Document:

General Release of Claims

 Exhibit 10.27 

GENERAL RELEASE OF CLAIMS 

This General Release of Claims (“Release”) is entered into as of this
13th day of August, 2010, between Jennifer D. Haldeman
(“Executive”), and Zogenix, Inc., a Delaware corporation (the “Company”) (collectively referred to herein as the “Parties”). 

WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated as of May 7, 2008 (the “Employment
Agreement”); 
 WHEREAS, the Parties agree that Executive is entitled to certain severance benefits under the
Employment Agreement, subject to Executive’s execution of this Release; and 
 WHEREAS, the Company and Executive now wish
to fully and finally resolve all matters between them. 
 NOW, THEREFORE, in consideration of, and subject to, the severance
benefits payable to Executive described in Section 2(d) below, the adequacy of which is hereby acknowledged by Executive, and which Executive acknowledges that she would not otherwise be entitled to receive, Executive and the Company hereby
agree as follows: 
 1. Effective Date; Termination of Employment. 

(a) Effective Date. This Release shall become effective upon the occurrence of both of the following events: (i) execution of
the Release by the Parties; and (ii) expiration of the revocation period applicable under Section 3(d) below without any party hereto having given notice of revocation. The date of the last to occur of the foregoing events shall be
referred to in this Release as the “Effective Date.” Until and unless both of the foregoing events occur, this Release shall be null and void. Executive understands that Executive will not be given any severance benefits under this
Release unless the Effective Date occurs on or before the date that is sixty (60) days following the Termination Date (as defined below). 

(b) Termination of Employment Status. Executive’s employment by the Company terminated effective as of July 26, 2010
(the “Termination Date”). Executive hereby irrevocably resigns from her position as Chief Commercial Officer (and any other titles or officer positions she may hold) of the Company (and any of its affiliates and subsidiaries)
effective as of the Termination Date. Executive shall execute any additional documentation necessary to effectuate such resignations. Executive’s personnel file at the Company will reflect that Executive voluntarily resigned for personal
reasons. Notwithstanding the foregoing, the Company shall not oppose Executive’s claim for unemployment benefits. Executive’s “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), shall be the Termination Date. 
 (c) Surrender of Company Property. Executive
shall immediately surrender to the Company all lists, books and records of, or in connection with, the Company’s business, and all other property belonging to the Company, it being distinctly understood that all such lists, books and records,
and other documents, are the property of the Company. 

 2. Compensation. 

(a) Compensation Through Termination Date. On the Termination Date, the Company issued Executive her final paycheck, reflecting
(a) her earned but unpaid base salary at the annualized rate of $255,000 per year through the Termination Date, and (b) all accrued, unused paid time off due Executive through the Termination Date. Subject to Section 2(d) below,
Executive acknowledges and agrees that with her final check, Executive received all monies, bonuses, commissions, expense reimbursements, paid time off, or other compensation she earned or was due during her employment by the Company. 

(b) Expense Reimbursements. The Company, within thirty (30) days after the Termination Date, will reimburse Executive for any
and all reasonable and necessary business expenses incurred by Executive in connection with the performance of her job duties prior to the Termination Date, which expenses shall be submitted to the Company with supporting receipts and/or
documentation no later than thirty (30) days after the Termination Date. 
 (c) Benefits. Subject to
Section 2(d)(ii) below, Executive’s entitlement to benefits from the Company, and eligibility to participate in the Company’s benefit plans, shall cease on the Termination Date, except to the extent Executive elects to and is eligible
to receive continued healthcare coverage pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for herself and any covered dependents, at her sole expense in accordance with
the provisions of COBRA. 
 (d) Severance. In exchange for Executive’s agreement to be bound by the terms of this
Release, including, but not limited to, the release of claims in Section 3, Executive shall be entitled to receive the following, which shall be the exclusive severance benefits to which Executive is entitled, unless Executive has materially
breached the provisions of this Release, in which case the last sentence of Section 4 shall apply: 
 (i) A cash payment
equal to $255,000, representing Executive’s annual base salary as in effect immediately prior to the Termination Date, payable in a lump sum via wire transfer to Executive within ten (10) days following the Effective Date; 

(ii) For the period beginning on the Termination Date and ending on the date which is twelve (12) full months following the
Termination Date (or, if earlier, the date on which the applicable continuation period under COBRA expires) (the “COBRA Coverage Period”), the Company shall reimburse Executive for that portion of the monthly premium Executive is
required to pay for continuation coverage pursuant to COBRA for Executive and her eligible dependents who were covered under the Company’s health plans as of the Termination Date which is equal to the amount the Company was paying toward
Executive’s health insurance coverage (including for eligible dependents) immediately prior to the Termination Date (or in the event of a change in health insurance plans available, the amount the Company would pay toward
comparable coverage for an active employee). Executive shall remain responsible for paying that portion of the COBRA premium that is equal to the difference between the full COBRA premium minus the amount reimbursed by the
Company. Except for the foregoing, Executive shall be solely responsible for all matters relating to her continuation of coverage pursuant to COBRA, including, without limitation, her election of such coverage and her timely payment of her
portion of any COBRA premiums. Following the COBRA Coverage Period, the Executive will then be responsible for paying the full cost of continuation coverage under COBRA for the Executive and her eligible dependents should the Executive elect to
continue coverage after such period; 
  

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 (iii) On the Effective Date, the vesting and/or exercisability of each of Executive’s
outstanding Stock Awards (as defined below) shall be automatically accelerated as to the number of options or shares of such Stock Awards that would have vested over the twelve (12) month period following the Termination Date had Executive
remained continuously employed by the Company during such period. In addition, in the event of a Change in Control (as defined in the Employment Agreement) on or before October 26, 2010, the vesting and/or exercisability of all of
Executive’s Stock Awards shall be automatically accelerated in full on the date of the Change in Control. Following the Termination Date, Executive’s vested Stock Awards (including any shares accelerated on the Effective Date and/or upon a
Change in Control) shall be exercisable by Executive (or Executive’s legal guardian or legal representative) until July 26, 2011. Except as modified above, Executive’s Stock Awards shall continue to be governed by the terms and
conditions of the Stock Award agreements and the Company’s equity plan pursuant to which such Stock Awards were granted. For purposes of this Release, “Stock Awards” means all stock options, stock appreciation rights,
restricted stock and such other awards granted pursuant to the Company’s stock option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof; and 

(iv) Notwithstanding anything to the contrary in this Section 2(d), in the event of a Change in Control occurs on or before
September 26, 2010, Executive shall be entitled to receive, in addition to the severance benefits described in clauses (i), (ii) and (iii) above, an amount equal to $52,085, representing Executive’s “Bonus” (as
defined in the Employment Agreement) calculated as of the Termination Date, which amount shall be payable in a lump sum within ten (10) days following the later of (A) Effective Date and (B) the date of the Change in Control.

 3. General Release of Claims by Executive. 

(a) Executive, on behalf of herself and her executors, heirs, administrators, representatives and assigns, hereby agrees to release and
forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, shareholders, officers, general or
limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Executive is or has been a participant by virtue of her employment with or service to the Company (collectively, the “Company
Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively, “Claims”),
which Executive has or may have had against such entities based on any events or circumstances arising or occurring on or prior to the date hereof, arising directly or indirectly out of, relating to, or in any other way involving in any manner
whatsoever Executive’s employment by or service to the Company or the termination thereof, including any and all claims arising under federal, state, or local laws relating to employment, including without limitation claims of wrongful
discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind that may be brought in any court or administrative agency including, without limitation, claims under Title VII of
the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et
seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”); the Equal Pay Act,
as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor
Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; and the California Fair Employment and Housing Act, California Government Code
Section 12940, et seq. 
  

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 Notwithstanding the generality of the foregoing, Executive does not release the following
claims: 
 (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of
applicable state law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s
compensation insurance policy or fund of the Company; 
 (iii) Claims pursuant to the terms and conditions of the federal law
known as COBRA; 
 (iv) Claims for indemnity under the bylaws of the Company, as provided for by California law or under any
applicable insurance policy with respect to Executive’s liability as an employee, director or officer of the Company; 

(v) Claims based on any right Executive may have to enforce the Company’s executory obligations under the Agreement; and

 (vi) Claims Executive may have to vested benefits under any benefit plan maintained by the Company. 

(b) EXECUTIVE ACKNOWLEDGES THAT SHE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH
PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

 

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 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS SHE MAY HAVE
THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 (c) Executive acknowledges that
this Release was presented to her on the date indicated above and that Executive is entitled to have twenty-one (21) days’ time in which to consider it. Executive further acknowledges that the Company has advised her that she is waiving
her rights under the ADEA, and that Executive should consult with an attorney of her choice before signing this Release, and Executive has had sufficient time to consider the terms of this Release. Executive represents and acknowledges that if
Executive executes this Release before twenty-one (21) days have elapsed, Executive does so knowingly, voluntarily, and upon the advice and with the approval of Executive’s legal counsel (if any), and that Executive voluntarily waives any
remaining consideration period. 
 (d) Executive understands that after executing this Release, Executive has the right to
revoke it within seven (7) days after her execution of it. Executive understands that this Release will not become effective and enforceable unless the seven (7) day revocation period passes and Executive does not revoke the Release in
writing. Executive understands that this Release may not be revoked after the seven (7) day revocation period has passed. Executive also understands that any revocation of this Release must be made in writing and delivered to the Company at its
principal place of business within the seven (7) day period. 
 (e) Executive understands that this
Release shall become effective, irrevocable, and binding upon Executive on the eighth
(8th) day after her execution of it, so long as
Executive has not revoked it within the time period and in the manner specified in clause (d) above. 
 4. Confirmation
of Continuing Obligations. Executive hereby expressly reaffirms her obligations under Section 5 of the Employment Agreement, a copy of which is attached to this Agreement as Exhibit A and incorporated herein by reference, and under
the Company’s standard employee proprietary information and inventions agreement (the “Employee Proprietary Information and Inventions Agreement”) a copy of which is attached to this Agreement as Exhibit B and
incorporated herein by reference, and agrees that such obligations shall survive the Termination Date and any termination of her services to the Company. The Company shall be entitled to cease all severance payments to Executive in the event of her
material breach of this Section 4. 
  

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 5. Nondisparagement; Confidentiality. Executive agrees that she shall not
disparage or otherwise communicate negative statements or opinions about the Company, its Board members, officers, employees, shareholders or agents; provided, however, that Executive shall not be prohibited from making such statements or opinions
to her immediate family so long as such statements or opinions are not likely to be harmful to the Company, its Board members, officers, employees, shareholders or agents or its or their businesses, business reputations, or personal
reputations. The Company agrees that neither its Board members nor officers shall disparage or otherwise communicate negative statements or opinions about Executive. Except as may be required by law, neither Executive, nor any member of
Executive’s family, nor anyone else acting by, through, under or in concert with Executive will disclose to any individual or entity (other than Executive’s legal or tax advisors) the terms of this Agreement. Nothing in this
Section 5 shall prohibit Executive from testifying in any legal proceeding in which her testimony is compelled by law or court order and no breach of this provision shall occur due to any accurate, legally compelled testimony. 

6. Indemnification Agreement. The Company hereby reaffirms its obligations under that certain Indemnification Agreement, dated
October 9, 2006, between the Company and Executive attached hereto as Exhibit C (the “Indemnification Agreement”). The Company’s obligations under the Indemnification Agreement shall survive Executive’s
termination of employment by or service to the Company. 
 7. Agreed-Upon Statement; Employment References. Any inquiries
regarding Executive from prospective employers shall be forwarded to the Chief Executive Officer, who shall confirm that Executive resigned from the Company for personal reasons. Except as required by law or court order, the Company shall not make
any additional or inconsistent internal or public statements regarding Executive’s resignation. 
 8. Litigation
Cooperation. Executive agrees to provide reasonable assistance to the Company (including the board of directors and any committees thereof) and its counsel and accountants in any financial audits or internal investigation involving securities,
financial, accounting, or other matters, and in its defense of, or other participation in, any administrative, judicial, or other proceeding arising from any charge, complaint or other action which has been or may be filed relating to the period
during which Executive was employed by the Company. The Company agrees to reimburse Executive for her reasonable expenses incurred in connection with such cooperation within thirty (30) days after receipt of an invoice from Executive setting
forth in reasonable detail such expenses. Notwithstanding the foregoing, the Company shall have no obligation by virtue of this Section 8 to pay Executive for time spent by Executive in any pending or future litigation or arbitration where
Executive is a co-defendant or party to the arbitration or litigation or with respect to which Executive requests indemnification pursuant to Section 6. 
  

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 9. Arbitration. Any dispute, claim or controversy based on,
arising out of or relating to Executive’s employment or this Agreement shall be settled by final and binding arbitration in San Diego, California, before a single neutral arbitrator in accordance with the JAMS Employment Arbitration Rules and
Procedures (the “Rules”), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction. Arbitration may be compelled pursuant to the California Arbitration Act (Code of Civil Procedure
§§ 1280 et seq.). If the Parties are unable to agree upon an arbitrator, one shall be appointed by JAMS in accordance with its Rules. Each party shall pay the fees of its own attorneys, the expenses of its witnesses and all
other expenses connected with presenting its case; provided, however, Executive and the Company agree that, to the extent permitted by law, the arbitrator may, in his or her discretion, award reasonable attorneys’ fees to the
prevailing party; provided, further, that the prevailing party shall be reimbursed for such fees, costs and expenses within forty-five (45) days following any such award, but in no event later than the last day of the
Executive’s taxable year following the taxable year in which the fees, costs and expenses were incurred; provided, further, that the Parties’ obligations pursuant to this sentence shall terminate on the tenth
(10th) anniversary of the Termination Date. Other
costs of the arbitration, including the cost of any record or transcripts of the arbitration, JAMS administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company. This Section 9 is intended to be the
exclusive method for resolving any and all claims by the Parties against each other for payment of damages under this Release or relating to Executive’s employment; provided, however, that neither this Release nor the submission
to arbitration shall limit the Parties’ right to seek provisional relief, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil Procedure § 1281.8 or any similar
statute of an applicable jurisdiction. Seeking any such relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both Executive and the Company expressly waive their right to a jury trial. 

10. Assignment; Assumption by Successor. The rights of the Company under this Release may, without the consent of Executive, be
assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the
assets or business of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and to agree to
perform this Release in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, that no such assumption shall relieve the Company of its
obligations hereunder. Unless expressly provided otherwise, “Company” as used herein shall mean the Company as defined in this Release and any successor to its business and/or assets as aforesaid. 

11. Survival. The covenants, agreements, representations and warranties contained in or made in this Release, the Employee
Proprietary Information and Inventions Agreement, the Indemnification Agreement and Section 5 of the Employment Agreement, shall survive any termination of Executive’s services or any termination of this Release. 

12. Severability. In the event any provision of this Release is found to be unenforceable by an arbitrator or court of competent
jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the Parties shall receive the benefit contemplated herein to the fullest extent permitted by
law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

  

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 13. Interpretation; Construction. The headings set forth in this Release are for
convenience only and shall not be used in interpreting this Release. This Release has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that
Executive has had an opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Release. Either party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing
each and every other provision of this Release. 
 14. Governing Law and Venue. This Release will be governed by and
construed in accordance with the laws of the United States of America and the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof. Any suit
brought hereon shall be brought in the state or federal courts sitting in San Diego County, California, the Parties hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall
have in personam jurisdiction over it and consents to service of process in any manner authorized by California law. 
 15.
Entire Agreement; Amendment. This Release, the Employee Proprietary Information and Inventions Agreement, the Indemnification Agreement and Executive’s Stock Award agreements and the Company’s equity plan pursuant to which such
Stock Awards were granted constitute the entire agreement of the Parties in respect of the subject matter contained herein and therein and supersede all prior or simultaneous representations, discussions, negotiations and agreements, whether written
or oral. Except as provided in Section 4 hereof with respect to Section 5 of the Employment Agreement, the Employment Agreement shall be superseded entirely by this Release and the Employment Agreement shall be terminated and be of no
further force or effect. This Release may be amended or modified only with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification will be effective under any circumstances
whatsoever. 
 16. Counterparts. This Release may be executed in multiple counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument. 
 17. Section 409A of the
Code. This Release is not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly, the severance payments payable under Sections 2(d)(i) and (iv) shall be paid no later than the
later of: (a) the fifteenth (15th) day of the third month following Executive’s first taxable year in which such severance benefit is no longer subject to a substantial risk of forfeiture, and (b) the fifteenth (15th) day of
the third month following first taxable year of the Company in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance with Code Section 409A and any Treasury Regulations and other
guidance issued thereunder. To the extent applicable, this Release shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. 

 

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 18. Taxes. All compensation payable to Executive under this Release shall be subject
to such deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order. Executive acknowledges that the payments and benefits provided in this Release may have tax ramifications to her. The Company
has provided no tax or other advice to Executive on such matters and Executive is free to consult with an accountant, legal counsel, or other tax advisor regarding the tax consequences she may face. 

19. RIGHT TO ADVICE OF COUNSEL. EXECUTIVE ACKNOWLEDGES THAT SHE HAS THE RIGHT, AND IS ENCOURAGED, TO CONSULT WITH HER LAWYER; BY
HER SIGNATURE BELOW, EXECUTIVE ACKNOWLEDGES THAT SHE HAS CONSULTED, OR HAS ELECTED NOT TO CONSULT, WITH HER LAWYER CONCERNING THIS RELEASE. 

(Signature Page Follows) 
  

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 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the
foregoing Release. 
  

									
	EXECUTIVE	  		  	ZOGENIX, INC.
				
	  
	  		  	By:	 	  

	Print Name: Jennifer D. Haldeman	  		  	Print Name: Roger Hawley
	Date:	 	  
	  		  	Title: Chief Executive Officer
		 		  		  	Date:	 	  

  

 10Loan Purchase Agreement

 Exhibit 10.1 

LOAN PURCHASE AGREEMENT 

THIS LOAN PURCHASE AGREEMENT (this “Agreement”) is executed as of August 30, 2010, between PROPST VESTAVIA LLC.,
a Delaware limited liability company (“Seller”), and EXCEL VESTAVIA LLC, a Delaware limited liability company (“Purchaser”). 

STATEMENT OF AGREEMENT: 

In consideration of the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Purchaser and Seller hereby agree as follows: 
 1. Definitions. Unless otherwise defined
herein, terms used herein with an initial capital letter or initial capital letters shall have the following meanings: 

(a) “Bankruptcy Court” means the United States Bankruptcy Court for the Northern District of Alabama,
Southern Division. 
 (b) “Borrower” means AIG Baker Vestavia, L.L.C., a Delaware limited
liability company. 
 (c) “Business Day” means a day other than a Saturday, Sunday or a legal
holiday on which national banks located in the State of New York are not open for general banking business. 

(d) “Loan” means the Loan in the original principal amount of $33,000,000, evidenced and secured by the
Loan Documents, as amended, extended and renewed. 
 (e) “Loan Documents” means those certain
documents and instruments described on Exhibit A, attached hereto and incorporated herein by this reference. 

(f) “Property” means the real, personal and intangible property described in the Loan Documents and given
as collateral for the Loan. 
 (g) “Settlement Agreement” means that certain Settlement
Agreement by and between Purchaser, Seller and AIG Baker Partnership, dated August 4, 2010, a copy of which is attached hereto as Exhibit B and incorporated herein by this reference. 

(h) “Survival Obligations” means those terms, covenants and indemnities of this Agreement that, by their
express terms, survive the Closing or sooner termination of this Agreement. 
 Terms defined elsewhere in this Agreement shall
have the meanings given to them herein. 

 2. Sale and Purchase. On the terms and conditions set forth in this Agreement, Seller
agrees to sell, convey and assign to Purchaser and Purchaser agrees to purchase and accept from Seller, all of Seller’s assignable right title and interest in and to the Loan and the Loan Documents. 

3. Purchase Price. Purchaser shall pay to Seller the sum of THIRTY THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($33,500,000.00) as the purchase price (the “Purchase Price”) for the Loan and the Loan Documents in cash by the wire transfer of funds available for immediate credit on the Closing Date to Seller’s account. 

4. Closing Date. The closing and consummation (the “Closing”) of the transactions contemplated by this Agreement
shall be handled through escrow with First American Title Insurance Company on or before August 30, 2010 or on such earlier date as may be designated by Purchaser upon not less than three (3) Business Days prior written notice to Seller
after satisfaction of the conditions to Seller’s obligations hereunder (the “Closing Date”). 
 5.
Closing Deliveries. On the Closing Date and subject to satisfaction of all terms and conditions of this Agreement, the following shall occur, each being a condition precedent to the others and all being considered as occurring simultaneously:

 (a) Seller Deliveries. Seller shall deliver to Purchaser the following: 

(i) the original executed promissory note (the “Note”), which shall be endorsed “Pay to the order of
Excel Vestavia LLC, a Delaware limited liability company, as is, where is, with all faults and without representation, warranty or recourse, express or implied, of any type, kind, character or nature”, except as set forth in paragraph 9(a) of
this Agreement, or, if the Note has been lost or misplaced, a lost note affidavit (the “Affidavit”) in the form of Exhibit C attached hereto. 

(ii) an Assignment of Mortgage and Other Collateral Loan Documents executed by Seller (the “Assignment”)
for the Loan Documents and related rights and liens in the form of Exhibit D attached hereto. 

(iii) One or more UCC-3 Assignment of Financing Statement (the “UCC-3s”) evidencing the assignment to
Purchaser of all Seller’s right, title and interest in and to any security interests in personal property, intangible property and fixtures created by the Loan Documents and held by Seller which are in effect on the Closing Date. 

(iv) The originals, to the extent the same are in Seller’s actual possession and control on the date of Closing, of
the Loan Documents. 
 (b) Purchaser Deliveries. Purchaser shall deliver to Seller the Purchase Price.

  

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 (c) Closing Costs; Prorations; Credits. 

(i) Purchaser shall pay any and all costs and expenses related to the Closing of the transactions contemplated by this
Agreement, including, without limitation, any and all recording fees and taxes, any and all title examination fees and expenses, title insurance premiums, survey expenses, and its own legal fees and expenses. Seller shall pay the fees and expenses
of its legal counsel. 
 (ii) Revenues, receipts, income and expenses of the Property shall be allocated between
Seller and Purchaser in accordance with the Settlement Agreement. 
 6. Conditions Precedent to Performance by Purchaser.
Without limitation upon the conditions set forth in Section 5(a) hereof, Purchaser’s obligations under this Agreement shall be contingent and specifically conditioned upon the following: 

(i) Seller shall have, in all material respects, delivered, performed, observed, and complied with all of the items,
instruments, documents, covenants, agreements, and conditions required by this Agreement to be delivered, performed, observed, and complied with by Seller prior to or as of the Closing. 

(ii) The representations made by Seller in Section 8 of this Agreement shall be true and correct in all material
respects as though made at and as of the Closing Date. 
 7. Conditions Precedent to Performance by Seller. Without
limitation upon the conditions set forth in Section 5(b) hereof, Seller’s obligations under this Agreement shall be contingent and specifically conditioned upon the following: 

(i) Purchaser shall have, in all material respects, delivered, performed, observed, and complied with all of the items,
instruments, documents, covenants, agreements, and conditions required by this Agreement to be delivered, performed, observed, and complied with by Purchaser prior to or as of the Closing. 

(ii) The representations and warranties made by Purchaser in paragraph 9(a) of this Agreement shall be true and correct in
all material respects on the date hereof and as though made at and as of the Closing Date. 
 8. Representations of
Seller. 
 Seller hereby represents and warrants to Purchaser that: 

(i) Seller is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Delaware with limited liability company powers adequate for the making and performing of this Agreement, and has taken all corporate action required to consummate the transactions provided in this Agreement. 

 

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 (ii) This Agreement constitutes a legal, valid and binding obligation of
Seller enforceable against Seller in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting the enforcement of creditors’
rights and general equitable principles which may limit the availability of equitable remedies. 
 (iii) Seller
owns the Loan and has not assigned, transferred or hypothecated to any third party any portion of its interest in the Loan Documents which assignment, transfer or hypothecation would remain in effect after Closing. 

(iv) Other than the lawsuit styled AIG Baker Vestavia, LLC v. Compass Bank, et al., Case No. 2010-CV-901247 in
the Circuit Court of Jefferson County, Alabama, which was removed by the Debtor in Adversary Proceeding No. 10-0062 in the Bankruptcy Court, to Seller’s actual knowledge, there is no pending or overtly threatened litigation against Seller
relating to the Loan or the Property. 
 9. Representations, Warranties, Covenants and Indemnifications of Purchaser.

 Purchaser hereby represents and warrants to Seller that: 

(i) Purchaser has all requisite power and authority to execute, deliver, and perform all of its obligations under this
Agreement and all instruments and other documents executed and delivered by Purchaser in connection herewith. 

(ii) The execution, delivery and performance of this Agreement and all instruments and other documents to be executed and
delivered by Purchaser in connection herewith have been duly authorized by all necessary action on the part of Purchaser and do not and will not (A) require any consent or approval of its shareholders and/or partners, whichever is applicable,
that has not been obtained, or (B) violate any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to Purchaser or any provision of Purchaser’s charter or bylaws
and/or partnership agreement, whichever is applicable. 
 (iii) This Agreement constitutes a legal, valid and
binding obligation of Purchaser enforceable against Purchaser in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting the
enforcement of creditors’ rights and general equitable principles which may limit the availability of equitable remedies. 
  

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 10. Brokers. Purchaser has not had any dealings with respect to the Loan, the Loan
Documents, the Property or the transactions contemplated hereby with any mortgage or real estate advisor, broker, investment advisory firm or salesman or any other person or corporation, whether known or unknown to Purchaser (each a
“Broker”). Purchaser hereby indemnifies and agrees to hold Seller harmless from, any and all liability and claims to pay commissions, fees or other compensation which may at any time be asserted against Seller founded in whole or in
part upon (a) a claim that the aforesaid representation and warranty of Purchaser is untrue, (b) a claim that a Broker is owed any such commissions, fees or other compensation due to the acts of Purchaser, or (c) a claim by any Broker
that alleges it dealt with Purchaser in connection with the Loan and the Loan Documents, in each case together with any and all losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs of depositions
and other discovery, court costs and disbursements) relating to such claims or arising therefrom or incurred by Seller in connection with the enforcement of this indemnification provision. Seller hereby indemnifies Purchaser against, and agrees to
hold Purchaser harmless from, any and all liability and claims to pay commissions, fees or other compensation which may at any time be asserted against Purchaser founded in whole or in part upon (a) a claim that the aforesaid representation and
warranty of Seller is untrue, (b) a claim that a Broker is owed any such commissions, fees or other compensation due to the acts of Seller, or (c) a claim by any Broker that alleges it dealt with Seller in connection with the Loan and the
Loan Documents, in each case together with any and all losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs of depositions and other discovery, court costs and disbursements) relating to such
claims or arising therefrom or incurred by Purchaser in connection with the enforcement of this indemnification provision. The provisions of this Section 10 shall survive the Closing and any termination of this Agreement. 

11. Default; Termination. If Purchaser fails or refuses to consummate the purchase and sale of the Loan pursuant to this Agreement
at the Closing, then the sole remedy of Seller hereunder shall be pursuant to Section 10 of the Settlement Agreement. If Seller fails or refuses to consummate the purchase and sale of the Loan pursuant to this Agreement at the Closing, then the
Bankruptcy Court shall make a determination of the matter pursuant to Section 21 of the Settlement Agreement. 
 12.
Notices. Any notice or other communications required or permitted under or given in connection with this Agreement shall be in writing and shall be addressed as follows: 

If to Seller: 

Propst Vestavia LLC 

Attention: John N. Hughey 

401 Meridian Street, Suite 300 

Huntsville, Alabama 35801 

Telephone: (256) 532-9850 

Facsimile: (256) 532-9427 
  

 - 5 - 

 with a copy to: 

Charles L. Denaburg 

Najjar Denaburg, P.C. 

2125 Morris Avenue 

Birmingham, Alabama 35203 

Telephone: (205) 250-8400 

Facsimile: (205) 326-3837 

If to Purchaser: 

Excel Vestavia LLC 

801 North 500 West, Suite 201 

West Bountiful, Utah 84010 

Attention: Mark T. Burton 

Telephone (801) 294-2400 

Facsimile (801) 294-7479 

with a copy to: 

Van A. Tengberg, Esq. 

Foley & Lardner LLP 

402 W Broadway, Suite 2100 

San Diego, California 92101 

Telephone: (619) 685-6408 

Facsimile: (619) 234-3510 

Any communication so addressed and mailed shall be deemed to be given on the earliest of (a) when actually delivered, (b) on the first Business
Day after deposit with an overnight air courier service, or (c) on the third Business Day after deposit in the United States mail, postage prepaid, in each case to the address of the intended addressee and any communication so delivered in
person shall be deemed to be given when receipted for by, or actually received by Seller or Purchaser, as the case may be. If given by telecopy, a notice shall be deemed given and received when the telecopy is transmitted to the party’s
telecopy number specified above, and confirmation of complete receipt is received by the transmitting party during normal business hours or on the next Business Day if not confirmed during normal business hours, and an identical notice is also sent
simultaneously by mail, overnight courier, or personal delivery as otherwise provided in this Agreement. Either party may designate a change of address by written notice to the other by giving at least ten (10) days prior written notice of such
change of address. 
 13. Waiver. Any term, condition or provision of this Agreement may be waived in writing at any time
by the party which is entitled to the benefits thereof. 
 14. Governing Law. The terms and provisions hereof shall be
governed by, and construed in accordance with, the substantive laws of the State of Alabama. 
  

 - 6 - 

 15. Binding Agreement. This Agreement shall be binding upon the heirs, executors,
administrators, personal representatives, successors and assigns of the parties hereto; provided, however, the foregoing shall not be deemed or construed to (a) permit the assignment of any of Purchaser’s rights or obligations hereunder or
(b) confer any right, title, benefit, cause of action or remedy upon any person or entity not a party hereto. 
 16.
Construction. Whenever the context hereof so requires, reference to the singular shall include the plural and the plural shall include the singular; words denoting gender shall be construed to mean the masculine, feminine or neuter, as
appropriate; and specific enumeration shall not exclude the general, but shall be construed as cumulative of the general recitation. The headings contained in this Agreement are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provision hereof. 
 17. Severability. If any clause or provision of this
Agreement is held to be illegal, invalid or unenforceable under any law applicable to the terms hereof, then the remainder of this Agreement shall not be affected thereby, and in lieu of each such clause or provision of this Agreement that is
illegal, invalid or unenforceable, such clause or provision shall be judicially construed and interpreted to be as similar in substance and content to such illegal, invalid or unenforceable clause or provision, as the context thereof would
reasonably suggest, so as to thereafter be legal, valid and enforceable. 
 18. Counterparts. To facilitate execution,
this Agreement may be executed in as many counterparts as may be convenient or required. It shall not be necessary that the signature and acknowledgment of, or on behalf of, each party, or that the signature and acknowledgment of all persons
required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than a single counterpart
containing the respective signatures and acknowledgments of each of the parties hereto. 
 19. NO ORAL AGREEMENTS.
THIS AGREEMENT AND THE SETTLEMENT AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE TRANSACTION CONTEMPLATED HEREIN, SUPERSEDES ANY AND ALL PRIOR DISCUSSIONS AND AGREEMENTS (WRITTEN OR ORAL) BETWEEN SELLER AND PURCHASER
WITH RESPECT TO THE TRANSACTIONS CONTEMPLATED HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 

20. Time of the Essence. Time is of the essence in the execution and performance of this Agreement and of each provision hereof.

 21. Attorneys’ Fees. If either party shall default in the performance of any of the terms and conditions of this
Agreement, the non-defaulting party shall be entitled to recover all costs, charges, and expenses of enforcing this Agreement including reasonable attorneys’ fees, paralegal fees, and costs, including, but not limited to, attorneys’ and
paralegal fees incurred in any trial or appellate proceedings. 
  

 - 7 - 

 22. Rule of Construction. The parties acknowledge that each party and its counsel has
reviewed this Agreement, and the parties hereby agree that normal rules of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments
or exhibits hereto. 
 23. Saturday, Sunday or Legal Holiday. If any date set forth in this Agreement for the performance
of any obligation by Purchaser or Seller or for the delivery of any document or notice should be on other than a Business Day, the compliance with such obligation or delivery shall be deemed acceptable on the next following Business Day. 

24. Further Assurances. Seller will, whenever and as often as shall be reasonably requested to do so by Purchaser, and Purchaser
will, whenever and as often as shall be reasonably requested so to do by Seller, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as
may be reasonably necessary to complete the transaction herein contemplated and to carry out the intent and purposes of this Agreement. 

25. Amendments. This Agreement shall not be amended except by a writing signed on behalf of the party to be charged with such
amendment. 
 26. No Third Party Beneficiaries. No person or entity not a party to this Agreement shall have any third
party beneficiary claim or other right hereunder or with respect thereto. 
 27. Exhibits. Each exhibit referred to in
this Agreement is attached hereto and each such exhibit is hereby incorporated by reference and made a part hereof as if fully set forth herein. 

28. Jury Waiver. SELLER AND PURCHASER DO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH
RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER ORAL OR WRITTEN) OR ANY
ACTION OF EITHER PARTY ARISING OUT OF OR RELATED IN ANY MANNER TO THIS AGREEMENT, THE LOAN, THE LOAN DOCUMENTS OR THE PROPERTY (INCLUDING WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS AGREEMENT AND ANY CLAIMS OR DEFENSES ASSERTING THAT
THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR SELLER TO ENTER INTO THIS AGREEMENT AND SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS AGREEMENT. 

29. Assignment. Except as provided below, Purchaser may not assign this Agreement or any right, liability, or obligation hereunder
without the prior written consent of Seller, which consent shall not be unreasonably withheld. Purchaser shall have the right, without Seller’s consent, to assign this Agreement and all of its rights hereunder to an affiliate of Purchaser.

 [SIGNATURES FOLLOW] 
  

 - 8 - 

 EXECUTED UNDER SEAL as of the date first above written. 

 

			
	SELLER:
	
	PROPST VESTAVIA LLC., a Delaware limited liability company
		
	By:	 	/s/ John N. Hughey
	Name:	 	John N. Hughey
	Its:	 	Manager

 [SIGNATURES CONTINUE]

							
	PURCHASER
	
	 EXCEL VESTAVIA, LLC, a

Delaware limited liability company

		
	By:	 	EXCEL TRUST, L.P., a Delaware limited partnership, its Manager
			
		 	By:	 	Excel Trust, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Mark T. Burton
		 		 	Name:	 	Mark T. Burton
		 		 	Its:	 	Senior Vice President

 EXHIBIT A 

LOAN DOCUMENTS 
  

	1.	Promissory Note dated March 22, 2002 in the amount of $33,000,000.00 by AIG Baker Vestavia, L.L.C. for the benefit of Compass Bank 

 

	 	a.	First Amendment to Promissory Note and Loan Documents dated February 10, 2003 

 

	 	b.	Second Amendment to Promissory Note and Loan Documents dated December 19, 2003 

 

	 	c.	Third Amendment to Promissory Note and Loan Documents dated April 30, 2007 

 

	 	d.	Fourth Amendment to Promissory Note and Loan Documents dated July 6, 2007 

 

	 	e.	Fifth Amendment to Promissory Note and Loan Documents dated September 3, 2007 

 

	 	f.	Sixth Amendment to Promissory Note and Loan Documents dated September 15, 2008 

 

	 	g.	Seventh Amendment to Promissory Note and Loan Documents dated October 31, 2008 

 

	 	h.	Eighth Amendment to Promissory Note and Loan Documents dated January 2, 2009 

 

	2.	Future Advance Mortgage, Assignment of Rents and Leases and Security Agreement (Alabama) dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass
Bank and recorded as instrument no. 200204/6859 in Jefferson County, Alabama 

  

	 	a.	First Amendment to Mortgage dated February 10, 2003 and recorded as instrument no. 200303/3690 in Jefferson County, Alabama 

 

	 	b.	Second Amendment to Mortgage dated December 19, 2003 and recorded as instrument no. 20040117481 in Jefferson County, Alabama 

 

	3.	Assignment of Rents and Leases dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass Bank and recorded as instrument no. 200204/6860 in
Jefferson County, Alabama 

  

	 	a.	First Amendment to Assignment of Rents and Leases dated February 10, 2003 and recorded as instrument no. 200303/3691 in Jefferson County, Alabama

	 	b.	Second Amendment to Assignment of Rents and Leases dated December 19,2003 and recorded as instrument no. 200401/7481 in Jefferson County, Alabama

  

	4.	Construction Loan Agreement dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass Bank including Addendum I 

 

	5.	Assignment of Loan Documents from Compass Bank to Propst Properties, LLC, dated as of March 26, 2010 and recorded in Book LR201003, page 5856, in the Office of the
Judge of Probate of Jefferson, County Alabama. 

  

	6.	Assignment of Loan Documents, from Propst Properties, LLC to Propst Vestavia LLC dated as of March 26, 2010 and recorded in Book LR201003, page 5861, in the Office
of the Judge of Probate of Jefferson, County Alabama 

  

	7.	UCC Financing Statement listing AIG Baker Vestavia, L.L.C. as debtor and recorded as instrument no. 200204/6863 in Jefferson County, Alabama on March 22, 2002

  

	8.	UCC Financing Statement listing AIG Baker Vestavia, L.L.C. as debtor and recorded with initial filing num: 2103799 7 with the Delaware Department of State on
April 4, 2002 

  

	9.	UCC Financing Statement listing AIG Baker Vestavia, L.L.C. as debtor and recorded with initial filing num: 2207713 3 with the Delaware Department of State on
August 12, 2002 

  

	10.	Continuing Guaranty (Unlimited) of AIG/Baker Partnership dated March 20, 2002 

 

	11.	Subordination Agreement dated March 22, 2002 by and among AIG Baker Vestavia, L.L.C., AIG Baker Partnership, Alex Baker Limited Partnership, A.B. Development,
L.L.C., AIG Baker Shopping Center Properties, L.L.C., AIG/Baker, Inc., AIG Baker Management, L.L.C., AIG Baker Real Estate, L.L.C., and Compass Bank 

  

	 	a.	First Amendment to Subordination Agreement dated December 19, 2002 

  

	12.	Lawyers Title Insurance Corporation Policy Number G47-0372978 dated March 22, 2002 

 

	13.	Assignment of Contract Documents dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass Bank 

 

	14.	UCC Continuation Statement recorded with filing num: 71863173 with the Delaware Department of State on May 15, 2007 concerning the original financing statement
with filing num: 22077133. 

  

	15.	Such other documents, agreements, instruments, and other collateral which evidence, secure or otherwise relate to Lender’s right, title or interest in and to the
Loan, including, without limitation, the title insurance policies and hazard insurance policies that may presently be in effect. 

 EXHIBIT B 

SETTLEMENT AGREEMENT 

 SETTLEMENT AGREEMENT 

THIS SETTLEMENT AGREEMENT (the “Agreement”) is made and entered into as of August 4, 2010, by and between AIG
BAKER VESTAVIA, L.L.C. (the “Debtor”), AIG BAKER PARTNERSHIP (“Guarantor”) and PROPST VESTAVIA, LLC (“Propst”) (the Debtor, Guarantor and Propst are hereinafter sometimes referred to collectively as
the “Parties”). 
 W I T N E S S E T H 

WHEREAS, the Debtor owns a 360,000+ square feet retail shopping center on real property located in the City of Vestavia Hills,
Jefferson County, Alabama (the “Property”); 
 WHEREAS, Compass Bank made a loan to the Debtor
(“Loan”) to develop the Property in the original principal amount of thirty-three million dollars ($33,000,000) (as amended, modified, extended or renewed), in which Regions Bank was a participant; 

WHEREAS, in connection with the Loan, the Guarantor executed an a continuing guaranty in favor of Compass Bank (the
“Guaranty”); 
 WHEREAS, in connection with the Loan, the Debtor executed a future advance mortgage, assignment
of rents and leases, and security agreement (as amended, the “Mortgage”) and an assignment of rents and leases (as amended, the “Assignment of Rents”) in favor of Compass Bank as collateral for the Loan (the Loan, the Mortgage,
the Assignment of Rents, the Guaranty and the other documents executed in connection with the Loan are collectively referred to as the “Loan Documents”); 

WHEREAS, on March 26, 2010, Propst Properties, LLC contends that it acquired the Loan on the Property from Compass Bank and
then assigned the Loan and the Loan Documents to Propst; 
 WHEREAS, the Debtor filed a voluntary petition for relief
pursuant to Chapter 11 of the Bankruptcy Code on April 26, 2010 (the “Petition Date”); 
 WHEREAS, the
Debtor’s Chapter 11 bankruptcy case is currently pending in the United States Bankruptcy Court for the Northern District of Alabama, Southern Division (the “Bankruptcy Court”), as Bankruptcy Case No, 10-02600-TOM (the “Bankruptcy
Case”); 
 WHEREAS, the Debtor sued Propst in a lawsuit styled AIG Baker Vestavia, LLC v. Compass Bank, Propst
Properties, LLC and Propst Vestavia, LLC, Case No. 2010-CV-901247 in the Circuit Court of Jefferson County, Alabama, which was removed by the Debtor in Adversary Proceeding No. 10-0062 in the Bankruptcy Court (the “Adversary
Proceeding”); 
 WHEREAS, the Debtor filed a Motion to (i) determine that the rents generated from the Property
constitute cash collateral and (ii) authorize the use of cash collateral in the ordinary course of business (the “Cash Collateral Motion”); 

 WHEREAS, Propst filed a motion to dismiss the bankruptcy case, or in the alternative,
granting relief from the automatic stay (the “Motion to Dismiss”); 
 WHEREAS, the Bankruptcy Court scheduled a
trial on the Cash Collateral Motion and the Motion to Dismiss for July 21, 2010; 
 WHEREAS, the Bankruptcy Court
ordered the Patties to mediate all issues pending in the Bankruptcy Court in front of Judge Ott; 
 WHEREAS, the Parties
conducted a mediation on July 20, 2010, and executed a memorandum of understanding (the “MOU”), which outlines the terras of the Parties’ settlement; and 

WHEREAS, on the terms and subject to the conditions contained herein, the Parties desire to compromise and settle all of the
claims and causes of action that may exist or be alleged to exist between them as set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual covenants and promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows: 
 1. Recitals. The Parties acknowledge and agree that the recitals listed above are true and correct.

 2. Dismissal of Bankruptcy Case and Adversary Proceeding. Effective upon the Bankruptcy Court’s
entry of the Approval Order (as hereinafter defined) on the docket, (a) the Bankruptcy Case shall be dismissed, and (b) the Adversary Proceeding shall be dismissed with prejudice. 

3. Agreements in Escrow. Within one (1) business day after the entry of the Approval Order, (a) the Debtor shall
execute and deliver a deed-in-lieu to Propst as grantee in a form reasonably acceptable to Propst (the “DIL”), with (i) an owner’s lien affidavit in a form and content reasonably acceptable to the title company in connection with
the issuance of an owner’s title insurance policy to Propst, and (ii) any certificate of status, authority, or incumbency as may be reasonably required by the title company in connection with the issuance of an owner’s title insurance
policy to Propst with such documents (the “DIL Documents”) to be held in escrow by Charles Denaburg pending the Closing (as hereinafter defined), and (b) the Parties shall execute mutual releases (the “Releases”) of any and
all claims that the Parties may have against each other or their respective affiliates in connection with the Loan, the Loan Documents or the Property in a form reasonably acceptable to each Party (the “Claims”), with the Releases to be
held in escrow by Charles Denaburg pending the Closing. 
 4. Settlement Payment. On or before August 30,
2010 (the “Closing Date”), the Debtor or its designee (hereinafter referred to as “Baker”) shall purchase the Loan from Propst pursuant to a loan purchase agreement to be entered into by Baker and Propst for thirty-three million
five hundred thousand dollars ($33,500,000) by wire transfer (the “Settlement Payment”) in settlement of all matters (the “Closing”). 
  

 2 

 5. Closing Obligations. At the Closing, upon receipt of the Settlement
Payment, Propst shall (a) deliver to Baker the original executed note endorsed to Baker, or, if the note has been lost or misplaced, a lost note affidavit, (b) deliver to Baker an assignment in recordable form of all of Propst’s
right, title, interest, claim in and to the Loan and the Loan Documents, together will all moneys, principal, interest and fees, due and to become due thereon, including the funds held in the debtor in possession bank account, and all rights,
remedies and incidents thereunto belonging except as provided in Paragraph 6 below, (c) deliver to Baker UCC-3 Assignments of any financing statements filed with respect to the personal property and fixtures comprising a part of the Property,
(d) deliver to Baker, if Propst possesses one, the lender’s insurance policy to the extent it is assignable or, in the event the lender’s insurance policy is not assignable or Propst does not possess one, provide documents as may be
reasonably required by the title company in connection with the issuance of a lender’s policy to Baker, and (e) cancel the DIL Documents. The Parties shall also (a) deliver a joint letter to the tenants of the Property, apprising them
of the transaction and directing them to resume payment of rents to Baker, and (b) cancel the Releases. 
 6.
Retention of Rents by Propst. Notwithstanding Paragraph 5 above, upon the Closing, Propst shall be allowed to retain the net operating income that it collected for the period April l, 2010 through and including the month of July 2010,
with Propst being responsible for the payment of operating expenses incurred from April 1, 2010 through July 31, 2010; provided, however, that at the Closing, Propst shall pay Baker or provide a credit in an amount equal to
one hundred thousand dollars ($100,000). 
 7. Turnover of Rents to Baker. At the Closing, Baker shall be entitled
to a credit for all rents and revenues collected on or after August 1, 2010, and Baker shall be responsible for the payment of all expenses incurred with respect to the Property on or after August 1, 2010. Notwithstanding the foregoing,
Rave rent (without reduction) for July 2010 shall be paid to Propst even if collected by Baker after July 2010. 
 8.
Accounting of Rents and Expenses. At the Closing, Propst and the Debtor shall provide to each other an accounting of all of the rents collected by each of them and all of the expenses paid by each of them from April 1, 2010 to the
Closing Date. 
 9. Limited Release. At the Closing, the Parties and their respective affiliates, successors and
assigns shall release each other from any and all Claims that they have or may have against each other in connection with the Loan, the Loan Documents or the Property; provided, however, that nothing contained in this Paragraph shall
release the Debtor and the Guarantor from their obligations to Baker under the Loan, the Loan Documents or the Property (the “Limited Release”). For the avoidance of doubt, the Loan and the Loan Documents shall be valid and enforceable by
Baker against the Debtor and the Guarantor. The Parties shall use reasonable efforts to have Compass Bank sign or approve this Limited Release. 
  

 3 

 10. Failure to Close. If Baker does not pay Propst the Settlement Payment by
the Closing Date, Mr. Denaburg shall deliver the DIL Documents to Propst end deliver the Releases to the Parties. After Mr. Denaburg delivers the DIL Documents to Propst and the Releases to the Parties, the Parties shall have no further
obligations to each other in connection with the Loan, the Loan Documents, or the Property, provided, however, that the Debtor shall retain the funds held in the debtor and possession account and pay any valid pre-petition claims filed
in the Bankruptcy Case or scheduled in the Bankruptcy Case. 
 11. Court Approval. Upon execution and delivery of
this Agreement by the Parties, the Debtor shall promptly prepare and file in the Bankruptcy Case a motion (the “Settlement Motion”) that seeks entry of an order (the “Approval Order”) of the Bankruptcy Court approving this
Agreement and the settlement provided for herein pursuant to Bankruptcy Rule 9019. A copy of the proposed Approval Order is attached hereto as Exhibit 1. The Parties agree to use their best efforts to obtain approval of the Settlement Motion and the
entry of the Approval Order within ten (10) days from the date of the filing of the Settlement Motion. Unless otherwise agreed to in writing between the Parties, paragraphs 1 through 10 of this Agreement and the obligations of the Parties in
those paragraphs are in all respects contingent upon entry of the Approval Order not more than ten (10) days from the date the filing of the Settlement Motion. 

12. No Prior Transfer. The Parties hereby expressly warrant and represent that they are the owners of all Claims released
by them in the Releases or the Limited Release, and that they have not assigned or transferred or purported to have assigned or transferred any of the Claims released by them in the Releases or the Limited Release, or any portion thereof, Propst
expressly warrants and represents that it is the owner of the Loan and the Loan Documents, and that it has not assigned or transferred or purported to have assigned or transferred the Loan, the Loan Documents or any portion of the Loan or Loan
Documents. 
 13. Due Authorization. The Parties to this Agreement that are not individuals hereby represent and
warrant that (a) the individuals signing this Agreement on their behalf are duly authorized and fully competent to do so, and (b) all corporate formalities and approvals required to authorize the entry into and performance of this
Agreement have been undertaken. 
 14. Assignment, Predecessors, Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the Parties hereto and their legal representatives, predecessors, successors, and assigns. 

15. No Liability. The Parties to this Agreement each deny liability to the other, and neither the payment of money nor the
performance of any other matters contemplated hereby or provided for herein shall in any way or manner be construed as an admission of any allegation, fact or liability or any act of wrongdoing. 

16. Construction. The Parties hereto hereby mutually acknowledge and represent that they have been fully advised by their
respective legal counsel of their rights and responsibilities under this Agreement, that they have read, know and understand completely the contents hereof, and that they have voluntarily executed the same. The Parties hereto further

  

 4 

 
hereby mutually acknowledge that they have had input into the drafting of this Agreement and that, accordingly, in any construction to be made of this Agreement, it shall not be construed for or
against any party, but rather shall be given a fair and reasonable interpretation, based on the plain language of the Agreement and the expressed intent of the Parties. 

17. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Parties relating to the
subject matter contained herein, and this Agreement may not be altered, amended or modified in any respect or particular whatsoever except by a writing duly executed by each of the Parties hereto. 

18. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original, so that all
of which taken together shall constitute one and the same instrument. 
 19. Severability. In the event that any
part of this Agreement shall be found to be illegal or in violation of public policy, or for any reason unenforceable at law, such finding shall not invalidate any other part hereof. 

20. Confidentiality. The Parties agree that the terms of this Agreement and all matters related to this Agreement and the
settlement and termination of the Adversary Proceeding are confidential; provided, however, nothing contained in this paragraph shall prohibit the disclosure of any term of this Agreement: (a) to the Bankruptcy Court or the
Bankruptcy Administrator, (b) to the extent necessary to comply with any law, rule, regulation, court order, directive or to enforce or defend against any claims arising from this Agreement; and (c) to the Parties’ agents, attorneys,
accountants, tax advisors or insurers, provided such disclosure is made under an agreement to keep and treat such information as confidential. 

21. Choice of Law and Consent to Jurisdiction. This Agreement shall be governed and construed according to the laws of the
State of Alabama. The Parties agree that the Bankruptcy Court shall have personal jurisdiction over them with respect to, and shall be the exclusive forum for the resolution of, any controversy or dispute arising from or with respect to this
Agreement. 
 IN WITNESS WHEREOF and in agreement herewith, the Parties have executed and delivered this Agreement, as of
the date first above written. 
  

			
	PROPST VESTAVIA, LLC
		
		 	/s/ John N. Hughey
	By:	 	John N. Hughey
	Its:	 	Manager

  

 5 

					
	 AIG BAKER VESTAVIA, L.L.C.,

a Delaware limited liability company

		
	By:	 	 AIG Baker Shopping Center Properties, L.L.C.,

a Delaware limited liability company,
 its sole
Member

		
		 	/s/ Alex D. Baker
		 	By:	 	Alex D. Baker
		 	Its:	 	President

  

					
	 AIG BAKER PARTNERSHIP,

a Delaware partnership

		
	By:	 	 Alex Baker Limited Partnership,

a Georgia limited partnership,
 its General
Partner

		
	By:	 	 A.B. Development, Inc.,

an Alabama corporation,
 its General
Partner

		
		 	/s/ Alex D. Baker
		 	By:	 	Alex D. Baker
		 	Its:	 	President

  

 6 

 EXHIBIT C 

AFFIDAVIT OF LOST NOTE 
  

					
	 STATE OF ________________
	  	§	    	
		  	§	    	KNOW ALL MEN BY THESE PRESENTS
	 COUNTY OF ________________
	  	§	    	

 ______________________, being duly sworn, deposes and says: 

1. I am a _________________________ of Propst Vestavia LLC, a Delaware limited liability company (“Propst”). 

2. AIG Baker Vestavia, L.L.C., a Delaware limited liability company (“Borrower”) executed a Promissory Note in favor of Compass
Bank, dated March 22, 2002, in the original principal amount of $33,000,000.00, as amended by First Amendment to Promissory Note and Loan Documents, dated February 10, 2003, as further amended by Second Amendment to Promissory Note and
Loan Documents, dated December 19, 2003, as further amended by Third Amendment to Promissory Note and Loan Documents, dated April 30, 2007, as further amended by Fourth Amendment to Promissory Note and Loan Documents, dated July 6,
2007, as further amended by Fifth Amendment to Promissory Note and Loan Documents, dated September 3, 2007, as further amended by Sixth Amendment to Promissory Note and Loan Documents, dated September 15, 2008, as further amended by
Seventh Amendment to Promissory Note and Loan Documents, dated October 31, 2008, as further amended by Eighth Amendment to Promissory Note and Loan Documents, dated January 2, 2009, as assigned by Compass Bank to Propst Properties, LLC
pursuant to Assignment of Loan Documents, dated as of March 26, 2010 and as further assigned by Propst Properties, LLC to Propst pursuant to Assignment of Loan Documents, dated as of March 26, 2010 (as so amended and assigned, the
“Note”), a true and correct copy of the Promissory Note and all amendments and assignments are attached hereto as Exhibit “A”. 

3. Propst is the sole owner and holder of the Note. However, Propst has never had possession of the orignal of the Note, or the Third,
Sixth, and Eighth Amendments thereto. Propst believes the originals to be lost, misplaced or destroyed due to clerical error. 

4. Propst received from Compass an Affidavit of Lost or Destroyed Note with respect to the original of the Note, and the Third, Sixth,
and Eighth Amendments thereto. 
 5. Propst has not discharged, sold, transferred, satisfied, pledged, assigned, mortgaged,
encumbered or hypothecated the Note or in any way separated the ownership of the Note. The loss of custody of the Note was not the result of a transfer by Propst or a lawful seizure. 

6. In the event that the original of the Note is found, Propst promptly will deliver such to Borrower, or any of its successors or
assigns. 

 7. Propst will testify, declare, deposit or certify before any competent tribunal, office or
person, in any case now pending or which may hereafter be instituted, as to the truth of the particular facts hereinabove set forth. 

8. This Affidavit shall be governed by and construed in accordance with the laws of the State of Alabama. 

Executed this ___ day of _____________, 2010 
  

			
	PROPST VESTAVIA LLC, a Delaware limited liability company
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 STATE OF ______________
                        ) 

_________________ COUNTY             ) 

I, the undersigned, a Notary Public in and for said County in said State, hereby certify that ___________________________, whose name as
_________________________ of Propst Vestavia, LLC, a Delaware limited liability company, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of the instrument,
he executed the same with full authority for and on behalf of said corporation. 
 Given under my hand and seal this the ______
day of August, 2010. 
  

	
	
	  
	Notary Public
	My Commission Expires

 _________________ 

 

	
	[SEAL]

 Exhibit A 

Copies of Note Documents 

 EXHIBIT D 

ASSIGNMENT OF MORTGAGE AND OTHER LOAN DOCUMENTS 
  

			
	 Prepared by, and return to:
	  	 Cross-Reference:

	 ________________________
	  	
	 ________________________
	  	
	 ________________________
	  	
	 ________________________
	  	
	 ________________________
	  	

 ASSIGNMENT OF MORTGAGE AND OTHER LOAN DOCUMENTS 

THIS ASSIGNMENT OF MORTGAGE AND OTHER LOAN DOCUMENTS (“Assignment”) is made as of the ___ day of __________, 2010, by
PROPST VESTAVIA LLC, a Delaware limited liability company (the “Assignor”) to EXCEL VESTAVIA LLC, a Delaware limited liability company (the “Assignee”). 

RECITALS 

A. A Promissory Note was executed by AIG Baker Vestavia, L.L.C., a Delaware limited liability company (“Borrower”), in
favor of Compass Bank, dated March 22, 2002, in the original principal amount of $33,000,000.00, as amended by First Amendment to Promissory Note and Loan Documents, dated February 10, 2003, as further amended by Second Amendment to
Promissory Note and Loan Documents, dated December 19, 2003, as further amended by Third Amendment to Promissory Note and Loan Documents, dated April 30, 2007, as further amended by Fourth Amendment to Promissory Note and Loan Documents,
dated July 6, 2007, as further amended by Fifth Amendment to Promissory Note and Loan Documents, dated September 3, 2007, as further amended by Sixth Amendment to Promissory Note and Loan Documents, dated September 15, 2008, as
further amended by Seventh Amendment to Promissory Note and Loan Documents, dated October 31, 2008, as further amended by Eighth Amendment to Promissory Note and Loan Documents, dated January 2, 2009, as assigned by Compass Bank to Propst
Properties, LLC pursuant to Assignment of Loan Documents, dated as of March 26, 2010 and as further assigned by Propst Properties, LLC to Propst pursuant to Assignment of Loan Documents, dated as of March 26, 2010 (as so amended and
assigned, the “Note”) 
 B. The Note is secured by that certain Future Advance Mortgage, Assignment of Rents
and Leases and Security Agreement, dated March 22, 2002 by and between Borrower, as mortgagor and Compass Bank, as mortgagee, recorded in Instrument Number 200204/6859, in the Office of the Judge of Probate of Jefferson, County Alabama, as
amended by First Amendment to Mortgage, dated as of February 10, 2003 and recorded in Instrument Number 200303/3690, in the Office of the Judge of Probate of Jefferson, County Alabama, as amended by Second Amendment to Mortgage, dated as of
December 19, 2003 and recorded in Instrument Number 200401/7481, in the Office of the Judge of Probate of Jefferson, County Alabama, as assigned by Compass Bank to Propst Properties, LLC pursuant to Assignment of Loan Documents, dated as of
March 26, 2010 and recorded in Book LR201003, page 5856, in the Office of the 

 
Judge of Probate of Jefferson, County Alabama and as further assigned by Propst Properties, LLC to Propst pursuant to Assignment of Loan Documents, dated as of March 26, 2010 and recorded in
Book LR201003, page 5861, in the Office of the Judge of Probate of Jefferson, County Alabama (as so amended and assigned, the “Mortgage”). 

C. In addition to the Note and the Mortgage, other certain documents, including, without limitation, those described on Schedule A
hereto were executed in connection with the loan transaction that is the subject of the Note and Mortgage (collectively, the “Loan Documents”). 

D. Assignor and Assignee have entered into a Loan Purchase Agreement dated August 19, 2010, (the “Loan Purchase
Agreement”) in which Assignor has agreed to sell and the Assignee has agreed to purchase the Loan and the Loan Documents (as defined in the Loan Purchase Agreement). 

NOW, THEREFORE, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration paid by Assignee at
the time of execution hereof, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows; 
 1.
Assignment. Except as set forth in the Loan Purchase Agreement, Assignor hereby grants, bargains, sells, assigns, transfers and sets over to Assignee, without recourse, warranty or representation whatsoever, all of Assignor’s right,
title, interest, claim and demand in and to the Note, the Mortgage and the Loan Documents, together with all moneys, principal and interest, now due and to become due thereon, and all rights, remedies and incidents thereunto belonging. 

2. Conflict. Nothing in this Assignment shall be construed to be a modification or waiver of or limitation on any provision of the
Loan Purchase Agreement, including representations, warranties and agreements set forth therein. In the event of any inconsistency or conflict between this Assignment and the Loan Purchase Agreement, terms and conditions of the Loan Purchase
Agreement shall control for all purposes. 
 3. Successors and Assigns. This Assignment shall be binding upon and shall
inure to the benefits of the parties hereto, their respective legal representatives, successors in title and assigns. 
 4.
Governing Law. The laws of the State of Alabama shall govern the interpretation and validity and enforceability hereof without regard to concepts of conflicts of laws. 

5. Severability. In the event any provision of this Assignment is held to be invalid or unenforceable, such invalidity or
unenforceability shall not affect the validity or enforceability of any other provision hereof. 
 [Signatures appear on the
following page] 

			
	ASSIGNOR:
	
	 PROPST VESTAVIA LLC,

a Delaware limited liability company

		
	By:	 	 
	Name:	 	 
	Title:	 	 

 STATE OF ______________
            ) 
 _________________ COUNTY
        ) 
 I, the undersigned, a Notary Public in and for said County in said
State, hereby certify that ____________________________, whose name as _______________________ of Propst Vestavia, LLC, a Delaware limited liability company, is signed to the foregoing instrument, and who is known to me, acknowledged before
me on this day that, being informed of the contents of the instrument, he executed the same with full authority for and on behalf of said corporation. 

Given under my hand and seal this the ______ day of August, 2010. 

 

			
	
	  
	Notary Public	 	
	My Commission Expires	 	 
		
	[SEAL]	 	

 SCHEDULE A 

List of Loan Documents 
  

	1.	Promissory Note dated March 22, 2002 in the amount of $33,000,000.00 by AIG Baker Vestavia, L.L.C. for the benefit of Compass Bank 

 

	 	a.	First Amendment to Promissory Note and Loan Documents dated February 10, 2003 

 

	 	b.	Second Amendment to Promissory Note and Loan Documents dated December 19, 2003 

 

	 	c.	Third Amendment to Promissory Note and Loan Documents dated April 30, 2007 

 

	 	d.	Fourth Amendment to Promissory Note and Loan Documents dated July 6, 2007 

 

	 	e.	Fifth Amendment to Promissory Note and Loan Documents dated September 3, 2007 

 

	 	f.	Sixth Amendment to Promissory Note and Loan Documents dated September 15, 2008 

 

	 	g.	Seventh Amendment to Promissory Note and Loan Documents dated October 31, 2008 

 

	 	h.	Eighth Amendment to Promissory Note and Loan Documents dated January 2, 2009 

 

	2.	Future Advance Mortgage, Assignment of Rents and Leases and Security Agreement (Alabama) dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass
Bank and recorded as instrument no. 200204/6859 in Jefferson County, Alabama 

  

	 	a.	First Amendment to Mortgage dated February 10, 2003 and recorded as instrument no. 200303/3690 in Jefferson County, Alabama 

 

	 	b.	Second Amendment to Mortgage dated December 19, 2003 and recorded as instrument no. 20040117481 in Jefferson County, Alabama 

 

	3.	Assignment of Rents and Leases dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass Bank and recorded as instrument no. 200204/6860 in
Jefferson County, Alabama 

  

	 	a.	First Amendment to Assignment of Rents and Leases dated February 10, 2003 and recorded as instrument no. 200303/3691 in Jefferson County, Alabama

	 	b.	Second Amendment to Assignment of Rents and Leases dated December 19, 2003 and recorded as instrument no. 200401/7481 in Jefferson County, Alabama

  

	4.	Construction Loan Agreement dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass Bank including Addendum I 

 

	5.	Assignment of Loan Documents from Compass Bank to Propst Properties, LLC, dated as of March 26, 2010 and recorded in Book LR201003, page 5856, in the Office of the
Judge of Probate of Jefferson, County Alabama. 

  

	6.	Assignment of Loan Documents, from Propst Properties, LLC to Propst Vestavia LLC dated as of March 26, 2010 and recorded in Book LR201003, page 5861, in the Office
of the Judge of Probate of Jefferson, County Alabama 

  

	7.	UCC Financing Statement listing AIG Baker Vestavia, L.L.C. as debtor and recorded as instrument no. 200204/6863 in Jefferson County, Alabama on March 22, 2002

  

	8.	UCC Financing Statement listing AIG Baker Vestavia, L.L.C. as debtor and recorded with initial filing num: 2103799 7 with the Delaware Department of State on
April 4, 2002 

  

	9.	UCC Financing Statement listing AIG Baker Vestavia, L.L.C. as debtor and recorded with initial filing num: 2207713 3 with the Delaware Department of State on
August 12, 2002 

  

	10.	Continuing Guaranty (Unlimited) of AIG/Baker Partnership dated March 20, 2002 

 

	11.	Subordination Agreement dated March 22, 2002 by and among AIG Baker Vestavia, L.L.C., AIG Baker Partnership, Alex Baker Limited Partnership, A.B. Development,
L.L.C., AIG Baker Shopping Center Properties, L.L.C., AIG/Baker, Inc., AIG Baker Management, L.L.C., AIG Baker Real Estate, L.L.C., and Compass Bank 

  

	 	a.	First Amendment to Subordination Agreement dated December 19, 2002 

  

	12.	Lawyers Title Insurance Corporation Policy Number G47-0372978 dated March 22, 2002 

 

	13.	Assignment of Contract Documents dated March 22, 2002 by and between AIG Baker Vestavia, L.L.C. and Compass Bank 

 

	14.	UCC Continuation Statement recorded with filing num: 71863173 with the Delaware Department of State on May 15, 2007 concerning the original financing statement
with filing num: 22077133. 

	15.	Such other documents, agreements, instruments, and other collateral which evidence, secure or otherwise relate to Lender’s right, title or interest in and to the
Loan, including, without limitation, the title insurance policies and hazard insurance policies that may presently be in effect.

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