Document:

EXHIBIT 10.6

 

Exhibit
10.6

Execution Version

 

AGREEMENT AND PLAN OF MERGER

Dated
as of August 9, 2005

by and between

COGDELL SPENCER INC.,

CS MERGER SUB LLC

AND

COGDELL SPENCER ADVISORS, INC.

 

 

 

	 	 	 	 	 
	ARTICLE I THE MERGER
	 	 	1	 
	Section 1.1. The Merger
	 	 	1	 
	Section 1.2. Effective Time
	 	 	1	 
	Section 1.3. Tax Treatment
	 	 	2	 
	Section 1.4. Certificate of Formation and Bylaws
	 	 	2	 
	Section 1.5. Managing Member
	 	 	2	 
	Section 1.6. Officers
	 	 	2	 
	Section 1.7. Additional Actions
	 	 	2	 
	ARTICLE
II EFFECTS OF THE MERGER;
	 	 	2	 
	Section 2.1. Effect on Common Stock
	 	 	2	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	3	 
	Section 3.1. Representations and Warranties of CSA
	 	 	3	 
	(a) Organization, Standing and Corporate Power of CSA
	 	 	3	 
	(b) Capital Structure
	 	 	3	 
	(c) Authority; Noncontravention
	 	 	3	 
	(d) Litigation
	 	 	3	 
	(e) Brokers; Schedule of Fees and Expenses
	 	 	3	 
	ARTICLE IV MISCELLANEOUS
	 	 	4	 
	Section 4.1. Termination
	 	 	4	 
	Section 4.2. Approval
	 	 	4	 
	Section 4.3. Amendments
	 	 	4	 
	Section 4.4. Counterparts
	 	 	4	 
	Section 4.5. Entire Agreement; No Third-Party Beneficiaries
	 	 	4	 
	Section 4.6. GOVERNING LAW
	 	 	4	 

i

 

     AGREEMENT
AND PLAN OF MERGER (“Agreement”), dated as of August 9, 2005, by and
between COGDELL SPENCER INC., a Maryland corporation (“CSI”), CS MERGER SUB LLC, a Delaware
limited liability company and indirect wholly owned subsidiary of CSI (the “Merger Sub”)
and COGDELL SPENCER ADVISORS, INC., a North Carolina corporation (“CSA”).

RECITALS

	A.	 	The Board of Directors of CSI, the Managing Member of Merger Sub and the Board of Directors
of CSA each has determined that it is advisable and in the best interests of their respective
companies, stockholders and/or members that upon the terms and subject to the conditions set
forth in this Agreement, CSA will merge, in accordance with the laws of the State of Delaware
and the laws of the State of North Carolina, with and into the Company (the “Merger”)
with the Merger Sub being the surviving entity of the merger.
	 
	B.	 	As a result of the Merger, the Merger Sub will survive and be an indirect wholly owned
subsidiary of CSI.

AGREEMENT

     In consideration of the representations, warranties, covenants and agreements contained in
this Agreement, the parties agree as follows:

ARTICLE I

THE MERGER

     Section 1.1. The Merger.

     (a) Upon the terms and subject to the conditions set forth in this Agreement, at the Effective
Time (as hereinafter defined), CSA shall be merged with and into the Merger Sub in accordance
with the Delaware Limited Liability Company Act (the
“Delaware Act”) and the [   ]
Act of the State of North Carolina (the “North Carolina Act”), whereupon the separate
company existence of CSA shall cease and the Merger Sub shall be the surviving company in the
merger (the “Surviving Company”).

     (b) The Merger shall have the effects set forth in the Delaware Act and the North Carolina Act.
Accordingly, from and after the Effective Time, the Surviving Company shall possess all the
rights, privileges, powers and franchises and be subject to all of the restrictions,
disabilities, liabilities and duties of the Merger Sub and CSA.

     (c) At the option of CSI, the Merger may be structured so that CSA shall be merged with and into
another direct or indirect wholly-owned subsidiary of CSI, which may be a corporation, limited
liability company or other entity as determined by CSI, with such other subsidiary of CSI
continuing as the surviving company, and each of CSI, the Merger Sub, CSA and such other
subsidiary shall execute an appropriate amendment to this Agreement in order to reflect such
restructuring; provided however, that such restructuring shall not affect the economic rights
of the parties hereto and, provided further, that such other subsidiary is treated as a
disregarded entity of CSI within the meaning of Treasury Regulation 1.368-2T(b)(1)(I)(A).

1

 

     Section 1.2. Effective Time. The parties shall execute and file a Certificate of Merger with
the Secretary of State of the State of Delaware in accordance with the Delaware Act and shall make
all other filings or recordings required with respect to the Merger under the Delaware Act, and
shall execute and file Articles of Merger with the Secretary of State of the State of North
Carolina in accordance with the North Carolina Act and shall make all other filings or recordings
required with respect to the Merger under the North Carolina Act. The Merger shall become
effective at the later of the time of acceptance for filing by the Secretary of State of the State
of Delaware of the Certificate of Merger and the acceptance for filing by the Secretary of State of
the State of North Carolina of the Articles of Merger (the “Effective Time”).

     Section 1.3. Tax Treatment. The parties intend that the Merger qualify as a reorganization
within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the
“Code”), and the parties hereto agree not to take any position for U.S. federal income tax
purposes inconsistent with such intended treatment.

     Section 1.4. Certificate of Formation and Bylaws. The certificate of formation (the
“Certificate of Formation”) and the Limited Liability Company Agreement (the “Operating
Agreement”) of the Merger Sub, as set forth in Exhibits A and B hereto, shall
become the Certificate of Formation and the Operating Agreement of the Surviving Company upon the
Effective Time until further amended in accordance with applicable Delaware law.

     Section 1.5. Managing Member. Cogdell Spencer LP shall be the Managing Member of the
Surviving Company from and after the Effective Date.

     Section 1.6. Officers. The officers of CSA immediately prior to the Effective Time shall be
the officers of the Surviving Company from and after the Effective Time and shall hold office until
their respective successors are duly elected or appointed and qualified in the manner provided in
the Certificate of Formation and the Operating Agreement of the Surviving Company, or as otherwise
provided by law.

     Section 1.7. Additional Actions. If, at any time after the Effective Time, the Surviving
Company determines that any deeds, bills of sale, assignments, assurances or any other acts or
things are necessary or desirable (a) to vest, perfect or confirm, of record or otherwise, in the
Surviving Company, its right, title or interest in, to or under any of the rights, properties or
assets of CSA by reason of, or as a result of, the Merger, or (b) otherwise to carry out the
purposes of this Agreement, the Managing Member of the Surviving Company shall be authorized to
execute and deliver, in the name and on behalf of CSA, all such deeds, bills of sale, assignments
and assurances and to do, in the name and on behalf of CSA, all such other acts and things
necessary or desirable to vest, perfect or confirm any and all right, title or interest in, to or
under such rights, properties or assets in the Surviving Company or otherwise to carry out the
purposes of this Agreement.

ARTICLE
II

EFFECTS OF THE MERGER;

     Section 2.1. Effect on Common Stock At the Effective Time, the stockholders of CSA will
receive the number of shares of common stock of CSI reflected on Exhibit C in exchange for
all of their shares of common stock of CSA, which shares of common stock shall comprise all of the
issued and outstanding shares of common stock of CSA. All certificates representing shares of
common stock of CSI issued in the Merger shall bear legends as deemed appropriate by CSI, including
but not limited to a restrictive legend specifying that the shares of common stock of CSI
represented by such certificate are

2

 

held by an affiliate of CSI (or, in the absence of such a legend, an appropriate notation
shall be made in the records of CSI and/or appropriate stop-transfer instructions shall be issued
to the transfer agent).

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

     Section 3.1. Representations and Warranties of CSA. CSA represents and warrants to the
Merger Sub and CSI as follows:

     (a) Organization, Standing and Corporate Power of CSA. CSA is a corporation organized
and validly existing under the laws of the State of North Carolina and has the requisite corporate
power and authority to carry on its business as now being conducted. CSA is duly qualified to do
business and is in good standing in each jurisdiction in which the nature of its business makes
such qualification necessary, other than in such jurisdictions where the failure to be so
qualified, individually or in the aggregate, would not have a material adverse effect on the
business, properties, financial condition, results of operation or prospects of CSA (a “CSA
Material Adverse Effect”).

     (b) Capital
Structure. On the date of this Agreement, CSA has 300 shares of common
stock outstanding and 100,000 shares of common stock reserved for issuance. As of the date of this
Agreement, there are no outstanding securities, options, warrants, calls, rights, commitments,
agreements, arrangements or undertakings of any kind to which CSA is a party or by which such
entity is bound, obligating CSA to issue, deliver or sell, or cause to be issued, delivered or
sold, any shares of common stock or other ownership interests of CSA or obligating CSA to issue,
grant, extend or enter into any such security, option, warrant, call, right, commitment, agreement,
arrangement or undertaking (other than to CSA).

     (c) Authority; Noncontravention. CSA has the requisite corporate power and authority
to enter into this Agreement and to consummate the transactions contemplated by this Agreement.
The execution and delivery of this Agreement by CSA and the consummation by CSA of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action on the part of
CSA. This Agreement has been duly executed and delivered by CSA and constitutes the valid and
binding obligation of CSA and is enforceable against CSA in accordance with its terms. The
execution and delivery of this Agreement by CSA does not, and the consummation of the transactions
contemplated hereby and compliance by CSA with the provisions of this Agreement does not and will
not, conflict with, or result in any violation of, or default (with or without notice or lapse of
time, or both) under, or give rise to a right of termination, cancellation or acceleration of any
obligation or to loss of a material benefit under, or result in the creation of any lien upon any
of the properties or assets of CSA under the articles of incorporation of CSA.

     (d) Litigation. There is no suit, action or proceeding pending or, to the knowledge of
CSA, threatened against or affecting CSA that, individually or in the aggregate, could
reasonably be expected to (i) have a CSA Material Adverse Effect or (ii) prevent the
consummation of any of the transactions contemplated herein, nor is there any judgment,
decree, injunction, rule or order of governmental entity or arbitrator outstanding against CSA
having, or which, insofar as reasonably can be foreseen, in the future would have, any such
effect.

     (e) Brokers; Schedule of Fees and Expenses. No broker, investment banker, financial
advisor or other person is entitled to any broker’s, finder’s financial advisor’s or other
similar fee or commission in connection with the Merger or based upon arrangements made by or
on behalf of CSA.

3

 

ARTICLE
IV

MISCELLANEOUS

     Section 4.1. Termination. This Agreement may be terminated and abandoned by action of the
Board of Directors of CSI, Managing Member of the Merger Sub or the Board of Directors of CSA at
any time prior to the Effective Time, whether before or after approval by the sole member of the
Merger Sub and the shareholders of CSA.

     Section 4.2. Approval. The respective obligation of each party to effect the Merger is
subject to adoption by the requisite vote of the shareholders of CSA and the sole member of the
Merger Sub pursuant to the Delaware Act and the North Carolina Act, as applicable.

     Section 4.3. Amendments. This Agreement may only be amended in accordance with Section
1.1(c) hereof and may not be amended in any other manner.

     Section 4.4. Counterparts. This Agreement may be executed in any number of counterparts and
by the different parties on separate counterparts, and each such counterpart shall be deemed to be
an original but all such counterparts shall together constitute one and the same Agreement.

     Section 4.5. Entire Agreement; No Third-Party Beneficiaries. This Agreement and the other
agreements entered into in connection with the transactions (a) constitute the entire agreement and
supersede all prior agreements and understandings, both written and oral, between the parties with
respect to the subject matter of this Agreement and (b) except for the provisions of Section 3.1
are not intended to confer upon any person other than the parties hereto any rights or remedies.

     Section 4.6.
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS
PRINCIPLES THEREOF.

4

 

     IN WITNESS WHEREOF, each of the Merger Sub, CSA and CSI has executed this Agreement, or has
caused this Agreement to be executed on its behalf by a representative duly authorized, all as of
the day and year first above written.

	 	 	 	 	 	 
	 

	 	COGDELL SPENCER INC.
	 
	 
	 	 	 	 	 
	 

	 	By:	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Name: Frank Spencer	 
	 

	 	 	 	Title: Chief Executive Officer and President	 
	 
	 	 	 	 	 
	 

	 	CS MERGER SUB LLC
	 
	 
	 	 	 	 	 
	 

	 	By:	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Name: Frank Spencer	 
	 

	 	 	 	Title: Authorized Signatory	 
	 
	 	 	 	 	 
	 

	 	COGDELL SPENCER ADVISORS, INC.
	 
	 
	 	 	 	 	 
	 

	 	By:	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Name: Frank Spencer	 
	 

	 	 	 	Title: President	 

5EXHIBIT 10.12

 

Exhibit 10.12

IRREVOCABLE EXCHANGE AND SUBSCRIPTION AGREEMENT

Cogdell Spencer OP

Cogdell Spencer Inc.

4401 Barclay Downs Drive

Suite 300

Charlotte, North Carolina 28209-4670

August 8, 2005

Ladies and Gentlemen:

     Reference is made to the Cogdell Spencer Inc. Consent Solicitation Statement and Confidential
Offering Memorandum, dated May 27, 2005 (the “Confidential Offering Memorandum”) relating
to the private offering of units representing limited partnership interests (the “OP
Units”) to be issued by Cogdell Spencer LP, a newly formed Delaware limited partnership
(“Cogdell Spencer OP”), or shares of Common Stock, par value $.01 per share, (the
“Common Stock”), to be issued by Cogdell Spencer Inc., a newly organized Maryland
corporation (the “Company”), which intends to qualify as a real estate investment trust (a
“REIT”) for U.S. federal income tax purposes. A copy of the Confidential Offering
Memorandum has been received and reviewed by the undersigned. Capitalized terms used but not
otherwise defined in this Irrevocable Exchange and Subscription Agreement shall have the respective
meanings ascribed to them in the Confidential Offering Memorandum.

     The undersigned (the “Exchanging Member”) is a holder of limited liability company,
general or limited partnership interests in those limited liability companies or limited
partnerships (the “Existing Entities”) and of shares of common stock in Cogdell Spencer
Advisors Inc., a North Carolina corporation (CSA”), all as described on the attached Investor
Information Page. We refer to the limited liability company, general or limited partnership
interests in the Existing Entities and the shares of CSA common stock shown on such Investor
Information Page collectively as the “Interests.” The Investor Information Page also sets
forth, in the applicable column, the number of OP Units or shares of Common Stock to being offered
to the Exchanging Member in exchange for the Interests. Such number of OP Units is referred to
herein as the “Offered OP Units” and such number of shares of Common Stock is referred to
herein as the “Offered Shares.”

     By executing this agreement, the Exchanging Member waives any right it may have to elect to
receive any consideration under the Transaction Agreements for any of the Existing Entities and
irrevocably agrees, upon satisfaction of the conditions in Sections 5 and 6 of this agreement, to
receive in exchange for such Interests either the Offered OP Units or Offered Shares, as indicated
on the Investor Information Page. The securities so elected to be received by the Exchanging
Member as described in paragraph 1.A below are referred to herein as the “Elected
Securities.”

     1. Exchange, Subscription and Consent.

     A. Contribution to the Company and Cogdell Spencer OP. By executing this agreement, the
Exchanging Member hereby agrees, subject to the terms and conditions hereof, (i) to contribute to
Cogdell Spencer OP the Interests shown on the Investor Information Page as being slated for
contribution to Cogdell Spencer OP in exchange for which the Exchanging Member will receive on the
closing date (the “Closing Date”) of the Company’s proposed initial public offering (the
“IPO”) the number of OP Units set forth in the applicable line on the Investor Information
Page and (ii) to receive, on the closing

 

 

date of the IPO, in the merger described in the Transaction Agreement relating to CSA, the
number of Offered Shares shown on such Investor Information Page.

     B. Reallocation at the Option of the Company for Tax Reasons. The Company reserves the
right, by written notice to the undersigned, to require the undersigned and CSA to reallocate one
or more Interests slated for contribution under the Transaction Agreement for CSA to be instead
contributed to Cogdell Spencer OP and to require one or more Interests slated for contribution to
Cogdell Spencer OP to be instead contributed under the Transaction Agreement for CSA. The Company
shall exercise such right only if in its reasonable judgment such reallocation is necessary to
protect the status of the Company as a REIT for federal income tax purposes or the tax deferred
nature of the transactions contemplated by this Agreement. The parties agree that any such
reallocation of an Interest shall not change the total number of Elected Securities to be received
by the Exchanging Member under this agreement and under the Transaction Agreement for CSA

     C. Other Matters. The Exchanging Member has delivered to the Company or Cogdell Spencer OP,
as applicable, (a) a duly completed and executed Form W-9 and FIRPTA Affidavit; and (b) two duly
completed and executed signature pages to this Irrevocable Exchange and Subscription Agreement. As
provided in paragraph 9 hereof, by executing this agreement, the Exchanging Member is granting a
power-of-attorney to the Company to execute, on behalf of the undersigned at the closing of the
transactions contemplated hereby (the “Closing”), the Registration Rights Agreement, the
Tax Protection Agreement, the Lock-Up Agreement, the applicable Transaction Agreements, and the
partnership agreement of Cogdell Spencer OP. Such agreements together with this agreement are
collectively referred to in this agreement as the “Subscription Documents.”

     D. . Consents. By executing this agreement, the undersigned and CSA hereby consent and vote
in favor of (i) the participation by the applicable Existing Entity and CSA in the Consolidation
Transaction, as described herein or in the Confidential Offering Memorandum, and (ii) the
Organizational Document Amendments, as described in the Confidential Offering Memorandum.

     2. Representations, Warranties and Covenants of The Exchanging Member. The Exchanging
Member hereby acknowledges, represents and warrants to, and covenants and agrees with the Company
and Cogdell Spencer OP as follows (and each representation and warranty set forth below shall be
deemed remade as of the Closing Date):

          2.1 Authorization. Such Exchanging Member represents and warrants that such
Exchanging Member has full power and authority to enter into the Subscription Documents and to
consummate the transactions contemplated by the Subscription Documents, that the execution and
delivery of the Subscription Documents by such Exchanging Member and the consummation by such
Exchanging Member of the transactions contemplated by the Subscription Documents have been duly
authorized by all necessary action on the part of such Exchanging Member and will not constitute or
result in a breach or default under, or conflict with or violate, any agreement or other
undertaking, to which such Exchanging Member is a party or by which such Exchanging Member is bound
or with any judgment, decree, statute, order, rule or regulation applicable to such Exchanging
Member or such Exchanging Member’s assets, and, if the Exchanging Member is not an individual, will
not violate any provisions of the organizational or other formation or governing documents of such
Exchanging Member. The Subscription Documents have been duly executed and delivered by such
Exchanging Member and constitute valid and legally binding obligations of such Exchanging Member
enforceable against such Exchanging Member in accordance with and subject to their respective
terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws relating to
creditors’ rights and general principles of equity. The signatures on the Subscription Documents
are genuine, and the signatory, if such Exchanging Member is an individual, has legal competence
and capacity to execute the same, or, if

 

 

such Exchanging Member is not an individual, the signatory has been duly authorized to execute
the same on behalf of such Exchanging Member.

          2.2 Purchase for Investment. Such Exchanging Member is acquiring the Elected
Securities for such Exchanging Member’s own account (or if such Exchanging Member is a trustee, for
a trust account) for investment only, and not with a view to or for sale in connection with any
distribution of all or any part of such Elected Securities, other than the exchange of shares of
CSA common stock for other Elected Securities as contemplated hereby. Such Exchanging Member
hereby agrees that such Exchanging Member shall not, directly or indirectly, transfer all or any
part of such Elected Securities (or solicit any offers to buy, purchase or otherwise acquire or
take a pledge of all or any part of the Elected Securities), except in accordance with the
registration provisions of the Securities Act of 1933, as amended (the “Securities Act”),
and the regulations thereunder or an exemption from such registration provisions, with any
applicable state or non-U.S. securities laws, and with the terms of this Irrevocable Exchange and
Subscription Agreement. Such Exchanging Member understands that such Exchanging Member must bear
the economic risk of an investment in the Elected Securities for an indefinite period of time
because, among other reasons, the offering and sale of such Elected Securities have not been
registered under the Securities Act and, therefore, such Elected Securities cannot be resold unless
such resale is subsequently registered under the Securities Act or an exemption from such
registration is available. Such Exchanging Member also understands that sales or transfers of such
Elected Securities are further restricted by the provisions of the Company’s charter or the
organizational agreements of Cogdell Spencer OP, and may be restricted by other applicable
securities laws. If at any time the Elected Securities are evidenced by certificates or other
documents, each such certificate or other document shall contain a legend stating that (i) such
Elected Securities (1) have not been registered under the Securities Act or the securities laws of
any state; (2) have been issued pursuant to a claim of exemption from the registration provisions
of the Securities Act and any state securities law which may be applicable; and (3) may not be
sold, transferred or assigned without compliance with the registration provisions of the Securities
Act and the regulations thereunder and any other applicable federal or state securities laws or
compliance with applicable exemptions therefrom; (ii) sale, transfer or assignment of such Elected
Securities is further subject to restrictions contained in the organizational documents of the
issuer of such securities and such Elected Securities may not be sold, transferred or assigned
unless and to the extent permitted by, and in accordance with, the provisions of the organizational
documents of such issuer; and (iii) sale, transfer or assignment of such Elected Securities (other
than shares of CSA common stock) is subject to restrictions contained in the Lock-Up Agreement
being executed by such Exchanging Member on the date of this agreement.

          2.3 Information. Such Exchanging Member has carefully reviewed this Irrevocable
Exchange and Subscription Agreement, the Confidential Offering Memorandum and the other
Subscription Documents. Such Exchanging Member has been provided an opportunity to ask questions
of, and such Exchanging Member has received answers thereto satisfactory to such Exchanging Member
from, the Company or its representatives regarding the terms and conditions of the offering of the
Elected Securities, and such Exchanging Member has obtained all additional information requested by
such Exchanging Member of Cogdell Spencer OP or the Company and their representatives to verify the
accuracy of all information furnished to such Exchanging Member regarding the offering of such
Elected Securities. Such Exchanging Member represents and warrants that such Exchanging Member has
read the Confidential Offering Memorandum in its entirety and has relied upon and is making his,
her or its subscription decision to acquire the Elected Securities in exchange for its Interests
based solely upon his, her or its review and evaluation of the Confidential Offering Memorandum and
is not relying on CSA or the Company or any of its subsidiaries, affiliates or any of their
respective representatives or agents with respect to any tax or other economic considerations
involved in connection with the subscription for the Elected Securities. Such Exchanging Member
represents and warrants that such Exchanging Member has been advised to consult with his, her or
its tax, legal and other advisors regarding the subscription and its

 

 

effects, the tax consequences of making and not making a subscription hereunder, and has
obtained, in such Exchanging Member’s judgment, sufficient information to evaluate the merits and
risks of a subscription and investment hereunder. Such Exchanging Member has not been furnished
with and has not relied on any oral or written representation in connection with the offering of
the Elected Securities that is not contained in this agreement.

          2.4 Economic and Liquidity Risk. Such Exchanging Member represents and warrants that
such Exchanging Member has such knowledge and experience in financial and business matters such
that such Exchanging Member is capable of evaluating the merits and risks of investing in the
Elected Securities, and that such Exchanging Member has evaluated the risks of investing in the
Elected Securities and has determined that they are a suitable investment for such Exchanging
Member. Such Exchanging Member represents and warrants that such Exchanging Member understands
that an investment in the Elected Securities is a speculative investment that involves very
significant risks and tax uncertainties and that such Exchanging Member is prepared to bear the
economic, tax and other risks of an investment in the Elected Securities for an indefinite period
of time, and is able to withstand a total loss of such Exchanging Members investment in the Elected
Securities.

          2.5 Eligibility; Accredited Investor Status. Such Exchanging Member represents and
warrants that such Exchanging Member is an “accredited investor” as defined in Regulation D under
the Securities Act (“Accredited Investor”). Such Exchanging Member will, upon request,
execute and/or deliver any additional documents deemed by the Company to be necessary or desirable
to confirm such Exchanging Members Accredited Investor status.

          2.6 Ownership of the Exchanging Member’s Entire Interest. Such Exchanging Member
hereby represents and warrants that such Exchanging Member has, or on the Closing Date will have,
good and marketable title to each Interest listed on the Investor Information Page and each such
Interest will on the Closing Date be free and clear of all pledges, claims, liens, restrictions,
charges, encumbrances, security interests, conditional sales agreements and other obligations of
any kind or nature. Such Exchanging Member will, upon request, execute, deliver and/or provide any
additional documents deemed by the Company to be necessary or desirable to confirm the foregoing.
Such Exchanging Member represents and warrants that the information on the Investor Information
Page and on the Supplementary Information Page is true and correct in all material respects.

          2.7 Status as Foreign Person. Such Exchanging Member represents and warrants that he,
she or it is not a foreign person and is not owned directly or indirectly, in whole or in part, by
a foreign person as determined for purposes of Section 897(h)(4) of the Internal Revenue Code of
1986, as amended (the “Code”), and the regulations promulgated thereunder.

          2.8 Continuing Efforts. Subject to the terms and conditions herein provided, such
Exchanging Member covenants and agrees to use its best efforts to take, or cause to be taken, all
actions and do, or cause to be done, all things necessary, proper and/or appropriate to consummate
and make effective the transactions contemplated by this Irrevocable Exchange and Subscription
Agreement.

          2.9 No Brokers or Finders. Such Exchanging Member has not entered into any agreement
and is not otherwise liable or responsible to pay any brokers’ or finders’ fees or expenses to any
person or Entity with respect to this Irrevocable Exchange and Subscription Agreement or the
purchase and issuance of any Elected Securities contemplated hereby, except for any such person or
Entity the fees and expenses for which such Exchanging Member shall be solely responsible for and
pay.

     3. Survival. The representations, warranties, covenants and agreements contained in
this Irrevocable Exchange and Subscription Agreement shall survive the Closing Date.

 

 

     4. Conditions to Consummation by Cogdell Spencer OP and the Company. The obligations
of Cogdell Spencer OP and the Company to accept a subscription from, and to issue the Elected
Securities to, the Exchanging Member pursuant to this Irrevocable Exchange and Subscription
Agreement are subject to the fulfillment of the conditions set forth in this Article 5, any one or
more of which may be waived by the Company:

          4.1 Representations, Warranties and Covenants. The representations and warranties of
the Exchanging Member contained in this Irrevocable Exchange and Subscription Agreement shall be
true, correct and complete in all material respects on and as of the Closing Date with the same
force and effect as though made on and as of such Closing Date unless expressly stated herein to be
made as of a specified date. The Exchanging Member shall have performed in all material respects
all obligations required to be performed by him, her or it under this Irrevocable Exchange and
Subscription Agreement at or prior to the Closing Date.

          4.2 Closing Documents. The Exchanging Member shall have duly executed and delivered
to the Company and Cogdell Spencer OP on or prior to the Closing Date all documents that are
reasonably requested by the Company to effectuate the transactions contemplated hereby.

          4.3 Receipt of Subscription by the Expiration Time. The Subscription Documents and
such other documents or instruments as are, or may be, requested hereunder must be properly
completed and duly executed and returned by the Exchanging Member and received by the Company by
the Expiration Time.

          4.4 Closing Of the IPO and Other Transactions. The closing of the IPO and the
transaction contemplated by the applicable Transaction Agreement shall have occurred or shall be
imminent.

     5. Conditions to Consummation by the Exchanging Member. The obligations of the
Exchanging Member to receive Elected Securities pursuant this Irrevocable Exchange and Subscription
Agreement are subject to the fulfillment of the conditions set forth in this Article 6, any one or
more of which may be waived by him, her or it:

          5.1 Covenants. The Company and Cogdell Spencer OP shall have performed in all
material respects all obligations required to be performed by them under this Irrevocable Exchange
and Subscription Agreement at or prior to the Closing Date.

          5.2 Closing Documents. Cogdell Spencer OP shall have duly executed and delivered on
or prior to the Closing Date the Subscription Documents as herein contemplated.

          5.3 Closing Of the IPO and Other Transactions. The closing of the IPO and the
transactions contemplated by the applicable Transaction Agreements shall have occurred or shall be
imminent.

     6. Indemnity. The Exchanging Member hereby agrees to indemnify and defend the Company
and Cogdell Spencer OP and its affiliates against and to hold them harmless from any and all
damage, loss, liability and expense incurred or suffered by any of them arising out of or based
upon the inaccuracy of any representation or warranty or breach of any agreement made or to be
performed by such Exchanging Member pursuant to this Irrevocable Exchange and Subscription
Agreement or any of the documents or instruments contemplated hereby or referred to herein. The
Company and Cogdell Spencer OP hereby agree to indemnify and defend the Exchanging Member and its
affiliates against and to hold them harmless from any and all damage, loss, liability and expense
incurred or suffered by the

 

 

Exchanging Member or any of its affiliates arising out of or based upon the breach of any
agreement made or to be performed by the Company or Cogdell Spencer OP pursuant to this Irrevocable
Exchange and Subscription Agreement.

     7. Changes to Form Agreements. The Exchanging Member agrees and confirms that the
terms of the OP Units and Common Stock described in the Confidential Offering Memorandum and the
Exhibits thereto are not final and may be modified depending on the prevailing market conditions at
the time of the IPO. By executing this Irrevocable Exchange and Subscription Agreement such
Exchanging Member hereby authorizes Cogdell Spencer OP and the Company to, and understands and
agrees that Cogdell Spencer OP and the Company may, make changes (including changes that may be
deemed material) to the Company’s charter, the by-laws of the Company, the Registration Rights
Agreement, the Tax Protection Agreement, the Lock-Up Agreement and the partnership agreement of
Cogdell Spencer OP, to the Confidential Offering Memorandum, and such Exchanging Member agrees to
receive the Elected Securities, as the case may be, with such final terms and conditions as the
Company determines.

     8. Power-of-attorney. By executing this Irrevocable Exchange and Subscription
Agreement, the undersigned Exchanging Member hereby irrevocably constitutes and appoints the
Company (or a substitute appointed by Company) as his, her or its attorney-in-fact and agent with
full power of substitution to take any and all actions and execute any of the following agreements
on such Exchanging Member’s behalf and in such Exchanging Member’s name: Lock-Up Agreement,
Registration Rights Agreement, the Tax Protection Agreement, the Transaction Agreement, instruments
of assignment, partnership agreements of Cogdell Spencer OP, Organizational Document Amendments of
the Existing Entities, and any other documents related to the consummation of the Consolidation
Transaction, any reallocation of Interests as described in paragraph 1.B above or any of the other
transactions contemplated by this Agreement on such Exchanging Member’s behalf and in such
Exchanging Member’s name, as may be deemed by the Company as necessary or desirable to effectuate
the Consolidation Transaction, IPO, and the other transactions described herein or in the
Confidential Offering Memorandum. The undersigned hereby grants to each attorney-in-fact full
power and authority to do and perform each and every act and thing which may be necessary, or
convenient, in connection with the foregoing, as fully, to all intents and purposes, as the
undersigned might or could do if personally present, hereby ratifying and confirming all that such
attorney-in-fact shall lawfully do or cause to be done by authority hereof. Such power-of-attorney
shall be deemed to be coupled with an interest and shall be irrevocable and shall survive the
death, disability or dissolution of the Exchanging Member.

     9. Partnership Agreement Amendments. By executing this Irrevocable Exchange and
Subscription Agreement, the undersigned Exchanging Member hereby irrevocably constitutes and
appoints the Company (or a substitute appointed by the Company) as his, her or its attorney-in-fact
and agent with full power of substitution, to enter into, on such Exchanging Member’s behalf and in
such Exchanging Member’s name, any amendments to the partnership agreement of Cogdell Spencer OP
approved by the partners in accordance with the terms of such agreement. The undersigned hereby
grants to each attorney-in-fact full power and authority to do and perform each and every act and
thing which may be necessary, or convenient, in connection with the foregoing, as fully, to all
intents and purposes, as the undersigned might or could do if personally present, hereby ratifying
and confirming all that such attorney-in-fact shall lawfully do or cause to be done by authority
hereof. Such power-of-attorney shall be deemed to be coupled with an interest and shall be
irrevocable and shall survive the death, disability or dissolution of the Exchanging Member.

     10. Termination. This agreement shall be irrevocable by the undersigned, but shall
terminate automatically if the Closing has not occurred 12 months after the date of this Agreement.

     11. General Provisions.

 

 

          11.1 Modification. Neither this Irrevocable Exchange and Subscription Agreement nor
any provisions hereof shall be waived, modified, discharged or terminated except by an instrument
in writing signed by the party against whom any waiver, modification, discharge or termination is
sought.

          11.2 Notices. All notices, requests and other communications hereunder must be in
writing and will be deemed to have been duly given only if delivered personally or by facsimile
transmission or mailed (first class postage prepaid) to the parties at the following addresses or
facsimile numbers:

	 	 	 	 	 
	 

	 	If to the Exchanging Member:
	 	To the address indicated for such
Exchanging Member on the signature page
to this Irrevocable Exchange and
Subscription Agreement.
	 
	 	 	 	 
	 

	 	If to the Company or Cogdell
	 	c/o Cogdell Spencer Advisors, Inc.
	 

	 	Spencer OP:
	 	4401 Barclay Downs Drive
	 

	 	 	 	Suite 300
	 

	 	 	 	Charlotte, North Carolina 28209-4670
	 

	 	 	 	Tel: (704)940-2900
	 

	 	 	 	Fax: (704)940-2957
	 

	 	 	 	Attention: Frank Spencer
	 
	 	 	 	 
	 

	 	 	 	with a copy to:
	 

	 	 	 	Clifford Chance US LLP
	 

	 	 	 	31 West 52nd Street
	 

	 	 	 	New York, New York 10019
	 

	 	 	 	Attention: Jay Bernstein
	 

	 	 	 	Facsimile: (212) 878-8375

All such notices, requests and other communications will (a) if delivered personally to the address
as provided in this Section 12.2, be deemed given upon delivery; (b) if delivered by facsimile
transmission to the facsimile number as provided in this Section 12.2, be deemed given upon
receipt; and (c) if delivered by mail in the manner described above to the address as provided in
this Section 12.2, be deemed given upon receipt (in each case regardless of whether such notice,
request or other communication is received by any other Person to whom a copy of such notice is to
be delivered pursuant to this Section 12.2). Any party from time to time may change its address,
facsimile number or other information for the purpose of notices to that party by giving notice
specifying such change to the other parties hereto in accordance with this Section 12.2.

          11.3 Binding Effect. Except as otherwise provided herein, this Irrevocable Exchange
and Subscription Agreement shall be binding upon and inure to the benefit of the parties and their
heirs, executors, administrators, successors, legal representatives and permitted assigns. If the
Exchanging Member is itself more than one person, the obligations of such Exchanging Members shall
be joint and several and the acknowledgements, representations, warranties, covenants and
agreements herein contained shall be deemed to be made by and be binding upon each such person and
his or her heirs, executors, administrators, successors, legal representatives and permitted
assigns.

          11.4 Entire Agreement; Conflicting Provisions. The Subscription Documents contain the
entire agreement of the parties with respect to this subscription, and there are no
representations, warranties, covenants or other agreements except as stated or referred to herein
or therein.

 

 

          11.5 Assignability. This Irrevocable Exchange and Subscription Agreement is not
transferable or assignable by any party hereto. This Irrevocable Exchange and Subscription
Agreement shall be for the benefit of the parties hereto.

          11.6 Applicable Law. This Irrevocable Exchange and Subscription Agreement shall be
governed by and construed in accordance with the laws of the State of Maryland applicable to
contracts made and to be performed entirely within such State.

          11.7 Counterparts. This Irrevocable Exchange and Subscription Agreement may be
executed through the use of separate signature pages or in counterparts, and each of such
counterparts shall, for all purposes, constitute one agreement binding on the parties hereto,
notwithstanding that the parties hereto are not signatories to the same counterpart.

          11.8 Further Assurances. The Exchanging Member will, from time to time, execute and
deliver to the Company all such other and further instruments and documents and take or cause to be
taken all such other and further action as CSA, the Company or Cogdell Spencer OP may reasonably
request in order to effect the transactions contemplated by this Irrevocable Exchange and
Subscription Agreement. Notwithstanding the foregoing, the Company or Cogdell Spencer OP may
request from the Exchanging Member such additional information as it may deem necessary to evaluate
the eligibility of such Exchanging Member to acquire Elected Securities, and may request from time
to time such information as it may deem necessary to determine the eligibility of such Exchanging
Member to hold Elected Securities or to enable CSA, Cogdell Spencer OP or the Company to determine
the Exchanging Member’s compliance with applicable regulatory requirements or tax status, and such
Exchanging Member shall provide such information as may reasonably be requested.

          11.9 Severability. If any term or provision of this Irrevocable Exchange and
Subscription Agreement shall to any extent be invalid or unenforceable, the remainder of this
Irrevocable Exchange and Subscription Agreement shall not be affected thereby, and each term and
provision of this Irrevocable Exchange and Subscription Agreement shall be valid and enforceable to
the fullest extent permitted by law. Upon the determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to
modify this Irrevocable Exchange and Subscription Agreement so as to effect their original intent
as closely as possible in an acceptable manner to the end that transactions contemplated hereby are
fulfilled to the extent possible.

          11.10 Specific Performance. The parties hereto acknowledge that there would be no
adequate remedy at law if any party fails to perform any of its obligations hereunder, and
accordingly agree that each party, in addition to any other remedy to which it may be entitled at
law or in equity, shall be entitled to compel specific performance of the obligations of any other
party under this agreement in accordance with the terms and conditions of this agreement.

          11.11 Expenses. Each of the parties hereto agrees to pay the expenses incurred by it
in connection with the negotiation, preparation, execution and delivery of this Irrevocable
Exchange and Subscription Agreement and the consummation of the transactions contemplated hereby,
including the fees and expenses of counsel to such party.

          11.12 Ambiguities. Any ambiguities or questions concerning the undersigned’s
completion or execution of the Consent and Election Form will be resolved by the Company, and its
determination will be final and binding upon undersigned.

[Remainder of this page is intentionally left blank.]

 

 

     IN WITNESS WHEREOF, the parties have executed this Irrevocable Exchange and Subscription
Agreement as of this 8th day of August, 2005.

EXCHANGING MEMBER:

	 	 	 
	/s/
James W. Cogdell
	 	Address:
	 	 	 
	Signature (on behalf of himself individually and

	 	c/o Cogdell Spencer Inc.
	the entities listed on Exhibit A)

	 	4401 Barclay Downs Drive, Suite 300
	 

	 	Charlotte, North Carolina 28209-4670`

	 	 	 	 	 	 	 
	COGDELL SPENCER ADVISORS, INC.:	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	  /s/ Frank
Spencer	 	 	 	 
	 

	 	 	 	 	 	 
	Name:

	 	Frank Spencer	 	 	 	 
	Title:

	 	President	 	 	 	 
	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	COGDELL SPENCER LP	 	 	 	 
	By: CS Business Trust I, its General Partner	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	    /s/ Frank Spencer	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	Frank Spencer	 	 	 	 
	 

	 	Title:
	 	Trustee	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	COGDELL SPENCER INC.	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	    /s/ Frank Spencer	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	Frank Spencer	 	 	 	 
	 

	 	Title:
	 	Chief Executive Officer and President

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