employment (after any offset
is applied pursuant to Section 3(f) of the Plan):

• For Eligible Employees in Tier 1: 12 months.

• For Eligible Employees in Tier 2: 6 months.

However, no such premium payments will be made (and no coverage at Company cost will be
provided under any self-funded group health plan) following the earlier of (i) the date the
Eligible Employee, or his or her dependents as applicable, become eligible for coverage under a
group health plan of a subsequent employer or (ii) the date the Eligible Employee, or his or her
dependents as applicable, experience a COBRA disqualification event. Each Eligible Employee will
be required to notify the Company immediately if the Eligible Employee becomes eligible for
coverage by a group health plan of a subsequent employer. Upon the conclusion of such period of
insurance premium payments made by the Company (or the provision of coverage at the Company’s
expense under a self-funded group health plan), the Eligible Employee (and/or his eligible
dependents, as applicable) will be responsible for the timely payment of the full amount of
premiums (or payment for the cost of coverage) required under COBRA for the duration of the COBRA
period, if any, except to the extent that the Eligible Employee (and/or his or her dependents, as
applicable) qualifies under the American Recovery and Reinvestment Act of 2009, as amended (“ARRA”)
as an “assistance eligible individual” who is entitled to COBRA premium assistance without
recapture.

For purposes of this Section 1(b), any applicable insurance premiums that are paid by the
Company will not include any amounts payable by the Eligible Employee under an Internal Revenue
Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility
of the Eligible Employee.

2. Severance Upon a Change in Control Termination. Subject to the limitations set forth in the
Plan, in the event of an Eligible Employee’s Qualifying Termination pursuant to Section 3(b)(ii)
(that is, a Change in Control Termination), then, in lieu of the severance benefits set forth in
Section 1 above, the Eligible Employee will receive the following severance benefits:

(a) Cash Severance Benefit: The Company will pay in a lump sum, as the “Cash Severance
Benefit,” the amount of the Eligible Employee’s Base Salary and Bonus Amount determined below based
on the Eligible Employee’s Tier Group:

• For Eligible Employees in Tier 1: 18 months of Base Salary, plus 150% of the Bonus Amount.

• For Eligible Employees in Tier 2: 12 months of Base Salary, plus 100% of the Bonus Amount.

The Cash Severance Benefit will be paid out in a single lump sum on the 60th day following the
Eligible Employee’s termination date.

(b) COBRA Premium Benefit: If an Eligible Employee timely elects continued coverage under
COBRA, the Company will pay the full amount of the Eligible Employee’s COBRA premiums (or will
provide coverage under any self-funded plan at the Company’s expense) for the continued coverage of
the Eligible Employee and his or her eligible dependents under the Company’s group health plans for
up to that number of months provided below following the Eligible Employee’s termination of
employment (after any offset is applied pursuant to Section 3(f) of the Plan):

• For Eligible Employees in Tier 1: 18 months.

• For Eligible Employees in Tier 2: 12 months.

However, no such premium payments will be made (and no coverage at Company cost will be
provided under any self-funded group health plan) following the earlier of (i) the date the
Eligible Employee, or his or her dependents as applicable, become eligible for coverage under a
group health plan of a subsequent employer or (ii) the date the Eligible Employee, or his or her
dependents as applicable, experience a COBRA disqualification event. Each Eligible Employee will
be required to notify the Company immediately if the Eligible Employee becomes eligible for
coverage by a group health plan of a subsequent employer. Upon the conclusion of such period of
insurance premium payments made by the Company (or the provision of coverage at the Company’s
expense under a self-funded group health plan), the Eligible Employee (and/or his eligible
dependents, as applicable) will be responsible for the timely payment of the full amount of
premiums (or payment for the cost of coverage) required under COBRA for the duration of the COBRA
period, if any, except to the extent that the Eligible Employee (and/or his or her dependents, as
applicable) qualifies under the American Recovery and Reinvestment Act of 2009, as amended (“ARRA”)
as an “assistance eligible individual” who is entitled to COBRA premium assistance without
recapture.

For purposes of this Section 2(b), any applicable insurance premiums that are paid by the
Company will not include any amounts payable by the Eligible Employee under an Internal Revenue
Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility
of the Eligible Employee.

(c) Equity Award Acceleration: If, as of the Eligible Employee’s date of Qualifying
Termination, the Eligible Employee holds any unvested outstanding equity awards under an equity
incentive plan of the Company (an “Equity Award”), then, as of the date of such Qualifying
Termination, the vesting and exercisability of each such Equity Award will be accelerated to the
following extent:

• For Eligible Employees in Tier 1: 100%.

• For Eligible Employees in Tier 2: 100%.

5

APPENDIX B

VOLTERRA SEMICONDUCTOR CORPORATION

SEVERANCE BENEFIT PLAN

PARTICIPATION NOTICE

To:

Date:

Volterra Semiconductor Corporation (the “Company”) has adopted the Volterra Semiconductor
Corporation Severance Benefit Plan (the “Plan”). This Participation Notice informs you that you
have been designated as an Eligible Employee in the Plan. For purposes of the Plan, the Company
has designated you as a Tier        Eligible Employee, based on your title on the date hereof.

You are encouraged to read the Plan in its entirety. The final decision as to whether you
have earned any payments under the Plan will be made by the Plan Administrator in accordance with
the Plan. A copy of the Plan document is attached to this Participation Notice. The terms and
conditions of your participation in the Plan are as set forth in the Plan and this Participation
Notice, which together also constitute a summary plan description of the Plan.

To accept your designation as an Eligible Employee, please return a signed copy of this
Participation Notice to        on or before       , 20      .

Please note that you are not an Eligible Employee in the Plan until you execute and return
this Participation Notice to the Company.

VOLTERRA SEMICONDUCTOR CORPORATION

By:

Name:

Title:

6EX-10.1

PURCHASE AND SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is executed by HRMED, LLC, a Colorado
limited liability company (“Seller”), and G&E HC REIT II HIGHLANDS RANCH MEDICAL PAVILION, LLC, a
Delaware limited liability company, and/or Permitted Assigns (as defined in Section 7.2
herein) (“Buyer”), and shall be effective as of the date that it is signed by both parties (the
“Effective Date”).

RECITALS

WHEREAS, Seller is the owner of certain real property known as the Highlands Ranch Medical
Pavilion located in the City of Highlands Ranch, County of Douglas, State of Colorado, and
described on Exhibit A attached (the “Property”); and

WHEREAS, Seller desires to sell and Buyer desires to purchase the Property upon and subject to
the terms and conditions of this Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the terms and conditions contained herein, Buyer and
Seller agree as follows:

ARTICLE 1

PURCHASE PRICE AND METHOD OF PAYMENT

1.1 Agreement to Buy and Sell. Seller agrees to convey and sell to Buyer, and Buyer
agrees to purchase, the Property, together with the following appurtenant or associated items
(collectively, the “Inclusions”), under the terms and conditions contained in this Agreement:

a. all improvements constructed upon it, including but not limited to a two-story office
building containing approximately 38,872 rentable square feet (the “Building”);

b. all furniture, fixtures, equipment and personal property owned by Seller and used in
connection with the operation or maintenance of the Building, including but not limited to:
electrical, lighting, heating, plumbing, ventilating and air conditioning fixtures; telephone
wiring and connecting blocks/jacks; plants; artwork; mirrors; floor coverings; signage; intercom
systems; cable television cables and wiring; telecommunications and computer system cables, wiring
and antennae; sprinkler systems and controls; security system; awnings, blinds, screens, window
coverings, curtain rods, drapery rods; and maintenance equipment and supplies;

c. all leases affecting the Property (individually, a “Lease” and, collectively, the
“Leases”), associated guarantees and letters of credit (the “Lease Guarantees”), and other types of
security or other deposits (the “Lease Deposits”), as listed on the attached Schedule
1.1(d);

d. the Lease Documents as defined in Section 2.3.1 of this Agreement;

e. Seller’s interest in all strips, gores and vacated streets or alleys adjacent to the
Property;

f. all warranties by contractors, materials suppliers or manufacturers pertaining to the
Building (individually, a “Warranty” and, collectively, the “Warranties”);

g. construction drawings and specifications for the Building (the “Plans and Specifications”),
any “as built” drawings and CAD or other electronic versions of the foregoing, together with the
license to use such Plans and Specifications to the same extent that Seller was permitted to use
them prior to Closing;

h. to the extent assignable, the Contracts disclosed by Seller pursuant to Section
2.3.3, excluding Contracts rejected by Buyer pursuant to Section 2.7.1 of this
Agreement;

i. Seller’s rights in and to any reserves held by Lender (defined in Section 1.2.2);

j. to the extent assignable, any and all of Seller’s rights in and to the use of the name
“Highlands Ranch Medical Pavilion;” and

k. all other appurtenances.

1.2 Purchase Price. Subject to the adjustments and prorations described in this
Agreement, the purchase price for the Property shall be $8,400,000.00 (US) (the “Purchase Price”),
payable as follows:

1.2.1 Earnest Money. Within three (3) days after the Effective Date, Buyer shall
deposit an earnest money deposit in the amount of $250,000.00 (the “Earnest Money”) in the form of
a check, which shall be deposited and held in an interest bearing trust or escrow account
maintained by Land Title Guarantee Company, Denver, Colorado (the “Title Company”) pursuant to the
terms of this Agreement. Interest upon the Earnest Money shall accrue to the benefit of Buyer,
shall become part of the Earnest Money and shall be disbursed in the same manner as the principal
of the Earnest Money under the terms of this Agreement. The Earnest Money and interest accrued
upon it shall be credited toward the Purchase Price at Closing, and shall become non-refundable to
Buyer upon expiration of the Inspection Period, except in the event of termination of this
Agreement due to (i) Seller’s breach or default under this Agreement, (ii) a failure of a
representation or warranty by Seller to be true and correct, (iii) a failure of a condition
precedent favoring Buyer hereunder, or (iv) any other reason that entitles Buyer to have the
Earnest Money returned as provided for herein. Buyer agrees to provide the Title Company with its
taxpayer identification number and other information necessary to report the interest earned upon
the Earnest Money.

1.2.2 Assumption of Loan. Seller will cause the loan from Column Financial, Inc.
(“Lender”) to Seller, as evidenced by that certain Promissory Note, dated October 18, 2002 (the
“Note”), made by Seller and payable to Lender (the “Loan”) to be assigned to and assumed by Buyer,
and Buyer shall assume the Loan, at Buyer’s sole cost and expense (the “Loan Assumption”).

1.2.3 Payment of Remaining Purchase Price. Buyer shall pay the balance of the
Purchase Price (i.e., the Purchase Price less the Loan Balance, as defined in Section 2.10
below), less the Earnest Money, plus or minus prorations and adjustments as provided in this
Agreement, at Closing in immediately available funds by wire transfer or otherwise in “good funds”
in accordance with Colorado law.

1.2.4 Financing Condition. Buyer shall have until expiration of the Inspection Period
to raise such equity as Buyer shall require to pay the balance of the Purchase Price and complete
the transaction contemplated herein. In the event Buyer fails to raise such equity, Buyer may in
its sole discretion deliver a notice to Seller on or before the expiration of the Inspection Period
terminating this Agreement, in which event this Agreement shall be terminated in accordance with
the terms of Section 5.4. Buyer’s failure to provide such notice within such period shall
constitute Buyer’s election to waive its right to terminate this Agreement under this Section
1.2.4. Seller shall not be obligated to provide any financing to Buyer in connection with the
transaction contemplated herein.

ARTICLE 2

INSPECTION

2.1 Inspections by Buyer.

2.1.1 Seller Deliveries. Within three (3) business days after the Effective Date, to
the extent the same are in Seller’s possession or control, Seller shall deliver to Buyer (to the
attention of Phil Han) true copies of the items specified on the attached Schedule 2.1.1
(collectively, the “Seller Deliveries”). Seller has not undertaken any independent investigation
as to the truth, accuracy or completeness of any third party reports, documents or information
contained in the Seller Deliveries. These materials are provided for Buyer’s convenience only,
and, although Seller represents that it has no current, actual knowledge of a material inaccuracy
in such materials, Seller makes no other warranty or representation regarding their thoroughness or
accuracy, except as otherwise expressly set forth herein.

2.1.2 Inspection Period. Buyer shall have until 5:00 p.m. local time on the thirtieth
(30th) day following the Effective Date (the “Inspection Period”) in which to review and
inspect the Seller Deliveries, the Property and the Inclusions, including but not limited to the
physical condition, zoning, title, surveys, environmental reports, soils studies, traffic studies,
access to utilities, the Leases and any other matter regarding the Property which Buyer, in its
sole discretion, deems appropriate. Buyer’s inspection, however, is subject to the terms of this
Article 2. During the Inspection Period, Buyer can meet with governmental agencies having
jurisdiction to determine the entitlements for the Property and whether the Property is suitable
for Buyer’s intended use. During the Inspection Period, Buyer may at any time and in its sole
discretion: (i) deliver a notice to Seller terminating this Agreement, in which event this
Agreement shall be terminated in accordance with the terms of Section 5.4, pursuant to
which the Earnest Money shall immediately be returned to Buyer without further consent by Seller;
(ii) deliver a Notice of Defect, in which event the parties shall proceed in accordance with the
terms of Section 2.7; or (iii) deliver a notice to Seller waiving the remainder of the
Inspection Period and electing to proceed to Closing, in which event the Inspection Period shall
terminate and the parties shall proceed in accordance with the terms of Article 3. Buyer’s
failure to elect any of the foregoing options prior to the end of the Inspection Period shall
constitute Buyer’s election to waive any right to give a Notice of Defect or to terminate this
Agreement under this Article 2.

2.2 Title to the Property. Buyer may examine title to the Property as follows:

2.2.1 Title Commitment. Within ten (10) days after the Effective Date, Seller shall
at Seller’s expense cause the Title Company to issue and deliver to Buyer a current commitment for
an ALTA Owner’s Title Insurance Policy, in an amount equal to the Purchase Price and committing to
delete the standard, pre-printed exceptions (i.e., extended coverage) (the “Title Commitment”),
together with copies of instruments listed in the schedule of exceptions in the Title Commitment.

2.2.2 Survey. Within three (3) business days after the Effective Date, Seller shall
deliver to Buyer any and all surveys of the Property in Seller’s possession. Buyer may, at its
expense, obtain a new or updated survey of the Property. Buyer acknowledges that if Buyer elects
not to obtain a new or updated survey, the Title Commitment may except survey matters, which will
become Permitted Exceptions (defined below).

	 	 	 	 	 	 	 	 	 
	 	2.3	 	 	Rights of Third Parties.
	 	 	 	 	 
	 	 	 	 	 	2.3.1	 	 	Leases and Lease Documents.

	 	 	 	 	 	 	 	 	 

a. Within three (3) business days after the Effective Date, Seller shall deliver to Buyer a
current, actual rent roll and a true copy of: (i) all of the Leases currently in effect, together
with any amendments, exhibits or addenda to the Leases; (ii) the Lease Guarantees; (iii) copies of
any other agreements with tenants of the Property; and (iv) copies of the most recent financial
statements relating to the tenants and guarantors in Seller’s possession or control (collectively,
the items described in subsections (iii) and (iv) shall be referred to as the “Lease Documents”).

b. No later than five (5) Business Days prior to the Closing Date, Seller shall have obtained
estoppel certificates from tenants that in the aggregate lease at least Eighty Five percent (85%)
of the leased square footage of the Building, which shall include an estoppel certificate from any
tenant occupying more than Three Thousand Five Hundred (3,500) rentable square feet of space in the
Property (each a “Tenant Estoppel”).  Each estoppel certificate shall be in a form substantially
similar to Exhibit D attached hereto, and in addition, no later than five (5) Business Days
prior to the date on which Seller intends to distribute the estoppel certificates to the tenants
for their completion, Seller shall deliver the draft estoppel certificates to Buyer for Buyer’s
review and approval, which approval shall not be unreasonably withheld. Failure of Buyer to
provide approval or notice of objection to any estoppel certificate provided to Buyer pursuant to
the preceding sentence within five (5) Business Days of receipt thereof shall be deemed approval
thereof by Buyer.  Each estoppel shall be consistent with its respective Tenant Lease, shall not
reveal any default by Seller, any right to offset rent by the tenant, or any claim of the same, be
dated no earlier than sixty (60) days prior to Closing and shall be otherwise reasonably acceptable
to Buyer.  Buyer acknowledges that failure by Seller to provide the Tenant Estoppels as required
herein shall not constitute a default by Seller hereunder, provided that Seller uses its
commercially reasonable efforts to do so, including the exercise of any rights granted to it under
the Leases. In the event that Seller fails to provide Tenant Estoppels in accordance with the
provisions of this Section, Buyer may terminate this Agreement pursuant to Section 5.4.

c. Seller shall permit Buyer to conduct interviews with tenants under the Leases during the
Inspection Period. In the event the outcome of any such interview is unacceptable to Buyer, Buyer
may terminate this Agreement on or before expiration of the Inspection Period pursuant to
Section 5.4.

d. Except as required under applicable law, Buyer shall keep the Leases, Lease Guarantees,
Lease Documents and Tenant Estoppels strictly confidential and, in the event that this Agreement
terminates prior to Closing for any reason, shall deliver all copies of such documents to Seller.
Except as required under applicable law, Buyer shall not share such documents with, or provide
copies to, any third party other than Buyer’s employees and any accountant, attorney and other
professionals employed to evaluate the financial aspects of the contemplated transaction who agree
to be bound by the terms of this Section 2.3.1(e). Seller acknowledges that Buyer is the
wholly-owned subsidiary of an affiliated REIT, which may need to include a copy of this Agreement
in its filings with the Securities and Exchange Commission.

2.3.2 Unrecorded Third Party Rights. Within three (3) business days after the
Effective Date, Seller shall disclose to Buyer, in writing, all easements, liens or other title
matters not shown by the public records (collectively, “Unrecorded Third Party Rights”) of which
Seller has current, actual knowledge. Buyer acknowledges that Seller has not and will not make any
investigation regarding the existence of any Unrecorded Third Party Rights. Buyer shall have the
right to conduct independent inspections of the Property to determine if any third party has any
right to the Property not shown by the public records.

2.3.3 Contract Rights. Within three (3) business days after the Effective Date,
Seller shall deliver to Buyer true copies of any service, maintenance, lease or other contracts
affecting the Property or any Inclusions, including equipment leases, property management
agreements, maintenance agreements or similar agreements, that do not by their terms terminate upon
the sale of the Property by Seller (collectively, the “Contracts”). On or before Closing Seller
agrees, at Seller’s expense, to terminate all existing Property management agreements and listing
agreements to which Seller is a party.

2.4 Physical Condition. During the Inspection Period, Buyer shall have the right to
conduct physical inspections of the Property and the Building, including but not limited to,
mechanical, electrical and other engineered systems inspections, and independent soils, structural,
environmental, and other testing upon the Property that Buyer deems necessary, by engineers or
other consultants, subject to the terms of this Article 2.

2.5 Appraisal. Buyer shall have until expiration of the Inspection Period to obtain,
at Buyer’s sole cost and expense, an MAI Appraisal acceptable to Buyer at not less than the
Purchase Price. In the event Buyer fails to obtain such Appraisal, Buyer may terminate this
Agreement prior to the expiration of the Inspection Period pursuant to Section 5.4.

2.6 Conduct of Inspections. Buyer’s inspection of the Property during the Inspection
Period is subject to the following limitations and restrictions:

2.6.1 Cost. All testing and inspection shall be conducted at Buyer’s sole cost and
expense.

2.6.2 Damage. Buyer’s inspection work shall inflict no damage upon the Property
except for minor damage associated with drilling or testing, nor shall any damage be inflicted upon
any adjacent property. Any damage caused by Buyer’s inspection shall be promptly repaired by Buyer
so as to restore the Property or adjacent property to its condition prior to the work.

2.6.3 Compliance with Laws. Buyer’s work shall be conducted in accordance with all
applicable statutes, rules and regulations of any governmental or quasi-governmental body having
jurisdiction over the work or the Property, including but not limited to, those pertaining to the
handling of hazardous and toxic substances. All required licenses or permits shall be obtained
prior to commencing any such work.

2.6.4 Non-Disturbance. Buyer shall make reasonable, advance arrangements with Seller
before any entry onto the Property. All of Buyer’s work shall be conducted in a manner that does
not unreasonably interfere with the conduct of the businesses of tenants under the Leases. Buyer
shall notify Seller of its intent to enter into any leased space within the Property at least
twenty-four (24) hours in advance to permit Seller to make arrangements with the affected tenant
for such entry. Buyer shall comply with all reasonable conditions and instructions given by Seller
in connection with Buyer’s entry into tenant spaces, including but not limited to, compliance with
any security measures required by tenants.

2.6.5 Insurance and Indemnification. Prior to any entry onto the Property by Buyer or
any agent, employee or contractor of Buyer for the purpose of conducting any inspections of the
Property, Buyer shall deliver to Seller certificates of insurance, in form and substance reasonably
satisfactory to Seller, evidencing that such persons or firms entering onto the Property have in
full force and effect commercial general liability insurance in an amount not less than
$1,000,000.00 per occurrence. Buyer shall, and does hereby, indemnify Seller and Seller’s members,
managers, employees and agents (each a “Seller Party” and collectively, the “Seller Parties”)
against any loss or damage whatsoever, including reasonable attorneys’ fees, that a Seller Party
incurs as a result of Buyer’s inspection, including but not limited to losses or damages arising
out of any claim for physical injury or property damage caused by Buyer, its employees, agents or
contractors; any lien or claim arising due to Buyer’s non-payment for any labor, services or
materials; or any claim related to the release of any hazardous or toxic substance introduced upon
the Property as a result of Buyer’s inspection work (but excluding the release or disturbance of
hazardous or toxic substances that existed upon the Property prior to Buyer’s entry). If any
mechanic’s lien is recorded against the Property in connection Buyer’s inspections or any other act
of Buyer, Buyer shall cause the same to be removed by bonding or otherwise within ten (10) days
after recording of the lien. The terms of this indemnity shall survive the Closing and any
termination of this Agreement.

2.7 Notice of Defect.

2.7.1 Notice. If Buyer discovers any condition during the Inspection Period to which
Buyer objects, and if Buyer does not wish to immediately terminate this Agreement as a result of
such discovery, Buyer may give Seller a written notice specifying the objectionable condition
(“Notice of Defect”). A Notice of Defect may include a description of Contracts that are rejected
by Buyer, and which Buyer requests be terminated on or prior to Closing. Within three (3) business
days of the delivery of a Notice of Defect, Seller may, but shall not be required to, give notice
of what steps, if any, it is willing to take to cure the condition(s) described in the Notice of
Defect and stating a date, not more than thirty (30) days following the date of such notice, that
the defective condition(s) shall be cured (“Notice of Cure”). If Seller does not give a Notice of
Cure within such 3-business-day period, this Agreement shall automatically terminate pursuant to
Section 5.4 unless Buyer withdraws its Notice of Defect within one (1) business day
following the end of such 3-business-day period.

2.7.2 Sufficiency of Cure. If Seller gives a timely Notice of Cure, Buyer shall have
a period of three (3) business days following such delivery in which to give notice of its
acceptance of the curative steps described in a Notice of Cure. The failure of Buyer to deliver a
timely notice of acceptance shall constitute the Buyer’s disapproval of the Notice of Cure, and in
such event, this Agreement shall automatically terminate pursuant to Section 5.4.

2.7.3 Cure. Unless this Agreement has been terminated pursuant to Sections 2.7.1
or 2.7.2, Seller shall use commercially reasonable efforts to correct any unsatisfactory
condition(s) in accordance with its Notice to Cure. If Seller fails to correct the unsatisfactory
condition(s) to the satisfaction of Buyer on or before the date stated in the Notice to Cure, Buyer
shall elect to either (i) waive the objections and proceed to Closing, or (ii) terminate this
Agreement pursuant to the terms of Section 5.4. If Buyer fails to give notice of its
election to terminate this Agreement within three (3) days following the date for cure specified in
the Notice of Cure, Buyer shall be deemed to have elected to waive its objections and proceed to
Closing.

2.7.4 Extension of Closing Date. The Closing Date shall be extended as necessary to
permit the running of the time periods stated in this Section 2.7.

2.8 Subsequent Exceptions to Title. In the event that the Title Company issues an
update of the Title Commitment between the expiration of the Inspection Period and the Closing Date
that shows an exception to title not previously listed (unless the same was caused by or results
from the actions of Buyer), Buyer shall have a period of five (5) business days following receipt
of the update in which to give a Notice of Defect regarding such new exception. If a timely Notice
of Defect is given, the parties shall proceed in accordance with Section 2.7 and the
Closing Date shall be extended as necessary to permit the running of the time periods stated in
Section 2.7. If a Notice of Defect is not given in a timely manner, Buyer shall be deemed
to have accepted the new title exception and to have waived any right to terminate this Agreement
as a result of the update of the Title Commitment.

2.9 Conveyance of Title at Closing. Except as otherwise provided in this Article
2, Seller shall convey title to the Property to Buyer at Closing subject to: (i) taxes for the
year of Closing; (ii) the Leases to be assigned to and assumed by Buyer at Closing; (iii) any
matters shown on Schedule B-2 of the Title Commitment, to the extent that Buyer has accepted or is
deemed to have accepted them; (iv) the Deed of Trust and other documents evidencing or securing the
Loan, and any lien, encumbrance, restriction, reservation or other title condition consented to by
Buyer or arising by or through Buyer; (v) the rights of third parties in existence as of the
Closing Date of which Buyer has actual knowledge; (vi) the inclusion of the Property in any special
taxing district; and (vii) applicable building and zoning ordinances and regulations (collectively,
the “Permitted Exceptions”). Notwithstanding anything contained in this Section 2.9 to the
contrary, Seller shall be obligated, at its sole cost and expense, to satisfy at or prior to
Closing all monetary encumbrances affecting the Property evidenced by deeds of trust other than the
Deed of Trust, tax liens, judgments, mechanic’s liens not arising by or through Buyer, or other
liens or charges in a fixed sum not arising by or through Buyer.

2.10 Loan.

2.10.1 Loan Documents. Seller represents and warrants that the Property is encumbered
by a Deed of Trust and Security Agreement dated as of October 18, 2002 (the “Deed of Trust”),
recorded with the Clerk and Recorder of Douglas County, Colorado, on October 23, 2002, at Reception
No. 2002111380, securing the Loan, which (i) has a present unpaid principal balance of
approximately $4,479,553.50, (ii) bears interest at the rate of 5.88% per annum and (iii) is
payable in monthly installments of principal and interest of $29,407.91. Within three (3) business
days after the Effective Date Seller shall provide Buyer with true, accurate and complete executed
copies of the Note, Deed of Trust and all related Loan documents executed and delivered by Seller,
Lender or any guarantors or other obligors of any obligations in connection with the making of the
Loan (collectively, the “Loan Documents”).

2.10.2 Assumption of Loan Documents. In connection with the Closing and the Loan
Assumption: (i) Seller and Buyer shall execute an assignment and assumption of the Loan on a form
reasonably acceptable to Lender, Seller and Buyer, which shall contain Lender’s consent to Buyer’s
assumption of the Loan and such customary estoppel statements by Lender as are reasonably
acceptable to Buyer (the “Loan Assignment, Assumption and Consent”); (ii) Buyer shall execute the
New Loan Documents (as defined herein) in a form reasonably acceptable to Buyer and Lender; (iii)
Seller and William Scott Reichenberg and Neil Littmann (collectively, the “Guarantors”) shall be
fully and finally released from all of their obligations under the Loan, except for any liabilities
and obligations that expressly survive assignment, transfer or repayment of the Loan (e.g.,
environmental indemnities); and (iv) Buyer shall execute and deliver such other documents,
instruments, certificates and/or legal opinions as may be reasonably required by Lender in a form
reasonably acceptable to Buyer. “New Loan Documents” shall mean the Loan Documents, as assigned
and modified as provided in this Section 2.10, evidencing and/or securing the Loan.

2.10.3 Assumption Fees. Whether or not the transaction contemplated in this Agreement
closes, Buyer shall pay (a) any and all fees and charges associated with the application for
assignment and assumption of the Loan and the Lender Approval (as defined in Section 3.4
below); (b) if applicable, any and all loan transfer fees, debt assumption fees, expense
reimbursements and other charges due to Lender in connection with the Loan Assumption; and (c) any
and all fees charged by Lender in connection with the drafting and negotiating of the Loan
Assignment, Assumption and Consent and the New Loan Documents (collectively, the “Loan Assumption
Costs”). Notwithstanding the previous sentence, Buyer shall not be obligated to pay the Loan
Assumption Costs if the transaction contemplated by this Agreement does not close because of
Seller’s default under this Agreement, in which case Seller shall promptly reimburse Buyer for any
Loan Assumption Costs already paid by Buyer. Each of Buyer and Seller shall pay their respective
attorneys’ fees incurred in connection with the transactions contemplated under this Section
2.10. Seller shall not submit the application for assignment or assumption of the Loan nor
take any other action that would cause Loan Assumption Costs to be incurred prior to the expiration
of the Inspection Period, unless Buyer so requests in writing.

2.10.4 Buyer’s Review of New Loan Documents. Within three (3) business days after the
Effective Date, Seller shall deliver to Buyer the Lender’s form of application for assignment and
assumption of the Loan and a list of the documents and other requirements of the Lender to process
the Loan assignment and assumption. As soon as practicable thereafter, Buyer shall deliver to
Lender (or to Seller for delivery to Lender) the completed application for assignment and
assumption of the Loan and all required documents applicable to Buyer, together with payment of the
application fee/deposit required by Lender to begin processing the application. Notwithstanding
anything in this Agreement to the contrary, in addition to Buyer’s termination rights set forth in
Section 2.1.2, after receipt by Buyer of the final drafts of the Loan Assignment,
Assumption and Consent and the New Loan Documents, Buyer shall have a fifteen (15) day period to
review the terms, conditions and provisions thereof (the “Loan Review Period”). If Buyer
determines within the Loan Review Period that it is not satisfied with the terms, conditions and
provisions of the Loan Assignment, Assumption and Consent and the New Loan Documents, including the
assumption fees Lender proposes to charge, Buyer shall have the right to terminate this Agreement
pursuant to the terms of Section 5.4 by delivering written notice to Seller, in which
event, the Earnest Money shall be returned to Buyer, this Agreement shall terminate and no longer
be of any force or effect, and no party shall have any further liability or obligation hereunder
except for any obligations expressly stated to survive termination of this Agreement. Buyer’s
failure to provide such notice within such period shall constitute Buyer’s election to waive its
right to terminate this Agreement under this Section 2.10.4.

2.10.5 Loan Balance. In connection with its assumption of the Loan, Buyer shall
receive a credit against the Purchase Price at Closing calculated as follows: the outstanding
principal balance of the Loan as of 12:00 a.m. MT on the Closing Date, less the sum of the
following: (i) all escrows and deposits of Seller in connection with the Loan that are assigned to
Buyer in connection with the assignment and assumption of the Loan, (ii) any prepayments or other
amounts paid by Seller in connection with the Loan that apply to periods on or after the Closing
Date, and (iii) any charges or expenses paid by Seller or deducted from Seller funds in connection
with assumption of the Loan that are, pursuant to the terms of this Agreement, the obligation of
Buyer to pay (the “Loan Balance”).

2.11 Special Taxing District Disclosure. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO
GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE
TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK
FOR INCREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE
CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS
WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS
OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH
DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.

2.12 Seller’s Representations and Warranties. As an inducement to Buyer to enter into
this Agreement, and as a part of the consideration therefor, Seller represents to Buyer, its
successors and assigns, that:

a. Seller is a limited liability company formed and in good standing under the laws of the
State of Colorado. The execution, delivery and performance of this Agreement by Seller have been
duly and validly authorized by all necessary company action and proceedings, and no further
authorization is necessary on the part of Seller in order to consummate the transactions
contemplated herein.

b. The execution and delivery of this Agreement by Seller, the performance of any of Seller’s
obligations hereunder, and the consummation of the transaction contemplated hereby, shall not
conflict with, result in a breach of, or constitute a default under, the terms and conditions of
the organizational documents pursuant to which Seller was organized, any agreement to which Seller
is a party or is bound, or, to the best of Seller’s current, actual knowledge, any order or
regulation of any court, regulatory body, administrative agency or governmental body having
jurisdiction over Seller.

c. There are no actions, suits, proceedings, judgments, orders, decrees or governmental
investigations pending (or, to Seller’s current, actual knowledge, threatened) to which Seller is a
party or which involve the Property, that could have a material adverse effect upon the Property or
Seller’s ability to consummate the transaction contemplated by this Agreement.

d. Seller has received no written notice that any condemnation, exercise of a power of eminent
domain or proceeding in lieu thereof has been commenced (nor, to the best of Seller’s current,
actual knowledge, has any been threatened) against all or any portion of the Property.

e. To the best of Seller’s current, actual knowledge, the Property and conditions upon and
under the surface thereof are not in violation of any federal, state or local environmental laws,
ordinances or regulations which regulate or proscribe the use, storage, disposal, presence,
cleanup, transportation, release or threatened release into the environment of any hazardous or
toxic material or pollutant, including crude oil or any fraction thereof (“Environmental Laws”).

f. To the best of Seller’s current, actual knowledge, the Property and conditions upon the
Property are not in violation of any laws, ordinances, rules, regulations or orders (including but
not limited to those relating to zoning, building, fire, health and safety and persons with
disabilities) applicable to the Property or the operation thereof, and the Property and conditions
upon the Property are in compliance with the underwriting standards or requirements of any
insurance company or Board of Fire Underwriters.

g. Seller is not a “foreign person” but is a “United States person” as such terms are defined
in Sections 1445 and 7701 of the United States Internal Revenue Code.

h. Seller is not, and will not be, a person or entity with whom Buyer is restricted from doing
business 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, including persons and entities named on the
Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List
(collectively, “Anti-Terrorism Laws”).

i. The attached Schedule 2.12(i) contains a correct and complete list of the Loan Documents,
including all amendments thereto, and there are no defaults by any party thereunder, except that
Seller has not obtained Lender’s consent and approval to the transfer of management of the Property
to Centum Health Properties LLC. Seller is currently in the process of doing so.

j. The attached Schedule 1.1(d) contains a correct and complete list of the Leases (including
all amendments, exhibits or addenda thereto), Lease Guarantees, Lease Deposits and Lease Documents,
and Seller shall provide true and correct copies thereof to Buyer as required under Section
2.3.1(a). Landlord and, to the best of Seller’s current, actual knowledge, the tenants under
the Leases have performed all of their respective obligations under said Leases, and Seller has no
current, actual knowledge of any event which, with the giving of notice, the passage of time, or
both, would constitute a default by any tenant under the Leases. To the best of Seller’s current,
actual knowledge, no tenant under any Lease has filed for bankruptcy or discontinued operations at
the Property, and Seller has received no written notice from any tenant of an intention to do so.

k. To the best of Seller’s current, actual knowledge, the rent roll and operating statements
delivered to Buyer pursuant to Section 2.1.1 are accurate.

Unless otherwise expressly set forth in this Agreement, a breach of any warranty or
representation of the Seller set forth in this Section 2.12 shall be deemed a breach of this
agreement by Seller and, in such an event, Buyer may elect to (a) declare this Agreement
terminated, in which event Section 5.4 shall govern the respective rights and obligations
of the parties, and, in addition, Seller shall reimburse Buyer for all of Buyer’s out of pocket
costs and expenses incurred in connection with this transaction up to a maximum of $100,000.00, or
(b) if the breach of the Seller warranty or representation is not discovered by Buyer until after
the Closing Date, Seller shall reimburse and indemnify Buyer for any resulting loss, damage, lien
or claim of any kind up to a maximum amount of $150,000.00.

Unless Seller gives notice to Buyer of any change in the condition of the Property subsequent
to the Effective Date or of any other changed condition that would make any of the representations
in this Section inaccurate, incomplete or misleading, the foregoing representations and warranties
shall be deemed to be reaffirmed at Closing and to be accurate as of the Closing Date. In the
event Seller does give Buyer notice that any of the foregoing representations and warranties are no
longer accurate, then Buyer shall have the right to terminate this Agreement by giving Seller
written notice of such termination within five (5) business days after Buyer received notice of
such inaccuracy in Seller’s representations and warranties. If Buyer so elects to terminate this
Agreement within the stated five (5) business days, then Section 5.4 shall govern the
respective rights and obligations of the parties, and, in addition, Seller shall reimburse Buyer
for all of Buyer’s out of pocket costs and expenses incurred in connection with this transaction up
to a maximum of $100,000.00.

Notwithstanding any other provision of this Section stated hereinabove, if breach of the
representation or warranty results from a change in condition not caused by or within the
reasonable control of Seller and such representation or warranty was accurate at the time of its
making, any notice of inaccuracy in the Seller’s representations and warranties shall not
constitute a default by Seller under this Agreement and Buyer’s sole remedy shall be to terminate
this Agreement pursuant to Section 5.4 of this Agreement. The foregoing representations and
warranties shall survive the Closing only until December 31, 2010, and following such date no claim
shall be made by Buyer due to any alleged violation thereof. As used herein, the phrase “to the
best of Seller’s current, actual knowledge” means the current, actual knowledge of W. Scott
Reichenberg, on behalf of himself, and Neil A. Littmann, on behalf of himself.

2.13 Buyer’s Representations and Warranties. As an inducement to Seller to enter into
this Agreement, and as a part of the consideration therefor, Buyer represents and warrants to
Seller, its successors and assigns, that:

a. Buyer is a limited liability company formed and in good standing under the laws of the
State of Delaware. The Buyer shall on or before Closing be duly qualified to transact business in
the State of Colorado. The execution, delivery and performance of this Agreement by Buyer have
been duly and validly authorized by all necessary company action and proceedings, and no further
authorization is necessary on the part of Buyer in order to consummate the transactions
contemplated herein.

b. The execution and delivery of this Agreement by Buyer, the performance of any of Buyer’s
obligations hereunder, and the consummation of the transaction contemplated hereby, shall not
conflict with, result in a breach of, or constitute a default under, the terms and conditions of
any agreement to which Buyer is a party or is bound, or, to the best of Buyer’s current, actual
knowledge, any order or regulation of any court, regulatory body, administrative agency or
governmental body having jurisdiction over Buyer.

c. There are no actions, suits, proceedings, judgments, orders, decrees or governmental
investigations pending (or, to Buyer’s current, actual knowledge, threatened) to which Buyer is a
party that could have a material adverse effect upon Buyer’s ability to consummate the transaction
contemplated by this Agreement.

d. There is no agreement to which Buyer is a party or, to Buyer’s current, actual knowledge,
binding on Buyer which is in conflict with this Agreement.

e. Prior to Closing, Buyer shall neither encumber nor cause any liens to be created against
the Property in any way, nor shall Buyer, at any time, record this Agreement or any memorandum or
other evidence hereof.

f. Except for the express representations and warranties of Seller set forth in this
Agreement, all materials, data and Seller Deliveries delivered by or on behalf of Seller to Buyer
in connection with the transaction contemplated hereby are provided to Buyer as a convenience only
and that any reliance on or use of such materials, data or information by Buyer shall be at the
sole risk of Buyer. Neither Seller, nor any affiliate of Seller, nor the person or entity that
prepared any third-party report or reports delivered by Seller to Buyer shall have any liability to
Buyer for any inaccuracy in or omission from any such reports.

g. Buyer is not, and will not be, a person or entity with whom Seller is restricted from doing
business under the Anti-Terrorism Laws.

Unless Buyer gives notice to Seller of any change in the condition of the Property subsequent
to the Effective Date or of any other changed condition that would make any of the representations
in this Section inaccurate, incomplete or misleading, the foregoing representations and warranties
shall be deemed to be reaffirmed at Closing and to be accurate as of the Closing Date. In the
event Buyer does give Seller notice that any of the foregoing representations and warranties are no
longer accurate, then Seller shall have the right to terminate this Agreement by giving Buyer
written notice of such termination within five (5) business days after Seller received notice of
such inaccuracy in Buyer’s representations and warranties. The foregoing representations and
warranties shall survive the Closing only until December 31, 2010, and following such date no claim
shall be made by Seller due to any alleged violation thereof.

2.14 Condition of the Property. If this Agreement is not terminated pursuant to
Section 2.7.1 above, Buyer shall be deemed to have acknowledged that Seller has provided
Buyer sufficient opportunity to make such independent factual, physical and legal examinations and
inquiries as Buyer deems necessary and desirable with respect to the Property and the transaction
contemplated by this Agreement and that Buyer has approved the Property in all respects. The
following provisions shall thereupon be applicable and shall survive the Closing or termination of
this Agreement:

a. Buyer does hereby acknowledge, represent, warrant and agree to and with Seller that, except
as otherwise expressly provided in this Agreement or in the documents to be delivered to Buyer at
Closing: (i) Buyer is expressly purchasing the Property in its existing condition “AS IS, WHERE IS,
AND WITH ALL FAULTS” with respect to all facts, circumstances, conditions and defects; (ii) Seller
has no obligation to inspect for, repair or correct any such facts, circumstances, conditions or
defects or to compensate Buyer for same; (iii) Seller has specifically bargained for the assumption
by Buyer of all responsibility to inspect and investigate the Property and of all risk of adverse
conditions and has structured the Purchase Price and other terms of this Agreement in consideration
thereof; (iv) Buyer has undertaken all such inspections and investigations of the Property as Buyer
deems necessary or appropriate under the circumstances as to the condition of the Property and the
suitability of the Property for Buyer’s intended use, and based upon same, Buyer is and will be
relying strictly and solely upon such inspections and examinations and the advice and counsel of
its own consultants, agents, legal counsel and officers and Buyer is and will be fully satisfied
that the Purchase Price is fair and adequate consideration for the Property; (v) Seller is not
making and has not made any warranty or representation with respect to any materials or other data
provided by Seller to Buyer (whether prepared by or for the Seller or others) or the education,
skills, competence or diligence of the preparers thereof or the physical condition or any other
aspect of all or any part of the Property as an inducement to Buyer to enter into this Agreement
and thereafter to purchase the Property or for any other purpose; and (vi) by reason of all the
foregoing, Buyer assumes the full risk of any loss or damage occasioned by any fact, circumstance,
condition or defect pertaining to the Property. Without limiting the generality of any of the
foregoing, Buyer specifically acknowledges that Seller does not represent or in any way warrant the
accuracy of any marketing information or documents describing the Property or the information, if
any, provided by Seller or any broker to Buyer.

b. EXCEPT AS EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT OR IN THE DOCUMENTS TO BE
DELIVERED AT CLOSING, SELLER HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND OR NATURE WHATSOEVER
(INCLUDING WARRANTIES OF HABITABILITY AND FITNESS FOR PARTICULAR PURPOSES), WHETHER EXPRESSED OR
IMPLIED, INCLUDING, BUT NOT LIMITED TO WARRANTIES WITH RESPECT TO THE PROPERTY, TAX LIABILITIES,
ZONING, LAND VALUE, AVAILABILITY OF ACCESS OR UTILITIES, INGRESS OR EGRESS, GOVERNMENTAL APPROVALS,
THE PRESENCE OF HAZARDOUS MATERIALS OR THE SOIL CONDITIONS OF THE LAND. BUYER FURTHER ACKNOWLEDGES
THAT BUYER IS BUYING THE PROPERTY “AS IS, WHERE IS, AND WITH ALL FAULTS” AND IN ITS PRESENT
CONDITION AND THAT EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR ANY CONVEYANCE
DOCUMENT DELIVERED AT CLOSING, BUYER IS NOT RELYING UPON ANY REPRESENTATION OF ANY KIND OR NATURE
MADE BY SELLER, OR ANY OF ITS EMPLOYEES OR AGENTS OR SELLER GROUP WITH RESPECT TO THE LAND OR
PROPERTY, AND THAT, IN FACT, NO SUCH REPRESENTATIONS WERE MADE EXCEPT AS EXPRESSLY SET FORTH IN
THIS AGREEMENT OR THE CONVEYANCE DOCUMENTS TO BE DELIVERED AT CLOSING.

ARTICLE 3

CLOSING; CONDITIONS PRECEDENT

3.1 Closing Date. Buyer’s payment of the Purchase Price and the delivery of a deed by
Seller (the “Closing”) shall occur on the later of (i) thirty (30) days after the expiration of the
Inspection Period, or (ii) fifteen (15) business days after receipt by both parties of the Lender
Approval (defined below); provided, however, unless extended by Buyer as provided below, the
Closing Date shall occur no later than sixty (60) days after the expiration of the Inspection
Period. The parties acknowledge that the foregoing time periods are subject to the extension
rights set forth in Section 3.5. The date on which the Closing actually occurs is referred
to herein as the “Closing Date.” Buyer may accelerate the Closing by delivering written notice to
Seller at least five (5) business days prior to the date on which Buyer desires to consummate the
Closing. Provided that Buyer is using good faith and diligent efforts to obtain the Lender
Approval (defined below), Buyer shall have the right to extend the Closing Date for up to three (3)
additional periods of up to fifteen (15) days each (each, an “Extension Period”) by giving Seller
written notice of Buyer’s election to exercise its right to such Extension Period on or before the
then-scheduled Closing Date. Buyer acknowledges that the foregoing extension right is available
only to allow time for Buyer to obtain the Lender Approval.

3.2 Time and Place of Closing. The Closing shall be held at such time and place upon
which the parties mutually agree or, in the absence of agreement, shall be held at 2:00 P.M. local
time at the offices of the Title Company in Denver, Colorado.

3.3 Pre-Closing Covenants. From the Effective Date through the Closing Date, Seller
covenants and agrees as follows:

3.3.1 General Operations. Seller shall: (i) maintain the Property, Building and other
Inclusions in at least as good a condition and state of repair as upon the Effective Date, ordinary
wear and tear excepted, and pay all associated costs and expenses for such maintenance performed on
or before the Closing Date; (ii) maintain its current (or equivalent) fire and casualty insurance
in effect, without reduction in coverage; (iii) not dispose of, mortgage, pledge or subject to
lien, license or other encumbrance any interest in the Property; (iv) not knowingly commit or omit
any act that constitutes a breach of any Lease or, upon the expiration of any applicable grace
period, will constitute a breach under a Lease; and (v) operate the Property in accordance with the
ordinary course of business of the Seller, except in cases of emergency or casualty.

3.3.2 Tenant Estoppels. To the extent that Tenant Estoppels were not provided to
Buyer pursuant to Section 2.3.1 above, Seller shall use commercially reasonable efforts to
obtain such Tenant Estoppels and provide the originals thereof to Buyer prior to the Closing Date.

3.3.3 Tenant Leases. From and after Effective Date, any new leases that Seller
desires to execute and any modifications to any existing Leases shall be subject to the prior
written approval of Buyer, which approval shall not be unreasonably withheld, conditioned or
delayed. Such approval shall be given by Buyer within four (4) business days from the date such
lease, or Lease modification is delivered to Buyer for its review. In connection with any lease or
Lease modification entered into after the Effective Date that was approved by Buyer, all tenant
improvement costs, tenant allowances and leasing commissions due thereunder shall be prorated as of
the Closing Date on a straight-line basis over the initial term of the applicable lease or, with
respect to a Lease extension or modification, from the effective date of the modification to the
end of the term of such Lease as modified, if applicable. The provisions of this Section
3.3.3 shall survive the Closing.

3.4 Conditions Precedent to Closing. In addition to the other conditions set forth in
this Agreement, the following shall be conditions precedent to the parties’ obligation to close
hereunder unless waived by the party benefiting from such contingency:

a. As to each party, all obligations to be performed by the other party hereunder prior to the
Closing have been fully performed, and there shall be no uncured event of default or event on the
part of such other party that, with the expiration of any grace period permitted by the Agreement,
would constitute a default of such party.

b. As to each party, all of the representations and warranties of the other party set forth in
this Agreement shall be true and accurate as of Closing.

c. As to Buyer, Buyer has received the requisite percentage of Tenant Estoppels as set forth
in Section 2.3.1(b).

d. As to Buyer, Buyer has received, or will receive at Closing, an assignment of any Lease
Guarantees, including without limitation, any letters of credit, surety bonds or other guarantees
or security provided by a tenant under the Leases, in form and substance satisfactory to Buyer as
being legally effective to substitute Buyer for Seller as an assured party under such guarantee or
security.

e. As to Buyer, Buyer has received, or will receive at Closing, a copy of the termination of
the Contracts rejected by Buyer pursuant to Section 2.7.1, or other evidence reasonably
satisfactory to Buyer that neither the Buyer nor the Property will be obligated under the rejected
Contracts subsequent to the Closing Date.

f. As to each party, all terms and conditions of Section 1.13(b) of the Deed of Trust shall
have been satisfied, Lender shall have approved in writing the transfer of the Property to Buyer
and the Loan Assumption and Lender shall have fully released and discharged Seller and the
Guarantors from all liabilities and obligations under or with respect to the Loan, except for any
liabilities and obligations of Seller and the Guarantors that expressly survive assignment,
transfer or repayment of the Loan (the “Lender Approval”).

g. As to Buyer, Buyer and Lender shall have agreed to the New Loan Documents, including loan
modifications reasonably required by Buyer in connection with the Loan Assumption.

3.5 Non-Satisfaction of Conditions.

a. If any condition precedent to Buyer’s obligations set forth in Section 3.4 is not
satisfied as of the Closing, Buyer will have the right, as its sole and exclusive remedies, to (i)
extend the Closing Date for a reasonable period of time (not to exceed fifteen (15) days) to allow
Seller to satisfy any condition that is reasonably capable of being satisfied by Seller, or (ii)
terminate this Agreement, whereupon the Earnest Money shall be refunded to Buyer, and thereafter
neither party shall have any further obligations hereunder except those expressly stated to survive
the termination of this Agreement, or (iii) waive such non-satisfaction and proceed forward to
Closing. If any such non-satisfaction is the result of a breach of an obligation of Seller or a
representation made by Seller under this Agreement, Buyer will also be entitled to exercise the
remedies set forth in Section 5.1 hereof. Notwithstanding anything contained herein to the
contrary, Buyer shall not be required to fund the balance of the Purchase Price in order to enforce
its rights under this Agreement.

b. If any condition precedent to Seller’s obligations set forth in Section 3.4 is not
satisfied as of the Closing, Seller will have the right to terminate this Agreement or waive such
non-satisfaction and proceed forward to Closing. If any such non-satisfaction is the result of a
breach of an obligation of Buyer under this Agreement, Seller will also be entitled to exercise the
remedies set forth in Section 5.2 hereof.

3.6 Delivery of Closing Documents by Seller. At the Closing, Seller shall execute and
deliver the following documents to the Title Company:

a. A special warranty deed substantially in the form attached to this Agreement as Exhibit
B conveying the Property to Buyer, free and clear of title exceptions except the Permitted
Exceptions as provided in Section 2.9; the form of special warranty deed shall be mutually
agreed by Buyer and Seller on or before expiration of the Inspection Period;

b. An Assignment and Assumption of Leases substantially in the form attached to this Agreement
as Exhibit C and the Lease Deposits;

c. Letters to the tenants under the Leases advising them that the Property has been
transferred to Buyer and directing them to make future payments of rent and other amounts accruing
under the Leases to Buyer;

d. The Lease Documents (including the original Leases and Lease Guarantees), Plans and
Specifications, “as built” plans, and CAD or electronic versions thereof, and the other Seller
Deliveries to the extent in Seller’s possession or control and not already delivered to Buyer
pursuant to Article 2 of this Agreement;

e. Appropriate documentation evidencing and effecting the Loan Assignment, Assumption and
Consent;

f. An Assignment and Assumption of Contracts, excluding those rejected by Buyer pursuant to
Section 2.7.1;

g. Special warranty assignments and/or bills of sale, as appropriate, to convey the other
Inclusions to Buyer, free and clear of title exceptions except the Permitted Exceptions;

	 	 	 
	h.
	 	All keys to the Building that are in the possession of Seller;

	i.
	 	Seller’s settlement statements;

j. A certificate that Seller is not a nonresident alien, as defined in the Internal Revenue
Code and Treasury Regulations promulgated thereunder, in accordance with Section 1445 of the
Treasury Regulations, or such other certificate or document necessary to comply with Section 1445
of the Internal Revenue Code and such documents as are required to comply with Colorado law with
respect to withholding from a nonresident seller;

k. Standard affidavit and indemnity agreement required by the Title Company to provide the
owner’s title policy with extended coverage in form and content reasonably acceptable to Seller’s
counsel; and

l. Closing instructions, real property tax pro-ration agreement and such additional
instruments and documents as may be reasonably required by Buyer or the Title Company in connection
with the consummation of the transaction contemplated hereby.

3.7 Delivery of Closing Funds and Documents by Buyer. At the Closing, Buyer shall pay
the Purchase Price as provided in Section 1.2 above, and shall execute and deliver the
following documents to the Title Company:

a. The Loan Assignment, Assumption and consent and the New Loan Documents;

b. An Assignment and Assumption of Leases substantially in the form attached to this Agreement
as Exhibit C;

c. An Assignment and Assumption of Contracts, excluding those rejected by Buyer pursuant to
Section 2.7.1;

d. Buyer’s settlement statements;

e. Standard affidavit and indemnity agreement required by the Title Company to provide the
owner’s title policy with extended coverage; and

f. Closing instructions, real property tax pro-ration agreement and all other instruments and
documents as may be reasonably required by the Title Company or Seller in connection with the
consummation of the transaction contemplated hereby.

3.8 Seller’s Closing Costs. Seller shall pay the following at the Closing:

a. The premium for the owner’s title policy with extended coverage issued by the Title
Company, and, if Seller has elected to cure a defect in title by providing Buyer with affirmative
title insurance protection, the premium for any endorsements required to cure such defect in the
title to the Property;

b. One-half of the closing fees and escrow charges, if any, charged by the Title Company for
handling the Closing;

c. If it is necessary to deliver any Closing documents to or on behalf of Seller by courier or
overnight delivery, all costs incurred by the Title Company in delivering said items, including,
without limitation, the costs of any courier service or postage;

d. The statutory fees for the release of any monetary encumbrance upon the Property to be
released at Closing (other than any fees that are Loan Assumption Costs);

e. Seller’s pro-rata share of real property taxes and other expenses under Section
3.10;

f. All transfer, assumption or waiver fees associated with any owners’ association, declarant
or easement holder that holds any right in the Property; and

g. Such other charges as are customarily paid by the seller in a real estate transaction in
Douglas County, Colorado.

3.9 Buyer’s Closing Costs. Buyer shall pay the following at the Closing:

a. All Loan Assumption Costs;

b. All recording and documentary fees applicable to the Closing and transfer of title other
than those stated in Section 3.8;

c. The premiums for endorsements to the owner’s title insurance policy desired by Buyer or any
lender, if any, and the premium for any lender title insurance policy or update thereto;

d. One-half of the closing fees and escrow charges, if any, charged by the Title Company for
handling the Closing;

e. If obtained, the cost of the new or updated survey as set forth in Section 2.2.2;

f. If it is necessary to deliver any Closing documents to or on behalf of Buyer by courier or
overnight delivery, all costs incurred by the Title Company in delivering said items, including,
without limitation, the costs of any courier service or postage;

g. Sales tax upon any personal property transferred to Buyer and any transfer tax, fee or
assessment coming due as a result of the transfer of title to the Property; and

h. Such other charges as are customarily paid by the Buyer in a real estate transaction in
Douglas County, Colorado.

3.10 Prorations and Adjustments. The following shall be prorated, credited, debited
and adjusted between Seller and Buyer as of 12:01 a.m. on the day of the Closing (except as
otherwise provided) in accordance with this Section 3.10. For purposes of calculating
prorations, Buyer shall be deemed to be in title to the Property, and therefore entitled to the
income and responsible for the expenses, for the entire day upon which the Closing occurs. Except
as hereinafter expressly provided, all prorations shall be done on the basis of a three hundred
sixty-five (365) day year and the actual number of days elapsed to the Closing Date or the actual
number of days in the month in which the Closing occurs and the actual number of days elapsed in
such month to the Closing Date, as applicable.

3.10.1 Rents; Lease Deposits; Unpaid Rent Concessions; Other proration items.

a. Rents. Buyer will receive a credit at closing for all rents collected by Seller
prior to the Closing Date and allocable to the period from and after the Closing Date based upon
the actual number of days in the month. No credit shall be given Seller for accrued and unpaid rent
or any other non-current sums due from tenants until these sums are paid, and Seller shall retain
the right to collect any such rent provided Seller does not sue to evict any tenants or terminate
any Leases. Buyer shall cooperate with Seller after the Closing Date to collect any rent under the
Leases which has accrued as of the Closing Date; provided, however, Buyer shall not be obligated to
sue any tenants or exercise any legal remedies under the Leases or to incur any expense over and
above its own regular collection expenses. All payments collected from tenants after the Closing
Date shall first be applied to the month in which the Closing occurs, then to any rent due to Buyer
for the period after the Closing Date and finally to any rent due to Seller for the periods prior
to Closing Date; provided, however, notwithstanding the foregoing, if Seller collects any payments
from tenants after the Closing Date through its own collection efforts, Seller may first apply such
payments to rent due Seller for the period prior to the Closing Date. Additionally, Buyer shall
receive a credit at Closing in the aggregate amount of the Lease Deposits.

b. CAM Charges. To the extent that tenants under the Leases are reimbursing the
landlord for common area maintenance and other operating expenses (collectively, “CAM Charges”),
CAM Charges shall be prorated at Closing as of the Closing Date on a lease-by-lease basis with each
party being entitled to receive a portion of the CAM Charges payable under each Lease for the CAM
Lease Year (as defined below) in which Closing occurs, which portion shall be equal to the actual
CAM Charges incurred during the party’s respective periods of ownership of the Property during the
CAM Lease Year. As used herein, the term “CAM Lease Year” means the twelve (12) month period as to
which annual CAM Charges are owed under each Lease. Seller shall be responsible for the CAM
reconciliation on a lease-by-lease basis for their ownership period within the CAM Lease Year up
to, but not including, the Closing Date. Buyer shall be responsible for the CAM reconciliation on a
lease-by-lease basis for their ownership period within the CAM Lease Year including the Closing
Date. In the event of any expenses, i.e. property taxes, where a proration was based on an estimate
for the year of Closing, a post close “true up” will be performed for the actual expense to
determine Seller and Buyer obligation for their ownership period for the year of Closing. Each
party will be responsible for any CAM “true up” necessary to the extent that the Leases provide for
a “true up.”

c. Security Deposits, Unpaid Rent Concessions, Unpaid Tenant Improvement Allowances and
Other Tenant Credits. The amount of all unapplied tenant security deposit, any accrued
interest due any tenant thereon, and, except as otherwise set forth in Section 3.3.3,
unpaid rent concessions due under any Tenant Lease and unpaid tenant improvement allowances owing
under any Tenant Lease and the amount of any other credits due any tenant, shall be credited to
Buyer based on a rental statement prepared by Seller and approved by Buyer (which statement must be
consistent with the applicable Tenant Lease, the estoppel certificate and the final rent roll).

d. Property Taxes. All real property taxes for the year immediately preceding the year
of Closing that are payable in the year of Closing, and for years prior thereto, shall be paid by
Seller on or before the Closing. Real property taxes for the year of Closing shall be prorated on
the basis of the most recent assessment and levy. If the most recent tax assessment and levy is not
for the current tax year, then the parties shall reprorate within sixty (60) days of the receipt of
the tax assessment and levy for the current tax year. If after the Closing there is any retroactive
increase in the real or personal property taxes or assessments imposed of the Property: (1) if such
increase relates to the tax year in which the Closing occurred, then such increase shall be
prorated by Seller and Buyer on a per diem basis based on their respective periods of ownership
during their period to which such increase applies, (2) if such increase relates to any tax year
subsequent to the tax year which the Closing occurred, then such increase shall be the obligation
of Buyer, and (3) if such increase relates to any tax year prior to the tax year in which the
Closing occurred, then such increase shall be the obligation of Seller. Any and all refunds,
credits, claims or rights to appeal respecting the amount of any real property taxes or other taxes
or assessments charged in connection with the Property for any period shall belong to Buyer
following the Closing, except that if prior to the end of the Due Diligence Period Seller has
applied for a property tax refund or has appealed the County Assessor’s valuation of the Property
for any period of time prior to the Closing Date, then Seller shall be entitled to any refund
applicable to such period.

e. Private Assessments. Payments due under any assessments imposed by private
covenant shall be prorated as of the Closing.

f. Operating Expenses. All operating expenses (including all charges under the Service
Contracts and agreements assumed by Buyer) shall be prorated, and as to each service provider,
operating expenses payable or paid to such service provider in respect to the billing period of
such service provider in which the Closing occurs (the “Current Billing Period”), shall be prorated
on a per diem basis based upon the number of days in the Current Billing Period prior to the Close
Date and the number of days in the Current Billing Period from and after the Closing Date, and
assuming that all charges are incurred uniformly during the Current Billing Period. If actual
bills for the Current Billing Period are unavailable as of the Closing Date, then such proration
shall be made on an estimated basis based upon the most recently issued bills, subject to
readjustment upon receipt of actual bills.

g. Leasing Concessions. Except as otherwise set forth in Section 3.3.3, at
Closing, Buyer shall receive a credit for any rent concessions related to any Leases that have not
been fully utilized at Closing and for any tenant improvement costs or leasing commissions that
have not been fully satisfied at Closing.

h. Items Not Prorated. Seller and Buyer agree that (i) on the Closing Date, the
Property will not be subject to any financing arranged by Seller, except the Loan; (ii) none of the
insurance policies relating to the Property will be assigned to Buyer and Buyer shall be
responsible for arranging for its own insurance as of the Closing Date; and (iii) utilities,
including telephone, electricity, water, and gas, shall be read on the Closing Date and Buyer shall
be responsible for all the necessary actions needed to arrange for utilities to be transferred to
the name of Buyer on the Closing Date, including the posting of any required deposits and Seller
shall be entitled to recover and retain from the providers of such utilities any refunds or
overpayments to the extent applicable to the period prior to the Closing Date, and any utility
deposits which it or its predecessors may have posted. Accordingly, there will be no prorations for
debt service, insurance or utilities. In the event a meter reading is unavailable for any
particular utility, such utility shall be prorated in the manner provide.

i. Other Items. All other items customarily prorated or required by any other
provision of this Agreement to be prorated or adjusted.

3.10.2 Calculation / Re-prorations. Seller shall prepare and deliver to Buyer no
later than three (3) business days prior to the Closing Date an estimated closing statement which
shall set forth all costs payable, and the prorations and credits provided for in this Agreement
and to the extent Seller does not timely deliver the estimated closing statement to Buyer, Buyer
shall have the right, but not the obligation, to extend the Closing Date by the number of days
Seller is delinquent in delivering such estimated closing statement to Buyer. Any item which cannot
be finally prorated because of the unavailability of information shall be tentatively prorated on
the basis of the best data then available and adjusted when the information is available in
accordance with this subsection. Buyer shall notify Seller within two (2) days after its receipt of
such estimated closing statement of any items which Buyer disputes and the parties shall attempt in
good faith to reconcile any differences not later than one (1) day before the Closing Date. The
estimated closing statement as adjusted as aforesaid and approved in writing by the parties shall
be referred to therein as the “Closing Statement.” If the prorations and credits made under the
Closing Statement shall prove to be incorrect or incomplete for any reason, then either party shall
be entitled to an adjustment to correct the same; provided, however, that any adjustment shall be
made, if at all, within sixty (60) days after the Closing Date except with respect to CAM Charges,
taxes and assessments, in which case such adjustment shall be made within sixty (60) days after the
information necessary to perform such adjustment is available), and if a party fails to request an
adjustment to the Closing Statement by a written notice delivered to the other party within the
applicable period set forth above (such notice to specify in reasonable detail the items within the
Closing Statement that such party desires to adjust and the reasons for such adjustment), then the
prorations and credits set forth in the Closing Statement shall be binding and conclusive against
such party.

3.10.3 Final Settlement of Prorations. Notwithstanding any provision in this Section
3.10 or elsewhere in this Agreement to the contrary, all prorations described herein, including,
but not limited to, CAM Charges, taxes and assessments, shall be reconciled on and as of December
1, 2010, on the basis of actual numbers or, if actual numbers are unavailable, the best data then
available, and final settlement of all payments due by either party with respect thereto, as
mutually agreed by the parties, shall occur on or before December 31, 2010. Buyer shall be
responsible for providing to Seller the required reconciliation statement on or before December 1,
2010. The parties acknowledge and agree that each party shall be relieved of any further duties
and obligations under this Section 3.10 from and after December 31, 2010.

3.10.4 Indemnification. Buyer and Seller shall each indemnify, protect, defend and
hold the other harmless from and against any claim in any way arising from the matters for which
the other receives a credit or otherwise assumes responsibility pursuant to this Section.

3.10.5 Survival. The provisions of this Section 3.10 shall survive the
Closing.

3.11 Conduct of Closing. At the Closing, the Title Company, upon confirming that all
funds, documents and other items required by Sections 3.6 – 3.10 of this Agreement have
been deposited into escrow, shall: (i) disburse the remaining Purchase Price in accordance with the
settlement sheets approved and executed by the parties; (ii) record the special warranty deed in
the office of the Clerk and Recorder for Douglas County, Colorado; (iii) deliver the original bills
of sale, assignments, tenant letters, documents and keys to Buyer; (iv) file the appropriate
reporting documents in accordance with Section 3.12 of this Agreement; and (v) deliver
copies of the executed Closing documents to each of the parties.

3.12 Reporting of Transaction. The Title Company shall prepare and file, promptly
after the Closing, the required forms with the Internal Revenue Service pursuant to Section
6045(e)(2) of the Internal Revenue Code, as amended.

3.13 Delivery of Possession. Seller shall deliver possession of the Property to Buyer
at Closing, free of any leases or tenancies other than the Leases and any other lease for the
Property permitted by Section 2.3.1 of this Agreement.

3.14 Delivery of Title Policy. As soon as reasonably practicable after Closing,
Seller shall cause the Title Company to deliver an ALTA Owner’s Title Insurance Policy to Buyer in
accordance with the most recent Title Commitment issued prior to Closing and Sections 2.2.1 and
2.8 of this Agreement.

3.15 Post Closing Covenants. Subsequent to the Closing Date, the parties covenant and
agree that:

3.15.1 Tenant Adjustments.

a. Seller shall be solely responsible to account for operating expenses and other Additional
Rent items and make any adjustments with tenants: (i) under any lease for the Property that
terminated prior to Closing, and (ii) for the Leases for any year prior to the year of Closing.

b. Buyer shall be solely responsible to account for operating expenses and other Additional
Rent items and make any adjustments with tenants under the Leases for the year of Closing and
thereafter. Notwithstanding the preceding provision, Seller shall be obligated to cooperate with
Buyer in a reasonable manner in order to determine final prorated amounts pursuant to Section
3.10 hereinabove.

c. Each party shall indemnify the other against any loss or damage, including reasonable
attorneys’ fees, arising out of a breach of this Section 3.15.1 by the indemnifying party.

3.15.2 Rent Receipts. Buyer agrees to reasonably cooperate with Seller to recover any
amounts due from tenants under the Leases for the month of Closing and prior periods.
Notwithstanding the foregoing, any rent payments that are received by Buyer subsequent to the
Closing Date from tenants under the Leases shall, regardless of any designation by the tenant, be
credited, first, against rent and other amounts that have accrued under the Leases subsequent to
the month of Closing; and, second, against rent and other amounts due to Seller for the month of
Closing and prior periods. Each party agrees to promptly remit rent payments received from tenants
under the Leases that are received by it by mistake. For the avoidance of doubt, Buyer and Seller
agree that amounts received from tenants subsequent to the Closing Date shall be applied in
accordance with this Section.

3.15.3 Survival. The provisions of this Section 3.15 shall survive the
Closing.

ARTICLE 4

RISK OF LOSS; CONDEMNATION

4.1 Casualty Loss. Seller shall bear all risk of destruction of or damage to the
Property by flood, fire or other casualty until the Closing Date; provided, however, that in the
event that the Property is damaged prior to the Closing Date so as to require repair costs in
excess of $100,000.00, as reasonably estimated and agreed by both parties, or if said damage would
entitle any tenant under a Lease to terminate its Lease, then Buyer may elect to terminate this
Agreement by written notice to Seller within ten (10) days of the date of such damage (or the
Closing Date, whichever period is shorter), in which event this Agreement shall terminate pursuant
to the provisions of Section 5.4. If the damage does not exceed such amount, or if Buyer
does not elect to terminate this Agreement in accordance with the terms of this Section, the
parties shall proceed to Closing notwithstanding such damage and Buyer shall purchase the Property
without reduction of the Purchase Price or any other claim or offset and Seller shall at Closing
assign to Buyer the right to receive all insurance proceeds payable to Seller as a result of such
fire or other casualty, and Buyer shall receive a credit at the Closing in the amount of any
deductible with respect to such insurance claim, provided that Seller shall be entitled to retain,
to the extent theretofore paid and shall not be obligated to assign the right to receive, to the
extent not theretofore paid, an amount of such insurance proceeds equal to Seller’s expenses
incurred in collecting such proceeds and any sums expended by Seller in connection with the repair
of such damage or destruction. If the parties are unable, despite their good faith and
commercially reasonable efforts, to agree upon the reasonable cost of repair on or before the
Closing Date, then either party can give notice terminating this Agreement. After the Closing,
Buyer shall bear the risk of destruction of or damage to the Property.

4.2 Failure of Inclusions. Should any Inclusions or services (including systems and
components of the Property, such as heating, plumbing, etc.) fail or be damaged between the
Effective Date and the Closing Date, then, at the option of Seller (but in compliance with
provisions of the Leases applicable to the landlord’s maintenance responsibilities): (i) Seller
shall repair or replace such Inclusions or services with a unit of similar size, age and quality;
or (ii) Buyer shall receive a credit at Closing equal to the reasonable costs of repairing or
replacing such Inclusion or service.

4.3 Taking Prior to Closing. If a portion of the Property is taken by the right of
eminent domain prior to the Closing Date, Buyer shall have the right to either (i) terminate this
Agreement pursuant to Section 5.4, or (ii) perform this Agreement notwithstanding such
condemnation or threatened condemnation, in which event this Agreement shall continue in full
force. The failure of Buyer to give notice of termination within ten (10) days of notice of a
condemnation or threatened condemnation shall constitute Buyer’s election to perform this Agreement
pursuant to Section 4.3(ii). If Buyer elects or is deemed to elect to perform this
Agreement pursuant to Section 4.3(ii): (a) Seller shall not compromise, adjust or accept
any amounts payable by reason of such condemnation without Buyer’s written consent; (b) Seller
shall take commercially reasonable efforts to negotiate, litigate or collect the amount of
compensation to be paid by reason of such condemnation; and (c) Buyer shall be entitled to a
credit, at Closing, equal to all amounts payable to Seller by reason of such condemnation (net of
attorneys fees, court costs and other expenses incurred by Seller in obtaining such award), not to
exceed the Purchase Price. To the extent that such amounts have not been finally determined as of
the Closing, the Purchase Price shall not be adjusted and Seller shall pay to Buyer the net amount
of any such award received by Seller following the date of Closing (which obligation shall survive
Closing).

ARTICLE 5

DEFAULT AND REMEDIES

5.1 Seller’s Default.

5.1.1 Failure to Perform Under Agreement. Except as otherwise provided herein, if,
due to circumstances other than Buyer’s failure to perform any term or condition of this Agreement
binding on it, Seller fails to timely perform any of its obligations under this Agreement, Buyer
shall deliver to Seller a written notice detailing such failure of performance. With respect to
monetary defaults, Seller shall have ten (10) days from receipt of such notice (or until the
Closing Date, whichever first occurs) within which to remedy the failure of performance. With
respect to non-monetary defaults, Seller shall have thirty (30) days from receipt of such notice
(or until the Closing Date, whichever first occurs) within which to remedy the failure of
performance. Notwithstanding the foregoing, no curative or grace period shall be applicable to
Seller’s failure to perform its obligations at Closing.

5.1.2 Buyer’s Remedies. If, at the expiration of the applicable curative period,
Seller has not cured such failure of payment or performance, Buyer may elect to (a) declare this
Agreement terminated, in which event Section 5.4 shall govern the respective rights and
obligations of the parties, and Seller shall reimburse Buyer for all of Buyer’s out of pocket costs
and expenses incurred in connection with this transaction up to a maximum of $100,000.00, or (b)
bring an action against Seller for specific performance. The option selected by Buyer shall be
Buyer’s sole and exclusive remedy, and Buyer hereby expressly waives any remedy of damages.
Notwithstanding anything set forth herein to the contrary, Buyer shall not be required to fund the
balance of the Purchase Price in order to enforce its rights under this Section.

5.2 Buyer’s Default.

5.2.1 Failure to Perform Under Agreement. If, due to circumstances other than
Seller’s failure to perform any term or condition of this Agreement binding on it, Buyer fails to
timely perform any of its obligations under this Agreement when required by this Agreement, Seller
shall deliver to Buyer written notice detailing such failure of performance. With respect to
monetary defaults, Buyer shall have ten (10) days from receipt of such notice (or until the Closing
Date, whichever first occurs) within which to remedy the failure of performance. With respect to
non-monetary defaults, Buyer shall have thirty (30) days from receipt of such notice (or until the
Closing Date, whichever first occurs) within which to remedy the failure of performance.
Notwithstanding the foregoing, no curative or grace period shall be applicable to Buyer’s failure
to deposit the Earnest Money pursuant to Section 1.2.1 or to perform its obligations at
Closing.

5.2.2 Seller’s Remedies. If, at the expiration of such applicable cure periods as set
forth above, Buyer has not cured any such default, Seller may terminate this Agreement, in which
event Seller shall retain the Earnest Money paid to the date of such termination as liquidated
damages and not as a penalty, it being acknowledged that Seller’s actual damages resulting from
such default would be extremely difficult and impractical to ascertain and that the Earnest Money
represents a fair approximation of such damages. Seller hereby expressly waives the remedies of
specific performance or additional damages.

5.3 Attorneys’ Fees and Costs; Waiver of Jury Trial. In the event of any litigation
between the parties concerning this Agreement or the enforcement of this Agreement (or, in the
event of arbitration, if the parties agree to arbitrate any dispute), the prevailing party shall be
awarded payment of its costs and expenses relating to such action, including, but not limited to,
court costs and reasonable attorneys’ fees and expert witness fees incurred by the prevailing party
at trial and upon appeal. For purposes of this Section, the term “prevailing party” shall include
a party that withdraws or dismisses a claim in return for payment allegedly due, performance of a
covenant allegedly owed, or other consideration substantially satisfying the claim withdrawn or
dismissed. In determining which party is the prevailing party in an action, a court or arbitrator
may consider the relief sought, the merit of the parties’ positions and the degree to which a party
prevailed in the action. The provisions of this Section shall survive Closing.

THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO
A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT AND ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH OR RELATED HERETO,
OR ANY COURSE OR CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF
EITHER PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS
TRANSACTION.

5.4 Termination Prior to Closing. In the event of a termination of this Agreement
pursuant to any provision of this Agreement that refers to or invokes the terms of this Section
5.4, this Agreement shall terminate and, with the exception of provisions that expressly
survive termination of this Agreement, each party shall be relieved of any further duties or
obligations hereunder. The Earnest Money paid to the date of termination and interest accrued upon
it shall be returned to Buyer without further consent by Seller, subject, however, to a security
interest in favor of Seller if Buyer has breached its obligations under Section 2.6. In the
event of any termination of this Agreement prior to Closing, Buyer shall promptly return to Seller
all documents and other information Seller provided to Buyer for its due diligence purposes, and
Buyer shall assign to Seller, at no cost, all of Buyer’s right, title and interest, if any, in and
to and deliver to Seller originals or copies of all third-party reports, studies, inspections,
surveys, analyses, documents and other work product obtained by Buyer during its due diligence that
are within Buyer’s possession and control regarding the Property (excluding attorney-client
privileged materials and proprietary financial information). Any such materials will be provided
to Seller as provided herein without any representation or warranty whatsoever from Buyer as to the
accuracy or completeness of any matters contained therein, and without warranty or representation
as to Buyer’s right, title or interest therein, if any.

ARTICLE 6

NOTICES

6.1 Manner of Notice. All notices or demands under this Agreement shall be in writing
and shall be deemed given and received according to the following provisions:

6.1.1 Personal Delivery. If notice is given by personal delivery, notice shall be
deemed to have been given and received on the day of the actual receipt by the receiving party.

6.1.2 Overnight Courier. If notice is given by nationally recognized overnight
courier service, notice shall be deemed to have been given and received on the first business day
following its timely deposit with such courier service, delivery fees for next business day
delivery prepaid. No signature affirming receipt by the receiving party is required. The internal
records of the courier service shall be accepted as sufficient evidence of the date of the deposit
of the notice with the courier service.

6.1.3 Postal Service. In the case notice is given by means of the U.S. Postal
Service, notice shall be deemed to have been given and received on the third business day after the
deposit of the notice, postage prepaid, certified mail return receipt requested, with the U.S.
Postal Service, addressed to the receiving party.

6.1.4 Facsimile Transmission. In the case of facsimile transmission, notice shall be
deemed to have been given and received on the day of such transmission. Such facsimile
transmission, to be considered effective, shall be corroborated by a copy of the facsimile printout
showing the telephone number from which transmitted, the telephone number to which transmitted, the
date and the time of such transmission and that the transmission was error free. A copy of any
notice given by facsimile transmission shall also be delivered by means of the U.S. Postal Service.

6.2 Addresses for Notice. All notices shall be given to the respective parties at the
following addresses and facsimile numbers, until further written notice given in accordance with
this Section:

	 	 	 
	If to Seller:
	 	HRMed, LLC

c/o The Colorado Group, Inc.

3434 47th Street, Suite 220

Boulder, CO 80301

Attention: Neil A. Littmann

Email: neil@coloradogroup.com

Facsimile: 303-449-8250

Telephone: 303-449-2131 ext.132

	With a copy to:
	 	Packard and Dierking, LLC

2595 Canyon Boulevard, Suite 200

Boulder, CO 80302

Attention: Bruce D. Dierking

Email: bruce@packarddierking.com

Facsimile: 303-447-0451

Telephone: 303-447-0450

	If to Buyer:
	 	Grubb & Ellis Equity Advisors, LLC

1551 North Tustin Avenue, Suite 200

Santa Ana, CA 92705

Attention: Danny Prosky

Email: Danny.Prosky@Grubb-Ellis.com

Facsimile: 714-975-2199

Telephone: 714-667-8252

	With a copy to:
	 	Gregory Kaplan, PLC

7 East Second Street

Richmond, VA 23224

Attention: Joseph J. McQuade

Email: jmcquade@gregkaplaw.com

Facsimile: 804-916-9127

Telephone: 804-916-9027

ARTICLE 7

MISCELLANEOUS

7.1 Time. Time is of the essence with regard to the performance of the obligations of
the parties under this Agreement. If the date for any such performance falls on a Saturday, Sunday
or banking holiday, the date of performance shall be extended to the next regular business day.
Unless expressly stated to be a business day, the term “day” in this Agreement shall mean a
calendar day. The term “business day” as used in this Agreement shall mean days on which federally
chartered banks are open in Denver, Colorado.

7.2 Assignment. Buyer may assign its rights and obligations under this Agreement to
an entity that controls, is controlled by or is under common control with Buyer (collectively,
“affiliate”), or a subsidiary of any REIT advised by an affiliate of Buyer (“Permitted Assign”).
Except as permitted in the foregoing sentence, Buyer may not assign any of its rights or
obligations under this Agreement without the prior written consent of Seller, which consent may be
withheld at Seller’s sole discretion.

7.3 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties and their heirs, personal representatives, successors and permitted assigns.

7.4 Governing Law. This Agreement has been executed in the State of Colorado and
shall be governed by the laws of the State of Colorado. The parties agree that any action under
this Agreement shall be filed in a court of competent jurisdiction in the county where the Property
is located.

7.5 Gender and Number. Any term of gender used in this Agreement shall include all
genders and legal entities, and the plural shall include the singular, and the singular shall
include the plural, all as the context may require.

7.6 Severability. The invalidity of any provision of this Agreement shall not affect
the validity or enforceability of any other provision set forth in this Agreement. If any
provision is found to violate any law or public policy, the affected provision shall be deemed to
be amended to conform with applicable law or public policy while, insofar as possible, retaining
the original import of such provision.

7.7 Section Headings. The section headings contained in this Agreement are for the
purposes of identification only and shall not be considered in construing this Agreement.

7.8 Brokerage. CB Richard Ellis (“Broker”) is acting as Seller’s agent in connection
with the transaction contemplated in this Agreement. The Broker shall receive a commission from
Seller at the Closing pursuant to the terms of a separate agreement between Broker and Seller.
Except for the Broker, each party acknowledges, represents and warrants to the other that such
party has not engaged or utilized the services of a broker in connection with this transaction who
shall be entitled to a commission as a result of this Agreement or the consummation of the
transaction contemplated herein. Each agrees to indemnify and hold the other harmless from any
damages resulting from a breach of this representation by such party, including reasonable
attorneys’ fees, costs and expenses of defending a claim.

7.9 Entire Agreement; Modification of Agreement. This Agreement is an integrated
agreement which supersedes all prior understandings and agreements between the parties with regard
to the Property. This Agreement may only be modified by an agreement in writing and signed by both
of the parties.

7.10 Survival of Provisions After Closing. Any provisions of this Agreement which
require observance or performance after the date of Closing, shall continue in force and effect
following the Closing Date.

7.11 General Cooperation. Notwithstanding any other provision of this Agreement to
the contrary, and notwithstanding the Closing of the sale of the Property to Buyer, the parties
agree in good faith before and after such Closing to execute such further or additional documents,
and to take such other actions, as may be reasonably necessary or appropriate to fully carry out
the intent and purpose of the parties as set forth in this Agreement.

7.12 Negotiated Agreement; Legal Counsel. This Agreement shall not be construed more
strictly against one party than the other merely by virtue of the fact that it has been prepared by
counsel for one of the parties, it being recognized that Buyer has been advised to seek legal
counsel and has had the opportunity to contribute substantially and materially to the terms and
preparation of this Agreement.

7.13 Counterparts and Facsimile. This Agreement may be executed in counterparts,
which, taken together, shall constitute the agreement of the parties. Signatures transmitted by
facsimile or electronic mail shall be valid and binding for all purposes. If a party’s signature
is transmitted by facsimile or electronic mail, such party will provide the other party with an
originally signed copy of this Agreement within ten (10) days of any request; provided, however,
that such party’s failure to do so does not affect the validity of this Agreement.

7.14 Like-Kind Exchange. The parties mutually agree to cooperate with one another for
purposes of structuring this transaction, for the benefit of either party, as a like-kind exchange
of real property and/or personal property, whether simultaneous or a deferred “Starker” exchange,
pursuant to Section 1031 of the Internal Revenue Code, and the regulations promulgated thereunder;
provided, however, that the cooperating party shall not be required to take title to any other real
property, or to undertake any obligation or liability to any third party in connection therewith.
The party furnishing such cooperation for the benefit of the other is sometimes referred to herein
as the “cooperating party,” while the party seeking to effectuate the like-kind exchange for its
tax purposes is sometimes referred to herein as the “exchanging party.” The cooperating party
specifically agrees to execute such documents and instruments as are reasonably necessary to
implement any such exchange, provided the same are consistent with the foregoing provisions. The
exchanging party shall be solely responsible for assuring that the structure of the proposed
exchange for that party’s benefit is effective for that party’s tax purposes. Furthermore, the
cooperating party specifically agrees that the exchanging party may assign this Agreement and any
of its rights and obligations hereunder, in whole or in part, as necessary or appropriate in
furtherance of effectuating a like-kind exchange, notwithstanding any provisions of this Agreement
which would otherwise preclude an assignment; provided, however, that the assigning party shall be
and remain primarily liable for all of its obligations under this Agreement, and any further or
other assignment which is unrelated to the exchange shall remain subject to the approval rights of
the other party hereunder.

7.15 Compliance Escrow. The parties agree that a portion of the Purchase Price due to
Seller upon Closing in an amount equal to $150,000.00 shall be held and deposited by the Title
Company in escrow in a separate federally insured interest bearing trust account pursuant to the
terms of an Escrow Agreement to be mutually agreed by the parties on or before Closing. The
purpose of said escrow shall be to secure compliance by Seller (i) with all covenants of Seller
under this Agreement, (ii) with all representations and warranties made by the Seller herein, and
(iii) with all covenants, representations and warranties made by the Seller under the documents to
be signed at Closing, as well as to cover any funds that may be owed by Seller pursuant to
Section 3.10.3. The escrow shall expire on December 31, 2010. Unless the Title Company
and Seller receive written notice from Buyer of a claim under this Section 7.15 prior to December
31, 2010, the funds described herein shall be automatically released to Seller on December 31,
2010, without any further action or consent of Buyer required. Notwithstanding the above
provisions, if prior to December 31, 2010 (a) any dispute exists between the parties as to the
funds held in escrow hereunder, and (b) Seller and the Title Company have received notice of such
dispute, then the amount of said funds in dispute shall continue to be held in escrow by the Title
Company beyond December 31, 2010, if necessary, pending resolution of such dispute.

7.16 Cooperation with S-X 3-14 Audit. Seller acknowledges that Buyer is the wholly
owned subsidiary of a publicly registered company (“Registered Company”) and that Buyer and/or the
Registered Company is required to make certain filings with the Securities and Exchange Commission
(the “SEC Filings”) that relate to the most recent pre-acquisition fiscal year (the “Audited Year”)
and the current fiscal year through the date of acquisition (the “stub period”) for the Property.
To assist the Buyer and the Registered Company in preparing the SEC Filings, the Seller agrees to
provide the Buyer with the following, to the extent the same are in Seller’s possession or control:
(i) access to bank statements for the Audited year and stub period; (ii) rent roll as of the end of
the Audited Year and stub period; (iii) operating statements for the Audited Year and stub period;
(iv) access to the general ledger for the Audited Year and stub period; (v) cash receipts schedule
for each month in the Audited Year and stub period; (vi) access to invoice for expenses and capital
improvements in the Audited Year and stub period; (vii) accounts payable ledger and accrued expense
reconciliations; (viii) check register for the 3-months following the Audited Year and stub period;
(ix) all leases and 5-year lease schedules; (x) copies of all insurance documentation for the
Audited Year and stub period; (xi) copies of accounts receivable aging as of the end of the Audited
Year and stub period along with an explanation for all accounts over 30 days past due as of the end
of the Audited Year and stub period; (xii) signed representation letter in the form attached hereto
as Schedule 7.16.1, and (xiv) to the extent necessary, a signed audit letter in the form
attached hereto as Schedule 7.16.2. Buyer shall reimburse Seller an amount not to exceed
$2,500.00 for Seller’s reasonable and documented costs and expenses, including reasonable legal
fees, incurred by Seller as a result of its obligations pursuant to this Section 7.16.

[SIGNATURE PAGE FOLLOWS]

1

IN WITNESS WHEREOF, the parties have executed this Purchase and Sale Agreement as of the date
of the signatures as stated below. This Agreement will not become binding until executed by both
parties.

SELLER:

	 	 	HRMED, LLC,

a Colorado limited liability company

By: /s/ Neil A. Litmann

Neil A. Littmann, Manager

Date: January 26, 2010

BUYER:

	 	 	G&E HC REIT II Highlands Ranch Medical Pavilion, LLC,

	 	 	a            Delaware limited liability company

	 	 	 
	By:
	 	Grubb & Ellis Healthcare REIT II Holdings, L.P.,

a Delaware limited partnership, its Sole Member

	By:
	 	Grubb & Ellis Healthcare REIT II, Inc.,

a Maryland corporation, its General Partner

By: /s/ Shannon K Johnson

Name: Shannon K Johnson

Title: Chief Financial Officer

Date: January 26, 2010

2

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