Document:

Exhibit 10.1

 

Execution Version

 

Contribution Agreement

 

TMC Realty, L.L.C. and 8831-8833 Sunset,
LLC

collectively, Contributor

 

and

 

Match Group, Inc.

Recipient

 

Property

 

8800 and 8833 West Sunset Boulevard

West Hollywood, CA 90069

 

_________________________________________________

 

Date: December 19, 2019

 

     

     

    

 

Table of Contents

 

	Article	Page
	 	 
	1.	Basic Terms and Definitions	1
	 	 	 
	2.	The Property	3
	 	 	 
	3.	Consideration	3
	 	 	 
	4.	Apportionments	4
	 	 	 
	5.	Title	5
	 	 	 
	6.	Closing and Closing Conditions	6
	 	 	 
	7.	Closing and Post Closing Deliveries	9
	 	 	 
	8.	Representations	11
	 	 	 
	9.	Property Condition	15
	 	 	 
	10.	Risk of Loss	18
	 	 	 
	11.	Default	19
	 	 	 
	12.	Assignment	19
	 	 	 
	13.	Broker	19
	 	 	 
	14.	Notices	19
	 	 	 
	15.	Miscellaneous	20

 

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Exhibit A – Land

Exhibit B – Leases

Exhibit C-1 – Pro-Forma for 8800 West Sunset
Boulevard

Exhibit C-2 – Pro-Forma for 8833 West Sunset Boulevard

Exhibit D – List of Vendors for the Service Contracts

 

 

Schedule 1 – Grant Deed

Schedule 2 – Assignment and Assumption Agreement - Leases,
Service Contracts, Permits, Records, Warranties and Intangibles

Schedule 3 – “Foreign Person” Affidavit

Schedule 4 – Notice to Tenants

Schedule 5 – Certificate of Transfer

Schedule 6 – Amendment to Expedia, Inc. Lease.

Schedule 7 – Lease to IAC Holdings, Inc.

Schedule 8 – Right of First Offer Agreement

Schedule 9 - Owner’s Affidavit and Gap Indemnity

 

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Contribution Agreement

 

1.                 
Basic Terms and Definitions

 

		1.1	Date of this Agreement. December 19, 2019.

 

		1.2	Contributor. TMC Realty, L.L.C. and 8831-8833 Sunset, LLC (each a “Contributor” and collectively, “Contributor”).

 

		1.3	Recipient. Match Group, Inc.

 

		1.4	Land. The land described on Exhibit A to this Agreement.

 

		1.5	Consideration. $120,000,000.00, allocated as provided in Section 3.1 of this Agreement.

 

		1.6	Title Company. First American Title Insurance
Company.

 

		1.7	Closing Date. January 31, 2020.

 

		1.8	Closing Location. The office of the Title Company by all deliveries in escrow prior to the Closing Date pursuant to
a closing instruction letter signed by Contributor and Recipient.

 

		1.9	Broker. None.

 

		1.10	Guarantor. IAC Holdings, Inc.

 

		1.11	Notice Addresses.

 

		(a)	Contributor. 555 West 18th Street, New York, NY 10011, attention: General Counsel; and if by e-mail, to Gregg
Winiarski.

 

		(b)	Recipient. 8750 N. Central Expressway, Suite 1400, Dallas, TX 75231; attention: General Counsel; and if by e-mail, to 

 

	 	 	with a copy to: Debevoise &
Plimpton LLP, 919 Third Avenue, New York, NY 10022, attention: Nicole Levin Mesard; and if by e-mail, to nlmesard@debevoise.com.

 

		(c)	Title Company. 666 Third Avenue, 5th Floor, New York, NY 10017.

 

		1.12	Certain Other Defined Terms.

 

		(a)	Average Closing Stock Price. Section 3.1.2

 

		(b)	Claims. Section 9.5

 

		(c)	Closing. Section 6.1

 

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		(d)	Contributor Group. Section 9.5

 

		(e)	Development Rights. Section 2.1

 

		(f)	Equipment. Section 2.1

 

		(g)	Express Representations. Section 8.1

 

		(h)	Hazardous Substances. Section 8.1.9

 

		(i)	Improvements. Section 2.1

 

		(j)	Information. Section 15.7

 

		(k)	Intangibles. Section 2.1

 

		(l)	Lists. Section 8.1.13

 

		(m)	Material Damage. Section 10.1

 

		(n)	Natural Hazard Expert. Section 9.6

 

		(o)	OFAC. Section 8.1.13

 

		(p)	Order. Section 8.1.13

 

		(q)	Permits. Section 8.1.7

 

		(r)	Permitted Encumbrances. Section 5.1

 

		(s)	Phase I Reports. Section 6.2.4

 

		(t)	Property. Section 2.1

 

		(u)	Records. Section 2.1

 

		(v)	Rents. Section 4.1

 

		(w)	Securities Act. Section 8.1.16

 

		(x)	Shares of Common Stock. Section 3.1.1

 

		(y)	Survival Period. Section 8.3

 

		(z)	Title Objection. Section 5.2

 

		(aa)	Title Pro-Formas. Section 5.1

 

		(bb)	Trading Day. Section 3.1.2

 

		(cc)	Warranties. Section 2.1

 

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2.                 
The Property.

 

2.1             
The Property. Contributor shall contribute and assign to Recipient, and Recipient shall acknowledge, accept and receive
from Contributor, the following (collectively, the “Property”): (a) the Land; (b) the buildings and improvements
on the Land (collectively, the “Improvements”); and (c) Contributor’s right, title and interest, if any,
in and to (i) any land lying in the bed of any street, opened or proposed, adjoining the Land, to the center line thereof, (ii)
any unpaid condemnation award with respect to the Land or the Improvements by reason of the change of grade of any street, (iii)
any strips or gores adjoining the Land, (iv) any rights relating to the Land or the Improvements, (v) the Leases, (vi) the
Service Contracts, (vii) the Permits, (viii) the fixtures, equipment and personal property used in connection with the Land or
the Improvements (the “Equipment”), but not Contributor’s artwork and other decorative items, (ix) the
plans, specifications, architectural and engineering drawings, surveys, soil, environmental and other studies, operating manuals,
data and records relating to the Land, the Improvements or the Equipment (the “Records”), (x) the warranties
or guaranties relating to the Land, the Improvements or the Equipment (the “Warranties”), (xi) the tradenames,
trademarks, servicemarks, logos, copyrights, good will and other intangibles relating to the Land, the Improvements or the Equipment
(the “Intangibles”), but not the name “IAC” or any variation of it and (xii) any air rights and
development rights relating to the Land or the Improvements (the “Development Rights”). The Land and Improvements
at 8800 West Sunset Boulevard are collectively called the “8800 Land and Improvements” and the Land and the Improvements
at 8833 West Sunset Boulevard are collectively called the “8833 Land and Improvements.”

 

3.                 
Consideration.

 

3.1             
Payment.

 

3.1.1       
In exchange for the contribution and assignment of the Property, Recipient shall issue shares of common stock, par value
$0.001, of Recipient (the “Shares of Common Stock”) to Contributor in accordance with the following provisions
of this Section.

 

3.1.2        Within
three business days of the Closing, Recipient shall issue Shares of Common Stock to: (i) TMC Realty, L.L.C. in a number equal
to the quotient of: (x) $73,200,000.00, divided by (y) the Average Closing Stock Price and (ii) 8831-8833 Sunset, LLC in a
number equal to the quotient of: (x) $46,800,000.00, divided by (y) the Average Closing Stock Price, in each case, rounded up
or down to the nearest whole Share of Common Stock. “Average Closing Stock Price” means the average, rounded
to four decimal places, of the daily dollar-volume-weighted average price for a Share of Common Stock, as reported by
Bloomberg, L.P. through its “MTCH Equity AQR” function for the time period 9:30 a.m. through 4:00 p.m. (or if
such function or service ceases to exist, any substitute function or service mutually agreed between Contributor and
Recipient) on each day over the ten consecutive Trading Day period ending on (and including) the Trading Day that is one
Trading Day prior to the Closing. “Trading Day” means a day on which Shares of Common Stock are traded on Nasdaq.
No fraction of a Share of Common Stock shall be issued to any Contributor at the Closing.

 

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3.1.3       
Allocation. The Consideration is allocated as follows: $73,200,000.00 to the 8800 Land and Improvements; and $46,800,000.00
to the 8833 Land and Improvements. No portion of the Consideration shall be allocated to any other Property.

 

4.                 
Apportionments.

 

4.1             
Contributor shall determine the amounts of the prorations in accordance with this Agreement at least two (2) business days
prior to Closing and notify Recipient in writing thereof. Recipient shall have the right to review and approve such determination
prior to Closing. In accordance with the notification, the parties shall prorate and the Consideration shall be adjust accordingly,
as of 11:59 p.m. the day prior to the Closing, all income and expenses with respect to the Property and payable to or by the owner
of the Property, including, without limitation:

 

4.1.1       
Rents. Rent, additional rent and all other charges under the Leases (“Rents”) shall be apportioned
and paid to the proper party at the Closing. Contributor shall send to Recipient any Rents it receives after Closing, promptly
upon receipt thereof. Rents received after Closing from Expedia, Inc. that were delinquent as of the Closing, if any, shall be
first applied to the then current Rent, then to all other unpaid Rent accruing after the Closing Date, then to the month in which
the Closing occurs, and then to periods prior to the Closing Date. However, Rents received after the Closing from Match Group,
Inc. or Tinder, Inc. that were delinquent as of the Closing, if any, shall be first applied to unpaid Rent accruing prior to the
Closing, then to the month in which the Closing occurs, and then to the periods after the Closing. From and after the Closing Date,
Contributor shall not sue any tenants to collect any delinquent Rents.

 

4.1.2       
Real Estate Taxes. Real estate taxes shall be apportioned on the basis of the fiscal year for which assessed. If
the Closing shall occur before the tax is fixed for the fiscal year in which the Closing occurs, the apportionment of real estate
taxes shall be on the basis of the tax rate for the immediately preceding fiscal year applied to the latest assessed valuation,
subject to final adjustment within 30 days following the date the tax is fixed for the fiscal year in which the Closing occurs.
Only the Recipient shall have the right to prosecute any pending tax reduction proceeding for the fiscal year in which the Closing
occurs. If the Closing shall not occur prior to the date which is 30 days before the last date to file for a tax reduction for
any fiscal year, and Contributor has not filed for a tax reduction on or before that date, then Contributor shall make such filing
at Recipient’s request. Any refunds obtained for any fiscal years prior to the fiscal year in which the Closing occurs, net
of reasonable out-of-pocket expenses incurred to obtain the refund, shall be paid to Contributor. Any refund obtained for the tax
year in which the Closing occurs, net of the reasonable expenses incurred to obtain the refund, shall be apportioned between Contributor
and Recipient.

 

4.1.3        Utilities.
Charges for water, sewer, electricity, gas, fuel and other utility charges, all of which Contributor shall cause to be read
promptly before Closing, shall be switched to Recipient as of the Closing Date, so that Contributor shall pay any charges due
prior to the Closing Date and Recipient shall pay any charges due thereafter. In the event the utility accounts have not been
switched by the Closing Date, such utility shall be apportioned between Contributor and Recipient.

 

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4.1.4       
Service Contracts. All accrued but unpaid charges and advance payments, including, without limitation, any lump sum
payments paid by Contributor (including, without limitation, in connection with the “Cisco” Service Contract), under
the Service Contracts shall be apportioned. If there is any deposit under a Service Contract, at the Closing the deposit shall
be assigned to Recipient and Recipient shall pay the amount of the deposit to Contributor.

 

4.2             
True-Up. Any prorations or adjustments of revenue or expenses which cannot be ascertained with certainty as of the
Closing (including, without limitation, real property and personal property taxes) shall be prorated on the basis of the parties’
reasonable estimate of such amounts and shall be re-prorated once the final amounts are determined. Until the date that is ninety
(90) days after the Closing Date, Contributor and Recipient agree to cooperate in good faith to determine if and to what extent
any prorations proved to be incorrect. If any of the prorations or adjustments made pursuant to Section 4.1 shall prove incorrect
for any reason, the party in whose favor the error was made will promptly pay to the other party a cash payment in the amount necessary
to correct such error. Contributor and Recipient shall each be deemed to have waived any right to seek such readjustment of the
prorations if it has not sent written notice to the other party prior to the date that is after the Closing Date of a dispute that
has not been resolved.

 

4.3             
Errors. Any incorrect calculation or omission of an apportionment shall be corrected as soon as practicable following
the Closing.

 

4.4             
Survival. The provisions of this Article 4 shall survive the Closing.

 

5.                 
Title.

 

5.1             
Permitted Encumbrances. The Property shall be conveyed subject to the encumbrances listed on each of the pro-forma
title policies (the “Title Pro-Formas”) attached hereto as Exhibit C-1 and Exhibit C-2 and any
state of facts shown on the Surveys (as defined in Section 6.2.4 of this Agreement), subject, however, to Section 6.2.4 of this
Agreement (the “Permitted Encumbrances”).

 

5.2              Title
Updates. If exceptions to title first appear on any update or continuation of the title, Recipient shall
notify Contributor thereof (“Title Objection”). Contributor shall be entitled to reasonable adjournments
of the Closing (not to exceed 180 days) in order to remedy any such Title Objections. If Recipient does give such notice,
Contributor shall have five (5) business days after receipt thereof to notify Recipient that Contributor (a) will cause or
(b) elects not to cause, any or all Title Objections to be removed or, if Recipient approves in its sole discretion exercised
in good faith, insured over by the Title Company. Contributor’s failure to notify Recipient within such five (5)
business day period as to any Title Objection shall be deemed an election by Contributor not to remove or have the Title
Company insure over such Title Objection. If Contributor notifies or is deemed to have notified Recipient that Contributor
shall not remove nor have the Title Company insure over any or all of the Title Objections, Recipient shall have the right,
exercisable within five (5) business days following receipt (or deemed receipt) of such notice, either to (i) terminate this
Agreement due to such Title Objections, in which event Contributor shall be to pay to Recipient the cost paid by Recipient
for a title search and survey update, survey, Phase I Reports and any property condition report, and neither party shall
thereafter have any further rights or obligations under this Agreement, except for those rights or obligations that expressly
survive or (ii) waive such Title Objections and proceed to Closing without any abatement or reduction in the Consideration on
account of such Title Objections, in which event such Title Objections shall be deemed Permitted Encumbrances for all
purposes hereof. Notwithstanding the foregoing, Contributor shall be required to remove of record the following liens: (A)
any mortgage on the Land or the Improvements given by Contributor; (B) any lien voluntarily created by Contributor after the
date of this Agreement; and (C) any other lien in a liquidated amount, such as mechanics liens, judgments or tax liens caused
by Contributor.

 

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5.3             
Violations. Notwithstanding any provision of this Agreement to the contrary, Contributor shall not be obligated to
comply with, or take any action or incur any expense in connection with, any violation of law, now or hereafter existing, and Recipient
shall accept title to the Property subject to any such violation; provided, however, that the Consideration shall be reduced by
the amount of any fines or penalties accrued and unpaid as of (and including) the date immediately prior to the Closing Date with
respect to any violation issued on or before the date of this Agreement.

 

5.4             
Assessments. If, on the Closing Date, the Land or the Improvements are affected by any assessments by any government
authority: (a) any such assessments or installments thereof payable on or after the Closing Date shall be paid by Recipient and
(b) any such assessments or installments thereof payable prior to the Closing Date shall be paid by Contributor at or before the
Closing.

 

5.5             
Removal of Liens and Encumbrances. If, on the Closing Date, there are any liens or encumbrances which Contributor
is obligated or elects to remove of record, same shall be deemed removed of record if Recipient’s title insurance company
agrees, without additional premium, to insure: (a) Recipient without exception for such liens and encumbrances or that same shall
not be enforced against the Property and (b) Recipient’s lender, if any, without exception for such liens and encumbrances
(provided Recipient’s lender agrees to such insurance; otherwise such liens or encumbrances must be removed of record by
Contributor).

 

5.6             
Survival. The provisions of this Article shall survive the Closing.

 

6.                 
Closing and Closing Conditions.

 

6.1             
Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall
take place through the Title Company at the Closing Location, on the Closing Date, subject to any adjournments permitted under
this Agreement. If the Closing shall not occur on the Closing Date, then for the purposes of this Agreement, the date on which
the Closing occurs shall be deemed the Closing Date.

 

6.1.1        Contributor’s
Closing Costs. Contributor shall pay (i) 50% of the cost of the title search and any, title insurance policy (excluding,
however, the cost of any extended title insurance coverage or endorsements) , survey and zoning report, (ii) 50% of the cost
of the Phase I Reports (as defined below), (iii) city, state and county transfer tax, in the amount required by law, (iv) 50%
of any escrow fee charged by the Title Company and (v) Contributor’s own attorneys’ fees.

 

6.1.2       
Recipient’s Closing Costs. Recipient shall pay (i) 50% of the cost of the title search and any, title insurance
policy (including, however, 100% of the cost of any extended title insurance coverage or endorsements), survey and zoning report,
(ii) 50% of the cost of the Phase I Reports (iii) 50% of any escrow fee charged by the Title Company and (iv) Recipient’s
own attorneys’ fees.

 

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6.2             
Closing Conditions. The obligations of Recipient under this Agreement are subject to and conditioned on the fulfillment
of the following conditions (unless waived in writing by Recipient):

 

6.2.1       
Representations and Warranties. Contributor’s representations and warranties contained in this Agreement shall:
(a) have been true and accurate in all respects when made, (b) be deemed to have been made again at and as of the Closing Date
and (c) be true and accurate in all material respects on the Closing Date.

 

6.2.2       
Obligations. Contributor shall have performed all of Contributor’s obligations under this Agreement in all
material respects.

 

6.2.3       
Title Insurance Policy. Recipient shall have received a standard owner’s policy of title insurance in the form
of the Title Pro-Formas, dated as of the Closing Date, and issued by the Title Company, insuring Recipient with respect to the
fee title interest in the Property, in the minimum amount of the Consideration, in accordance with the terms of this Agreement.

 

6.2.4        Surveys.
Recipient shall have received a survey with respect to each of the 8800 Land and the 8833 Land (the
 “Surveys”). If either of the Surveys shall show that title to either the 8800 Land or the 8833 Land is
unmarketable in any manner, that interferes with the current use of the 8800 Land or the 8833 Land (as applicable),
including, without limitation, (a) easements that require removal of any Improvement or a portion of any Improvement, (b)
easements encroaching on the footprint of the Improvements, easements not listed on the Title Pro-Formas or any other unknown
easement that the Surveyor identifies, in the case of clause (b), that would impede access to the Property, (the
 “Survey Objection”), Contributor shall within ten (10) days after receipt of notice thereof from Recipient
notify Recipient that Contributor (i) will cause or (ii) elects not to cause, to cure the Survey Objections (for which
Contributor may adjourn the Closing for 60 days). Contributor’s failure to notify Recipient within such ten (10) day
period as to any Survey Objection shall be deemed an election by Contributor not to cure such Survey Objection. If
Contributor notifies or is deemed to have notified Recipient that Contributor shall not cause the Survey Objection to be
cured or if Contributor elects to cure such Survey Objection but fails to complete such cure within 60 days of receipt
of Recipient’s Survey Objection Notice, Recipient shall have the right exercisable within ten (10) days following
receipt or deemed receipt of Contributor’s notice of its election not to cure or such 60 day period, as applicable,
either to (A) terminate this Agreement, in which event Contributor shall pay to Recipient the cost paid by Recipient for the
Phase I Reports, title search, survey and property condition report, and neither party shall thereafter have any further
rights or obligations under this Agreement, except for those rights or obligations that expressly survive or (B) waive such
Survey Objection and proceed to Closing without any abatement or reduction in the Consideration on account of such Survey
Objection.

 

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6.2.5       
Environmental Phase I. Recipient shall have received a Phase I environmental site assessment with respect to each
of the 8800 Land and Improvements and the 8833 Land and Improvements (the “Phase I Reports”). If the Phase I
Reports show (i) any environmental condition which is required by law to be remediated that costs $750,000.00 or more to remedy
or (ii) environmental conditions which are required by law to be remediated that cost, in the aggregate, $2,500,000.00 or more
to remedy (the “Phase I Report Objection”), as estimated by the company providing the Phase I Reports or any
other third-party report, Contributor shall within ten (10) days after receipt of notice thereof from Recipient notify Recipient
that Contributor (a) will cause or (b) elects not to cause, to cure the Phase I Report Objections (for which Contributor may adjourn
the Closing for 180 days). Contributor’s failure to notify Recipient within such ten (10) day period as to any Phase I Report
Objection shall be deemed an election by Contributor not to cure such Phase I Report Objection. If Contributor notifies or is deemed
to have notified Recipient that Contributor shall not cause the Phase I Objection to be cured or if Contributor elects to cure
such Phase I Report Objection but fails to complete such cure within 180 days of receipt of Recipient’s Phase I Report Objection
Notice, Recipient shall have the right exercisable within ten (10) days following receipt or deemed receipt of Contributor’s
notice of its election not to cure or such 180 day period, as applicable, either to (x) terminate this Agreement, in which event
Contributor shall pay to Recipient the cost paid by Recipient for the Phase I Reports, title search, survey and property condition
report, and neither party shall thereafter have any further rights or obligations under this Agreement, except for those rights
or obligations that expressly survive or (y) waive such Phase I Report Objection and proceed to Closing without any abatement or
reduction in the Consideration on account of such Phase I Report Objection. The provisions of this Section 6.2.5 shall survive
the Closing.

 

6.2.6        Property
Condition. If, Recipient shall inspect the Property pursuant to and in accordance with Section 9.4 of this Agreement and
notifies Contributor that the Property requires (i) a repair or replacement to a structure or system that shall cost
$750,000.00 or more or (ii) repairs or replacements to the structure or systems that shall cost, in the aggregate,
$2,500,000 or more (the “Property Condition Objection”), Contributor shall within ten (10) days after
receipt of notice thereof from Recipient notify Recipient that Contributor (a) will cause or (b) elects not to cause, to cure
the Property Condition Objection (for which Contributor may adjourn the Closing for 60 days). Contributor’s failure to
notify Recipient within such ten (10) day period as to any Property Condition Objection shall be deemed an election by
Contributor not to cure such Property Condition Objection. If Contributor notifies or is deemed to have notified Recipient
that Contributor shall not cause the Property Condition Objection to be cured or if Contributor elects to cure such Property
Condition Objection but fails to complete such cure within 60 days of receipt of Recipient’s Property Condition
Objection, Recipient shall have the right exercisable within ten (10) days following receipt or deemed receipt of
Contributor’s notice of its election not to cure or such 60 day period, as applicable, either to (x) terminate this
Agreement, in which event Contributor shall pay to Recipient the cost paid by Recipient for the Phase I Reports, title
search, survey and property condition report, and neither party shall thereafter have any further rights or obligations under
this Agreement, except for those rights or obligations that expressly survive or (y) waive such Property Condition Objection
and proceed to Closing without any abatement or reduction in the Consideration on account of such Property Condition
Objection. The provisions of this Section 6.2.6 shall survive the Closing. Notwithstanding anything contained herein to the
contrary, Recipient acknowledges that the entire base Building mechanical system for the water source heat pumps in the 8800
Land and Improvements will be replaced by Recipient and as such, the cost of that replacement shall not be a Property
Condition Objection for purposes of this Section.

 

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7.                 
Closing and Post Closing Deliveries.

 

7.1             
Contributor’s Deliveries. At the Closing, Contributor shall deliver the items set forth in this Section.

 

7.1.1       
Deeds. A Grant Deed from each of the applicable Contributor to Recipient’s Designees pursuant to Article 12
for each of the 8800 Land and Improvements and the 8833 Land and Improvements, substantially in the form of Schedule 1 attached
to this Agreement.

 

7.1.2       
Taxes. Payment to the Title Company, as escrow agent, of all city, state and county transfer tax, in the amount Title
Company determines to be required by law.

 

7.1.3       
Leases and Services Contracts.

 

		(a)	For each of 8800 Land and Improvements and 8833 Land and Improvements, an assignment of the Leases and Service Contracts substantially
in the form of Schedule 2 attached to this Agreement.

 

		(b)	Originals of the Leases and the Service Contracts, to the extent in Contributor’s possession or control, otherwise copies.

 

7.1.4       
“Foreign Person” Certification. A certification executed and, if required, acknowledged by each Contributor
(or if a Contributor is a “disregarded entity” by the person treated as the transferor of the relevant Property for
federal income tax purposes) certifying that such person is not a “foreign person,” as such term is defined in Section
1445 of the Internal Revenue Code of 1984, as amended, and the regulations thereunder, substantially in the form of Schedule
3 attached to this Agreement.

 

7.1.5       
Notice to Tenants. A notice to each tenant under a Lease substantially in the form of Schedule 4 attached
to this Agreement.

 

7.1.6       
Authorization Certificate. A certificate signed by an authorized signatory of each Contributor certifying that :
(a) Contributor is authorized to enter into and perform this Agreement; (b) the Certificate of Formation or Certificate of Incorporation
of Contributor has been filed in the proper office and is in full force and effect; and (c) no consent of any other party is required
for Contributor to enter into and perform this Agreement or, if it is, that such consent has been obtained and is attached to the
certificate.

 

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7.1.7       
Title Documentation. Executed originals of (i) an owner’s affidavit and gap indemnity substantially in the
form of Schedule 9 attached to this Agreement and (ii) if requested by the Title Company in order to issue the Title Policy,
copies of the organizational documents of Contributor and any required resolutions or consents.

 

7.1.8       
Permits. Duplicate originals of the Permits to the extent in Contributor’s possession or control, together
with an assignment thereof substantially in the form of Schedule 2 attached to this Agreement.

 

7.1.9       
Records, Warranties and Intangibles. For each of 8800 Land and Improvements and 8833 Land and Improvements, an assignment
of the Records, Warranties and Intangibles substantially in the form of Schedule 2.

 

7.1.10   
Confirmation. A certificate of each Contributor confirming that the warranties and representations of such Contributor
set forth in this Agreement are true and complete as of the date of this Agreement and true and complete in all material respects
on and as of the Closing Date.

 

7.1.11   
Certificate of Transfer. A certificate of transfer substantially in the form of Schedule 5 attached to this
Agreement.

 

7.1.12   
Qualifying Certificate. A certificate 593-C under Section 18662 of the California Revenue and Taxation Code.

 

7.1.13   
Settlement Statement. A settlement statement prepared by the Title Company showing all of the payments, adjustments
and prorations provided for in this Agreement or otherwise agreed upon by Contributor and Recipient and signed by Contributor and
Recipient.

 

7.1.14   
Access Items. All keys and access cards to, and combinations to locks and other security devices located at, the
Property, if applicable.

 

7.1.15   
Other Deliveries. Any other deliveries required to be made by Contributor pursuant to this Agreement.

 

7.2             
Recipient’s Deliveries. At the Closing, Recipient shall make all deliveries required of Recipient pursuant
to this Agreement, including the items set forth in this Section. Within three business days of the Closing, Recipient shall issue
the Shares of Common Stock referred to in Section 3.1.2 of this Agreement to Contributor.

 

7.2.1       
An amendment to the Expedia, Inc. lease (referred to in Exhibit B attached to this Agreement) substantially in the
form of Schedule 6 attached to this Agreement.

 

7.2.2       
A lease to IAC Holdings, Inc. substantially in the form of Schedule 7 attached to this Agreement.

 

7.2.3       
A right of first offer agreement substantially in the form of Schedule 8 attached to this Agreement.

 

    10

     

    

 

7.2.4       
The Preliminary Change of Ownership Report, in accordance with Section 480.3 of the California Revenue and Taxation Code.

 

7.2.5       
Other Deliveries. Any other deliveries required to be made by Recipient pursuant to this Agreement.

 

7.3             
Survival. The provisions of this Article shall survive the Closing. The acceptance of the deed to the Land and the
Improvements by Recipient shall be deemed full performance by Contributor of all of Contributor’s obligations under this
Agreement, except those which are stated in this Agreement to survive the Closing. Unless otherwise stated in this Agreement or
in any of the closing documents, no obligations, liabilities, representations or warranties of Contributor shall survive the Closing.

 

8.                 
Representations.

 

8.1             
Contributor’s Representations. Contributor represents to Recipient as set forth in this Section (the “Express
Representations”). Each Contributor is only representing as to itself and the Property owned by such Contributor.

 

8.1.1       
Authorization.

 

(a)              
Contributor: (i) is duly organized, validly existing and in good standing under the law of the State of its formation and
(ii) has the power to perform its obligations under this Agreement.

 

(b)              
This Agreement is a valid and binding obligation of Contributor, enforceable against Contributor in accordance with its
terms, subject to bankruptcy, reorganization and other similar laws affecting the enforcement of creditors’ rights generally.

 

(c)              
The execution, delivery and performance of this Agreement in accordance with its terms: (i) do not violate the constitutive
documents of Contributor, or any agreement, judgment or other matter binding on Contributor and (ii) have been duly authorized
by all necessary action by Contributor.

 

8.1.2       
Leases. Exhibit B is a true and complete list of all of the Leases affecting the Land or the Improvements
on the date of this Agreement. The copies of the Leases delivered to Contributor are true, complete and correct and set forth all
agreements in effect with tenants. No party is in material default under that certain Office Lease by and between TMC Realty, L.L.C.
and Expedia, Inc. (“Expedia”), dated as of December 6, 2016 (the “Expedia Lease”) and the
Expedia Lease is in full force and effect. Expedia is in actual possession of the space under its Lease. Expedia is presently not
entitled to any concession or free rent for any period subsequent to the Closing Date.

 

    11

     

    

 

8.1.3        Service
Contracts. Exhibit D is a true and complete list of all vendors (the “Vendors”) under the
contracts in effect as of the date of this Agreement with respect to the maintenance and operation of the Property
(the “Service Contracts”). Copies of the Service Contracts with the Vendors have been delivered to
Recipient (the “Delivered Service Contracts”). To Contributor’s knowledge: (a) the Delivered
Service Contracts are in good standing and in full force and effect in accordance with their respective terms, (b) the
Delivered Service Contracts have not been amended, and (c) there has been no written claim of default under any of the
Delivered Service Contracts by any party thereto that remains uncured on the date of this Agreement. Notwithstanding the
foregoing, Recipient and Contributor acknowledge and agree that Contributor shall not be in default or breach the
representations set forth in this Section if certain contracts with respect to the maintenance and operation of the Property
have not been delivered to Recipient (the “Undelivered Service Contracts”) if (i) any such Undelivered
Service Contracts may be terminated on thirty (30) days’ notice or less or (ii) the aggregate cost under all
Undelivered Service Contracts that cannot be terminated on thirty (30) days’ notice or less is no more than $50,000.00,
in the aggregate, per year.

 

8.1.4       
Other Agreements. Contributor is not a party to any material contract or material agreement affecting the Property
and binding upon Recipient following the Closing currently in effect which is not (i) disclosed in this Agreement, or (ii) a Permitted
Encumbrance, or (iii) a Service Contract.

 

8.1.5       
Purchase Agreements. Neither Contributor nor any of its affiliates are a party, and the Property is not bound, to
any contract, option, or commitment to sell, convey, assign, transfer or otherwise dispose of any portion or portions of the Property.

 

8.1.6       
Employees. Except as disclosed in Section 7.23 of that certain IAC Disclosure Letter to be delivered by IAC/InterActiveCorp,
a Delaware corporation, to Recipient, there are no employees which pertain to or affect the Property. There are no employment agreements
or contracts or union agreements or contracts, oral or written, which pertain to or affect the Property.

 

8.1.7       
Permits. To the knowledge of Contributor, all licenses, permits and permanent certificates of occupancy (collectively,
the “Permits”) required in connection with the Property have been duly issued and paid for and are in full force
and effect in accordance with their respective terms. Copies of the Permits in Contributor’s possession or control have been
delivered to Recipient.

 

8.1.8       
Actions. There is no litigation, suit, arbitration or other action, proceeding or governmental investigation pending
or, to Contributor’s knowledge, threatened relating to the Property.

 

8.1.9       
Tax Proceedings. No tax proceeding is pending for the reduction or increase of the assessed real estate tax valuation
of the Property or any portion thereof.

 

8.1.10   
Insurance. No act or omission has occurred which would cause the insurance to be reduced or cancelled, and Contributor
has not received any written notice from any insurance company or fire rating organization requiring the performance of any work
in respect of the Property or cancelling or threatening to cancel any insurance.

 

8.1.11    Compliance.
To Contributor’s knowledge, Contributor has not received written notice from any government agency that the Property is
in violation of any applicable laws and regulations, including, without limitation, (i) the Americans with Disabilities Act
and other similar federal, state and local laws, (ii) building codes and any other laws relating to the construction or
design of the Improvements, including, without limitation, laws relating to handicapped access, and (iii) applicable
zoning laws.

 

    12

     

    

 

8.1.12   
Environmental Matters. Contributor has not received written notice of, any violation, or liability under, of any
federal, state, local or administrative agency, ordinance, law, rule, regulation, order or requirement relating to Hazardous Substances
relating to the Property. “Hazardous Substances” shall mean: (i) hazardous substances as defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended, and the regulations adopted pursuant thereto, (ii)
hazardous substances as defined in the Hazard Communications Standard promulgated by OSHA (29 CFR 1910.1200), (iii) hazardous wastes,
as defined by the Resource Conservation and Recovery Act (42 U.S.C. 6901, et seq., (iv) hazardous substances as defined by the
Federal Hazardous Substances Act (15 U.S.C. 1261 et seq.), (v) materials regulated under the Federal Insecticide, Fungicide and
Rodenticide Act, (vi) radon, asbestos, petroleum and mold, and (vii) hazardous substances as defined by any applicable state
or local law.

 

8.1.13   
Patriot Act.

 

(a)              
Contributor is in compliance with the requirements of Executive Order No. 133224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the
 “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets
Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations
in respect thereof (the Order and such other rules, regulations, legislation or orders are collectively called the “Orders”).

 

(b)              
Neither Contributor nor, to Contributor’s knowledge, any beneficial owner of Contributor:

 

(i)             
is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order or on
any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant
to any other applicable Orders (such lists are collectively referred to as the “Lists”);

 

(ii)            
is a person or entity who has been determined by competent authority to be subject to the prohibitions contained in the
Orders; or

 

(iii)           
is owned or controlled by, or acts for or on behalf of, any person or entity on the Lists or any other person or entity
who has been determined by competent authority to be subject to the prohibitions contained in the Orders.

 

(c)              
If Contributor obtains knowledge that Contributor or any of its beneficial owners becomes listed on the Lists or is indicted,
arraigned or custodially detained, Contributor shall immediately give notice to Recipient, and Recipient shall have the right to
terminate this Agreement without penalty or liability to Contributor immediately upon delivery of notice thereof to Contributor.

 

8.1.14   
Equipment. Contributor owns the Equipment free of all liens and encumbrances.

 

    13

     

    

 

8.2             
Recipient’s Representations. Recipient represents to Contributor as set forth in this Section.

 

8.2.1       
Authorization.

 

(a)              
Recipient: (i) is a duly organized, validly existing and in good standing under the law of the State of its formation and
(ii) has the power to make and perform its obligations under this Agreement.

 

(b)              
This Agreement is a valid and binding obligation of Recipient, enforceable against Recipient in accordance with its terms,
subject to laws affecting the enforcement of creditors’ rights generally.

 

(c)              
The execution, delivery and performance of this Agreement in accordance with its terms: (i) do not violate the constitutive
documents of Recipient, or any contract, agreement, commitment, order, judgment or decree to which binding on Recipient and (ii)
have been duly authorized by all necessary action by Recipient.

 

8.2.2       
Patriot Act.

 

(a)              
Recipient is in compliance with the requirements of Executive Order No. 133224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the
 “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets
Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations
in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”).

 

(b)              
Neither Recipient nor, to Recipient’s knowledge, any beneficial owner of Recipient:

 

(i)              is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order or on
any other list of terrorists organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other
applicable Orders (such lists are collectively referred to as the “Lists”);

 

(ii)            
is a person or entity who has been determined by competent authority to be subject to the prohibitions contained in the
Orders; or

 

(iii)           
is owned or controlled by, or acts for or on behalf of, any person or entity on the Lists or any other person or entity
who has been determined by competent authority to be subject to the prohibitions contained in the Orders.

 

(c)              
If Recipient obtains knowledge that Recipient or any of its beneficial owners becomes listed on the Lists, or is indicted,
arraigned or custodially detained, Recipient shall immediately give notice to Contributor, and Contributor shall have the right
to terminate this Agreement without penalty or liability to Recipient immediately upon delivery of notice thereof to Recipient.

 

    14

     

    

 

8.3             
Survival. The representations in this Agreement shall: (a) be deemed to have been made again at and as the Closing
Date and as remade shall be true in all material respects at and as of the Closing Date and (b) survive the Closing, but Contributor’s
representations shall survive the Closing only for a period of 270 days following the Closing (the “Survival Period”),
and any action brought thereon must be commenced by Recipient within the Survival Period. Recipient shall have no claim against
Contributor or Guarantor for a misrepresentation or breach of warranty: (i) unless the breach in question is reasonably likely
to have a material adverse effect on the applicable Designee, and (ii) unless an action shall have been commenced by Recipient
against Contributor within the Survival Period, if any. The prevailing party in any litigation arising from a claim for a misrepresentation
or breach under this Agreement shall be entitled to reimbursement for all legal fees and expenses in connection therewith.

 

8.4             
Purchase for Investment. Contributor acknowledges that the Shares of Common
Stock to be issued to it will not be registered under the Securities Act of 1933, as amended (the “Securities Act”),
or under any state or other applicable securities laws. Contributor (i) acknowledges that it is acquiring the Shares of Common
Stock pursuant to an exemption from registration under the Securities Act solely for investment with no present intention to distribute
any of the Shares in violation of applicable securities laws, (ii) will not sell or otherwise dispose of any of the Shares
of Common Stock, except in compliance with the registration requirements or exemption provisions of the Securities Act and any
other applicable securities laws, (iii) has such knowledge and experience in financial and business matters and in investments
of this type that it is capable of evaluating the merits and risks of its investment in the Shares of Common Stock and of making
an informed investment decision, (iv) has full access to all the information that it considers necessary or appropriate to make
an informed investment decision with respect to the Shares of Common Stock, and (v) can bear the economic risk of an
investment in the Shares of Common Stock.

 

9.                 
Property Condition.

 

9.1             
AS IS. Recipient represents that Recipient, except as set forth in this Agreement, including, without limitation,
Sections 6.2.4, 6.2.5 and 6.2.6, and in the closing documents: (a) has inspected all aspects of the Property, including the environmental
condition, to Recipient’s satisfaction, (b) has received and reviewed the Leases, the Service Contracts, the Permits, and
all other documents referred to in this Agreement, (c) shall accept the Property “AS IS” and in their respective conditions
on the date of this Agreement, subject to reasonable use, wear, tear and natural deterioration between the date of this Agreement
and the Closing Date and (d) except as set forth in this Agreement, neither Contributor nor any agent or representative of Contributor
has made, and Contributor is not liable for or bound by, any express or implied warranties, guaranties, promises, statements, inducements,
representations or information pertaining to the Leases, the Service Contracts, the Permits, any other documents referred to in
this Agreement, the Property, including the environmental condition, or any other matter.

 

9.2              Maintenance.
Between the date of this Agreement and the Closing Date, Contributor shall, subject to the provisions of this Agreement,
maintain the Property in the ordinary course but shall not be required to make extraordinary repairs or
replacements resulting from fire or other casualty or otherwise, or any repairs and replacements of the roof or mechanical
systems of the Improvements. No Equipment shall be removed from the Land or the Improvements unless the same is replaced with
similar items of at least equal quality prior to the Closing.

 

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9.3             
Conduct Prior to Closing. Contributor shall keep the current property insurance in full force and effect until the
Closing. Contributor shall not, without Recipient’s consent, enter into any new Service Contract or extend a Service Contract
unless it can be terminated on not more than 30 days’ notice, without penalty. If prior to the Closing Date any tenant under
a Lease shall default under its Lease or any Lease is terminated (other than pursuant to a voluntarily termination by Contributor),
Recipient’s obligation to accept title to the Property and to pay the full Consideration shall not be affected, and this
Agreement shall remain in full force and effect.

 

9.4             
Inspection. At all times during normal business hours prior to the Closing, Recipient and its contractors, upon reasonable
prior notice to Contributor, and accompanied by Contributor’s representative, shall have the right to make visual, noninvasive
inspections of the Property, subject to the terms of the Leases.

 

9.5             
Release. As of the Closing, Recipient shall hereby fully and irrevocably releases Contributor and all persons and
entities acting by or on behalf of Contributor, and all direct and indirect parents, members, partners, officers, directors, shareholders
and employees of Contributor and any of the foregoing, and any agent, affiliate, successor or assign of Contributor and any of
the foregoing (collectively, the “Contributor Group”) from any and all claims that Recipient may have or thereafter
acquire against Contributor and/or the Contributor Group (except to the extent such claim arises from a third party claim against
Recipient relating to an incident occurring prior to the Closing Date) for any cost, loss, liability, damage, expense, demand,
action or cause of action ("Claims") arising from or related to any matter of any nature relating to, the Property
including the physical condition of the Property, any latent or patent construction defects, errors or omissions, compliance with
law matters, Hazardous Substances and other environmental matters within, under or upon, or in the vicinity of the Property, including
any environmental laws. The foregoing release by Recipient shall include any Claims that Recipient may have pursuant to any statutory
or common law right Recipient may have to receive disclosures from Contributor, including any disclosures as to the Property's
location within areas designated as subject to flooding, fire, seismic or earthquake risks by any federal, state or local entity,
the presence of Hazardous Substances on or beneath the Property, the need to obtain flood insurance, the certification of water
heater bracing or the advisability of obtaining title insurance, or any other condition or circumstance affecting the Property,
its financial viability, use or operation, or any portion thereof. This release includes Claims of which Recipient is presently
unaware or which Recipient does not presently suspect to exist in its favor which, if known by Recipient, would materially affect
Recipient’s release of Contributor or the Contributor Group. In connection with the general release set forth in this Section
9.5, Recipient specifically waives the provisions of California Civil Code Section 1542, which provides as follows:

 

"A general release does not extend to claims
that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release,
and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party."

 

    16

     

    

 

        /s/
GS                  Recipient's Initials

 

Notwithstanding anything to the contrary
set forth in this Section 9.5, the foregoing release is not intended to and does not cover: (i) any claims arising from a breach
of Contributor’s Express Representations and (ii) any other breach by Contributor of an Express Representation, warranty
or obligation of Contributor under this Agreement or any of the closing documents which by its terms survives the Closing.

 

9.6             
Natural Hazard Disclosure under 1103. Recipient and Contributor acknowledge that Contributor is required to disclose
if any of the Property lies within the following natural hazard areas or zones: (i) a special flood hazard area designated by the
Federal Emergency Management Agency; (ii) an area of potential flooding shown on a dam failure inundation map; (iii) a very high
fire hazard severity zone; (iv) a wild land area that may contain substantial forest fire risks and hazards; (v) an earthquake
fault; or (vi) a seismic hazard zone. Recipient acknowledges that Contributor has employed the services of an affiliate of the
Title Company ("Natural Hazard Expert") to examine the maps and other information specifically made available
to the public by government agencies and to report the results of its examination to Recipient in writing. Recipient acknowledges
receipt of the written report prepared by the Natural Hazard Expert regarding the results of its examination. The written report
prepared by the Natural Hazard Expert regarding the results of its examination fully and completely discharges Contributor from
its disclosure obligations referred to herein, and, for the purposes of this Agreement, the provisions of California Civil Code
Section 1103.4 regarding the non-liability of Contributor for errors or omissions not within its personal knowledge shall be deemed
to apply, and the Natural Hazard Expert shall be deemed to be an expert dealing with matters within the scope of its expertise
with respect to the examination and written report regarding the natural hazards referred to above.

 

9.7             
Section 25359.7 Disclosures. Recipient acknowledges and agrees that the sole inquiry and investigation Contributor
conducted in connection with the environmental condition of the Property is to deliver to Recipient the Phase I Reports, and that
for purposes of California Health and Safety Code Section 25359.7, Contributor has acted reasonably in relying upon said inquiry
and investigation, and the delivery of this Agreement constitutes written notice to Recipient under such code section.

 

9.8             
Section 1101.5 Disclosure. Contributor hereby discloses to Recipient that California Civil Code Section 1101.5 requires
that all noncompliant plumbing fixtures in any commercial real property shall be replaced with water-conserving plumbing fixtures.
Pursuant to California Civil Code Section 1101.5(e) of the, Contributor hereby discloses to Recipient that the Property may include
noncompliant plumbing fixtures. Recipient hereby acknowledges and agrees that Contributor shall have no obligation to replace or
upgrade any such noncompliant plumbing fixtures and it shall be Recipient’s obligation if necessary to replace or upgrade
any such noncompliant fixtures.

 

9.9             
Survival. The provisions of this Article shall survive the Closing.

 

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10.             
Risk of Loss.

 

10.1         
Risk of Loss. Promptly upon learning thereof, Contributor shall give Recipient written notice of the commencement
of any condemnation proceeding, or any taking, condemnation, damage or destruction of the Land or the Improvements. If prior to
the Closing any portion of the Land or the Improvements shall be taken (or a public announcement shall be made by a government
authority of an intent to take any portion of the Land or the Improvements) or there is a Material Damage (as defined below), Recipient
shall have the right to terminate this Agreement by giving notice to Contributor on or before the date which is ten days following
Recipient’s receipt of notice of the taking, announcement or fire or other casualty (time being of the essence). If Recipient
shall give that notice, this Agreement shall be deemed terminated and Contributor and Recipient shall have no further obligations
and liabilities under this Agreement, except those that are stated to survive the termination of this Agreement. If there is less
than a Material Damage or if there is a taking or a Material Damage and Recipient shall not terminate this Agreement, then: (a)
Recipient shall purchase the Property in accordance with this Agreement, (b) the Consideration shall not be reduced (except to
the extent of Contributor’s deductible or any co-insurance payment deducted or deductible from the insurance proceeds) and
the amount, if any, by which the cost of the repair or restoration exceeds the limit of Contributor’s insurance), (c) Contributor’s
rights to any award resulting from such taking, or any insurance proceeds resulting from such fire or other casualty (less any
sums expended by Contributor for repair), shall, at the Closing, be assigned (or, if received by Contributor, paid) by Contributor
to Recipient, (d) the proceeds of any rent insurance shall be apportioned between Contributor and Recipient at the Closing, (e)
Recipient shall have the exclusive right to conduct all proceedings, adjust all losses, and make all agreements in connection therewith
in its name, or in the name of Contributor, (f) Contributor shall (unless Recipients waives Contributor’s obligation) repair
all damage to the extent necessary to restore the Land and Improvements to a safe condition or prevent further damage to or deterioration
of the Property, and (g) at and following the Closing, Contributor shall reasonably cooperate with Recipient, at Recipient’s
expense, in connection with any insurance and taking claims and the collection of any insurance proceeds and awards, and hereby
appoints Recipient as its attorney-in-fact, such appointment being irrevocable and coupled with an interest, to execute and deliver
any documents required in connection with any such claims and collection, provided such documents shall not impose on Contributor
any expense, obligation or liability. A “Material Damage” shall be deemed to be any damage by a fire or other casualty
if: (i) the cost of repair, as estimated by a contractor selected by Contributor and reasonably acceptable to Recipient, shall
exceed an amount equal to five percent (5%) of the Consideration and Contributor shall not agree within thirty (30) days following
the fire or other casualty (time being of the essence) to repair the damage or (ii) Contributor’s insurance company shall
not agree in writing to pay the insurance proceeds to Recipient or, if not, Contributor shall not agree to pay the proceeds to
Recipient upon receipt. Contributor shall have the right to adjourn the Closing for a period not to exceed the aggregate of 180
days and the number of days of delay (not to exceed 60 days) caused by reasons beyond Contributor’s control, for the purpose
of completing any repairs undertaken by Contributor.

 

10.2         
Waiver of California Civil Code Section 1662. Contributor and Recipient each expressly waive the provisions of California
Civil Code Section 1662 and hereby agree that the provisions of this Article 10 shall govern their obligations in the event of
damage or destruction to the Property or condemnation of all or part of the Property.

 

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10.3         
Survival. The provisions of this Article shall survive the Closing.

 

11.             
Default.

 

11.1         
Recipient’s Default. If Recipient shall default under this Agreement and the Closing fails to occur as a result
of such default, Contributor shall be entitled to (a) pursue specific performance to cause Recipient to perform its obligations
under this Agreement or (b) terminate this Agreement, but in no event shall Contributor seek, or shall Recipient be liable for,
any damages in connection with Contributor’s default (unless specific performance is unavailable).

 

11.2         
Contributor’s Default. If Contributor shall default under this Agreement and the Closing fails to occur as
a result of such default, Recipient’s only remedies shall be to: (a) seek specific performance of Contributor’s obligations
under this Agreement or (b) terminate this Agreement, but in no event shall Recipient seek, or shall Contributor be liable for,
any damages in connection with Contributor’s default (unless specific performance is unavailable).

 

12.             
Assignment. Recipient shall not assign its interest
under this Agreement without the consent of Contributor other than to a wholly owned subsidiary of Recipient, and any purported
assignment without Contributor’s consent shall be void and of no force and effect. Notwithstanding the foregoing, Recipient
shall have the right to direct Contributor to convey the Property to special purpose entities wholly owned by Recipient (each,
a “Designee”).

 

13.             
Broker.

 

13.1         
Broker. Recipient and Contributor each represent to the other that it dealt with no broker in connection with this
transaction. Contributor and Recipient shall each indemnify, defend and hold harmless the other from and against any claim by any
broker or other person for a commission or other compensation in connection with this transaction if such claim is based in whole
or in part upon any act of the indemnifying party or its representatives, and from all losses, liabilities, costs and expenses
in connection with such claim, including reasonable attorneys’ fees.

 

13.2         
Survival. The provisions of this Article shall survive the Closing or the termination of this Agreement.

 

14.             
Notices.

 

14.1         
Notices. All notices or other communications under this: Agreement must be in writing and shall be deemed to have
been properly given if delivered by (a) messenger (with a signed receipt), (b) registered or certified mail, postage prepaid, return
receipt requested, (c) reputable overnight delivery service or (d) by electronic mail (e-mail) with a confirmation copy sent pursuant
to clause (a), (b) or (c), to the Notice Addresses. Any party may, by notice given in accordance with this Section, designate a
different address or person for notices or other communications.

 

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14.2         
Effectiveness. Notices and other communications shall be deemed given on the date the same is received as evidenced
by a receipt or an acknowledgment of receipt (and the failure of a party to accept a notice or other communication shall be deemed
receipt).

 

15.             
Miscellaneous.

 

15.1         
Governing Law; Interpretation. This Agreement shall be governed by the law of the State in which the Property is
located, and shall be construed without regard to any presumption or other rule requiring construction against the party causing
this Agreement to be drafted. If any words or phrases in this Agreement shall have been stricken out or otherwise eliminated, whether
or not any other words or phrases have been added, this Agreement shall be construed as if the words or phrases so stricken out
or otherwise eliminated were never included in this Agreement and no implication or inference shall be drawn from the fact that
said words or phrases were so stricken out or otherwise eliminated. All terms and words used in this Agreement, regardless of the
number or gender in which they are used, shall be deemed to include any other number and any other gender as the context may require.
If any provision of this Agreement shall be unenforceable, the remainder of this Agreement shall not be affected thereby.

 

15.2         
Merger. All agreements between the parties hereto with respect to the transactions contemplated by this Agreement
are merged in this Agreement, which alone fully and completely expresses their agreement.

 

15.3         
Amendment; Waiver. This Agreement may only be changed or terminated, or a provision waived, by a written agreement
executed by all parties, but no waiver of any matter by any party shall be deemed a waiver of any other or subsequent matter.

 

15.4         
Captions. The Article and Section titles of this Agreement are for convenience of reference only and shall not be
deemed a part of the text of this Agreement.

 

15.5         
Parties Bound. This Agreement shall bind and benefit the parties hereto and their respective heirs, successors and
assigns.

 

15.6         
Counterparts; Signatures. This Agreement may be executed in separate counterparts, each of which when so executed
and delivered shall be an original for all purposes, but all such counterparts shall together constitute but one and the same instrument,
and by facsimile signatures.

 

15.7          Confidentiality.
Recipient and Contributor shall hold in confidence and shall not disclose to third parties (other than their officers,
directors, partners, members, shareholders, employees, representatives, brokers, attorneys, advisors and lenders or proposed
lenders), and shall cause their officers, directors, partners, members, shareholders, employees, representatives, brokers,
attorneys, advisers and lenders or proposed lenders to hold in confidence and not disclose to third parties, this
Agreement and its terms, and any information relating to the Property provided by Contributor to Recipient in connection with
this Agreement (collectively, the “Information”), except to the extent any Information: (a) must be
disclosed by order of any court or government authority, or by law or (b) is publicly known or becomes publicly known other
than through the acts of Recipient or Contributor, or any of their officers, directors, employees, representatives, brokers,
attorneys or advisers.

 

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15.8         
Further Assurances. Subject to the provisions of this Agreement, Contributor and Recipient shall each take such additional
action, or execute, acknowledge and deliver such additional documents, as shall be reasonably required in furtherance of this Agreement.
The provisions of this Section shall survive the Closing.

 

15.9         
Dates. If any time period or date set forth in this Agreement shall end on, or be, a Saturday, Sunday or other date
recognized by the Federal government or the State of New York as a holiday, the time period shall end, or the date shall be, the
next day that is not a Saturday, Sunday or holiday.

 

15.10     
Tax Free Transaction. The parties hereto intend that the transaction contemplated by this Agreement be treated, for
federal income tax purposes, as a tax-free transaction under Section 351 of the Internal Revenue Code of 1986, as amended, and
no party shall take any action or position inconsistent with such treatment.

 

- The balance of this page is blank; the
next page is the signature page -

 

    21

     

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed by Contributor and Recipient on the date of this Agreement.

 

	 	Contributor
	 	 
	 	TMC Realty, L.L.C.
	 	 
	 	By:	/s/ Gregg Winiarski
	 	 	Signature

	 	Print Name:	Gregg Winiarski

	 	Title:	Vice President and Secretary

	 	 	 
	 	8831-8833 Sunset, LLC
	 	 

	 	By:	/s/ Gregg Winiarski
	 	 	Signature

	 	Print Name:	Gregg Winiarski

	 	Title:	Vice President and Secretary

	 	 	 
	 	Recipient
	 	 
	 	Match Group, Inc.
	 	 

	 	By:	/s/ Gary Swidler
	 	 	Signature

	 	Print Name:	Gary Swidler

	 	Title:	Chief Financial Officer

 

    22

     

    

 

Subject to the provisions of Section 8.3 of
this Agreement, the undersigned hereby guarantees the payment of all costs or damages otherwise payable by Contributor in connection
with a material misrepresentation of the matters set forth in Section 8.1 of this Agreement and any and all obligations and liability
of Contributor set forth in this Agreement and the closing documents that survive Closing, including without limitation, Section
4.4, Article 5, Section 6.2.5, Section 6.2.6, Article 7, Article 9, Article 10, Article 13 and 15.8, in all cases subject to the
limitations set forth herein. .

 

Guarantor

 

	IAC Holdings Inc.	
	 	 
	By:	/s/ Gregg Winiarski	 
	 	Signature	 

	Print Name:	 Gregg Winiarski	 

	Title: 	Vice President and Secretary	 

 

    1

     

    

 

 

Exhibit A

 

Land

8800

 

Lots 10, 11, 12, 13, 14 and 15, and the
easterly 60.00 feet of Lot 9 of the Cavanaugh Tract, in the City of West Hollywood, County of Los Angeles, State of California,
as per Map recorded in Book 45 page 23 of Maps, in the Office of the County Records of said County.

 

8833

 

Lots 1, 2, 3 and 4 of Tract No. 7571, in
the City of West Hollywood, County of Los Angeles, State of California, as per Map recorded in Book 142, page 98 of Maps, in the
Office of the County Recorder of said County.

 

    Exhibit A-2, Page 1 

     

    

 

Exhibit B

 

Leases

 

8800 West Sunset Boulevard

 

Office Lease by and between TMC Realty, L.L.C., as landlord,
and Expedia, Inc., as tenant, dated as of December 6, 2016.

 

Office Lease by and between TMC Realty, L.L.C., as landlord,
and Match Group, Inc., as tenant, dated as of October 1, 2018.

 

8833 West Sunset Boulevard

 

Office Lease by and between 8831-8833 Sunset, LLC, as landlord,
and Tinder, Inc., as tenant, dated as of November 24, 2015, as amended by the First Amendment of Office Lease, dated as of December
6, 2016.

 

    Exhibit B, Page 1 

     

    

 

Exhibit C-1

 

Title Policy Pro-Forma for

 

8800 West Sunset Boulevard

 

    Exhibit C-1, Page 1 

     

    

 

Exhibit C-2

 

Title Policy Pro-Forma for

 

8833 West Sunset Boulevard

 

    Exhibit C-2, Page 1 

     

    

 

Exhibit D

 

List of Vendors for
the Service Contracts

 

Cleaning

		·	The Palacios Janitorial Inc. (TPJ)

 

		·	Intex Solutions (carpet cleaning – 8833)

 

Window Cleaning

		·	Ray Access

 

Uniform Cleaning

		·	Cintas

 

Elevator company – 8800

		·	Amtech

 

Elevator company – 8833 

		·	OTIS

 

Water treatment (cooling tower & ground water)

		·	Aquatrol

 

UPS unit maintenance

		·	M.C. Dean

 

HVAC maintenance

		·	Ontario Refrigeration

 

Domestic water pump, storm water pump maintenance

		·	Pump Man

 

Exterminator

		·	Ronin Pest Control

 

Building Management System (BMS) maintenance –
HVAC controls – 8800 

		·	Siemens

 

    Exhibit D, Page 1 

     

    

 

Building Management System (BMS) maintenance – HVAC
controls – 8833

		·	Sunbelt controls

 

Generator engines and fire pump engines maintenance

		·	Industrial Maintenance

 

Emergency Lighting Equipment Service – 8833 

		·	Elesco

 

Parking vendor

		·	APPM Parking

 

Green wall and plant maintenance

		·	Rana Creek

 

Fire alarm system

		·	Red Hawk

 

Generator engines and fire pump engines maintenance

		·	Valley Power

 

    Exhibit D, Page 2 

     

    

 

Schedule 11

 

Form of Grant Deed

 

WHEN RECORDED

MAIL TO:

 

____________

____________

____________

____________

Attention: ____________

 

 

MAIL TAX STATEMENTS TO:

 

	THE UNDERSIGNED GRANTOR(S) DECLARE(S):	DOCUMENTARY TRANSFER TAX IS $__________________________
	 	_____ Computed on full value of property conveyed, or
	 	_____ Computed on full value less liens and encumbrances remaining at time of sale.
	 	_____ Unincorporated area   _____ City of _______________________________

 

GRANT DEED

 

FOR A VALUABLE CONSIDERATION,
receipt and sufficiency of which are hereby acknowledged, [TMC Realty, L.L.C., a Delaware limited liability company] [8831-8833
Sunset, LLC, a Delaware limited liability company], having an office at 555 West 18th Street, New York, NY 10011 (“Grantor”),
hereby GRANTS to [_________________, a _________________], having an office at 8750 N. Central Expressway, Suite 1400, Dallas,
TX 75231 (“Grantee”), that certain real property located in the City of West Hollywood, County of Los Angeles, State
of California, as more particularly described on Exhibit A attached hereto and made a part hereof, subject to all matters
of record.

 

GRANTOR warrants the title only against
the claim of every person whomsoever claiming by, through or under Grantor, except that such warranty shall not apply to any matters
set forth in the pro-forma title insurance policy attached hereto on Exhibit B, any matters a new accurate survey would show and
any other matters of record.

 

TO HAVE AND TO HOLD said premises unto the
said Grantee, its successors and assigns forever.

 

[The balance of this page
is intentionally blank]

 

 

1
Conform for each Contributor (as shown in brackets).

 

    Schedule 1, Page 1 

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Grant Deed as of ______________, 2020.

 

	 	GRANTOR:
	 	 
	 	[TMC
    Realty, L.L.C.] [8831-8833 Sunset, LLC]
	 	 
	 	By:	 
	 	 	Signature

	 	Print Name:	 

	 	Title:	 

 

    Schedule 1, Page 2 

     

    

 

ACKNOWLEDGMENT

 

	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

 

	State of California	 )

	County of	 	 )

 

	On	 	, before me,		,

	 	(insert name of notary)

	Notary Public, personally appeared 	 	,

who proved to
me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

	Signature	 	 	(Seal)

 

    Schedule 1, Page 3 

     

    

 

EXHIBIT A TO GRANT DEED

 

LEGAL DESCRIPTION OF THE PROPERTY

 

[8800

 

Lots 10, 11, 12, 13, 14 and 15, and the
easterly 60.00 feet of Lot 9 of the Cavanaugh Tract, in the City of West Hollywood, County of Los Angeles, State of California,
as per Map recorded in Book 45 page 23 of Maps, in the Office of the County Records of said County.]

 

[8833

 

Lots 1, 2, 3 and 4 of Tract No. 7571, in
the City of West Hollywood, County of Los Angeles, State of California, as per Map recorded in Book 142, page 98 of Maps, in the
Office of the County Recorder of said County.]

 

    Schedule 1, Page 4 

     

    

 

EXHIBIT B TO GRANT DEED

 

PRO-FORMA TITLE POLICY

 

[To be inserted based
upon Property]

 

    Schedule 1, Page 5 

     

    

 

 

Schedule 2

Assignment and Assumption
Agreement -

Leases, Service Contracts,
Permits, Records, Warranties and Intangibles

 

This Assignment
AND ASSUMPTION of Leases, SERVICE CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES (this “Assignment”)
is made this _____ day of __________, 2020, by and between [TMC Realty, L.L.C., a Delaware limited liability company][8831-8833
Sunset, LLC, a Delaware limited liability company] (“Assignor”), and [____________] (“Assignee”).

 

RECITALS

 

WHEREAS, Assignor and Match Group, Inc.
entered into that certain Agreement dated as of December __, 2019 (the “Contribution Agreement”), relating to
that certain property located at 8800 and 8833 West Sunset Boulevard, West Hollywood, California, as more particularly described
in Exhibit A attached hereto and incorporated herein (the “Property”); and

 

WHEREAS, under the terms and conditions
of the Contribution Agreement, it is contemplated that Assignor and Assignee enter into this Assignment.

 

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

 

1.        Assignor
hereby transfers and assigns to Assignee all right, title and interest of Assignor, if any, in and to the following described property:

 

(a)        All
leases being more fully described in Exhibit B attached hereto and hereby made a part hereof (collectively, the “Leases”);

 

(b)       All
service contracts (collectively, the “Service Contracts”) with those certain vendors listed on Exhibit C
attached hereto and hereby made a part hereof;

 

(c)       All
licenses, permits and permanent certificates of occupancy being more fully described in Exhibit D attached hereto and
hereby made a part hereof (collectively, the “Permits”);

 

(d)       All
of (i) the plans, specifications, architectural and engineering drawings, surveys, soil, environmental and other studies, operating
manuals, data and records relating to the Land, the Improvements or the Equipment (the “Records”) and (ii) the
warranties or guaranties relating to the Property (the “Warranties”); and

 

(e)       All
intangible property owned solely by Assignor and used solely by Assignor in connection with the ownership and operation of
the Property, including, without limitation, to the extent assignable, any warranties (including, without limitation, any
contract rights and warranties arising under construction contracts relating to any construction contracts entered into by
Contributor during its period of ownership of the improvements (which shall be assigned on a non-exclusive basis)),
guaranties, architectural or engineering plans and specifications, books and records, permits, licenses, certificates of
occupancy, entitlements and governmental approvals which relate exclusively to the Property (to the extent assignable), and
all other assignable names, trade names, street numbers, marks, other symbols and general intangibles which relate
exclusively to the Property, other than any of the same that reference “IAC”, “IAC/InterActiveCorp”,
 “InterActiveCorp” or similar (collectively, the “Intangible Property”).

 

     Schedule 2, Page 6

     

    

 

TO HAVE AND TO HOLD
all of the foregoing unto Assignee, its successors and assigns, from and after the date hereof, subject to the terms, covenants,
conditions and provisions contained herein.

 

2.        Assignee
hereby accepts the foregoing assignment of the Leases, Service Contracts, Permits, Records, Warranties and Intangibles and does
hereby assume all the duties and obligations of Assignor accruing from and after the date hereof under the Leases, Service Contracts,
Permits, Records, Warranties and Intangibles. Assignee hereby agrees to indemnify, defend and hold harmless Assignor from and against
any and all cost, liability, loss, damage or expense, including, without limitation, reasonable attorneys’ fees and expenses
(collectively, “Losses and Liabilities”) arising out of the Assignor’s obligations under the Leases, Service
Contracts, Permits, Records, Warranties and Intangibles on account of any fact or circumstance occurring from and after the date
hereof.

 

3.       Assignor
hereby agrees to indemnify, defend and hold harmless Assignee from and against any and all Losses and Liabilities arising out of
or in any way related to the lessor’s obligations under the Leases, Service Contracts, Permits, Records, Warranties and Intangibles
on account of any fact or circumstance occurring or existing prior to the date hereof. Assignor’s liability under this Assignment
shall be subject to the limitations set forth in Section 8.3 of the Contribution Agreement.

 

4.       This
Assignment and the obligations of the parties hereunder shall survive the closing of the transactions referred to in the Contribution
Agreement, shall be binding upon and inure to the benefit of the parties hereto, their respective legal representatives, successors
and assigns and shall be governed by and construed in accordance with the laws of the State of California and may not be modified
or amended except by written agreement signed by both parties.

 

5.       In
the event of any litigation between Assignor and Assignee arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party’s
costs and expenses in such litigation, including, without limitation, reasonable attorneys’ fees and expenses. In addition
to the foregoing award of attorneys’ fees to the prevailing party, the prevailing party in any lawsuit on this Agreement
shall be entitled to its reasonable attorneys’ fees incurred in any post judgment proceedings to collect or enforce the judgment.
This provision is separate and several and shall survive the merger of this Assignment into any judgment on this Assignment.

 

6.       This
Assignment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together shall
constitute one and the same agreement.

 

[Signatures Appear on the Following Page]

 

     Schedule 2, Page 7

     

    

 

	 	ASSIGNOR:  
	 	 
	 	[TMC Realty, L.L.C.]
	 	 
	 	By:	 
	 	 	Signature

	 	Print
    Name:	 

	 	Title:	 

 

	 	 
	 	[8831-8833 Sunset, LLC]  
	 	 
	 	By:	 
	 	 	Signature

	 	Print
    Name:	 

	 	Title:	 

 

	 	ASSIGNEE:
	 	 
	 	[_________]
	 	 
	 	By:	 
	 	 	Signature
	 	Name:	 
	 	Title:	 

 

     Schedule 2, Page 8

     

    

 

EXHIBIT A TO ASSIGNMENT AND ASSUMPTION
AGREEMENT OF THE LEASES, SERVICE CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES

 

LEGAL DESCRIPTION OF PROPERTY

 

8800

 

Lots 10, 11, 12, 13, 14 and 15, and the
easterly 60.00 feet of Lot 9 of the Cavanaugh Tract, in the City of West Hollywood, County of Los Angeles, State of California,
as per Map recorded in Book 45 page 23 of Maps, in the Office of the County Records of said County.

 

8833

 

Lots 1, 2, 3 and 4 of Tract No. 7571, in
the City of West Hollywood, County of Los Angeles, State of California, as per Map recorded in Book 142, page 98 of Maps, in the
Office of the County Recorder of said County.

 

     Schedule 2, Page 9

     

    

 

EXHIBIT B TO ASSIGNMENT AND ASSUMPTION
AGREEMENT OF THE LEASES, SERVICE CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES

 

LEASES

 

8800 West Sunset Boulevard

 

Office Lease by and between TMC Realty, L.L.C., as landlord,
and Expedia, Inc., as tenant, dated as of December 6, 2016.

 

Office Lease by and between TMC Realty, L.L.C., as landlord,
and Match Group, Inc., as tenant, dated as of October 1, 2018.

 

8833 West Sunset Boulevard

 

Office Lease by and between 8831-8833 Sunset, LLC, as landlord,
and Tinder, Inc., as tenant, dated as of November 24, 2015, as amended by the First Amendment of Office Lease, dated as of December
6, 2016.

 

     Schedule 2, Page 10

     

    

 

EXHIBIT C TO ASSIGNMENT AND ASSUMPTION
AGREEMENT OF THE LEASES, SERVICE CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES

 

LIST OF VENDORS FOR
THE SERVICE CONTRACTS

 

Cleaning

		·	The Palacios Janitorial Inc. (TPJ)

 

		·	Intex Solutions (carpet cleaning – 8833)

 

Window Cleaning

		·	Ray Access

 

Uniform Cleaning

		·	Cintas

 

Elevator company – 8800

		·	Amtech

 

Elevator company – 8833 

		·	OTIS

 

Water treatment (cooling tower & ground water)

		·	Aquatrol

 

UPS unit maintenance

		·	M.C. Dean

 

HVAC maintenance

		·	Ontario Refrigeration

 

Domestic water pump, storm water pump maintenance

		·	Pump Man

 

Exterminator

		·	Ronin Pest Control

 

Building Management System (BMS) maintenance –
HVAC controls – 8800 

		·	Siemens

 

     Schedule 2, Page 11

     

    

 

Building Management System (BMS) maintenance – HVAC
controls – 8833

		·	Sunbelt controls

 

Generator engines and fire pump engines maintenance

		·	Industrial Maintenance

 

Emergency Lighting Equipment Service – 8833 

		·	Elesco

 

Parking vendor

		·	APPM Parking

 

Green wall and plant maintenance

		·	Rana Creek

 

Fire alarm system

		·	Red Hawk

 

Generator engines and fire pump engines maintenance

		·	Valley Power

 

     Schedule 2, Page 12

     

    

 

EXHIBIT D TO ASSIGNMENT
AND ASSUMPTION AGREEMENT OF THE LEASES, SERVICE CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES

 

PERMITS

 

 

8800 West Sunset Boulevard

 

		·	City of West Hollywood, Community Development Department, Development Permit 2012-038

		·	City of West Hollywood, Community Development Department, Administrative Permit 2012-019

		·	City of West Hollywood, Community Development Department, Amendment Permit 2012-044 to CUP 92-12

		·	City of West Hollywood, Encroachment Permit and Covenant

		·	City of West Hollywood, Community Development Department, Development Permit Amendment 14-0004
to Development Permit 2012-038

		·	City of West Hollywood, Community Development Department, Development Permit Amendment (DVPA 15-0001)
to Development Permit 2012-038 and Administrative Permit 2012-019

		·	City of West Hollywood, Community Development Department, Comprehensive Sign Program SPC 012-008

		·	City of West Hollywood, Community Development Department, Zone Clearance Permit 2019-0228

 

8833 West Sunset Boulevard

 

		·	City of West Hollywood, Conditional Use Permit 2001-17

		·	City of West Hollywood, Community Development Department, Development
Permit 02-31

		·	City of West Hollywood, Community Development Department, Administrative
Permit 2004-03

		·	City of West Hollywood, Community Development Department, Comprehensive
Sign Permit 005-0012

		·	City of West Hollywood, Community Development Department, Development
Permit 2005-35

		·	City of West Hollywood, Community Development Department, Administrative
Permit 2005-42

		·	City of West Hollywood, Community Development Department, Minor Parking
Use Permit 2005-23

 

     Schedule 2, Page 13

     

    

 

Schedule 3

“Foreign Person”
Affidavit2

 

Section 1445 of the Internal Revenue Code
of 1986, as amended (the “Code”), provides that a transferee of a U.S. real property interest must withhold
tax if the transferor is a foreign person. For U.S. tax purposes (including Section 1445 of the Code), the owner of a disregarded
entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not
the disregarded entity. To inform [_______], that withholding of tax is not required upon the disposition of a U.S. real property
interest by [TMC Realty, L.L.C., a Delaware limited liability company] [8831-8833 Sunset, LLC, a Delaware limited liability company],
the undersigned hereby certifies the following:

 

[TMC Realty, L.L.C.,][[8831-8833 Sunset,
LLC] is disregarded as separate from IAC/INTERACTIVECORP, a Delaware corporation (“Transferor”).

 

		1.	Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined
in the Code and Income Tax Regulations);

 

		2.	[TMC Realty, L.L.C.] [8831-8833 Sunset, LLC] is a disregarded entity as such term is defined in Section 1.1445-2(b)(iii) of
the Treasury Regulations and is disregarded as separate from Transferor for U.S. federal income tax purposes.

 

		3.	Transferor is not a disregarded entity as such term is defined in Section 1.1445-2(b)(2)(iii) of the Treasury Regulations;

 

		4.	Transferor’s Taxpayer Identification Number is 59-2712887;
and

 

		4.	Transferor’s office address is 555 West 18th Street, New York, NY 10011.

 

 

The undersigned understands that this certification
may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein could be punished
by fine, imprisonment, or both.

 

Under penalties of perjury the undersigned
declares that it has examined this certification and to the best of its knowledge and belief it is true, correct, and complete

 

[signature page follows]

 

 

2  Conform for
each Contributor (as shown in brackets).

 

     Schedule 3, Page 1

     

    

 

	Dated: _____________, 2020	
	 	 
	 	IAC/INTERACTIVECORP
	 	 
	 	By:	                      

	 	Print
    Name:	 

	 	Title:	 

 

     Schedule 3, Page 2

     

    

 

 

Schedule 4

 

Notice to Tenants3

 

______________ ____, 2020

 

HAND DELIVERED

 

	TO:	All Tenants at [8800 West Sunset Boulevard, West Hollywood,
CA] [8833 West Sunset Boulevard]

 

	RE:	Notification Regarding Change of Ownership

 

This letter is to notify you as a Tenant
at [8800 West Sunset Boulevard, West Hollywood, CA] [8833 West Sunset Boulevard, West Hollywood, CA] (the “Property”),
that the Property has been conveyed by [TMC Realty, L.L.C.] [8831-8833 Sunset, LLC] (“Contributor”), to [_______]
(“Recipient”). As of the date hereof, Contributor's interest in your Lease has been assigned by Contributor
to Recipient, and Recipient has assumed and agreed to perform all of the landlord's obligations under your Lease from and after
the date of this letter. From the date of this letter, (i) all of your obligations under the Lease shall be performed to and for
the benefit of Recipient and Recipient's successors and assigns, (ii) all of the obligations of the landlord under your Lease shall
be the binding obligations of Recipient and Recipient's successors and assigns, and (iii) any and all unpaid rent as well as all
future rent, or any other amounts due under the terms of your Lease, shall be directed [as follows:

 

	 	TO:   ____________________	 
	 	ATTN:  __________________	 
	 	AT: _____________________]	 

 

[The balance of this page is intentionally
left blank]

 

 

3 Conform for each Contributor (as shown
in brackets).

 

    Schedule 4, Page 1

     

    

 

[SIGNATURE PAGE TO TENANT NOTIFICATION LETTER]

 

	 	CONTRIBUTOR:
	 	 
	 	[TMC Realty, L.L.C.] [8831-8833
    Sunset, LLC]
	 	 
	 	By:	 
	 	 	Signature

	 	Print Name:	 

	 	Title:	 

 

	 	RECIPIENT:

	 	 
	 	[_________] 
	 	 
	 	By:	 
	 	 	Signature
	 	Name:	 
	 	Title:	 

 

    Schedule 4, Page 2

     

    

 

Schedule 5

 

Certificate of Transfer

 

KNOW ALL MEN BY THESE PRESENTS, that [TMC
Realty, L.L.C., a Delaware limited liability company] [8831-8833 Sunset, LLC, a Delaware limited liability company] (“Contributor”),
for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, does hereby bargain, sell, grant, transfer, assign, and convey to [________] (“Recipient”),
its successors and assigns, for its and their own use and benefit, forever, the following personal property presently located on
the real estate located at 8800 and 8833 West Sunset Boulevard, West Hollywood, California, and more particularly described on
Exhibit A attached hereto (the “Premises”): (i) all mechanical systems, fixtures, machinery and equipment
comprising a part of or attached to or located upon or within the Premises, (ii) maintenance equipment and tools, if any, owned
by Contributor and used exclusively or predominantly in connection with, and located in or at, the Premises; (iii) site plans,
surveys, plans and specification, manuals and instruction materials, and floor plans in Contributor’s possession which relate
to the Premises; (iv) pylons and other signs situated on or at the Premises; and (v) other tangible personal property owned by
Contributor and used exclusively or predominantly in connection with, and located in or on, the Premises as of the date hereof
(collectively, the “Personal Property”).

 

 

THE PERSONAL PROPERTY IS CONVEYED WITHOUT
RECOURSE TO CONTRIBUTOR IN ITS AS IS, WHERE IS CONDITION AND CONTRIBUTOR HEREBY DISCLAIMS, AND RECIPIENT HEREBY WAIVES, ANY AND
ALL WARRANTIES OF MERCHANTABILITY AND WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE (WHETHER STATUTORY, EXPRESS OR IMPLIED) WITH
RESPECT TO THE PERSONAL PROPERTY BEING TRANSFERRED BY THIS INSTRUMENT, except as provided
in Section 8.1 of that certain Contribution Agreement, dated December [__], 2019, by and between Contributor and Match Group, Inc.
(THE “CONTRIBUTION AGREEMENT”), SUBJECT TO THE LIMITATIONS SET FORTH IN SECTION 8.3 OF THE CONTRIBUTION AGREEMENT.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    Schedule 5, Page 1

     

    

 

IN WITNESS WHEREOF, Contributor and Recipient
have caused this Certificate of Transfer to be executed as of the _____ day of ___________, 2020.

 

		CONTRIBUTOR:
	 	 
	 	[TMC Realty,
L.L.C.]
	 	 
	 	By:	 
	 	 	Signature

	 	Print Name:	 

	 	Title:	 

 

	 	[8831-8833 Sunset, LLC]

	 	 	 

	 	By:	 
	 	 	Signature

	 	Print Name:	 

	 	Title:	 

 

	 	RECIPIENT:

	 	 
	 	[_________] 
	 	 
	 	By:	 
	 	 	Signature
	 	Name:	 
	 	Title:	 

 

    Schedule 5, Page 2

     

    

 

EXHIBIT A TO CERTIFICATE OF TRANSFER

 

LEGAL DESCRIPTION

 

 

[8800

 

Lots 10, 11, 12, 13, 14 and 15, and the
easterly 60.00 feet of Lot 9 of the Cavanaugh Tract, in the City of West Hollywood, County of Los Angeles, State of California,
as per Map recorded in Book 45 page 23 of Maps, in the Office of the County Records of said County.]

 

[8833

 

Lots 1, 2, 3 and 4 of Tract No. 7571, in
the City of West Hollywood, County of Los Angeles, State of California, as per Map recorded in Book 142, page 98 of Maps, in the
Office of the County Recorder of said County.]

 

    Schedule 5, Page 3

     

    

 

Schedule 6

 

Amendment to Expedia,
Inc. Lease

 

    Schedule 6, Page 1

     

    

 

Schedule 7

 

Lease to IAC/InterActiveCorp

 

    Schedule 7, Page 1

     

    

 

Schedule 8

 

Right of First Offer
Agreement

 

Right of First Offer Agreement dated as
of _________________, 2020, between [_________] having an address at 8750 N. Central Expressway, Suite 1400, Dallas, TX 75231 (“Offeror”)
and IAC Holdings, Inc., a Delaware corporation having an address at 555 West 18th Street, New York, NY 10011 (“Offeree”).

 

Recitals

 

A.       Simultaneously
with the execution and delivery of this Agreement, Offeree is conveying to Offeror the property located at 8800 West Sunset Boulevard,
West Hollywood, CA (the “Property”) pursuant to Contribution Agreement dated December __, 2019 (the “Contribution
Agreement”).

 

B.       Simultaneously
with the execution and delivery of this Agreement, Offeror, as landlord, and Offeree, as tenant, are entering into that certain
Office Lease, dated as of the date hereof (the “Lease”).

 

C.       In
connection with the Contribution Agreement and the Lease, Offeror has agreed to provide Offeree with a right of first offer if
Offeror desires to sell the Property on or before June 30, 2023.

 

Accordingly, Offeror and Offeree agree as
provided in this Agreement.

 

1.             (a)       If at any time prior to the
Expiration Date (as defined in the Lease), no Default (as defined in the Lease) is then existing under the Lease, if Offeror desires
to sell Property to an unrelated third party, Offeror shall give notice thereof to Offeree, which notice shall include (i) an offer
by Offeror to Offeree for Offeree (or Offeree’s Designee) to purchase the Property for an all cash purchase price set forth
in Offeror’s notice, (ii) an agreement (the “New Agreement”) otherwise on substantially the same terms (and in
the same form) as the Contribution Agreement (covering only the Property and with a closing date 30 days after the acceptance of
the offer by Offeree, or the first business day thereafter), signed by Offeror and (iii) a copy of all of the documents referred
to in the New Agreement. Offeree shall have the right, exercisable by notice from Offeree to Offeror within 60 days following receipt
of Offeror’s notice (time being of the essence), to accept Offeror’s offer by signing, dating and returning to Offeror
one copy of the New Agreement. If Offeree shall fail to timely exercise its option within such 60-day period, Offeree shall be
deemed to waive its right to accept Offeror’s offer and shall no longer have any rights under this Agreement.

 

(b)       If
Offeror fails (or has been deemed to have failed) to exercise its right of first offer, Offeror may sell the Property to any unrelated
third party on any terms desired by Offeror, but if the net effective purchase price to be paid by said unrelated third party
is less than ninety percent (90%)of the net effective purchase price set forth in Offeror’s notice delivered to Offeree,
or if Offeror has not entered into a contract to sell the Property within 180 days following the end of the 60-day period set
forth in subparagraph 1(a) of this Agreement, Offeror must (x) first offer to sell the Property to Offeree on the net effective
purchase price offered to said unrelated third party and otherwise on the terms of the New Agreement or (y) if a contract was
not entered into within said 180 days, first offer to sell the Property to Offeree as provided in this Agreement before selling
the Property to any unrelated third party. If Offeree shall timely exercise Offeree’s rights under this Agreement, Offeror
shall sell to Offeree, and Offeree shall purchase from Offeror, the Property in accordance with this Agreement.

 

    Schedule 8, Page 1

     

    

 

(c)       Offeror
shall not convey (excluding to a mortgagee in connection with a financing), or lease all or substantially all, of the Property
to an unrelated third party that will not occupy the Property without first offering to sell the Property to Offeree in accordance
with this Agreement. If the Property is conveyed or fully or substantially leased to an affiliate of Offeror prior to same being
offered to Offeree pursuant to this Agreement, then that affiliate shall be required to comply with this Agreement. In addition
to any other right or remedy of Offeree, any sale or lease of the Property in violation of this Agreement shall be null and void,
of no force and effect and rescinded upon notice from Offeree until Offeror makes the offer required by this Agreement and such
offer is not accepted by Offeree.

 

2.       Any
notice or other communication under this Agreement must be in writing and shall be considered given when mailed by registered or
certified mail, return receipt requested, to the respective party at its address in this Agreement, or another address designated
by Offeror or Offeree by notice in accordance with this paragraph, or by email.

 

3.       Offeror
and Offeree hereby waive trial by jury in any action or proceeding brought by either of them in connection with this Agreement.

 

4.       This
Agreement: (a) contains a complete statement of all the arrangements between Offeror and Offeree with respect to the subject matter
of this Agreement (and there are no representations, agreements, arrangements or understandings, oral or written, between Offeror
and Offeree relating to the subject matter of this Agreement which are not fully expressed in this Agreement); (b) cannot be changed
or terminated orally or in any manner other than by a written agreement signed and delivered by Offeror and Offeree; (c) shall
be construed without regard to any presumption or other rule requiring construction against the party causing this Agreement or
any part of this Agreement to be drafted; (d) shall be governed by the law of the State in which the Property is located; (e) may
not be recorded and any attempt to do so shall be of no effect whatsoever; and (f) may be signed in one or more counterparts. In
the event of any litigation between Offeror and Offeree arising out of the obligations of the parties under this Agreement or concerning
the meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party’s costs
and expenses in such litigation, including, without limitation, reasonable attorneys’ fees and expenses. In addition to the
foregoing award of attorneys’ fees to the prevailing party, the prevailing party in any lawsuit on this Agreement shall be
entitled to its reasonable attorneys’ fees incurred in any post judgment proceedings to collect or enforce the judgment.

 

[Balance of page blank; Signature page follows]

 

    Schedule 8, Page 2

     

    

 

IN WITNESS WHEREOF, Offeror and Offeree
have executed this Agreement as of the date written above.

 

	 	[________________]

 

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	IAC Holdings, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule 9

 

Owner’s Affidavit
and Gap Indemnity

 

STATE OF ____________________    )

                                                                        )
ss:

COUNTY OF __________________     )

 

_____________________________,
of _____________________________ (“Owner”), the Owner of the premises described in Title Commitment No. _______________
(the “Title Commitment”), and in consideration of First American Title Insurance Company (the “Company”)
issuing its policy of title insurance insuring an interest in the real estate described therein (the “Property”), and
being first duly sworn on oath, states as follows:

 

		1.	That Owner’s possession of the Property has been peaceable and undisturbed, and that title
to the Property has never been disputed or questioned.

 

		2.	That no proceedings in bankruptcy or receivership have been instituted by or against the Owner
within the last ten (10) years, and that the Owner has never made an assignment for the benefit of creditors.

 

		3.	That there is not any action or proceeding now pending in any State or Federal Court in the United
States, to which the Owner is a party, which could constitute a lien or charge upon the Property.

 

		4.	That the Owner’s charter is in full force and effect and no proceeding is pending for its
dissolution or annulment.

 

		5.	That Owner is in sole possession of the Property, and that no other party has possession, or has
a right of possession under any tenancy, lease or other agreement, written or oral, other than the following tenants: Expedia,
Inc., Match Group, Inc., and Tinder, Inc. Further, unless noted on in this Paragraph 5, no tenant has any rights to the Property
other than as tenants, nor any option or rights of first refusal to purchase the Property.

 

		6.	That Owner has not contracted for, or been a party thereto, any labor to be supplied to the Property,
or for any materials to be delivered thereto, or for any work, that might become the subject of a lien upon the Property and that
has not been paid for.

 

		7.	That there are no unrecorded mortgages, home improvement loans, chattel mortgages, retention of
title agreements, agreements not to sell or encumber, or financing statements, which affect the Property or which affect any fixtures
now installed in or on the Property.

 

		8.	That none of the easements referred to in Schedule B of the Title Commitment have interfered with
the beneficial use of the improvements erected on the Property.

 

		9.	That the undersigned has received no notice that the covenants and restrictions contained in the
Title Commitment have been violated.

 

     

     

    

 

AND Whereas,
the Company is unwilling to issue said policy or policies until the closing instrument(s) under which the insured acquires an interest
in said Property is/are filed for record in the appropriate recording office(s);

 

AND Whereas,
the parties in the transaction have requested the Company to provide a so-called “New York Style Closing” which provides
for the unconditional delivery of the closing instrument(s) between the parties and the passing of consideration therefore.

 

NOW THEREFORE it is
agreed that in consideration of the Company issuing its policy or policies without making exception therein of matters which may
arise between the most recent effective date of the title commitment (the last date upon which the search of title is effective)
and the date the documents creating the interest being insured have been filed for record and which matters may constitute an encumbrance
on or affect said title, the undersigned agrees to promptly defend, remove, bond or otherwise dispose of any encumbrance, lien
or objectionable matter to title (collectively, “objection(s) to title”) which may arise or be filed, as the case may
be, against the captioned Property during the period of time between the most recent effective date of Title Commitment and date
of recording of all closing instruments caused by or relating to the undersigned, and to hold harmless and indemnify the Company
against all expenses, costs and reasonable attorneys fees which may arise out of its failure to so remove, bond or otherwise dispose
of any said objection(s) to title.

 

[Signature Page Follows]

 

     

     

    

 

 

___________________________________

Name: _____________________________

not personally but solely as _____________

of _________________________________

 

ACKNOWLEDGMENT

 

	A notary public or other officer completing this certificate verifies only the identity of
                                                  the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity
                                                  of that document.

 

State of California                                 )

County of ______________________ )

 

On _________________________, before me,
                                                                                             ,
                                                                                                                        (insert
name of notary)

 

Notary Public, personally appeared                                                                                           , who proved to
me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

Signature                                            
                                           (Seal)Exhibit
10.23

 

MONMOUTH
REAL ESTATE INVESTMENT CORPORATION

 

BELL
WORKS

 

101
CRAWFORDS CORNER ROAD

 

SUITE
1405

 

HOLMDEL,
NEW JERSEY 07733

 

A
Public REIT Since 1968

____

 

	INTERNET:	 	OFFICE:	 	EMAIL:
	www.mreic.reit	 	(732)
    577-9996	 	mreic@mreic.com

 

December
23, 2019

 

Allison
Nagelberg

51
Patton Drive

East
Brunswick, NJ 08816.

 

Dear
Allison:

 

This
Retirement Agreement (the “Agreement”) confirms the agreement between Monmouth Real Estate Investment Corporation
(the “Company”) and you regarding your retirement from the Company as of December 23, 2019 (the “Retirement
Date”). Subject to the terms and conditions set forth herein, in recognition of two decades of exemplary service to
the Company and to assist you in transitioning to your other employment, the Company has agreed to make the payments set forth
in this Agreement.

 

1.
Resignation of Title and Position. As of the Retirement Date, you hereby resign your position as General Counsel of
the Company and all other positions that you hold with the Company or any of its subsidiaries, and the Company confirms its acceptance
of such resignations. Your retirement from the Company shall constitute a termination other than for “cause” for purposes
of any agreements by and between you and the Company or any of its subsidiaries and affiliates, including pursuant to the Employment
Agreement entered into between you and the Company dated January 1, 2017 (as amended, the “Employment Agreement”).

 

2.
Final Payment of Accrued Wages, Discretionary Bonus and Expenses. On the Retirement Date, you will be paid an amount
equal to all accrued wages through the Retirement Date as well as a discretionary bonus in the amount of $30,000 for 2019. You
will also be reimbursed for all preapproved expenses incurred by you and submitted by you for payment in accordance with the Company’s
expense reimbursement policies on or before the Retirement Date.

 

    	-1-

    	 

    

 

3.
Retirement Payments and Benefits. The retirement payments and benefits specified in this Section 3 are contingent upon
your execution of the General Release of Claims attached as Exhibit A hereto (the “General Release”) no earlier
than the Retirement Date and it becoming effective pursuant to its terms (the “Release Effective Date”), and
your continued compliance with the covenants contained in the Corporate Disclosure Policy executed by you on May 27, 2015 and
the Technology Usage and Confidentiality Policy executed by you on September 19, 2014 (together, the “Confidentiality
Agreements”). You agree that the only severance payments and benefits that you are entitled to receive from the Company
in the future are those specified in this Agreement.

 

Subject
to the General Release becoming effective pursuant to its terms and your compliance with the above, in addition to the payments
specified in Section 2:

 

(a)
You shall be entitled to receive payments at an annual rate of $395,039.54 per year, payable bi-weekly through December 31, 2020
in accordance with the terms of the Employment Agreement. The payments pursuant to this Section 3(a) shall be in full satisfaction
of any amounts owing to you under the Employment Agreement.

 

(b)
You shall be entitled to receive payment equal to $395,039.54, which shall be paid in a single lump-sum payment on December 31,
2019.

 

(c)
If you elect group health plan continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”),
the Company will pay the cost of your (and your spouse and eligible dependents who were covered immediately prior to your termination
of employment) medical, dental and/or vision benefit coverage under COBRA for up to eighteen (18) months following the Retirement
Date, in accordance with COBRA, beginning the first day of the calendar month following the Retirement Date and ending on the
earlier of the end of such eighteen (18) month period, the date you cease to be eligible for COBRA or the date you, your spouse
and eligible dependents become covered under another employer’s medical, dental and vision plans (the “COBRA Continuation”);
provided, however, that the Company may modify the COBRA Continuation coverage contemplated hereunder to the extent
reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination
requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation
Act of 2010, as amended (to the extent applicable). Any such change will be applied Company-wide and consistent with the coverage
offered to other employees of the Company. Employee’s rights under the Company’s benefit plans (other than medical
and health plans) and any equity awards shall be determined under the provisions of such plans and any applicable award agreements.

 

(d)
The 1,254 shares which remain unvested pursuant to the terms of a Restricted Stock Award Agreement dated July 5, 2015 shall become
fully vested as of the Release Effective Date.

 

(e)
The Company will arrange to have the title to the 2012 Audi Q5 that has been provided for your use transferred to your name. You
will also be entitled to retain your Company-provided smart phone, subject to Section 4 and confirmation by the Company’s
IT personnel that all of the Company’s confidential information has been deleted from the device.

 

(f)
All contributions to the Company’s 401(k) Plan (the “401(k) Plan”) will cease as of the Retirement Date.
As a vested member of the 401(k) Plan, you are entitled to roll-over those funds and otherwise receive benefits from the 401(k)
Plan in accordance with the terms of the 401(k) Plan and applicable law.

 

    	-2-

    	 

    

 

(g)
Pursuant to the Amended and Restated 2007 Incentive Award Plan, as of the Retirement Date, you hold an option to acquire 30,000
shares of the common stock of the Company with an exercise price of $14.24 per share (treated as an incentive stock option as
to 7,022 shares and as a non-qualified stock option as to 22,978 shares) and an option to acquire 45,000 shares of the common
stock of the Company with an exercise price of $13.64 per share (treated as an incentive stock option as to 7,331 shares and as
a non-qualified stock option as to 37,669 shares) (collectively, the “Options”). The Options may be exercised
through the expiration of ninety (90) days from the Retirement Date.

 

4.
Return of Company Property. With the exception of the items listed in Section 3(e), you will return to the Company
all Company documents, files and property in your possession on the Retirement Date. Your receipt of the payments and benefits
pursuant to Section 3 is conditioned upon your compliance with the terms of this Section 4.

 

5.
Cooperation With the Company. Should the Company request your presence and cooperation in any future legal or administrative
proceedings, you agree to make yourself available for a reasonably necessary duration upon reasonable notice at times and in a
manner that is mutually convenient to you and the Company. In the event that the Company requests that you provide such cooperation
for greater than the total amount of eight (8) hours, the Company will compensate you for each hour spent in excess of the eight
(8) hours, you will be compensated at the rate of $300 per hour. The Company shall also reimburse you for all reasonable and necessary
costs incurred in such proceeding, including meals, travel and lodging, subject to the Company’s pre-approval.

 

6.
Mutual General Releases.

 

(a)
Mutual Covenant Not to Sue. You and the Company (collectively, the “Parties”) understand that by entering
into this Agreement, the Parties are agreeing not to sue, or otherwise file any claim against each other for any reason whatsoever
based on anything that has occurred as of the date this Agreement is executed.

 

(b)
Release of the Company. This Agreement and the payments and benefits contemplated in Section 3 are contingent upon you
signing and not subsequently revoking the General Release.

 

(c)
General Release of You. Contingent upon the Agreement becoming effective, the Company and its affiliates, on behalf
of themselves and their directors and officers, hereby expressly release and forever discharge you and your heirs, assignees,
estate, executors, and administrators (the “Employee Released Parties”) from all Claims which the Company or
any of the affiliates may have, which are known to the Company, its directors or its executive officers, or which would have been
known to such individuals after reasonable inquiry, and which arise under the Employment Agreement or arise out of your employment
with Company. This includes a release by Company of any and all claims or rights arising under contract (whether written or oral,
express or implied), covenant, public policy, tort or otherwise, other than the rights under this Agreement and the General Release.

 

    	-3-

    	 

    

 

7.
Mutual Non-disparagement. You shall not, directly or indirectly through any agent or surrogate, disparage or otherwise
communicate to any Company employee, customer, competitor or other person or entity negative statements about the Company, its
affiliated entities or their respective directors, employees, products, services, or businesses. The Company shall instruct its
officers, directors and employees and the officers, directors and employees of its affiliates not to disparage or otherwise communicate
negative statements about you.

 

8.
Indemnification. The terms of the Amended and Restated Indemnification Agreement dated April 18, 2012 by and between
you and Company, as well as the terms of the indemnification agreements between you and Monmouth Capital Corp. dated December
1, 2003 and January 12, 2005 (collectively, the “Indemnification Agreements”), shall remain in full force and
effect pursuant to its terms and is incorporated herein in its entirety.

 

9.
Severability. The provisions of this Agreement and the General Release are severable. If any provision is held to be
invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.

 

10.
Choice of Law. This Agreement and the General Release shall in all respects be governed and construed in accordance
with the laws of the State of New Jersey, including all matters of construction, validity and performance, without regard to conflicts
of law principles.

 

11.
Voluntary and Knowing Agreement. You represent that you have thoroughly read and considered all aspects of this Agreement,
that you understand all its provisions and that you are voluntarily entering into said Agreement.

 

12.
Integration Clause; Amendment. This Agreement, the General Release, the Indemnification Agreements and the Confidentiality
Agreements contain our entire agreement with regard to your retirement and separation from employment, and supersede and replace
any prior agreements as to those matters, whether oral or written. This Agreement and the General Release may not be changed or
modified, in whole or in part, except by an instrument in writing signed by both (i) you and (ii) one of the Chief Executive Officer
of the Company, on behalf of the Company.

 

*        *         *

 

    	-4-

    	 

    

 

If
the above accurately reflects your understanding, please date and sign the enclosed copy of this letter in the places indicated
below and return that copy to Kevin Miller, Chief Financial Officer, by email at kmiller@mreic.com.

 

	 	Respectfully,
	 	 
	 	/s/
    Michael P. Landy
	 	Michael
    P. Landy
	 	President
    and Chief Executive Officer
	 	 
	Accepted
    and agreed to on this 23rd day of December, 2019.
	 	 
	/s/
    Allison Nagelberg	 
	Allison
    Nagelberg	 

 

    	-5-

    	 

    

 

EXHIBIT
A

 

GENERAL
RELEASE OF CLAIMS

 

This
General Release of Claims (“Release”) is entered into as of this 23th day of December, 2019, between you, and
Monmouth Real Estate Investment Corporation (the “Company”) (with you and the Company collectively referred
to herein as the “Parties”), effective eight days after your signature (the “Effective Date”),
unless you revoke your acceptance as provided in Paragraph 2, below.

 

1.
General Release of the Company. You understand that by agreeing to this Release you are agreeing not to sue, or
otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything
that has occurred as of the date you sign this Release.

 

(a)
On behalf of yourself and your heirs and assigns, you hereby release and forever discharge the “Releasees” hereunder,
consisting of the Company, and each of its owners, affiliates, subsidiaries, divisions, parent corporations, predecessors, successors,
assigns, agents, directors, officers, partners, employees, and insurers, and all persons acting by, through, under or in concert
with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity,
suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature
whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which you now have or may hereafter
have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to
the date hereof, including, without limiting the generality of the foregoing, any Claims arising out of, based upon, or relating
to your hire, employment, remuneration or resignation by the Releasees, or any of them, including any Claims arising under the
Age Discrimination in Employment Act (“ADEA”), as amended, 29 U.S.C. § 621, et seq.; Title VII of the
Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; the Equal Pay Act,
29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, 29 U.S.C.
§ 2601 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; the False Claims
Act, 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq.;
the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C.
§ 215 et seq., the Sarbanes-Oxley Act of 2002; the New Jersey Law Against Discrimination; the New Jersey Civil Rights
Act; the New Jersey Conscientious Employee Protection Act; the New Jersey Temporary Disability Benefits Law, the New Jersey Paid
Sick Leave Act; the New Jersey Security and Financial Empowerment Act; New Jersey State Wage and Hour Law; New Jersey Wage Payment
Act; the New Jersey Freedom from Employer Intimidation Act; the New Jersey Family Leave Act; Title VII of the Civil Rights Act
of 1964 (as amended); Claims for breach of contract; Claims arising in tort, including, without limitation, Claims of wrongful
dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional
distress, violation of public policy, and/or breach of the implied covenant of good faith and fair dealing; and Claims for damages
or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s
fees.

 

    	-6-

    	 

    

 

(b)
Notwithstanding the generality of the foregoing, you do not release the following claims:

 

(i)
Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law;

 

(ii)
Claims for workers’ compensation insurance benefits under the terms of any worker’s compensation insurance policy
or fund of the Company;

 

(iii)
Claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of
the federal law known as COBRA;

 

(iv)
Your right to bring to the attention of the Equal Employment Opportunity Commission or the New Jersey Division on Civil Rights
claims of discrimination, harassment and retaliation; provided, however, that you do release your right to secure any damages
for such alleged treatment;

 

(v)
Claims by you against the Company to enforce the terms of the Retirement Agreement, including, without limitation, claims for
the payment of the cash amounts set forth in Sections 2 and 3 of that Agreement in accordance with the terms of that Agreement;
and

 

(vi)
Any other obligation of the Company that cannot be waived as a matter of law.

 

2.
OWBPA Notice. In accordance with the Older Workers Benefit Protection Act of 1990, you acknowledge that you are
aware of the following:

 

(a)
This paragraph, and this Release, are written in a manner calculated to be understood by you.

 

(b)
The waiver and release of claims under the ADEA contained in this Release does not cover rights or claims that may arise after
the date on which you sign this Release.

 

(c)
Together with the Retirement Agreement dated as of December 23, 2019, this Release provides for consideration in addition to anything
of value to which you are already entitled.

 

    	-7-

    	 

    

 

(d)
You have been advised to consult an attorney before signing this Release.

 

(e)
You have been granted twenty-one (21) days after you are presented with this Release to decide whether or not to sign this Release.
If you execute this Release prior to the expiration of such period, you do so voluntarily and after having had the opportunity
to consult with an attorney, and hereby waive the remainder of the twenty-one (21) day period.

 

(f)
You have the right to revoke this Release within seven (7) days of signing it. In the event this Release is revoked, the Retirement
Agreement dated as of December 23, 2019 will be null and void in its entirety, and you will not receive the benefits of that Agreement.

 

If
you wish to revoke this agreement, you must deliver written notice stating that intent to revoke to Kevin Miller, Chief Financial
Officer, by email at kmiller@mreic.com, on or before 5:00 p.m. on the seventh (7th) day after the date on which
you sign this Release.

 

3.
Employee’s Representations. You represent and warrant that:

 

(a)
Other than your car and phone as set forth in Section 3(e) of the Retirement Agreement, you have returned to the Company all Company
property in your possession;

 

(b)
Other than as set forth in this Agreement, you have been paid all wages, commissions, bonuses or other compensation, owed to you;

 

(c)
During the course of your employment you did not sustain any injuries for which you might be entitled to compensation pursuant
to worker’s compensation law;

 

(d)
You have not made any disparaging comments about the Company, nor will you do so in the future; and

 

(e)
You have not initiated any adversarial proceedings of any kind against the Company or against any other person or entity released
herein, nor will you do so in the future, except as specifically allowed by this Agreement.

 

4.
Injunctive Relief. Each Party recognizes and acknowledges that a breach of the covenants contained in this Release
or the Retirement Agreement will cause irreparable damage to the other Party and such other party’s goodwill or reputation,
the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will
be inadequate. Accordingly, each Party agrees that in the event of a breach of any of the covenants contained in this this Release
or the Retirement Agreement by such Party, in addition to any other remedy which may be available at law or in equity, the other
Party will be entitled to specific performance and injunctive relief.

 

5.
Execution in Counterparts. This Release may be executed in counterparts with the same force and effectiveness as
though executed in a single document. Facsimile signatures shall have the same force and effectiveness as original signatures.

 

The
Parties have carefully read this Release in its entirety; fully understand and agree to its terms and provisions; and intend and
agree that it is final and binding on all Parties.

 

    	-8-

    	 

    

 

IN
WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the foregoing on the dates shown below.

 

	ALLISON
    NAGELBERG	 	MONMOUTH REAL ESTATE INVESTMENT CORPORATION
	 	 	 	 	 
	By:	/s/
Allison Nagelberg	 	By:
    	/s/
    Michael P. Landy
	 	 	 	Name:	Michael
    P. Landy
	 	 	 	Title:	President
    and Chief Executive Officer
	 	 	 	 	 
	Date:
    December 23, 2019	 	Date: December 23, 2019

 

    	-9-

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