Document:

David E. Bowe Restricted Stock Agreement

Exhibit 10.8 
 
RESTRICTED STOCK AGREEMENT 
 
THIS AGREEMENT, entered into as of the Grant Date (as defined in paragraph 1), by and between the Participant
and Ascendant Solutions, Inc. (the “Company”); 
 
WITNESSETH THAT: 
 
WHEREAS, the Company maintains the 2002 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement, and the Participant has been selected by the committee administering the Plan (the
“Committee”) to receive a Restricted Stock Award under the Plan; 
 
NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows: 
 
1. Terms of Award. The following terms used in this Agreement shall have the meanings set forth in this paragraph 1: 
 
The “Participant” is David E. Bowe. 
 
The “Grant Date” is April 2, 2002. 
 
The “Restricted Period” is the period beginning on
the Grant Date and ending on April 2, 2005; provided, however, that all of the restrictions on the Restricted Stock set forth herein shall lapse and such shares of Restricted Stock shall fully vest in accordance with the following vesting schedule:

 
One-third, or 141,666, of the total shares of
the Restricted Stock shall no longer be restricted following the first anniversary of the Grant Date; 
 
An additional one-third, or 141,666, of the total shares of Restricted Stock shall no longer be restricted following the second
anniversary of the Grant Date; and 
 
An additional
one-third, or 141,668, of the total shares of Restricted Stock shall no longer be restricted following the third anniversary of the Grant Date. 
 
Notwithstanding the vesting schedule set forth above and so long as the Date of Termination (as defined in paragraph 6) has not occurred,
in the event of a “Change of Control” as defined in the Plan, the vesting schedule above shall be accelerated such that the Restricted Stock shall be deemed to be fully vested immediately prior to such event. 
 
Notwithstanding the vesting schedule set forth above and so
long as the Date of Termination has not occurred, in the event that the employment of the Participant is terminated without “Cause” (as such term is hereinafter defined), the vesting schedule above shall be accelerated such that the
Restricted Stock shall be deemed to be fully vested immediately prior to 

 

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such event. “Cause” means the occurrence of gross negligence or willful misconduct or malfeasance or the commission of an act
constituting dishonesty or other act of material misconduct by Participant that affects the Company, its business, Participant’s employment or Participant’s business reputation. 
 
The number of shares of “Restricted Stock” awarded under this Agreement shall be 425,000 shares.
Shares of “Restricted Stock” are shares of Stock granted under this Agreement and are subject to the terms of this Agreement and the Plan. 
 
Other terms used in this Agreement are defined pursuant to paragraph 6 or elsewhere in this Agreement. 
 
2. Award. The Participant is hereby granted the number
of shares of Restricted Stock set forth in paragraph 1. 
 
3. Dividends and Voting Rights. Restricted Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes. The Participant will have the right to vote such Restricted Stock, to receive and
retain all regular cash dividends and other cash equivalent distributions as the Board may in its sole discretion designate, pay or distribute on such Restricted Stock and to exercise all other rights, powers and privileges of a holder of Common
Stock with respect to such Restricted Stock, with the exceptions that (A) the Participant will not be entitled to delivery of the stock certificate or certificates representing any shares of Restricted Stock until the Restricted Period with respect
to such shares of Restricted Stock shall have expired and unless all other vesting requirements with respect thereto shall have been fulfilled; (B) the Company will retain custody of the stock certificate or certificates representing the Restricted
Stock during the Restricted Period; (C) other than regular cash dividends and other cash equivalent distributions as the Board may in its sole discretion designate, pay or distribute, the Company will retain custody of all distributions
(“Retained Distributions”) made or declared with respect to the Restricted Stock (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted Stock) until such time, if
ever, as the Restricted Stock with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested and with respect to which the Restricted Period shall have expired; and (D) a breach of any of the
restrictions, terms or conditions contained in the Plan or this Agreement or otherwise established by the Committee with respect to any Restricted Stock or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained
Distributions with respect thereto. 
 
4.
Deposit of Shares of Restricted Stock. The Restricted Stock will be represented by a stock certificate or certificates registered in the name of the Participant to whom such Restricted Stock shall have been awarded. During the Restricted
Period, certificates representing the Restricted Stock and any securities constituting Retained Distributions shall bear a legend to the effect that ownership of the Restricted Stock (and such Retained Distributions), and the enjoyment of all rights
appurtenant thereto, are subject to the restrictions, terms and conditions provided in the Plan and this Agreement. Such certificates shall be deposited by the Participant with the Company, together with stock powers or other instruments of
assignment, each 

 

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endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Stock and any securities constituting
Retained Distributions that shall be forfeited or that shall not become vested in accordance with the Plan and this Agreement. 
 
5. Transfer, Forfeiture and Withholding of Shares. Upon the expiration of the Restricted Period with respect to the shares of
Restricted Stock and the satisfaction of any other applicable restrictions, terms and conditions, all of such shares of Restricted Stock shall become vested and the restrictions shall lapse in accordance with the terms of this Agreement and any
Retained Distributions with respect to such shares of Restricted Stock shall become vested and the restrictions shall lapse to the extent that the shares of Restricted Stock related thereto shall have become vested and the restrictions shall lapse.
Any such shares of Restricted Stock and Retained Distributions that do not vest shall be forfeited to the Company and the Participants shall not thereafter have any rights with respect to such shares of Restricted Stock and Retained Distributions
that shall have been so forfeited. 
 
Shares of
Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered until the expiration of the Restricted Period or, if earlier, until the Participant is vested in the shares. Except as otherwise provided in paragraph 1, if the
Participant’s Date of Termination occurs prior to the end of the Restricted Period, the Participant shall forfeit all shares of the Restricted Stock and Retained Distributions which have not vested as of the Participant’s Date of
Termination. 
 
Participant may, at his sole
discretion, satisfy any withholding tax obligations due to the vesting of shares of Restricted Stock by requesting the Company to withhold the requisite number of such shares. 
 
6. Definitions. For purposes of this Agreement, the terms used in this Agreement shall be subject to
the following: 
 
Date of Termination. The
Participant’s “Date of Termination” shall be the first day occurring on or after the Grant Date on which the Participant is not employed by or a consultant to the Company, regardless of the reason for the termination of employment or
consulting relationship. 
 
Disability.
“Disability” shall have the meaning set forth in Section 2(s) of the Plan. 
 
Plan Definitions. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement. 
 
7. Heirs and Successors. This Agreement shall be
binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and
business. If any rights of the Participant or benefits distributable to the Participant under this Agreement have not been exercised or distributed, respectively, at the time of the Participant’s death, such rights shall be exercisable by the
Designated Beneficiary, and 

 

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such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan. The
“Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to
designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the
legal representative of the estate of the Participant. If a deceased Participant designates a beneficiary but the Designated Beneficiary dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete
distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary,
and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary. 
 
8. Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the
Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to this Agreement is final and
binding. 
 
9. Plan Governs. Notwithstanding
anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company. 
 
10. Amendment. This Agreement may be amended by written
Agreement of the Participant and the Company, without the consent of any other person. 
 

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IN WITNESS
WHEREOF, the Participant has executed this Agreement, and the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant Date. 
 

	 PARTICIPANT

	
	 /s/    David E. Bowe

	 David E. Bowe

 

	 ASCENDANT SOLUTIONS, INC.

	
	 By:
	 	  
 /s/    James C. Leslie

	 Name:
	 	     James C. Leslie

	 Its:
	 	          Chairman of the
Board

 

5Licensing and Co-Marketing Agreement

Exhibit 10.9 
 
CO-MARKETING AND LICENSE AGREEMENT 
 
This Co-Marketing and License Agreement (the “Agreement”) is entered into as of the 23rd day
of October, 2002, by and between CRESA Partners, LLC, a Delaware limited liability company with its main offices at 84 State Street, Boston, MA 02109 (“CRESA”), CRESA Capital Markets Group L.P., a Texas limited partnership, with its
main offices at 16250 Dallas Parkway, Suite 102, Dallas, TX 75248 (“Capital Markets”). 
 
WHEREAS, CRESA is in the business of providing nationwide real estate brokerage and tenant consulting services and advice (the
“CRESA Business”); and 
 
WHEREAS,
Capital Markets is in the business of providing capital market advisory services relating to real estate for corporate clients and prospects (the “Capital Markets Business”); and 
 
WHEREAS, CRESA desires to license to Capital Markets, on the
terms and conditions set forth herein, the CRESA Materials (as defined herein), and to provide to Capital Markets the marketing assistance further described herein; and 
 
WHEREAS, Capital Markets desires to license from CRESA, on the terms and conditions set forth herein, the
CRESA Materials, and to provide to CRESA the marketing assistance further described herein; 
 
NOW THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties hereby agree as follows: 
 
1. Co-Marketing Obligations.  
 
(a) CRESA shall promote Capital Markets and the Capital Markets Business throughout its organization and to
its clients, including, without limitation: (i) assisting Capital Markets in planning and scheduling direct marketing activities and seminars to Capital Markets’ clients and others; (ii) providing, at CRESA’s sole expense, Capital Markets
with informational material concerning CRESA and the CRESA Business, including, but not limited to, promotional, sales, marketing, advertising, or other material or information (including, but not limited to, news releases, press releases,
brochures, advertising scripts, direct mail and e-mail correspondence, and display and on-line advertising) referring to CRESA, its affiliates, or the CRESA Business (the “CRESA Materials”); (iii) providing CRESA’s employees,
contractors, consultants, partners and licensees and their respective clients with informational material concerning Capital Markets and the Capital Markets Business, including, but not limited to, promotional, sales, marketing, advertising, or
other material or information (including, but not limited to, news releases, press releases, brochures, advertising scripts, direct mail and e-mail correspondence, and display and on-line advertising) referring to Capital Markets, its affiliates, or
the Capital Markets Business (the “Capital Markets Materials”) and (iv) assisting Capital Markets in preparing and disseminating the CRESA Materials, Capital Markets Materials and other printed communications to and for Capital
Markets’ clients and others. CRESA shall bear 

the cost and expense of designing, writing and otherwise preparing the Capital Markets Materials, but the cost and expense associated with
the production and dissemination of the Capital Markets Materials shall be borne by Capital Markets. 
 
(b) Within ten (10) business days of receipt, CRESA will review and modify (if necessary), all creative and marketing materials for
Capital Markets or any other communications that are made by Capital Markets relating to or referring to CRESA. Any and all materials to which CRESA does not comment in writing to Capital Markets during such 10-day period shall be deemed approved as
presented. Capital Markets shall not use any such materials until the end of such 10-day period. 
 
2. License of Trademarks; Ownership of Intellectual Property. 
 
(a) CRESA hereby grants to Capital Markets during the Term (as defined in Section 7(a) below) of this Agreement a nonexclusive,
nontransferable, non-assignable right and license to use the CRESA’s trademarks set forth on Exhibit A, to be attached hereto upon the mutual approval of CRESA and Capital Markets (the “CRESA Trademarks”) in connection
with the Capital Markets Business within the United States of America and Canada. Except as otherwise specifically set forth herein, all such use of the CRESA Trademarks shall inure to the benefit of CRESA. Nothing in this Agreement shall create any
further right, title or interest for Capital Markets in the CRESA Trademarks or in any of CRESA’s other names, trademarks, service marks, design marks, symbols and/or other indicia of origin and no use of such will be made by Capital Markets
for any purpose without the prior written approval of CRESA, which approval shall be granted or denied within ten (10) business days after receipt of request therefor. Capital Markets shall use the CRESA Trademarks in accordance with such reasonable
guidelines as CRESA may provide to Capital Markets from time to time, but in any event, the Capital Markets Materials may contain references to CRESA and this Agreement. Capital Markets agrees to reasonably cooperate with CRESA in facilitating the
monitoring and control of the use of the CRESA Trademarks, and to supply CRESA with samples of use upon request. All uses of the CRESA Trademarks shall be subject to CRESA’s prior approval, unless previously submitted to CRESA in accordance
with Section 1(b) above. Capital Markets shall not modify any of the CRESA Trademarks without CRESA’s prior written approval. During, and at all times following the completion of the Term, Capital Markets shall not use any name or mark
confusingly similar to the CRESA Trademarks without the prior written approval of CRESA. CRESA agrees that it shall not modify, license, assign or encumber the CRESA Trademarks during the Term in any manner that would adversely affect Capital
Markets in a material economic manner. 
 
(b) All
property rights, including without limitation all copyrights, patent rights, trade secrets, know-how and other intellectual property rights to any and all materials, text, documents, booklets, manuals, references, guides, drawings, designs,
specifications, software, source code, formula, data, process, method, technique or any other recorded information created, developed, prepared or conceived by CRESA related to the performance of this Agreement or the CRESA Business (“CRESA
Work Product”), including all such developments as are originated or conceived during the term of this Agreement but completed or reduced to practice thereafter, shall remain the exclusive property of CRESA, regardless of whether and to

 

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the extent Capital Markets pays for same and whether or not deemed to be a “work for hire” within the meaning of the United States
Copyright Act. Nothing in this Agreement shall be construed to grant Capital Markets any ownership right in the CRESA Work Product. Capital Markets hereby assigns, grants, transfers and delivers all right, title and interest in and to the CRESA Work
Product and all benefits and/or rights resulting therefrom, if any, to CRESA, including without limitation the right to secure patent, copyright and other intellectual property rights throughout the world. 
 
(c) All property rights, including without limitation all
copyrights, patent rights, trade secrets, know-how and other intellectual property rights to any and all materials, text, documents, booklets, manuals, references, guides, drawings, designs, specifications, software, source code, formula, data,
process, method, technique or any other recorded information created, developed, prepared or conceived by Capital Markets related to the Capital Markets Business (“Capital Markets Work Product”), including all such developments as
are originated or conceived during the term of this Agreement but completed or reduced to practice thereafter, shall remain the exclusive property of Capital Markets, regardless of whether and to the extent CRESA pays for same and whether or not
deemed to be a “work for hire” within the meaning of the United States Copyright Act. Nothing in this Agreement shall be construed to grant CRESA any ownership right in the Capital Markets Work Product. CRESA hereby assigns, grants,
transfers and delivers all right, title and interest in and to the Capital Markets Work Product and all benefits and/or rights resulting therefrom, if any, to Capital Markets, including without limitation the right to secure patent, copyright and
other intellectual property rights throughout the world. 
 
3. License Fees and Referral Fees. 
 
(a) During the Term of this Agreement, Capital Markets shall pay to CRESA a license fee equal to fifteen percent (15%) of Capital Markets’ Net Revenue (as defined below). With respect to Net Revenue received by Capital Markets
in any calendar month, the license fee hereunder shall be due and payable to CRESA no later than fifteen (15) days following the last day of each such month. Notwithstanding the foregoing, for each of (i) the period commencing on the date hereof and
ending on December 31, 2003, and (ii) the period commencing on January 1, 2004 and ending on December 31, 2004, no license fee shall be payable with respect to the first five hundred thousand dollars ($500,000) of Net Revenue received by Capital
Markets in each such period. During such periods, the license fee shall only be calculated on Net Revenue in excess of $500,000. 
 
(b) As used herein, “Net Revenue” shall mean all gross revenue received by Capital Markets relating to the Capital Markets
Business (calculated on the cash basis method of accounting), less the referral fees paid pursuant to Section 3(c) hereof. 
 
(c) A referral fee equal to 20% (or such other percentage as shall be mutually agreed upon in writing by the parties on a case by case
basis) of the gross revenue received by Capital Markets with respect to each transaction relating to the Capital Markets Business shall be paid to (i) the member, employee or contractor of CRESA or (ii) the member, employee or contractor of Capital
Markets, who is primarily responsible for introducing the transacting third party in such transaction. Any referral fees payable to a CRESA member, employee or contractor hereunder shall be due and payable to such CRESA member, employee or
contractor no later than fifteen 

 

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(15) days following last day of the month in which revenue for the applicable transaction was received by Capital Markets. If a referral fee
is due hereunder to a CRESA member, employee or contractor and there is a dispute as to which CRESA member, employee or contractor is due such referral fee the dispute shall be resolved at the sole discretion of CRESA and CRESA shall indemnify and
hold harmless Capital Markets from and against any and all claims made by any party relating to or arising out of any such dispute. If a referral fee is due hereunder to a Capital Markets member, employee or contractor and there is a dispute as to
which Capital Markets member, employee or contractor is due such referral fee the dispute shall be resolved at the sole discretion of Capital Markets. In the event of a dispute as to whether a referral fee is due to a CRESA member, employee or
contractor or a Capital Markets member, employee or contractor, the dispute shall first be presented to one designated officer or representative of each of CRESA and Capital Markets for resolution, and if the two designees are unable to agree upon a
resolution such dispute shall be resolved by binding arbitration. 
 
(d) Each party shall be responsible for any income and other taxes required under applicable laws (and any related reporting obligations) arising out of monies received by each of them pursuant to this Agreement.

 
(e) If either party fails to pay any undisputed
amount when due (including the fees described in Section 6(c)), the other party may require the failing party to pay interest at the rate of 1% per month (but in no event higher than the highest rate permitted by applicable law) on such delinquent
amounts from the due date until the date of payment. In the event a disputed amount is later determined to be payable, the failing party shall pay interest at the rate of 1% per month (but in no event higher than the highest rate permitted by
applicable law) on the delinquent amounts from the original due date until the date of payment. 
 
(f) During the Term and for three (3) years thereafter, Capital Markets shall keep complete and accurate financial records and such other matters as may affect the determination of any amount payable
to CRESA hereunder in sufficient detail to enable CRESA or CRESA’s representatives to determine any amounts payable to CRESA under this Agreement. Capital Markets shall permit CRESA or its representatives (but in no event shall any contingent
fee based third party be retained to perform an audit), upon ten (10) business days prior notice and not more than once each calendar year, to examine its books, ledgers, and records relating to the current and prior three (3) calendar years (or the
number of calendar years elapsed since the date hereof, if lesser), at a location where such records are maintained or other location mutually convenient for the parties, during regular business hours solely for the purpose of, and to the extent
necessary, to verify any report required under this Agreement or the accuracy of any amount payable hereunder. Should any examination conducted by CRESA or its representatives pursuant to the provisions of this paragraph result in an increase of
more than 5% in any payment due CRESA hereunder, Capital Markets shall be obligated to pay any reasonable out of pocket expenses incurred by CRESA with respect to such examination, in an amount not to exceed $5,000. 
 
4. Limited Partnership Interest. 
 
Subject to the conditions set forth below, CRESA agrees to
make a capital contribution of Two Hundred Thousand Dollars ($200,000) (the “Investment”) to Capital Markets, as consideration for a limited partnership interest in Capital Markets (the 

 

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“CRESA Equity”). The terms and conditions of such capital contribution, and the rights and preferences of CRESA as a limited
partner of Capital Markets, shall be as mutually agreed by CRESA and Capital Markets, subject to the following: Capital Markets shall be required to redeem the CRESA Equity on or before December 31, 2005, for an amount equal to the Investment plus
interest accruing at the rate of twelve percent (12%) per annum, compounding annually, from the date of the Investment to the date of redemption. At any time prior to December 31, 2005, the CRESA Equity may, at the sole discretion of Capital
Markets, be redeemed in whole or in part upon the payment to CRESA of all or a portion of the Investment along with the accrued interest on the portion of the Investment being redeemed. 
 
5. Publicity. 
 
Capital Markets hereby grants CRESA permission to use Capital Markets’ name in CRESA’s promotional literature and other
advertising. Where practicable, all press releases issued by either party concerning the subject matter of this Agreement shall be provided for the prior review and approval of the other party, such review and approval not to be unreasonably delayed
or withheld. Each party shall use its utmost good faith and reasonable business judgment in the use of the other party’s name in its promotional literature, advertising and press releases. CRESA understands and acknowledges that Capital
Markets, or its Related Parties (as defined in Section 6 below) may have certain disclosure and public reporting requirements under federal and state law, and that disclosures and reports made pursuant to such requirements are not governed by this
Section 5. 
 
6. Exclusivity.  
 
(a) During the Term, Capital Markets shall not provide
real estate capital markets advisory services to a real estate consulting or brokerage firm other than CRESA, without the prior written consent of CRESA. 
 
(b) During the Term, Capital Markets will not bid, nor will cause any partners, members, affiliates, officers or other related
persons or entities (collectively referred to as a “Related Party” or “Related Parties”) to bid on any financing with or direct acquisition from any entity which Capital Markets knows or, by use of CRESA’s web-based client
database should know, is a client of CRESA unless (i) Capital Markets and/or a Related Party has made full disclosure to such client, (ii) the client has approved the making of such bid by Capital Markets and/or a Related Party and (iii) CRESA has
been notified of the making of such bid by Capital Markets and/or a Related Party. Capital Markets covenants that it shall cause this provision to be contained in all agreements with its officers, managers, partners, employees, contractors,
subsidiaries, affiliates and licensees and understands and agrees that this covenant is a material inducement to CRESA to execute this Agreement. 
 
(c) During the Term, neither CRESA nor its members, partners, affiliates and licensees will engage a professional services firm other than
Capital Markets to provide, or undertake to provide internally, services substantially similar to those provided by Capital Markets under this Agreement or refer any person or entity to any individual or business other than Capital Markets for
capital market advisory services. CRESA covenants that it shall cause this provision to be contained in all agreements with its officers, managers, partners, employees, contractors, subsidiaries, affiliates and licensees and understands and agrees
that this covenant is 

 

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a material inducement to Capital Markets to execute this Agreement. Notwithstanding anything to the contrary contained herein, in the event
that a client of CRESA’s specifically requests that capital market advisory services, or any other services provided by Capital Markets under this Agreement, be performed by a party other than Capital Markets, CRESA shall be permitted to engage
a party other than Capital Markets to provide such services, and such engagement shall not be a breach of this Agreement, provided, however, that in all such cases, CRESA shall pay to Capital Markets a co-referral fee equal to twenty
percent (20%) of any referral fee or other compensation received by CRESA from such other party in connection with such engagement. CRESA shall provide written notice to Capital Markets of such third party engagement and the payment terms relating
thereto. Such co-referral fee will be payable within fifteen (15) days of the receipt by CRESA of the third-party referral fee or other compensation. 
 
7. Term and Termination.  
 
(a) The initial term of this Agreement shall be ten (10) years, commencing on the date hereof (the “Initial Term”),
unless this Agreement is earlier terminated in accordance with this Section 7. Upon expiration of the Initial Term, this Agreement shall automatically renew for successive five (5) year terms, unless either party gives written notice to the other
party at least 60 days but not more than 90 days prior to the expiration of the Initial Term or any renewal term that it has elected not to renew this Agreement for an additional five-year term. The Initial Term, together with each successive
renewal term, is referred to as the “Term”. 
 
(b) Notwithstanding the foregoing, either of CRESA or Capital Markets (the “Principal Parties”) may terminate this Agreement in the event that the other party: (i) fails to make any payment required by this Agreement within
thirty (30) days of the date when due, and such failure continues for a period in excess of fifteen (15) days after receipt by the party responsible for such payment of written notice of such failure; (ii) fails to perform or observe any material
term or condition, covenant or warranty contained in this Agreement, which failure is not cured within thirty (30) days after written notice thereof; or (iii) ceases to do business or files a petition in bankruptcy (voluntary or involuntary), which
in the case of an involuntary petition, is not vacated within 60 days. 
 
(c) In addition to the foregoing, CRESA may terminate this Agreement (i) upon the good faith determination by its Board of Directors that either the financial results or the underlying transaction volume of Capital Markets
is unsatisfactory; or (ii) in the event of a willful breach by Capital Markets of its obligations under Section 6(b) above. 
 
(d) In addition to the forgoing, Capital Markets may terminate this Agreement (i) upon the good faith determination by its general partner
that either the financial results or the underlying transaction volume of Capital Markets is unsatisfactory; or (ii) in the event of a willful breach by CRESA of its obligation under Section 6(c) above. 
 
(e) In the event of termination pursuant to this Section 7,
except as otherwise set forth herein, no party shall have any further liability or obligation to the other party hereunder; provided, however, that each party shall pay to the other party all due and owing fees and charges incurred as of the date of
termination. 
 

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(f) Upon the
termination of this Agreement by any party, the license granted hereunder shall terminate, and each party shall return to the other party, or certify as destroyed, all tangible embodiments of such other party’s Confidential Information (as
defined in Section 11 below). 
 
8. Representations and
Warranties. 
 
Each of Capital Markets and
CRESA represent and warrant that: (i) it is duly formed and validly existing under the laws of the state in which it is organized; (ii) it has all the requisite power and authority to execute, deliver and perform its obligations under this
Agreement; (iii) the execution, delivery, and performance of this Agreement have been duly authorized; (iv) no approval, authorization, or consent of any governmental or regulatory authority is required to be obtained or made by it in order for it
to enter into and perform its obligations under this Agreement; (v) in connection with its obligations under this Agreement, it shall comply with all applicable federal, state, and local laws and regulations and shall obtain all applicable permits
and licenses; (vi) the execution, delivery and performance of this Agreement does not conflict with any other agreement, contract, or arrangement to which it is a party or by which any of its property is bound; (vii) it has not disclosed to any
third party (except any agent, representative, attorney or accountant of such party as of the date hereof) any Confidential Information (as defined in Section 11) relating to the other party; and (viii) its performance hereunder does not and will
not infringe upon or violate any rights of any third party. In addition, CRESA represents and warrants that it owns, or otherwise has obtained all rights required for its full performance hereunder in and to, the CRESA Materials and the CRESA
Trademarks and has the legal right to grant the license to Capital Markets as described herein. 
 
9. Exclusions; Limitation of Liability. 
 
(a) EXCEPT AS EXPRESSLY PROVIDED HEREIN, CRESA MAKES NO WARRANTIES, GUARANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO THE ACCURACY
OR COMPLETENESS OF ANY INFORMATION OR AS TO RESULTS TO BE ATTAINED BY CAPITAL MARKETS FROM THE USE OF THE CRESA MATERIALS, AND DISCLAIMS ALL WARRANTIES, CONDITIONS, GUARANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, ANY IMPLIED WARRANTY ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF PERFORMANCE, OR ANY OTHER WARRANTIES, CONDITIONS, GUARANTIES OR REPRESENTATIONS. 
 
(b) EXCEPT AS EXPRESSLY PROVIDED HEREIN, NEITHER CRESA NOR ITS MEMBERS, AFFILIATES, AGENTS OR EMPLOYEES SHALL
HAVE ANY RESPONSIBILITY, OBLIGATION OR LIABILITY TO CAPITAL MARKETS OR ANY THIRD PARTY RELATING TO OR ARISING OUT OF THE CRESA MATERIALS OR THE CAPITAL MARKETS MATERIALS. NEITHER CRESA NOR ITS MEMBERS, AFFILIATES, AGENTS, EMPLOYERS OR SOURCES SHALL
HAVE ANY LIABILITY FOR LOST PROFITS, INDIRECT, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, EVEN IF CRESA HAS BEEN ADVISED OF THE POSSIBILITY OF THE SAME. 
 

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(c) EXCEPT AS
EXPRESSLY PROVIDED HEREIN, CAPITAL MARKETS MAKES NO WARRANTIES, GUARANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION OR AS TO RESULTS TO BE ATTAINED BY CRESA FROM THE USE OF THE CAPITAL MARKET
MATERIALS, AND DISCLAIMS ALL WARRANTIES, CONDITIONS, GUARANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ANY IMPLIED WARRANTY ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF
PERFORMANCE, OR ANY OTHER WARRANTIES, CONDITIONS, GUARANTIES OR REPRESENTATIONS. 
 
(d) EXCEPT AS EXPRESSLY PROVIDED HEREIN, NEITHER CAPITAL MARKETS NOR ITS PARTNERS, MEMBERS, AFFILIATES, AGENTS OR EMPLOYEES SHALL HAVE ANY RESPONSIBILITY, OBLIGATION OR LIABILITY TO CRESA OR ANY THIRD
PARTY RELATING TO OR ARISING OUT OF THE CAPITAL MARKETS MATERIALS OR THE CRESA MATERIALS. NEITHER CAPITAL MARKETS NOR ITS PARTNERS, MEMBERS, AFFILIATES, AGENTS, EMPLOYERS OR SOURCES SHALL HAVE ANY LIABILITY FOR LOST PROFITS, INDIRECT, CONSEQUENTIAL,
SPECIAL OR PUNITIVE DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, EVEN IF CAPITAL MARKETS HAS BEEN ADVISED OF THE POSSIBILITY OF THE SAME. 
 
(e) Each party’s sole liability and the other party’s sole remedy, notwithstanding the form of such
claims, for monetary damages arising out of or in connection with any and all causes not covered by the preceding clause shall not exceed the amount of actual and direct damages incurred. 
 
10. Injunctive Relief; Indemnity. 
 
(a) Capital Markets acknowledges and agrees that its failure, or the failure of its partners, affiliates,
employees, agents, contractors or subcontractors to adhere strictly to the material terms and conditions of this Agreement is likely to result in substantial damages and cause irreparable injury to CRESA. Accordingly, Capital Markets hereby agrees
that CRESA is entitled to seek legal remedies available at law or in equity to CRESA, including injunctive relief. Capital Markets hereby agrees to indemnify and hold harmless and, at Capital Markets’ expense, defend CRESA and its affiliates,
directors, officers, employees and agents from and against any cost, expense, liability, claim, loss or damage (including reasonable attorneys’ fees) arising out of or in connection with a breach by Capital Markets of this Agreement.

 
(b) CRESA acknowledges and agrees that its
failure, or the failure of its members, affiliates, employees, agents, licensees, contractors or subcontractors to adhere strictly to the material terms and conditions of this Agreement is likely to result in substantial damages and cause
irreparable injury to Capital Markets. Accordingly, CRESA hereby agrees that Capital Markets is entitled to seek legal remedies available at law or in equity to Capital Markets, including injunctive relief. CRESA hereby agrees to indemnify and hold
harmless and, at CRESA’s expense, defend Capital Markets and its partners, affiliates, directors, officers, 

 

8 

employees and agents from and against any cost, expense, liability, claim, loss or damage (including reasonable attorneys’ fees) arising
out of or in connection with a breach by CRESA of this Agreement. 
 
11. Confidentiality. 
 
(a) “Confidential Information” shall mean any and all information that one party to this Agreement (the “Disclosing Party”) may furnish, disclose or reveal to the other party to this Agreement (the
“Receiving Party”) related to the business of the Disclosing Party or related to the business of a customer or client for whom the Disclosing Party and/or Receiving Party is, or will be, providing services, whether such information
is written, oral or graphic, and whether included in any analyses, compilations, studies, reports or other documents or presentations generated that contain or reflect such information, including without limitation financial plans and records,
marketing plans, business strategies and relationships with third parties, present and proposed products, trade secrets, information regarding customers and suppliers, strategic planning and systems, and contractual terms.  
 
(b) The Receiving Party shall take commercially reasonable
actions to protect and maintain the confidentiality of the Confidential Information and shall protect such information from disclosure in any form whatsoever; provided, however, (i) that the Confidential Information provided by the Disclosing Party
may be shared with the Receiving Party’s directors, officers, employees, agents, advisors, proposed financing sources, attorneys and accountants (“Representatives”) on a need-to-know basis only, (ii) that the Receiving Party
shall direct such Representatives to maintain the confidential and proprietary nature of such Confidential Information to the extent required of the Receiving Party under this Agreement, and (iii) that the Receiving Party agrees to be responsible
for any disclosures by its Representatives that violate this Agreement. Notwithstanding the foregoing, the Receiving Party may also disclose Confidential Information solely to the extent that the Disclosing Party consents in writing. 
 
(c) “Confidential Information” shall not include any
information that: (i) is or becomes generally known or available to the public through no act or failure to act of the Receiving Party; (ii) was lawfully obtained by the Receiving Party from a third party without any obligation to maintain the
Confidential Information as proprietary or confidential; (iii) was independently developed by the Receiving Party without any use of or reference to such Confidential Information, provided such independent development can be documented by the
Receiving Party; or (iv) is required to be disclosed pursuant to law, governmental regulation (including SEC disclosure requirements applicable to Capital Markets and its Related Parties, and including without limitation self-regulatory
organizations having jurisdiction over the Disclosing Party or the Receiving Party) or court order, provided that the Disclosing Party shall be given reasonable notice and opportunity to oppose such compelled disclosure. 
 
12. Assignment. 
 
Neither party may assign or transfer this Agreement without
the other party’s prior written consent. No assignment of this Agreement or any rights hereunder shall relieve the assigning party of any of its obligations or liabilities hereunder.  
 

9 

 
13. Governing Law;
Venue. 
 
This Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of Delaware, without reference to principles of conflict of laws. For any action brought by CRESA, each party hereto submits and consents to the jurisdiction of any court empowered
to enforce this Agreement in the Commonwealth of Massachusetts, including federal courts located therein, and waives any objection thereto on the basis of personal jurisdiction or venue. For any action brought by Capital Markets, each party hereto
submits and consents to the jurisdiction of any court empowered to enforce this Agreement in the State of Texas, including federal courts located therein, and waives any objection thereto on the basis of personal jurisdiction or venue.

 
14. Miscellaneous. 
 
(a) The provisions of Sections 2, 3, 7(f), 9, 10, 11 and 13,
and the last clause of the penultimate sentence of Section 6, of this Agreement shall survive any expiration or termination of this Agreement. 
 
(b) Any notice, request, demand or instruction to be given to a party hereunder shall be in writing and shall be deemed to be delivered,
whether actually received or not, upon (a) personal delivery by courier (including overnight delivery service such as Federal Express), or (b) on the third (3rd) day after deposit of the original and the copy in a regularly maintained official
depository of the United States Mail located in the continental United States, and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows, or (c) facsimile transmission (so long as confirmation thereof
is sent by either of the methods listed in (a) and (b) above within one (1) business day thereafter): 
 

	 If to CRESA:
	  	 With a Copy To:

	
	 CRESA Partners, LLC
	  	 Hinckley, Allen & Snyder, LLP

	 84 State Street
	  	 28 State Street

	 Boston, MA 02109
	  	 Boston, MA 02109

	 Fax: (617) 742-0643
	  	 Attn: Andrew S. Rogovin

	 Attn: William Goade
	  	 Fax: (617) 345-9020

 

	
	 If to Capital Markets:
	  	 With a Copy To:

	
	 CRESA Capital Markets Group, L.P.
	  	 Kane, Russell, Coleman & Logan, P.C.

	 16250 Dallas Parkway, Suite 102
	  	 3700 Thanksgiving Tower

	 Dallas, TX 75248
	  	 1601 Elm Street

	 Fax: (972) 250-0934
	  	 Dallas, TX 75201

	 Attn: David E. Bowe
	  	 Attn: Raymond J. Kane

	 	  	 Fax: (214) 777-4299

 
Any notice sent by
counsel to any party under this Agreement shall be deemed transmitted by such party. Any party shall have the right to change its notice address hereunder by delivery of at least ten (10) days prior notice thereof in accordance with the provisions
of this Agreement. 
 

10 

 
(c) No party
shall be liable for any loss or damage caused by delay or failure in the performance of its obligations hereunder, other than the parties’ obligation to pay the fees and charges set forth in Section 3 and Section 6(c), if and to the extent such
delay or failure is caused, directly or indirectly, by any act of god, war, terrorism, civil disturbance, strike or natural calamity. 
 
(d) The headings used in this Agreement are for convenience only and are not deemed to be operative text. 
 
(e) The parties are, and have been contracted with each other
as, independent contractors. No party undertakes by this Agreement, or otherwise, to perform any of the obligations of the other. Nothing herein shall be deemed to constitute a partnership or a joint venture between the parties, and no party is to
be construed as an agent of the other in any respect. 
 
(f) This Agreement contains the entire agreement between the parties with respect to the transactions contemplated herein, and supersedes all prior written agreements, written and oral, if any, and may not be amended, supplemented or
discharged except by an instrument in writing signed by each of the parties. 
 
(g) No delay or failure on the part of any of the parties in the exercise of any right granted under this Agreement, or available at law or equity, shall be construed as a waiver of such right. All
waivers must be in writing. 
 
(h) If any provision
(or portion thereof) of this Agreement shall be invalid or unenforceable under any applicable law, such invalidity shall not affect the enforceability of any other provision hereof. 
 
(i) All remedies in this Agreement are cumulative, in addition to and not in lieu of any other remedies
available to a party at law or in equity, subject only to the express limitations on liabilities and remedies set forth herein. 
 
(j) This Agreement is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon or
create any rights in favor of any person other than the parties and their successors and permitted assigns. Except as expressly provided herein, no third party is intended, or shall be deemed, to be a beneficiary of any provision of this Agreement.

 
(k) This Agreement may be executed in
counterparts each of which shall be deemed an original and all of which together shall constitute one instrument. This Agreement may be executed by facsimile signatures, which shall be accepted as if they were original execution signatures.

 

11 

 
IN WITNESS
WHEREOF, the parties have executed and delivered this Agreement as of the date hereof: 
 

	 CRESA PARTNERS, LLC,
 a Delaware limited liability company
	 	 	 	 CRESA CAPITAL MARKETS GROUP, L.P.,
 a Texas limited partnership

	 	 	 	 	 	 	 By: Ascendant CRESA LLC,        

	 	 	 	 	 	 	 a Texas limited liability company

	 	 	 	 	 	 	 Its General Partner

	 By:
	 	  
 /s/    William Goade

	 	 	 	 	 	 
	 	 	 William Goade
	 	 	 	 	 	 
	 	 	 Chairman
	 	 	 	 	 	 
	 	 	 	 	 	 	 By:
	 	  
 /s/    David E. Bowe

	 	 	 	 	 	 	 Name:
	 	 David E. Bowe

	 	 	 	 	 	 	 Title:
	 	 Manager

 

12

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