Document:

Exhibit
10.8

    

    EDUCATION
REALTY TRUST, INC.

    RESTRICTED
STOCK UNIT AWARD AGREEMENT

    (2011
LTIP — Performance Vested)

    

    THIS
RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”)
is made and entered into as of the 1st day of January 2011 between Education
Realty Trust, Inc., a Maryland corporation (together with its subsidiaries, the
“Company”),
and ______________________ (the Grantee”).  Capitalized
terms not otherwise defined herein shall have the meaning ascribed to such terms
in the Education Realty Trust, Inc. 2011 Long-Term Incentive Plan (the “LTIP”).

    

    WHEREAS,
awards granted under the LTIP shall be issued pursuant to the Company’s 2004
Incentive Plan, as amended from time to time (the “2004
Incentive Plan”);
and

    

    WHEREAS,
pursuant to the LTIP, the Committee has approved an award for performance-vested
restricted stock units to the Grantee as provided herein.

    

    NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth 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.       
Grant of Restricted
Stock Units; Eligible Shares.

    

    (a)          
The Company hereby grants to the Grantee an award (the “Award”) of
_____________ Restricted
Stock Units on the terms and conditions set forth in this Agreement and as
otherwise provided in the LTIP (the “RSUs”).

    

    (b)          
The Grantee’s rights with respect to the Award shall remain forfeitable at all
times prior to the dates on which the restrictions shall lapse in accordance
with Section 2
hereof.

    

    (c)           Prior
to the Determination Date (as defined below), no dividend equivalents shall be
paid or payable with respect to the RSUs covered by this Award, and the Grantee
shall not be entitled to voting rights with respect to the RSUs covered by this
Award.

    

    (d)           Upon
the completion of the Performance Period set forth in the LTIP and the
Committee’s determination of the achievement of the performance targets set
forth on Schedule
A of the LTIP (the “Determination
Date”), the number of RSUs granted hereby shall be immediately reduced to
equal the number of Eligible Shares determined in accordance with the
LTIP.  Grantee shall have no further rights with respect to any RSUs
in excess of the Eligible Shares, and such excess number shall be deemed
cancelled for purposes of the 2004 Incentive Plan.

    

    (e)           Each
Eligible Share equals one share of the Company’s common stock, $.01 par value
per share (“Common
Shares”), and shall be entitled to voting and dividend rights from the
date of issuance after the Determination Date.

    

    2.       
Terms; Restricted
Period.

    

    (a)           Except
as provided herein and subject to such other exceptions as may be determined by
the Committee in its sole and absolute discretion, the “Restricted Period” for
the RSUs granted herein shall expire on the Determination Date with respect to
RSUs that become Eligible Shares, as determined by the Committee on such
Determination Date. After the Determination Date, any RSUs that are not Eligible
Shares shall be forfeited.  None of the RSUs may be sold, assigned,
transferred, pledged, hypothecated or otherwise encumbered or disposed of during
the Restricted Period for the RSUs.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           Except
as set forth below or as the Committee may otherwise determine in its sole and
absolute discretion, termination of a Grantee’s employment prior to the end of
the Performance Period shall result in the forfeiture of all RSUs granted
hereunder by the Grantee, and no payments shall be made with respect
thereto.  Notwithstanding the foregoing, if Grantee’s employment is
terminated prior to the end of the Performance Period as a result of Grantee’s
death or Disability, the Committee shall determine the number of RSUs that will
convert to Eligible Shares by (i) applying the performance criteria set forth in
the LTIP using the effective date of the Disability (to be determined by the
Committee in it sole and absolute discretion) or the date of death, as
applicable, and by appropriately and proportionately adjusting the performance
criteria for such shortened Performance Period and (ii) multiplying the number
of Eligible Shares so determined by .3333 if the death or Disability occurs in
2011, .6667 if the if the death or Disability occurs in 2012, and 1 if the if
the death or Disability occurs in 2013 (rounding the resulting number of
Eligible Shares to the nearest whole number) and the Restricted Period for such
Eligible Shares shall terminate.

    

    (c)           If
a Change of Control (as such term is defined in Section 10 of the
LTIP) occurs prior to the end of the Performance Period, the Committee shall
determine the number of RSUs that will convert to Eligible Shares by (i)
applying the performance criteria set forth in the LTIP using the effective date
of the Change of Control as the end of the Performance Period, and by
appropriately and proportionately adjusting the performance criteria for such
shortened Performance Period, and (ii) multiplying the number of Eligible Shares
so determined by .3333 if the Change of Control occurs in 2011, .6667 if the
Change of Control occurs in 2012, and 1 if the Change of Control occurs in 2013
(rounding the resulting number of Eligible Shares to the nearest whole
number).

    

    3.       
Settlement.  Settlement
of an Eligible Share shall be made within 30 days (with the date of payment
selected by the Company in its sole discretion) of the expiration of the
Restricted Period.  Settlement of Eligible Shares pursuant to this
Award shall be made through the issuance to the Grantee (or to the executors or
administrators of Grantee’s estate, after the Company’s receipt of notification
of Grantee’s death, as the case may be) of a stock certificate for a number of
Common Shares equal to the number of Eligible Shares to be
settled.  Following receipt of such Common Shares, the Grantee may
receive, hold, sell or otherwise dispose of such Common Shares free and clear of
the restrictions imposed under the LTIP and this Agreement.

    

    4.       
No Right to Continued
Employment.  This Agreement shall not be construed as giving
Grantee the right to be retained in the employ of the Company, and the Company
may at any time dismiss Grantee from employment, free from any liability or any
claim under the LTIP but subject to the terms of the Grantee’s Employment
Agreement, if any.

    

    5.       
Adjustments.  The
Committee shall make equitable and proportionate adjustments (consistent with
Sections 162(m) and 409A of the Code and other applicable Sections therein) in
the terms and conditions of, and the criteria included in, this Award in
recognition of the events described in Section 10 of the
2004 Incentive Plan.  In addition, the Committee may appropriately
adjust any evaluation of performance under criteria set forth in the LTIP and
Schedule A thereto to exclude any of the following events that occurs during a
Performance Period: (i) asset impairments or write-downs, (ii) litigation or
claim judgments or settlements, (iii) the effect of changes in tax law,
accounting principles or other such laws or provisions affecting reported
results, (iv) accruals for reorganization and restructuring programs, (v) any
extraordinary non-recurring items as described in Accounting Principles Board
Opinion No. 30 and/or in management’s discussion and analysis of financial
condition and results of operations appearing in the Company’s annual report to
shareholders for the applicable year and (vi) the effect of adverse federal,
governmental or regulatory action, or delays in federal, governmental or
regulatory action; provided that the Committee commits to make any such
adjustments within the 90 day period set forth in Section 14.3 of the
2004 Incentive Plan.  Notwithstanding the foregoing, the Committee
shall not have the discretion to increase the amounts payable under this Award
if the Participant is a Covered Officer (as defined in Section 10 of the
LTIP) in manner that is inconsistent with Section 162(m) of the
Code.

    
      
         

      

      
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    6.       
Amendment to
Award.  Subject to the restrictions contained in the 2004
Incentive Plan and the LTIP, the Committee may waive any conditions or rights
under, amend any terms of, or alter, suspend, discontinue, cancel or terminate
the Award (consistent with Sections 162(m) and 409A of the Code and other
applicable Sections therein), prospectively or retroactively, provided that any
such waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would adversely affect the rights of the Grantee or any holder
or beneficiary of the Award shall not to that extent be effective without the
consent of the Grantee, holder or beneficiary affected.

     

    7.       
Withholding of
Taxes.  Upon the lapse of the Restricted Period and the
issuance of Common Shares with respect to any portion of this Award, the Company
shall satisfy any applicable withholding obligations or withholding taxes
(“Withholding
Taxes”) as set forth by Internal Revenue Service guidelines for the
employer’s minimum statutory withholding with respect to Grantee and issue
Common Shares to the Grantee without restriction.  As a condition to
receiving settlement of the RSUs hereunder, the Company may require Grantee to
pay to the Company, and the Company shall have the right and is hereby
authorized to withhold from any payments hereunder or from any compensation or
other amount owing to Grantee, an amount of cash necessary for the Company to
satisfy any Withholding Taxes in respect of this Award.  In its sole
and absolute discretion, the Committee may satisfy the required Withholding
Taxes by withholding from the Common Shares otherwise issuable pursuant to
settlement of the Award that number of whole shares necessary to satisfy
Withholding Taxes with respect to such shares based on the Fair Market Value (as
defined in Section
2.13 of the 2004 Incentive Plan) of the Common Shares as of the date the
Restricted Period ends.

    

    8.       
LTIP
Governs.  The Grantee hereby acknowledges receipt of a copy of
the LTIP and agrees to be bound by all the terms and provisions
thereof.  The terms of this Agreement are governed by the terms of the
LTIP.

    

    9.       
Severability.  If
any provision of this Agreement is, or becomes, or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or the Award,
or would disqualify the Award under any laws deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable
laws, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the LTIP or
the Award, such provision shall be stricken as to such jurisdiction, person or
Award, and the remainder of the LTIP and Award shall remain in full force and
effect.

    

    10.     
Notices.  All
notices required to be given under this Agreement shall be deemed to be received
if delivered or mailed as provided for herein, to the parties at the following
addresses, or to such other address as either party may provide in writing from
time to time.

    

    
      
        
          
            	
                    To
      the Company:

                  	 
      	
                    To
      the Grantee:

                  
	 
      	 
      	 
      
	
                    Education
      Realty Trust, Inc.

                    530
      Oak Court Drive, Suite 300

                    Memphis,
      TN 38117-3725

                    Attn:  Corporate
      Secretary

                  	
                      

                  	
                    The
      address then maintained with respect to the Grantee in the Company’s
      records.

                     

                  

          

        

      

    

    
      
         

      

      
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    11.     
Governing
Law.  The validity, construction and effect of this Agreement
shall be determined in accordance with the laws of the State of Maryland,
without giving effect to conflicts of laws principles.

    

    12.     
Successors in
Interest.  This Agreement shall inure to the benefit of and be
binding upon any successor to the Company.  This Agreement shall inure
to the benefit of the Grantee’s legal representatives.  All
obligations imposed upon the Grantee and all rights granted to the Company under
this Agreement shall be binding upon the Grantee’s heirs, executors,
administrators and successors.

    

    13.     
Resolution of
Disputes.  Any dispute or disagreement which may arise under,
or as a result of, or in any way related to, the interpretation, construction or
application of this Agreement shall be determined by the Committee in its sole and absolute
discretion.  Any determination made hereunder shall be final, binding
and conclusive on the Grantee and the Company for all purposes.

     

    Signature
Page Follows

    
      
         

      

      
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    IN WITNESS WHEREOF, the parties have
caused this Restricted Stock Unit Award Agreement to be duly executed effective
as of the day and year first above written.

    

    
      
        
          
            	 
      	
                    EDUCATION
      REALTY TRUST, INC.

                  
	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	
                    Name:

                  	 
      
	 
      	
                    Title:

                  	 
      
	 
      	 
      
	 
      	
                    GRANTEE:

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    Name:

                  

          

        

      

    

    

    Signature
Page to Restricted Stock Unit Award AgreementEXHIBIT
10.1

     

    SHARE EXCHANGE AND
SETTLEMENT AGREEMENT

     

    This
SHARE EXCHANGE AND SETTLEMENT AGREEMENT (this “Agreement”), dated as
of December 31, 2010, is by and among Lexicon United Incorporated, a Delaware
corporation (the “Company”) and Pathworks PCO of Florida, Inc., a Florida
corporation (now known as Pathworks Acquisition, Inc., a Delaware corporation
(collectively, “Pathworks-Florida”) and the former shareholders of Pathworks PCO
of Florida, Inc., a Florida corporation (Pathworks Corporation, James Grimwade
and Chesscom Technologies, Inc. (collectively, the “Pathworks
Shareholders”).  Each of the parties to this Agreement is individually
referred to herein as a “Party” and
collectively, as the “Parties.”

     

    BACKGROUND

    

    On
October 21, 2010, the Company completed a merger transaction (‘Merger”) with
Pathworks PCO of Florida, Inc. (“Pathworks-Florida”), pursuant to which
Pathworks-Florida became a wholly-owned subsidiary of the Company.

    

    Pathworks-Florida
was and is engaged in the business of development, installation and operation of
fiber optic telecommunications delivery systems for multi-family residential
units. One of the Company’s shareholders, Pathworks, Inc. (“Pathworks”), is a
party to a Master Agreement (the “Master Agreement”) with CenturyTel Services
Group, LLC (“CenturyLink”), pursuant to which, Pathworks, has rights with
respect to bulk content pricing and tariffs applicable to services to be
provided in certain identified markets.  In furtherance of its
performance under the Master Agreement, Pathworks has assigned certain of its
rights and responsibilities under the Master Agreement to
Pathworks-Florida.  In exchange, Pathworks-Florida has entered into a
royalty agreement with Pathworks whereby Pathworks-Florida would pay Pathworks a
royalty for the first five years of service provided to Pathworks-Florida
customers and thereafter such service would continue to be provided by
Pathworks-Florida on a royalty-free basis

    

    Pathworks-Florida has 1,000
shares of capital stock (the “Company Stock”)
issued and outstanding, all of which are held by the Company.  Each of
the Pathworks Shareholders is the record and beneficial owner of the number of
shares of Company Stock set forth opposite such Pathworks Shareholder’s name on
Exhibit
A.  Each of the Pathworks Shareholders has agreed to transfer
all of his, her or its (hereinafter “its”) shares of
Company Stock in exchange for its pro-rate share of the Company Stock that will,
in the aggregate, constitute 100% of the issued and outstanding capital stock of
Pathworks-Florida.  The number of shares of Pathworks-Florida Common
Stock to be received by each Pathworks Shareholder shall be as listed opposite
such Pathworks Shareholder’s name on Exhibit A to this
Agreement.  The aggregate number of shares of Pathworks-Florida Common
Stock that will be reflected on Exhibit A is referred
to herein as the “Shares”.  The
foregoing is sometimes referred to herein as the “Transaction” or the
“Transactions”).

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    The
exchange of Company Stock for Pathworks-Florida Common Stock is intended to
constitute a reorganization within the meaning of Section 368(a)(1)(B) of the
Internal Revenue Code of 1986  (the “Code”), as amended or
such other tax free reorganization exemptions that may be available under the
Code.

     

    The Board
of Directors of the Pathworks-Florida, the Company and the Pathworks
Shareholders (both individual and corporate) have determined that it is
desirable to effect this share exchange and the matters related
thereto.

    

    AGREEMENT

    

    NOW
THEREFORE, the parties agree as follows:

     

    ARTICLE
I

     

    Exchange of
Shares

     

    SECTION 1.01.  
 Exchange
by the Parties.  At the Closing (as defined in Section 1.02),
each of the Pathworks Shareholders shall sell, transfer, convey, assign and
deliver to the Company its Company Stock free and clear of all Liens (as defined
below) in exchange for the Pathworks Common Stock listed on Exhibit A opposite
such Pathworks Shareholder’s name.

     

    SECTION
1.02.    Closing.  The
closing (the “Closing”) of the
transactions contemplated hereby (the “Transactions”) shall
take place not later than December 31, 2010 immediately following the
satisfaction or waiver of all conditions to the obligations of the parties to
consummate the Transactions contemplated hereby (other than conditions with
respect to actions the respective parties will take at the Closing itself), or
such other date and time as the parties may mutually determine (the “Closing
Date“).

     

    ARTICLE
II

     

    Representations and
Warranties of Pathworks Shareholders

     

    Each of
the Pathworks Shareholders hereby severally (but not jointly) represents and
warrants to the Company with respect to itself, as follows:

     

    SECTION
2.01.    Good
Title.  The Pathworks Shareholder is the record and beneficial
owner, and has good title to its Company Stock, with the right and authority to
sell and deliver such Company Stock.  Upon delivery of any certificate
or certificates duly assigned, representing the same as herein contemplated
and/or upon registering of the Company as the new owner of such Company Stock in
the share register of the Company, the Company will receive good title to such
Company Stock, free and clear of all liens, security interests, pledges,
equities and claims of any kind, voting trusts, Pathworks Shareholder agreements
and other encumbrances (collectively, “Liens”).

     

    SECTION
2.02.    Organization.  Each
Pathworks Shareholder that is an entity is duly organized and validly existing
in its jurisdiction of organization.

    
      
         

      

      
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    SECTION
2.03.    Power and
Authority.  Each Pathworks Shareholder that is an entity has
the legal power and authority to execute and deliver this Agreement and to
perform its obligations hereunder.  All acts required to be taken by
the Pathworks Shareholder to enter into this Agreement and to carry out the
Transactions have been properly taken.  This Agreement constitutes a
legal, valid and binding obligation of the Pathworks Shareholder, enforceable
against such Pathworks Shareholder in accordance with the terms
hereof.

     

    SECTION
2.04.    No
Conflicts.  The execution and delivery of this Agreement by the
Pathworks Shareholder and the performance by the Pathworks Shareholder of its
obligations hereunder in accordance with the terms hereof: (i) will not require
the consent of any third party or any federal, state, local or foreign
government or any court of competent jurisdiction, administrative agency or
commission or other governmental authority or instrumentality, domestic or
foreign (“Governmental
Entity”) under any statutes, laws, ordinances, rules, regulations,
orders, writs, injunctions, judgments, or decrees (collectively, “Laws”); (ii) will not
violate any Laws applicable to such Pathworks Shareholder and (iii) will not
violate or breach any contractual obligation to which such Pathworks Shareholder
is a party.

     

    SECTION
2.05.    No Finder’s
Fee.  The Pathworks Shareholder has not created any obligation
for any finder’s, investment banker’s or broker’s fee in connection with the
Transactions.

     

    SECTION
2.06.    Purchase Entirely for Own
Account.  The Pathworks-Florida Common Stock proposed to be
acquired by the Pathworks Shareholder hereunder will be acquired for investment
for its own account, and not with a view to the resale or distribution of any
part thereof, and the Pathworks Shareholder has no present intention of selling
or otherwise distributing the Pathworks-Florida Common Stock, except in
compliance with applicable securities laws.

     

    SECTION
2.07.    Available
Information.  The Pathworks Shareholder has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of investment in Pathworks-Florida.

     

    SECTION
2.08.    Non-Registration. The
Pathworks Shareholder understands that the Pathworks-Florida Common Stock has
not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and,
if issued in accordance with the provisions of this Agreement, will be issued by
reason of a specific exemption from the registration provisions of the
Securities Act which depends upon, among other things, the bona fide nature of
the investment intent and the accuracy of the Pathworks Shareholder’s
representations as expressed herein.

     

    SECTION
2.09.    Restricted
Securities. The Pathworks Shareholder understands that the
Pathworks-Florida Common Stock is characterized as “restricted securities” under
the Securities Act inasmuch as this Agreement contemplates that, if acquired by
the Pathworks Shareholder pursuant hereto, the Pathworks-Florida Common Company
Stock would be acquired in a transaction not involving a public
offering.  The Pathworks Shareholder further acknowledges that if the
Pathworks –Florida Common Stock is issued to the Pathworks Shareholder in
accordance with the provisions of this Agreement, such Pathworks-Florida Common
Stock may not be resold without registration under the Securities Act or the
existence of an exemption therefrom.  The Pathworks Shareholder
represents that it is familiar with Rule 144 promulgated under the Securities
Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act.

    
      
         

      

      
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    SECTION
2.10.    Legends.  It
is understood that the Pathworks-Florida Common Stock will bear the following
legend or one that is substantially similar to the following
legend:

     

    THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”) OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS
FROM SUCH REGISTRATION, PROVIDED THAT THE SELLER DELIVERS TO THE COMPANY AN
OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY)
CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION.  THESE SECURITIES MAY
BE  PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY
SUCH SECURITIES TO THE EXTENT PERMITTED BY APPLICABLE FEDERAL AND STATE
SECURITIES LAWS.

     

    (a)      Any
legend required by the “blue sky” laws of any state to the extent such laws are
applicable to the securities represented by the certificate so
legended.

     

    SECTION
2.11.    Accredited
Investor.  The Pathworks Shareholder is an “accredited
investor” within the meaning of Rule 501 under the Securities Act and was
not organized for the specific purpose of acquiring the Pathworks-Florida Common
Stock.

     

    ARTICLE
III

     

    Representations and
Warranties of the Company

     

    The
Company represents and warrants to the the Pathworks Shareholders that, except
as referenced below with respect to any particular representation or
warranty:

     

    SECTION
3.01.    Organization, Standing and
Power.  Each of the Company and its subsidiaries (the “Company
Subsidiaries”) is duly organized, validly existing and in good standing
under the laws of the jurisdiction in which it is organized and has the
corporate power and authority to consummate the Transactions.

     

    SECTION
3.02.    Authority; Execution and
Delivery; Enforceability.  The Company has all requisite
corporate power and authority to execute and deliver this Agreement and to
consummate the Transactions.  The execution and delivery by the
Company of this Agreement and the consummation by the Company of the
Transactions have been duly authorized and approved by the Board of Directors of
the Company and no other corporate proceedings on the part of the Company are
necessary to authorize this Agreement and the Transactions.  When
executed and delivered, this Agreement will be enforceable against the Company
in accordance with its terms.

    
      
         

      

      
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    SECTION
3.03.    No Conflicts;
Consents.  The execution and
delivery of this Agreement by the Company and the performance by the
Company of its obligations hereunder in accordance with the terms hereof: (i)
will not require the consent of any third party or any federal, state, local or
foreign government or any court of competent jurisdiction, administrative agency
or commission or other governmental authority or instrumentality, domestic or
foreign (“Governmental
Entity”) under any statutes,
laws, ordinances, rules, regulations, orders, writs, injunctions,
judgments, or decrees (collectively, “Laws”); (ii) will not
violate any
Laws applicable to the Company and (iii) will not violate or breach any
contractual obligation to which the Company is a party.

     

    SECTION
3.04     No
Additional Agreements.  The Company does not have any
agreement or understanding with any third parties with respect to the
transactions contemplated by this Agreement other than as specified in this
Agreement.

     

    SECTION
3.05     Disclosure.  The
Company confirms that neither it nor any person acting on its behalf has
provided any Pathworks Shareholder or its respective agents or counsel with any
information that the Company believes constitutes material, non-public
information except insofar as the existence and terms of the proposed
transactions hereunder may constitute such information and except for
information that will be disclosed by the Company under a current report on Form
8-K filed within one business days after the Closing.

     

    ARTICLE
IV

     

    Representations and
Warranties of the Pathworks-Florida

     

    Pathworks-Florida
represents and warrants to each of the Company and the Pathworks Shareholders
that, except as referenced below with respect to any particular representation
or warranty:

     

    SECTION
4.01.    Organization, Standing and
Power.  Pathworks-Florida is duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is organized
and has the corporate power and authority to consummate the
Transactions.

     

    SECTION
4.02.    Authority; Execution and
Delivery; Enforceability.  Pathworks-Florida has all requisite
corporate power and authority to execute and deliver this Agreement and to
consummate the Transactions.  The execution and delivery by
Pathworks-Florida of this Agreement and the consummation by Pathworks-Florida of
the Transactions have been duly authorized and approved by the Board of
Directors of Pathworks-Florida and no other corporate proceedings on the part of
Pathworks-Florida are necessary to authorize this Agreement and the
Transactions.  When executed and delivered, this Agreement will be
enforceable against Pathworks-Florida in accordance with its
terms.

    
      
         

      

      
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    SECTION
4.03.    No Conflicts;
Consents.

     

    The
execution and delivery of this Agreement by Pathworks-Florida and the
performance by the Pathworks-Florida of its obligations hereunder in accordance
with the terms hereof: (i) will not require the consent of any third party or
any federal, state, local or foreign government or any court of competent
jurisdiction, administrative agency or commission or other governmental
authority or instrumentality, domestic or foreign (“Governmental Entity”)
under any statutes, laws, ordinances, rules, regulations, orders, writs,
injunctions, judgments, or decrees (collectively, “Laws”); (ii) will not
violate any Laws applicable to the Company and (iii) will not violate or breach
any contractual obligation to which the Company is a party.

     

    SECTION
4.04.    No Additional
Agreements. Pathworks-Florida does not have any agreement or
understanding with any third parties with respect to the transactions
contemplated by this Agreement other than as specified in this
Agreement.

     

    SECTION
4.05.    Disclosure.
Pathworks-Florida confirms that neither it nor any person acting on its behalf
has provided any it or its respective agents or counsel with any information
that Pathworks-Florida believes constitutes material, non-public information
except insofar as the existence and terms of the proposed transactions hereunder
may constitute such information and except for information that will be
disclosed by the Company under a current report on Form 8-K filed within one
business days after the Closing.

     

    ARTICLE
V

     

    Other Agreements between the
Parties

    

    SECTION
5.01.    Indemnification of the
Company.  Pathworks-Florida and each of the Pathworks
Shareholders shall jointly and severally indemnify the Company and hold it
harmless to the fullest extent permitted by law in connection with (a) any
liability(ies) for any expenses associated with either the Heron’s Glen or
Huntington Lakes project; (b) the defense or settlement of any claim(s) if the
Company becomes a party to or is threatened to be made a party to or otherwise
involved (as a witness or otherwise) in any legal proceeding or administrative
action related to the contracts between Pathworks-Florida and either Heron’s
Glen or Huntington Lakes.

     

    SECTION
5.02.    Indemnification of James
Grimwade. The Company shall indemnify James Grimwade and hold him
harmless to the fullest extent permitted by law if he becomes a party to or is
threatened to be made a party to or otherwise involved (as a witness or
otherwise) in any legal proceeding or administrative action related to any
claims incurred by the him in his capacity as a director of the Company in
connection with the defense or settlement of any such claim(s).

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    SECTION
5.03.    Contractual Obligations with
Respect to Pathworks-Florida.  Unless such obligation is a
specific subject of this Agreement (i.e. indemnification agreements), all
contractual obligations of the Company with respect to the affairs or operations
of Pathworks-Florida (including but not limited to any employment agreements)
shall be deemed to be terminated effective as of the Closing Date and there
shall be no residual liability whatsoever on the part of the Company with
respect thereto following the Closing Date.  Any such contractual
obligations of the Company shall be deemed to be assigned to and assumed by the
Pathworks Shareholders and Pathworks-Florida effective the Closing Date without
the Company retaining any residual liability with respect thereto.

     

    SECTION
5.04.    Termination of Agreement
between the Company and Pathworks Corporation.  Effective the
Closing Date, the Company unilaterally terminates that certain Agreement by and
between the Company and Pathworks Corporation dated as of October 12, 2010 which
provided the Company the right to cure any default on the Master Agreement
between Pathworks Corporation and Century-Link and further provided the Company
the right in the event of such cure to acquire full ownership of Pathworks
Corporation on terms and conditions to be determined between the
parties.

     

    SECTION
5.05.     Mutual General
Release. With the sole exception of those obligations which are
specifically incorporated in this Agreement, the Parties do hereby release,
cancel, forgive and forever discharge each other Party and each of his, her or
its predecessors, parent corporations, holding companies, subsidiaries,
affiliates, divisions, heirs, successors and assigns, and all of their officers,
directors and employees from all actions, claims, demands, damages, obligations,
liabilities, controversies and executions, of any kind or nature whatsoever,
whether known or unknown, whether suspected or not, which have arisen, or may
have arisen, or shall arise by reason of the Merger and the operations or
affairs of Pathworks-Florida and such Parties do specifically waive any claim or
right to assert any cause of action or alleged case of action or claim or demand
which has, through oversight or error intentionally or unintentionally or
through a mutual mistake, been omitted from this mutual general
release.

    

    ARTICLE
VI

    

    Deliveries

    

    SECTION
6.01.    Deliveries of the Pathworks
Shareholders.

     

    (a)      Concurrently
herewith each Pathworks Shareholder is delivering to the Company this Agreement
executed by the Pathworks Shareholder.

     

    (b)     At
or prior to the Closing, each Pathworks Shareholder shall deliver to the
Company:

     

    (i)      certificates
representing its Company Stock; and

     

    (ii)     duly
executed stock powers for transfer by the Pathworks Shareholder of its Company
Stock to the Company.

     

    (c)      to
the Company, a letter of resignation of James Grimwade effective upon the
Closing from his position as a director of the Company.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    SECTION
6.02.    Deliveries of the
Company.

     

    (a)      Concurrently
herewith, the Company is delivering too each Pathworks Shareholder and to the
Company, a copy of this Agreement executed by Company;

     

    (b) 
    At or prior to the Closing, the Company shall deliver to
each Pathworks Shareholder, certificates representing their pro-rata portion of
the Pathworks-Florida Common Stock.

     

    SECTION 6.03.  
 Deliveries of
Pathworks-Florida.

     

    Concurrently
herewith, the Company is delivering to the Company:

     

    (iii)    this
Agreement executed by Pathworks-Florida; and

     

    (iv)    a
certificate from the Company, signed by its authorized officer certifying that
the attached copies of the Company Constituent Instruments and resolutions of
the Board of Directors of the Company approving the Agreement and the
Transactions are all true, complete and correct and remain in full force and
effect.

     

    ARTICLE
VII

     

    Conditions to
Closing

    

    SECTION 7.01.  
 Company
Conditions Precedent.  The obligations of the Company to enter
into and complete the Closing is subject, at the option of the Company, to the
fulfillment on or prior to the Closing Date of the following
conditions.

     

    (a)      Representations and
Covenants. The representations and warranties of the Pathworks
Shareholders  and Pathworks-Florida contained in this Agreement shall
be true in all material respects on and as of the Closing Date with the same
force and effect as though made on and as of the Closing Date.  The
Pathworks Shareholders and Pathworks-Florida shall have performed and complied
in all material respects with all covenants and agreements required by this
Agreement to be performed or complied with by the Pathworks Shareholders or
Pathworks-Florida on or prior to the Closing Date.

     

    (b)  
   Litigation.  No
action, suit or proceeding shall have been instituted before any court or
governmental or regulatory body or instituted or threatened by any governmental
or regulatory body to restrain, modify or prevent the carrying out of the
Transactions or to seek damages or a discovery order in connection with such
Transactions, or which has or may have, in the reasonable opinion of the
Company, a materially adverse effect on the Transactions contemplated by this
Agreement.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (c)      Deliveries.  The
deliveries specified in Section 6.01 and 6.03 shall have been made by the
Pathworks Shareholders and Pathworks-Florida, respectively.

     

    SECTION 7.02.  
 Pathworks
Shareholders Conditions Precedent.  The obligations of the
Pathworks Shareholders to enter into and complete the Closing is subject, at the
option of the Pathworks Shareholders, to the fulfillment on or prior to the
Closing Date of the following conditions, any one or more of which may be waived
by the Pathworks Shareholders in writing.

     

    (a)      Representations and
Covenants. The representations and warranties of the Company and
Pathworks-Florida contained in this Agreement shall be true in all material
respects on and as of the Closing Date with the same force and effect as though
made on and as of the Closing Date.  The Company and Pathworks-Florida
shall have performed and complied in all material respects with all covenants
and agreements required by this Agreement to be performed or complied with by
the Company and Pathworks-Florida on or prior to the Closing Date.

     

    (b)      Litigation.  No
action, suit or proceeding shall have been instituted before any court or
governmental or regulatory body or instituted or threatened by any governmental
or regulatory body to restrain, modify or prevent the carrying out of the
Transactions or to seek damages or a discovery order in connection with such
Transactions, or which has or may have, in the reasonable opinion of the Company
or Pathworks, a materially adverse effect on the Transactions contemplated by
this Agreement.

     

    (c)      Deliveries.  The
deliveries specified in Section 6.02 and Section 6.03 shall have been made by
the Company and Pathworks-Florida, respectively.

     

    ARTICLE
VIII

     

    Covenants

    

    SECTION
8.01.    Public
Announcements.  The Pathworks Shareholders, Company and
Pathworks-Florida will consult with each other before issuing, and provide each
other the opportunity to review and comment upon, any press release or other
public statements with respect to the Agreement and the Transactions and shall
not issue any such press release or make any such public statement prior to such
consultation, except as may be required by applicable Law, court process or by
obligations pursuant to any listing agreement with any national securities
exchange.

     

    SECTION
8.02.     Fees and
Expenses.  All fees and expenses incurred in connection with
this Agreement shall be paid by the Party incurring such fees or expenses,
whether or not this Agreement is consummated.

     

    SECTION 8.03.  
 Continued
Efforts.  Each Party shall use commercially reasonable efforts
to (a) take all action reasonably necessary to consummate the Transactions,
and (b) take such steps and do such acts as may be necessary to keep all of
its representations and warranties true and correct as of the Closing Date with
the same effect as if the same had been made, and this Agreement had been dated,
as of the Closing Date.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    SECTION
8.04     Conduct of
Business. 
During the period from the date hereof through the Closing Date,
Pathworks-Florida shall carry on its business in the ordinary and usual course
consistent with past practice.

     

    ARTICLE
IX

     

    Miscellaneous

     

    SECTION 10.01.
 Notices.  All
notices, requests, claims, demands and other communications under this Agreement
shall be in writing and shall be deemed given upon receipt by the Parties at the
following addresses (or at such other address for a Party as shall be specified
by like notice):

     

    If to the
Company, to:

    

    Lexicon
United Incorporation

    4500
Steiner Ranch Blvd., #1708

    Austim,
TX 78732

    

    If to the
Pathworks Shareholders, to:

     

    The
addresses indicated on Exhibit A

     

    If to
Pathworks-Florida to:

    

    Pathworks
PCO of Florida, Inc.

    830
Cottage View Drive

    Traverse
City, MI 49684

     

    SECTION
10.02. Amendments;
Waivers; No Additional Consideration.  No provision of this
Agreement may be waived or amended except in a written instrument signed by the
Company, Pathworks-Florida and the Pathworks Shareholders.  No waiver
of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either Party to exercise
any right hereunder in any manner impair the exercise of any such
right.  No consideration shall be offered or paid to any Pathworks
Shareholder to amend or consent to a waiver or modification of any provision of
any transaction document unless the same consideration is also offered to all
Pathworks Shareholders who then hold Shares.

     

    SECTION
10.03.   Termination.

     

    (a)      Termination of
Agreement.  The Parties may terminate this Agreement as
provided below:

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (i)       The
Company, the Pathworks Shareholders and Pathworks-Florida may terminate this
Agreement by mutual written consent at any time prior to the
Closing;

     

    (ii)      The
Company may terminate this Agreement by giving written notice to the Pathworks
Shareholders at any time prior to the Closing (A) in the event any of the
Pathworks Shareholders have breached any material representation, warranty, or
covenant contained in this Agreement in any material respect or (B) if the
Closing shall not have occurred on or before December 31, 2010 by reason of the
failure of any condition precedent under Section 6.02 hereof (unless the failure
results primarily from the Company itself breaching any representation,
warranty, or covenant contained in this Agreement); and

     

    (iii)     The
Pathworks Shareholders may terminate this Agreement by giving written notice to
the Company at any time prior to the Closing (A) in the event the Company has
breached any material representation, warranty, or covenant contained in this
Agreement in any material respect or (B) if the Closing shall not have occurred
on or before December 31, 2010, by reason of the failure of any condition
precedent under Section 7.01 hereof (unless the failure results primarily from
the Pathworks Shareholders themselves breaching any representation, warranty, or
covenant contained in this Agreement).

     

    (b)      Effect of
Termination.  If any Party terminates this Agreement pursuant
to Section 10.03(a) above, all rights and obligations of the Parties hereunder
shall terminate without any Liability of any Party to any other
Party.

     

    SECTION 10.04. 
Replacement of
Securities.  If any certificate or instrument evidencing any
Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation thereof, or
in lieu of and substitution therefor, a new certificate or instrument, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction and customary and reasonable indemnity, if
requested.  The applicants for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs associated
with the issuance of such replacement Shares.  If a replacement
certificate or instrument evidencing any Shares is requested due to a mutilation
thereof, the Company may require delivery of such mutilated certificate or
instrument as a condition precedent to any issuance of a
replacement.

     

    SECTION 10.05.
 Remedies.  In
addition to being entitled to exercise all rights provided herein or granted by
law, including recovery of damages, each of the Pathworks Shareholders, Company
and Pathworks-Florida will be entitled to specific performance under this
Agreement.  The Parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of
obligations described in the foregoing sentence and hereby agrees to waive in
any action for specific performance of any such obligation the defense that a
remedy at law would be adequate.

     

    SECTION 10.06.
 Independent Nature of
Pathworks Shareholders' Obligations and Rights.  The
obligations of each Pathworks Shareholder under this Agreement are several and
not joint with the obligations of any other Pathworks Shareholder, and no
Pathworks Shareholder shall be responsible in any way for the performance of the
obligations of any other Pathworks Shareholder under this
Agreement.  Notwithstanding, the Company shall not be obligated to
proceed with the Transaction absent the consent and participation of all of the
Pathworks Shareholders.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    SECTION 10.07.
 Interpretation.  When
a reference is made in this Agreement to a Section, such reference shall be to a
Section of this Agreement unless otherwise indicated.  Whenever the
words “include”, “includes” or “including” are used in this Agreement, they
shall be deemed to be followed by the words “without limitation”.

     

    SECTION 10.08.
 Severability.  If
any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any rule or Law, or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the Transactions contemplated
hereby is not affected in any manner materially adverse to any
Party.  Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the Parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
Parties as closely as possible in an acceptable manner to the end that
Transactions contemplated hereby are fulfilled to the extent
possible.

     

    SECTION 10.09.
 Counterparts; Facsimile
Execution.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the Parties and delivered to the other Parties.  Facsimile execution
and delivery of this Agreement is legal, valid and binding for all
purposes.

     

    SECTION 10.10.
 Entire
Agreement; Third Party Beneficiaries. This Agreement, taken together with
the Company Disclosure Letter and the Company Disclosure Letter, (a) constitute
the entire agreement, and supersede all prior agreements and understandings,
both written and oral, among the Parties with respect to the Transactions and
(b) are not intended to confer upon any person other than the Parties any rights
or remedies.

     

    SECTION 10.11.
 Governing
Law.  This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Texas, regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws thereof,
except to the extent the laws of Delaware are mandatorily applicable to the
Transactions.

     

    SECTION 10.12.
 Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement shall be assigned, in whole or in part, by operation of law or
otherwise by any of the Parties without the prior written consent of the other
Parties.  Any purported assignment without such consent shall be
void.  Subject to the preceding sentences, this Agreement will be
binding upon, inure to the benefit of, and be enforceable by, the Parties and
their respective successors and assigns.

     

    [Signature Page
Follows]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    The
Parties hereto have executed and delivered this Share Exchange Agreement as of
the date first above written.

     

    The
Company:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  	 
      	
                                                                          LEXICON
      UNITED INCORPORATED

                                                                        
	 
      	 
      	 
      	 
      
	 
      	
                                                                          By:

                                                                        	
                                                                          /s/
      Elie Saltoun

                                                                        
	 
      	 
      	
                                                                          Name:
      Elie Saltoun

                                                                        
	 
      	 
      	
                                                                          Title:
      President

                                                                        
	 	 	 	 
	

                                                                          The
      Pathworks Shareholders:

                                                                        	  	   
      	   
      
	 
      	 
      	 
      	 
      
	 
      	
                                                                          PATHWORKS
      CORPORATION

                                                                        
	 
      	 
      	 
      	 
      
	 
      	
                                                                          By:

                                                                        	
                                                                          /s/
      Joshua Henschell

                                                                        
	 
      	 
      	
                                                                          Name:

                                                                        	
                                                                          Joshua
      Henschell

                                                                        
	 
      	 
      	
                                                                          Title:

                                                                        	
                                                                          President

                                                                        
	 	 	 	 
	 
      	
                                                                          CHESSCOM
      TECHNOLOGIES, INC.

                                                                        
	 
      	 
      	 
      	 
      
	 
      	
                                                                          By:

                                                                        	
                                                                          /s/
      Thomas Cook

                                                                        
	 
      	 
      	
                                                                          Name:  

                                                                        	
                                                                          Thomas
      Cook

                                                                        
	 
      	 
      	
                                                                          Title:

                                                                        	
                                                                          President

                                                                        
	 	 	 	 
	 
      	
                                                                          /s/
      James Grimwade

                                                                        
	 
      	
                                                                          James
      Grimwade

                                                                        
	 
      	 
      	 
      	 
      
	
                                                                          Pathworks-Florida,
      Inc.:

                                                                        	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                                                                          PATHWORKS
      PCO OF FLORIDA, INC.

                                                                        
	 
      	 
      	 
      	 
      
	 
      	
                                                                          By: 

                                                                        	
                                                                          /s/
      Elie Saltoun

                                                                        
	 
      	 
      	
                                                                          Name:
      Elie Saltoun

                                                                        
	 
      	 
      	
                                                                          Title:  President

                                                                        

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    

    Shareholders

    

    As of the date of this Agreement, this
Exhibit A shall only contain the name and address of each Pathworks Shareholder
and the number of shares of Company Stock held by each Pathworks
Shareholder.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      Name and Address of Pathworks

                                      Shareholder

                                    	 	
                                      Number of

                                      Shares of

                                      Company

                                      Stock Being

                                      Exchanged

                                    	 	 	
                                      Percentage of

                                      Total Pathworks-

                                      Florida

                                      Represented By

                                      Shares Being

                                      Exchanged

                                    	 	 	
                                      Number of

                                      Shares of

                                      Pathworks-

                                      Florida Stock

                                      to be Received

                                      by Pathworks-

                                      Florida

                                      Shareholder

                                    	 
	 
      	 	 	 	 	 	 	 	 	 
	
                                      Pathworks
      Corporation

                                    	 	 	4,444,650	 	 	 	51.0	%	 	 	510	 
	
                                      830
      Cottage View Drive

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      Traverse
      City, MI 49684

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      Chesscom
      Technologies, Inc.

                                    	 	 	3,398,850	 	 	 	39.0	%	 	 	390	 
	
                                      2610
      Tampa East Blvd.

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      Tampa,
      FL 33619

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      James
      Grimwade

                                    	 	 	871,500	 	 	 	10.0	%	 	 	100	 
	
                                      C/O
      Pathworks Corporation

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      830
      Cottage View Drive

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      Traverse
      City, MI 49684

                                    	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                                      TOTAL:

                                    	 	 	8,715,000	 	 	 	100	%	 	 	1,000	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        14

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