Document:

EX-10.3

Conformed Copy

PLEDGE AGREEMENT

PLEDGE AGREEMENT (this “Agreement”), dated as of March 23, 2007, is by and among each
of the Persons that is a signatory hereto (individually a “Pledgor” and collectively, the
“Pledgors”) and JPMorgan Chase Bank, National Association, as Collateral Agent for the
benefit of the Secured Creditors (the “Pledgee”).

W I T N E S S E T H:

WHEREAS, on the date hereof, Darwin Professional Underwriters, Inc., a Delaware corporation
(the “Borrower”) has entered into that certain Credit Agreement of even date herewith (the
same, as it may be amended, restated, modified or supplemented and in effect from time to time,
being herein referred to as the “Credit Agreement”) with JPMorgan Chase Bank, National
Association, as Administrative Agent (the “Administrative Agent”), and the Lenders,
providing for the Lenders to make available to Borrower certain credit facilities on the terms and
conditions set forth therein;

WHEREAS, Borrower may from time to time on or after the date hereof enter into one or more
Swap Agreements permitted by the Credit Agreement with a Lender or an Affiliate of a Lender (each
such Lender or Affiliate, even if the Lender ceases to be a Lender under the Credit Agreement for
any reason, together with such Lender’s or such Affiliate’s successors and assigns and the
Administrative Agent, the Collateral Agent and the Lenders, the “Secured Creditors”);

WHEREAS, all of the issued and outstanding Equity Interests of each Subsidiary directly owned
by each Pledgor, the stock of which is required to be pledged hereunder pursuant to the terms of
Section 5.09(c) of the Credit Agreement, are set forth on Exhibit A hereto (the issuer of
each such Equity Interest, together with each other Material Insurance Subsidiary, the Equity
Interests of which are hereafter directly acquired by a Pledgor, is referred to herein as an
“Issuer” and collectively as the “Issuers”); and

WHEREAS, to induce the Administrative Agent and the Lenders to enter into the Credit Agreement
and make available the credit facilities thereunder and to induce Lenders and their Affiliates to
enter into the Swap Agreements, each Pledgor has agreed to pledge to Pledgee, for the benefit of
Pledgee and the Secured Creditors, the Equity Interests of the Issuers now or hereafter directly
owned or acquired by any Pledgor on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

Section 1. Defined Terms. Unless otherwise defined herein, all capitalized terms
used herein shall have the respective meanings ascribed thereto in the Credit Agreement. Terms
defined in the Uniform Commercial Code, as in effect in the State of Illinois from time to time
(the “UCC”), which are not otherwise defined in this Agreement or in the Credit Agreement
are used in this Agreement as defined in the UCC as in effect on the date hereof.

Section 2. Pledge. Each Pledgor hereby pledges, assigns, hypothecates, transfers,
delivers and grants to Pledgee, for the benefit of Pledgee and the Secured Creditors, a first lien
on and first security interest in (i) all of the Equity Interests of the Issuers now owned or
hereafter acquired by such Pledgor (collectively, the “Pledged Shares”), (ii) all other
property hereafter delivered to, or in the possession or in the custody of, Pledgee, in
substitution for or in addition to the Pledged Shares, (iii) any other property of such Pledgor
described in Section 4 below, now or hereafter delivered to, or in the possession or custody of any
Pledgor, and (iv) all proceeds of the collateral described in the preceding clauses (i), (ii) and
(iii) (the collateral described in clauses (i) through (iv) of this Section 2 being collectively
referred to as the “Pledged Collateral”), as collateral security for (y) with respect to
the Borrower as Pledgor, all unpaid principal of and accrued and unpaid interest on the Loans, all
accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of such
Pledgor or any Subsidiary thereof to any Secured Creditor or any indemnified party arising under
any Credit Document or any Swap Agreement permitted by the Credit Agreement and (z) with respect to
each other Pledgor, all obligations of such Pledgor under the Subsidiary Guaranty (all of the
foregoing being referred to hereinafter collectively as the “Liabilities”).

All of the Pledged Shares now owned by each Pledgor are listed on Exhibit A hereto,
and for such shares as are presently represented by stock or unit certificates, such certificates,
with undated powers duly executed in blank by each Pledgor and irrevocable proxies, are being
delivered to Pledgee, for the benefit of Pledgee and the Secured Creditors, simultaneously
herewith. Each Pledgor shall execute an Addendum in the form of Exhibit B hereto upon
creation or acquisition by such Pledgor of any new Issuer whose shares are represented by one or
more stock or unit certificates. Pledgee, on behalf of the Secured Creditors, shall maintain
possession and custody of the certificates representing the Pledged Shares and any additional
Pledged Collateral. Notwithstanding the foregoing, except as otherwise provided in Section 5.09 of
the Credit Agreement, no Pledgor shall be required at any time to pledge hereunder more than 65% of
the Equity Interests of any foreign Subsidiary.

Section 3. Representations and Warranties of Pledgor. Each Pledgor represents and
warrants to Pledgee, and covenants with Pledgee, that:

(a) Such Pledgor is the record and beneficial owner of, and has legal title to, the
Pledged Shares, including without limitation such shares listed on Exhibit A, and
such shares are and will remain and all other Equity Interests constituting Pledged
Collateral will be, free and clear of all pledges, liens, security interests and other
encumbrances and restrictions whatsoever, except the liens and security interests created by
this Agreement;

(b) Such Pledgor has full corporate power, authority and legal right to execute the
pledge provided for herein and to pledge the Pledged Shares and any additional Pledged
Collateral to Pledgee, for the benefit of the Pledgee and the Secured Creditors;

(c) this Agreement has been duly authorized, executed and delivered by such Pledgor
and constitutes a legal, valid and binding obligation of such Pledgor enforceable in
accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, moratorium, reorganization and other similar laws affecting the enforcement of
creditors’ rights generally;

(d) there are no outstanding options, warrants or other agreements to which such
Pledgor or such Issuer is a party (or by which either is bound) with respect to the Pledged
Shares;

(e) the Pledged Shares have been, and all additional Pledged Collateral constituting
capital stock will be, duly and validly authorized and issued, and are or will be fully paid
and non-assessable. The Pledged Shares listed on Exhibit A constitute all of the
issued and outstanding Equity Interests of the Issuers except as otherwise noted on such
exhibit;

(f) no consent, approval or authorization of or designation or filing with any
governmental authority on the part of such Pledgor is required in connection with the pledge
and security interest granted under this Agreement, or the exercise by Pledgee of the voting
and other rights provided for in this Agreement;

(g) the execution, delivery and performance of this Agreement by such Pledgor will not
violate any provision of any applicable law or regulation or of any order, judgment, writ,
award or decree of any court, arbitrator or governmental authority, domestic or foreign, or
of the charter or by-laws of such Pledgor or any Issuer or of any securities issued by any
Issuer or of any mortgage, indenture, lease, contract, or other agreement, instrument or
undertaking to which such Pledgor or any Issuer is a party or which purports to be binding
upon such Pledgor or any Issuer or upon any of their respective assets, and will not result
in the creation or imposition of any lien, charge or encumbrance on or security interest in
any of the assets of such Pledgor or any Issuer except as contemplated by this Agreement;
and

(h) the pledge, assignment and delivery to Pledgee of the Pledged Shares pursuant to
this Agreement creates a valid first lien on and a first perfected security interest in the
Pledged Shares and the proceeds thereof in favor of Pledgee, for the benefit of Pledgee and
the Secured Creditors, subject to no prior pledge, lien, mortgage, hypothecation, security
interest, charge, option or encumbrance or to any agreement purporting to grant to any third
party a security interest in the property or assets of such Pledgor which would include the
Pledged Shares. Each Pledgor covenants and agrees that it will defend Pledgee’s right,
title and security interest in and to the Pledged Shares and the other Pledged Collateral
against the claims and demands of all persons whomsoever;

provided, that (i) consents, approvals or authorizations of or designations or filings with
governmental authorities on the part of such Pledgor may be required in connection with the
security interest granted under this Agreement with respect to any Equity Interests in an Issuer
other than DNAC and (ii) Pledgee may not foreclose on (or otherwise exercise remedial action with
respect to) Pledged Collateral unless and until Pledgee (and any purchaser thereof, in the case of
a sale) has obtained all consents, approvals and authorizations of, and made all designations or
filing with applicable governmental authorities to the extent required by applicable laws,
regulations or orders (and otherwise comply with the provisions of the last sentence of Section 7
below).

Section 4. Stock Dividends, Distributions, etc. If, while this Agreement is in
effect, a Pledgor shall become entitled to receive or shall receive any certificate representing
Equity Interests (including, without limitation, any certificate representing a stock dividend or a
stock distribution in connection with any reclassification, increase or reduction of capital, or
issued in connection with any reorganization, merger or consolidation), or any options or rights,
whether as an addition to, in substitution for, or in exchange for any of the Pledged Shares, or
otherwise, such Pledgor agrees to accept the same as Pledgee’s agent and to hold the same in trust
for Pledgee, and to deliver the same forthwith to Pledgee in the exact form received, with the
endorsement of such Pledgor when necessary and/or appropriate undated stock powers duly executed in
blank, to be held by Pledgee, for the benefit of Pledgee and the Secured Creditors, subject to the
terms hereof, as additional Pledged Collateral. In case any distribution of capital shall be made
on or in respect of the Pledged Shares or any property shall be distributed upon or with respect to
the Pledged Shares pursuant to the recapitalization or reclassification of the capital of the
issuer thereof or pursuant to the reorganization thereof, the property so distributed shall be
delivered to Pledgee to be held by it as additional Pledged Collateral. Except as provided in
subsection 5(a)(ii) below, all sums of money and property so paid or distributed in respect of the
Pledged Shares which are received by a Pledgor shall, until paid or delivered to Pledgee, be held
by such Pledgor in trust as additional Pledged Collateral.

Section 5. Administration of Security. The following provisions shall govern the
administration of the Pledged Shares:

(a) Each Pledgor shall be entitled (subject to the other provisions hereof, including,
without limitation, Section 8 below):

(i) so long as no Event of Default has occurred and is continuing, to vote or
consent with respect to the Pledged Shares in any manner not inconsistent with this
Agreement, the Credit Agreement and the other Credit Documents; and

(ii) to receive cash dividends or other distributions in the ordinary course
made in respect of the Pledged Shares, to the extent permitted to be paid pursuant
to the Credit Agreement, in each case free of the lien created under this Agreement.

Each Pledgor hereby grants to Pledgee or its nominee, on behalf of the Secured Creditors, an
irrevocable proxy to exercise all voting and corporate rights relating to the Pledged Shares
in any instance, including, without limitation, to approve any merger involving any Issuer
as a constituent corporation, which proxy shall only be exercisable immediately upon the
occurrence and during the continuance of an Event of Default (but in any such case subject
to the last sentence of Section 7 below). After the occurrence and during the continuance
of an Event of Default and upon the request of Pledgee, each Pledgor agrees to deliver to
Pledgee, on behalf of the Secured Creditors, such further evidence of such irrevocable proxy
or such further irrevocable proxies to vote the Pledged Shares as Pledgee may request.

(b) Upon the occurrence and during the continuance of an Event of Default, in the
event that a Pledgor, as record and beneficial owner of its Pledged Shares, shall have
received or shall have become entitled to receive, any cash dividends or other distributions
in the ordinary course, such Pledgor shall deliver to Pledgee, for the benefit of Pledgee
and the Secured Creditors, and Pledgee, for its own benefit and the benefit of the Secured
Creditors, shall be entitled to receive and retain, all such cash or other distributions as
additional Pledged Collateral.

(c) Subject to any sale or other disposition by Pledgee, on behalf of the Secured
Creditors, of the Pledged Shares or other property pursuant to this Agreement, the Pledged
Shares and any other Pledged Collateral shall be delivered to Pledgors upon full payment in
cash, satisfaction and termination of all of the Liabilities and the termination of the lien
and security interest hereby granted pursuant to Section 14 hereof.

Section 6. Rights of Pledgee. Neither Pledgee nor any of the Secured Creditors shall
be liable for failure to collect or realize upon any of the Liabilities or any collateral security
or guaranty therefor, or any part thereof, or for any delay in so doing, nor shall Pledgee or any
of the Secured Creditors be under any obligation to take any action whatsoever with regard thereto.
Any or all of the Pledged Shares held by Pledgee hereunder may, if an Event of Default has
occurred and is continuing (but in any such case subject to the last sentence of Section 7 below),
be registered in the name of Pledgee or its nominee and Pledgee or its nominee may thereafter
without notice exercise all voting and corporate rights at any meeting with respect to any Issuer
and exercise any and all rights of conversion, exchange, subscription or any other rights,
privileges or options pertaining to any of the Pledged Shares as if it were the absolute owner
thereof, including, without limitation, the right to vote in favor of, and to exchange at its
discretion any and all of the Pledged Shares upon, the merger, consolidation, reorganization,
recapitalization or other readjustment with respect to any Issuer or upon the exercise by any
Pledgor or Pledgee of any right, privilege or option pertaining to any of the Pledged Shares, and
in connection therewith, to deposit and deliver any and all of the Pledged Shares with any
committee, depository, transfer agent, registrar or other designated agency upon such terms and
conditions as Pledgee may determine, all without liability except to account for property actually
received by Pledgee, but Pledgee shall have no duty to exercise any of the aforesaid rights,
privileges or options and shall not be responsible for any failure to do so or delay in so doing.

Section 7. Remedies. Upon the occurrence and during the continuance of an Event of
Default (but in any such case subject to the last sentence of this Section 7), Pledgee, without
demand of performance or other demand, advertisement or notice of any kind (except the notice
specified below of time and place of public or private sale) to or upon any Pledgor or any other
person (all and each of which demands, advertisements and/or notices are hereby expressly waived),
may forthwith collect, receive, appropriate and realize upon the Pledged Collateral, or any part
thereof, and/or may forthwith sell, assign, give an option or options to purchase, contract to sell
or otherwise dispose of (including the disposition by merger) and deliver said Pledged Collateral,
or any part thereof, in one or more portions at public or private sale or sales or transactions, at
any exchange, broker’s board or at any of Pledgee’s offices or elsewhere upon such terms and
conditions as Pledgee may deem advisable and at such prices as it may deem best, for any
combination of cash and/or securities or other property or on credit or for future delivery without
assumption of any credit risk, with the right to Pledgee upon any such sale or sales, public or
private, to purchase the whole or any part of said Pledged Collateral so sold, free of any right or
equity of redemption in such Pledgor, which right or equity is hereby expressly waived or released.
Pledgee, for its own benefit and the benefit of the Secured Creditors, shall apply the net
proceeds of any such collection, recovery, receipt, appropriation, realization, sale or
disposition, after deducting all reasonable costs and expenses of every kind incurred therein or
incidental to the safekeeping of any and all of the Pledged Collateral or in any way relating to
the rights of Pledgee or any of the Secured Creditors hereunder, including reasonable attorneys’
fees and legal expenses, to the payment, in whole or in part, of the Liabilities in accordance with
the Credit Agreement. Only after so paying over such net proceeds and after the payment by Pledgee
of any other amount required by any provision of law, including, without limitation, Section 9-608
of the UCC, need Pledgee, on behalf of the Secured Creditors, account for the surplus, if any, to
Pledgors. Pledgors shall remain liable for any deficiency remaining unpaid after such application.
Each Pledgor agrees that Pledgee need not give more than ten (10) days’ notice of the time and
place of any public sale or of the time after which a private sale or other intended disposition is
to take place and that such notice is reasonable notification of such matters. No notification
need be given to a Pledgor if such Pledgor has signed after the occurrence and during the
continuance of an Event of Default a statement renouncing or modifying any right to notification of
sale or other intended disposition. In addition to the rights and remedies granted to Pledgee for
the benefit of the Secured Creditors in this Agreement and in any other instrument or agreement
securing, evidencing or relating to any of the Liabilities, Pledgee and the Secured Creditors shall
have all the rights and remedies of a secured party under the UCC and under any other applicable
law. Anything in this Agreement to the contrary notwithstanding, Pledgee may not foreclose upon
any Pledged Collateral or otherwise exercise any other remedial rights or powers hereunder
(including without limitation exercising any rights or powers to cause any Pledged Shares to be
transferred of record into the name of Pledgee or its nominee or otherwise direct the vote of any
such securities), unless and until (1) Pledgee (and in the case of a sale of such Pledged
Collateral, the purchaser thereof) has complied with all requirements of applicable laws,
regulations and orders governing the acquisition of voting securities or control of each Issuer and
(ii) the acquisition of such Pledged Collateral and control of each Issuer and its Insurance
Subsidiaries by Pledgee (or by the purchaser in any such sale) has, to the extent legally required,
been duly approved by the applicable Governmental Authorities (including without limitation all
applicable regulatory authorities) in accordance with applicable laws, regulations and orders.

Section 8. No Disposition, etc. Without the prior written consent of Pledgee, each
Pledgor agrees that such Pledgor will not sell, assign, transfer, exchange, or otherwise dispose
of, or grant any option with respect to, the Pledged Shares or any other Pledged Collateral, nor
will such Pledgor create, incur or permit to exist any pledge, lien, mortgage, hypothecation,
security interest, charge, option or any other encumbrance with respect to any of the Pledged
Shares, any other Pledged Collateral or any interest therein, or any proceeds thereof, except for
the lien and security interest provided for by this Agreement. Without the prior written consent
of Pledgee (which consent shall not be unreasonably withheld so long as no Event of Default has
occurred and is continuing or would result therefrom), each Pledgor agrees that it will not vote to
enable, and will not otherwise permit, any Issuer to (a) issue any stock or other securities of any
nature in addition to or in exchange or substitution for the Pledged Shares or (b) dissolve,
liquidate, retire any of its capital stock, reduce its capital or merge or consolidate with any
other Person, except in each case as permitted by the Credit Agreement.

Section 9. Sale of Pledged Shares.

(a) Each Pledgor recognizes that Pledgee, for its own benefit and on behalf of the Secured
Creditors, may be unable to effect a public sale or disposition (including, without limitation, any
disposition in connection with a merger of any Subsidiary) of any or all the Pledged Collateral by
reason of certain prohibitions contained in the Securities Act of 1933, as amended (the
“Act”), and applicable state securities laws, but may be compelled to resort to one or more
private sales or dispositions thereof to a restricted group of purchasers who will be obliged to
agree, among other things, to acquire such securities for their own account for investment and not
with a view to the distribution or resale thereof. Each Pledgor acknowledges and agrees that any
such private sale or disposition may result in prices and other terms (including the terms of any
securities or other property received in connection therewith) less favorable to the seller than if
such sale or disposition were a public sale or disposition and, notwithstanding such circumstances,
agrees that any such private sale or disposition shall be deemed to be reasonable and affected in a
commercially reasonable manner. Pledgee shall be under no obligation to delay a sale or
disposition of any of the Pledged Collateral in order to permit a Pledgor or any Issuer to register
such securities for public sale under the Act, or under applicable state securities laws, even if
such Pledgor or any Issuer would agree to do so.

(b) Each Pledgor further agrees to do or cause to be done all such other acts and things as
may be necessary to make such sale or sales or dispositions of any portion or all of the Pledged
Collateral valid and binding and in compliance with any and all applicable laws, regulations,
orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental
instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales or
dispositions, all at such Pledgor’s expense. Each Pledgor further agrees that a breach of any of
the covenants contained in Sections 2, 4, 5(b), 8, 9 or 10 hereof will cause irreparable injury to
Pledgee and the Secured Creditors, that Pledgee and the Secured Creditors have no adequate remedy
at law in respect of such breach and, as a consequence, agrees, without limiting the right of
Pledgee to seek and obtain specific performance of other obligations of such Pledgor contained in
this Agreement, that each and every covenant referenced above shall be specifically enforceable
against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against
an action for specific performance of such covenants except for a defense that no Event of Default
has occurred and is continuing.

(c) Each Pledgor further agrees to indemnify and hold harmless Pledgee and the Secured
Creditors, each of their respective successors and assigns, officers, directors, employees, agents
and attorneys, and any Person in control of any thereof, from and against any loss, liability,
claim, damage and expense, including, without limitation, reasonable counsel fees (collectively
called the “Indemnified Liabilities”), under federal and state securities laws or otherwise
insofar as such loss, liability, claim, damage or expense:

(i) arises out of or is based upon any untrue statement or alleged untrue statement of
a material fact contained in any registration statement, prospectus or offering memorandum
or in any preliminary prospectus or preliminary offering memorandum or in any amendment or
supplement to any of the foregoing or in any other writing prepared in connection with the
offer, sale or resale of all or any portion of the Pledged Collateral unless such untrue
statement of material fact was provided by Pledgee specifically for inclusion therein; or

(ii) arises out of or is based upon any omission or alleged omission to state therein a
material fact required to be stated or necessary to make the statements therein not
misleading;

such indemnification to remain operative regardless of any investigation made by or on behalf of
Pledgee or any successor thereof, or any Person in control of any thereof. In connection with a
public sale or other distribution, each Pledgor will provide customary indemnification to any
underwriters, their respective successors and assigns, their respective officers and directors and
each Person who controls any such underwriter (within the meaning of the Act). If and to the
extent that the foregoing undertakings in this Section 9(c) may be unenforceable for any reason,
each Pledgor agrees to make the maximum contribution to the payment and satisfaction of each of the
Indemnified Liabilities which is permissible under applicable law. The obligations of each Pledgor
under this Section 9(c) shall survive any termination of this Agreement.

Section 10. Further Assurances. Each Pledgor agrees that at any time and from time
to time, upon the written request of Pledgee, such Pledgor will execute and deliver all stock
powers, financing statements and such further documents and do such further acts and things as
Pledgee may reasonably request consistent with the provisions hereof in order to effect the
purposes of this Agreement.

Without limiting the foregoing, each Pledgor will take any and all actions required or
requested by Pledgee, from time to time, to (i) cause Pledgee to obtain exclusive control of any
Pledged Collateral owned by a Pledgor in a manner acceptable to Pledgee and (ii) obtain from any
issuer of Pledged Collateral written confirmation of Pledgee’s control over such Pledged
Collateral. For purposes of this Section 10, Pledgee shall have exclusive control of Pledged
Collateral if (i) such Pledged Collateral consists of certificated securities and such Pledgor
delivers such certificated securities to Pledgee (with appropriate endorsements if such
certificated securities are in registered form); (ii) such Pledged Collateral consists of
uncertificated securities and either (x) such Pledgor delivers such uncertificated securities to
Pledgee or (y) the issuer thereof agrees, pursuant to documentation in form and substance
satisfactory to Pledgee, that it will comply with instructions originated by Pledgee without
further consent by the applicable Pledgor, and (iii) such Pledged Collateral consists of security
entitlements and either (x) Pledgee becomes the entitlement holder thereof or (y) the appropriate
securities intermediary agrees, pursuant to documentation in form and substance satisfactory to
Pledgee, that it will comply with entitlement orders originated by Pledgee without further consent
by the applicable Pledgor.

Section 11. Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 12. No Waiver; Cumulative Remedies. No failure on the part of Pledgee to
exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by
Pledgee of any right, power or remedy hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or remedy. The rights and remedies herein provided are
cumulative and may be exercised singly or concurrently, and are not exclusive of any rights or
remedies provided by law.

Section 13. Successors. This Agreement and all obligations of Pledgors hereunder
shall be binding upon the successors and assigns of Pledgors, and shall, together with the rights
and remedies of Pledgee and the Secured Creditors hereunder, inure to the benefit of Pledgee and
the Secured Creditors and their successors and assigns, except that no Pledgor shall have any right
to assign its obligations under this Agreement or any interest herein without the prior written
consent of Pledgee.

Section 14. Termination. This Agreement and the liens and security interests granted
hereunder shall terminate upon the full and complete performance and satisfaction of the principal
of, and accrued interest on, the Loans and all other amounts due and owing under the Credit
Agreement and this Agreement (other than contingent indemnification obligations) and the
termination of all commitments under the Credit Agreement, and promptly upon such full and complete
performance and indefeasible satisfaction, Pledgee shall surrender the certificates evidencing the
Pledged Shares (and all other Pledged Collateral in its possession) to Pledgors.

Section 15. Possession of Pledged Collateral. Beyond the exercise of reasonable care
to assure the safe custody of the Pledged Collateral in the physical possession of Pledgee pursuant
hereto, neither Pledgee nor any nominee of Pledgee shall have any duty or liability to collect any
sums due in respect thereof or to protect, preserve or exercise any rights pertaining thereto, and
shall be relieved of all responsibility for the Pledged Collateral upon surrendering them to
Pledgors.

Section 16. Survival of Representations. All representations and warranties of each
Pledgor contained in this Agreement shall survive the execution and delivery of this Agreement.

Section 17. Taxes and Expenses. Pledgors will upon demand jointly and severally pay
to Pledgee all reasonable expenses, including the reasonable fees and expenses of counsel for
Pledgee and of any experts and agents that Pledgee may incur in connection with:

(a) the administration of this Agreement;

(b) the custody or preservation of, or the sale of, collection from, or other
realization upon, any of the Pledged Collateral;

(c) the exercise or enforcement of any of the rights of Pledgee hereunder; or

(d) the failure of any Pledgor to perform or observe any of the provisions hereof.

Section 18. Pledgee Appointed Attorney-In-Fact. Each Pledgor hereby irrevocably
appoints Pledgee as such Pledgor’s attorney-in-fact, effective upon the occurrence and during the
continuance of an Event of Default (but in any such case subject to the last sentence of Section 7
above), with full authority in the place and stead of such Pledgor and in the name of such Pledgor
or otherwise, from time to time in Pledgee’s discretion, to take any action and to execute any
instrument that Pledgee deems reasonably necessary or advisable to accomplish the purposes of this
Agreement, including, without limitation, to receive, endorse and collect all instruments made
payable to such Pledgor representing any dividend, interest payment or other distribution in
respect of the Pledged Collateral or any part thereof and to give full discharge for the same, when
and to the extent permitted by this Agreement.

Section 19. Notices. All notices, demands and requests that any party is required or
elects to give to any other party shall be given in accordance with the provisions of the Credit
Agreement and at the address specified in the Credit Agreement.

Section 20. CONSENT TO JURISDICTION AND SERVICE OF PROCESS.

(a) EACH PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE NONEXCLUSIVE JURISDICTION OF THE STATE COURTS OF THE STATE OF ILLINOIS SITTING IN COOK
COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF ILLINOIS, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH ILLINOIS STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH
FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT
OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THE
PLEDGEE MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY
PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(b) EACH PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY
LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT
REFERRED TO IN PARAGRAPH (A) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 19. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY
TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

Section 21. WAIVER OF JURY TRIAL. EACH PLEDGOR AND PLEDGEE HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR
RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR
OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST THE OTHER PARTY, WHETHER WITH
RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. PLEDGORS AND PLEDGEE EACH AGREE THAT ANY
SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE
FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY
OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY AND ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISIONS
HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.

Section 22. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND BE CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO
CONFLICT OF LAWS PROVISIONS.

Section 23. Amendments, Etc. No amendment, modification, termination or waiver of
any provision of this Agreement or consent to any departure therefrom by any Pledgor shall in any
event be effective without the written agreement of Pledgee and each Pledgor, and then only to the
extent specifically set forth in such writing.

Section 24. Headings. Section and subsection headings in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this Agreement for any
other purpose or be given any substantive effect.

Section 25. Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument and any of
the parties hereto may execute this Agreement by signing any such counterpart.

Section 26. Entire Agreement. This Agreement embodies the entire agreement and
understanding between Pledgors and Pledgee with respect to the subject matter hereof and supersedes
all prior oral and written agreements and understandings between any Pledgor and Pledgee relating
to the subject matter hereof.

[Signature Pages Follow]

1

IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be duly
executed and delivered as of the day and year first above written.

PLEDGORS:

DARWIN PROFESSIONAL UNDERWRITERS, INC.

By:/s/ John L. Sennott, Jr.

Title: Senior Vice President and Chief Financial

Officer

DARWIN GROUP, INC.

By: /s/ John L. Sennott, Jr.

Title: Vice President and Treasurer

2

PLEDGEE:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Pledgee

for the benefit of Secured Creditors

By: /s/ Thomas A. Kiepura

Title: Vice President

3

Exhibit A

to Pledge Agreement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pledgor	 	Issuer	 	Certificate No.	 	No. of Shares	 	Class of Shares
	Darwin Professional
Underwriters, Inc.
	 	Darwin Group, Inc.
	 	 	2	 	 	 	1,000	 	 	Common

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Darwin National
	 	 	 	 	 	 	 	 	 	 	 	 
	Darwin Group, Inc.
	 	Assurance Company
	 	 	1	 	 	 	3,500,000	 	 	Common

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

4

Exhibit B

to Pledge Agreement

Addendum to Pledge Agreement

Each of the undersigned, being the Pledgors pursuant to that certain Pledge Agreement dated as
of March 23, 2007 (the “Pledge Agreement”) in favor of JPMorgan Chase Bank, National Association,
as Collateral Agent (“Pledgee”), by executing this Addendum, hereby acknowledges that such Pledgor
legally and beneficially owns capital stock as set forth below of      , a      
[corporation] (“Corporation”). Such Pledgor hereby agrees and acknowledges that Corporation is an
Issuer pursuant to the Pledge Agreement and the Shares (as hereinafter defined) shall be deemed
Pledged Shares pursuant to the Pledge Agreement. Such Pledgor hereby represents and warrants to
Pledgee that (i) all of the capital stock of Corporation now owned by such Pledgor (“Shares”) is
presently represented by the stock certificates listed below, which stock certificates, with
undated stock powers duly executed in blank by such Pledgor, are being delivered to Pledgee,
simultaneously herewith, and (ii) after giving effect to this addendum, the representations and
warranties set forth in Section 3 of the Pledge Agreement are true, complete and correct as of the
date hereof.

Pledged Shares

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pledgor	 	Issuer	 	Certificate No.	 	No. of Shares	 	Class of Shares

IN WITNESS WHEREOF, each Pledgor has executed this Addendum this      day of      , 20     .

PLEDGORS:

DARWIN PROFESSIONAL UNDERWRITERS, INC.

By:      

Title:      

DARWIN GROUP, INC.

By:      

Title:      

5EX-10.1

MEMBERSHIP INTEREST PURCHASE AND SALE AGREEMENT

THIS MEMBERSHIP INTEREST PURCHASE AND SALE AGREEMENT (this “Agreement”), is made as of this
20th day of March, 2007 (the “Effective Date”), by and between NNN LENOX MEDICAL MEMBER,
LLC, a Delaware limited liability company, and TRIPLE NET PROPERTIES, LLC, a Virginia limited
liability company (collectively, “Seller”); NNN LENOX MEDICAL, LLC and NNN LENOX MEDICAL LAND, LLC,
each a Delaware limited liability company, (each, a “Company; collectively, the “Companies”); and
NNN HEALTHCARE/OFFICE REIT HOLDINGS, L.P., a Delaware limited partnership (“Buyer”).

Recitals

A. Each Company is a Delaware limited liability company.

B. The Companies own that certain real property located in Shelby County, Memphis, Tennessee,
commonly known as Lenox Office Park Building G and more particularly described on Exhibit A
attached hereto, and commonly known as Parcels 410 and 419 and more particularly described on
Exhibit B attached hereto (collectively, the “Property”).

C. The Companies also own certain personal property in conjunction with their ownership of the
Property.

D. All of the Companies’ liabilities are listed on Exhibit C attached hereto and made
a part hereof, and such liabilities are being transferred to and assumed by the Buyer (the
“Liabilities”).

E. Seller is the owner and holder of one hundred percent (100%) of the membership interests in
the Companies.

F. Buyer desires to purchase and Seller desires to sell all of the membership interests in the
Companies which owns or will own the Property upon the terms and conditions hereinafter set forth.

Agreement

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

Recitals. The Recitals are made an integral part of this Agreement.

2. Sale and Purchase. Subject to the terms and conditions set forth herein, Seller
hereby agrees to sell, and Buyer hereby agrees to purchase, all of Seller’s membership interests in
the Companies (the “Membership Interests”), being one hundred Percent (100%) of the issued and
outstanding Membership Interests in the Companies at the time of Closing (defined below).

3. Purchase Price / Closing. The purchase price (the “Purchase Price”) for the
Membership Interests is Eighteen Million Five Hundred Thousand and No/100 Dollars ($18,500,000.00),
reduced by the Liabilities. The Purchase Price shall be due and payable at Closing. The closing
for the sale of Membership Interests in the Companies (the “Closing”) shall occur on a day which is
mutually agreeable to Seller and Buyer no later than ten (10) days following the Effective Date,
provided that all conditions to Closing set forth in this Agreement have been satisfied, including
but not limited to the terms of Section 14 hereof.

4. Delivery of Certain Materials to Buyer. Buyer acknowledges that Seller has
delivered or made available to Buyer the following:

(a) A copy of Companies’ Articles of Organization, Operating Agreements and all of Companies’
books and records including books of account;

(b) The financial reports, unaudited financial statements, and the Companies’ tax returns from
the Companies’ inception and un-audited financial records (including balance sheets and results of
operation), including a current list of the Companies accounts payable and receivable;

(c) All the Companies’ contracts currently in effect, and the terms of any contracts currently
pending;

(d) A copy of all pending litigation, governmental investigations or actions or other
proceedings affecting the Companies, the Property and/or Seller and a description of any threatened
claims, litigation or governmental investigations or actions or other proceedings affecting the
Companies, the Property and/or Seller;

(e) A list of all employees of the Companies, dates of employment, current salaries and a copy
of all employment contracts, if any;

(f) A list of all existing insurance policies for the Companies;

(g) Copies of the most current title reports and all owner’s policies of title insurance, if
any, with respect to the Property or any portion thereof previously obtained by or in the
possession or control of Seller, the Companies, or the Companies’ agents. In addition, a copy of
all title-objection letters or notices with respect to the Property or any portion thereof, and any
response thereto;

(h) Copies of all existing leases on the Property or any portion thereof and a schedule of
security deposits and accrued interest, if any;

(i) Copies of the most current surveys of the Property or any portion thereof and all other
surveys with respect to the Property or any portion thereof in the possession or control of the
Seller, the Companies or the Companies’ agents or the engineer or surveyor that prepared the same;

(j) Copies of all real property tax assessments or bills for the Property in Seller’s
possession or control;

(k) Copies of all improvement plans and specifications and any and all contracts affecting the
Property or any portion thereof;

(l) Copies of all environmental reports, surveys, all engineering investigations and studies,
including but not limited to archeological studies, grading studies, development layouts and plats,
zoning and community comments, letters, and any other proposals, investigations, studies, documents
or information in the possession of Seller and/or Companies with respect to the Property or any
portion thereof (If such reports, surveys, proposals, investigations, studies, comments, letters,
documents or information are not in the possession of Seller or Companies, Seller or Companies
shall authorize the individual or organization in possession of these items to release them to
Buyer.);

(m) Copies of all cross-easement agreements, master association declarations, homeowners
association documents, covenants, conditions, and restrictions and other agreements relating to the
development of the Property or any portion thereof in the possession or control of the Seller, the
Companies, or the Companies’ agents or the engineer, surveyor, or attorney that prepared the same;

(n) Copies of all licenses, permits, service contracts, warranties and guaranties related to
the Property or any portion thereof or to the Companies; and

(o) Copies of all bonds, letters of credit or other financial instruments securing development
work related to the Property or any portion thereof.

5. Inspections and Due Diligence Period. Buyer hereby acknowledges that Buyer has
reviewed (i) the materials listed in Section 4 above and (ii) the Property, and that Buyer is
satisfied with its review of said materials and the Property.

6. Title Insurance. The Companies, Seller and Buyer shall cooperate as is reasonably
necessary for the title company currently insuring the Property to issue such endorsements as may
be necessary or desirable, in Buyer’s reasonable discretion.

7. Covenants, Representations and Warranties of Seller. In addition to the
representations and warranties contained elsewhere in this Agreement, Seller makes the following
representations, warranties and covenants as of the Effective Date and as of the date of Closing,
each of which is material, is relied upon by Buyer, and shall be true and correct as of the
Effective Date and as of the date of Closing:

(a) Each Company is a Delaware limited liability company, duly organized, validly existing,
and in good standing under the laws of the State of Delaware. The Companies have all requisite
power to conduct their business and to own and develop the Property.

(b) Seller owns all of the Membership Interests of the Companies and none of the Membership
Interests are subject to any security interests, liens, pledges, charging orders, encumbrances or
other claims, except the Mezzanine Documents (hereafter defined). The Membership Interests have
been duly and validly issued and are fully-paid and non-assessable. Seller is the record and
beneficial owner of all of the Membership Interests, the Membership Interests constitute 100% of
all of the issued and outstanding Membership Interests of the Companies, and there are no options,
warrants, convertible securities, subscriptions or other agreements under which the Companies may
be obligated to issue membership interests or any other equity securities. Seller owns and at
Closing will have the absolute right to sell, assign and transfer the Membership Interests to
Buyer, free and clear of any security interests, liens, pledges, charging orders, encumbrances,
other claims, buy-sell agreements, rights-of-first refusal, or rights of others whatsoever. The
Membership Interests are owned as set forth in Exhibit D and Exhibit E.

(c) As of the Closing, there will be no outstanding debts, liabilities, undertakings,
performances, commitments or other obligations of the Companies of any nature, whether absolute,
accrued, contingent, or otherwise, and whether known or unknown, and whether due or to become due,
and whether in contract, tort or otherwise, except for the Liabilities set forth on Exhibit
C.

(d) The financial reports and financial statements, the Companies tax returns and all other
Companies financial information previously delivered to Buyer under Section 4, if any, are
complete and accurate in all material aspects, are in accordance with the books and records of the
Companies, represent fairly the financial condition and result of operation of the Companies for
the periods covered thereby, are prepared in accordance with generally accepted accounting
principles consistently applied. The Companies have no liabilities or other obligations which are
not fully shown or provided in the financial records of the Companies furnished to or made
available to Buyer, and represent all such reports, statements and tax returns for the Companies.

(e) Except with regard to a mezzanine loan (the “Mezzanine Loan”) evidenced by a Promissory
Note in the amount of $3,725,000.00 in favor of LaSalle Bank National Association and the documents
associated with the Mezzanine Loan, including a Pledge Agreement (collectively, the “Mezzanine
Documents”), since the inception of the Companies, neither Seller nor the Companies have:

(i) sold, encumbered, assigned or transferred any of the Companies’ assets, except in the
ordinary course of business, except any assets which shall be transferred according to Section
13 below prior to Closing;

(ii) created, incurred, assumed or guaranteed any indebtedness for money borrowed or
mortgaged, pledged or subjected any of the Companies’ assets to any mortgage, lien, pledge,
security interest, conditional sales contract or other encumbrance of any nature whatsoever, except
any debts or liens which shall be transferred in accordance with Section 13 below prior to
Closing or which are permitted pursuant to Section 6 that will be discharged or become
Retained Liabilities in connection with the Closing;

(iii) made or suffered any amendment or termination of any material agreement, contract,
commitment, lease or plan of the Companies to which it is a party or by which it is bound, or
cancelled, modified or waived any debts or claims held by it or waived any rights or substantial
value, whether or not in the ordinary course of business; or

(iv) encumbered, granted a security interest or caused or permitted any lien, charging order
or other claim to attach against any of the Membership Interests.

Seller covenants to satisfy the Mezzanine Loan and take such actions as may be necessary to secure
release of all Mezzanine Documents at or prior to Closing.

(f) The Companies have accurately prepared and timely filed all income, gross receipts,
franchise or other tax returns that it was or is required to file. Such tax returns are accurate,
complete and correct in all material respects. Either the Companies or the Seller has timely paid
all tax liabilities (including any interest and penalties) due and owing in connection with the
Companies’ operations. No claim has been made by any taxing authority that there is any deficiency
in the payment of taxes arising from the Companies’ operations.

(g) At Closing, the Companies will hold fee simple title to the Property and all of the
improvements, fixtures and equipment situated thereon, free and clear of liens, encumbrances,
restrictions and easements, which would affect the marketability of the title, except liens set
forth in the title policy currently insuring the Property and current mortgages of record that are
set forth as Liabilities on Exhibit C.

(h) The only assets of the Companies as of the date of Closing shall be the Property and the
following assets (together with the Property and the Property Purchase Contracts sometimes referred
to as the “Project Assets”): all contracts, leases, surveys, plans, title policies and
commitments, and other rights and agreements relating to the Property, all structures, improvements
and fixtures on the Property, all insurance policies of the Companies, all rights to the names
associated with the Property as set forth in the Recitals, and all books, records and documents of
the Companies, and all other assets of the Companies existing as of the Effective Date. The
Companies have good and marketable title to all the Project Assets other than the Property, free
and clear of all security interests, liens, pledges, encumbrances or other claims.

(i) The Property is not subject to any unrecorded covenants or equitable servitudes of any
kind.

(j) There is no litigation, actions, suits, investigations, or other proceedings pending or,
to the best of Companies’ or Seller’s knowledge, threatened against or affecting the Property, the
Companies, their other assets or the Membership Interests, whether at law or in equity or before
any federal, state or municipal or local government authority, department, commission, board,
bureau, agency or instrumentality thereof. Neither Seller nor the Companies have received notice
of, or has knowledge of, any violation or alleged violation of any law, statute, ordinance,
regulation or order with respect to the Property, the Companies, their other assets or the
Membership Interests. Seller and Companies are in compliance with all laws, statutes, ordinances,
regulations and orders which relate to the Companies’ operations or the ownership of the Property.

(k) Companies have all required licenses and permits necessary in the operation of its
business or for the ownership of the Property, and none of such licenses or permits are conditional
or restricted in any material respect. All returns, reports, plans and filings of any kind or
nature (other than tax returns) required to be filed prior to the Closing date by the Companies
with any governmental authorities have been properly completed and filed in material compliance
with all applicable statutory or regulatory requirements.

(l) Seller and Companies have each duly and validly executed this Agreement, each has full
power to enter into and perform this Agreement, each has obtained all necessary consents and
approvals, and the parties executing this Agreement on behalf of Seller and Companies have been
duly authorized. Seller and the Companies shall give such further assurances as Buyer may
reasonably request. This Agreement is enforceable against Seller and Companies in accordance with
its terms, subject to creditors’ rights laws and general equitable principles of enforcement.

(m) Neither Seller nor the Companies have received notice of, nor does either have knowledge
of, any assessments for public improvements against the Property or any portion thereof which now,
or at the time of Closing will, remain unpaid, including, without limitation, those assessments for
construction of sewer and water lines and mains, streets, sidewalks and curbs. To the best of
Seller’s and Companies’ knowledge, no public improvements have been ordered or threatened to be
made which have not heretofore been completed, assessed and paid for. Neither Seller nor Companies
have received notice of, nor does either have knowledge of, a proposed increase in assessments for
real property taxes with respect to the Property or any portion thereof. There is no unpaid
property tax, levy or assessment against the Property owned by the Companies at Closing, nor is
there any pending or, to the best knowledge of the Seller and the Companies, threatened
condemnation proceeding against the Property or any portion thereof.

(n) No work has been done or will be done and no materials have been or will be supplied to
the Property or any portion thereof by or for the benefit of the Companies that will enable or
permit the filing of a mechanic’s lien or any other lien against the Property or any portion
thereof. In the event any claim is made by any party for the payment of sums due for the
furnishing of labor and/or materials for the Property or any portion thereof subsequent to the date
of this Agreement but prior to the date of Closing, or in the event any lien is filed against the
Property or any portion thereof subsequent to Closing as a result of the furnishing of such
materials and/or labor, then Seller shall expeditiously pay said claim or discharge said lien or
obtain a full and complete release thereof, or provide a sufficient surety bond or other security
to fully protect Buyer while any such claim is being defended or challenged by the Companies.
Seller will execute the necessary affidavits and indemnification agreements required by Buyer’s
title insurance company to eliminate from its owner’s title policy any exception to claims which
could be the basis for mechanics liens.

(o) The Property has free access to and from validly dedicated public highways, streets and
roads and neither Seller nor the Companies have knowledge of any pending or threatened governmental
investigation or other proceeding or any other fact or condition which would limit or result in the
termination of such access.

(p) Neither the Property nor any portion thereof is subject to any moratoria or other
restriction on the issuance of grading, development, or building permits or the construction of
residential and commercial improvements on the Property in accordance with the Plans.

(q) Neither Seller nor the Companies have received notice of, or has knowledge of, any pending
property rezoning or reclassification with respect to the Property or any portion thereof.

(r) Neither the Companies, Seller, nor, to the best of Seller’s and Companies’ knowledge, any
prior owner, has placed on the Property or any portion thereof or allowed the Property or any
portion thereof to be used for the generating, storage, transporting, treating, maintenance,
emission, or discharge or disposal of, and to the best of Seller’s knowledge the Property and each
portion thereof (including the land, surface water, and any improvements) is free of, any material
amounts of waste or debris and is free of all contamination including: (i) any “hazardous waste”
as defined by the Resource Conservation and Recovery Act of 1976, as amended from time to time, and
regulations promulgated thereunder; (ii) any “hazardous substance” as defined by the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, and
regulations promulgated thereunder; (iii) any hazardous waste, toxic substance or hazardous
substance as defined and/or referenced in the Code of Virginia, Section 10.1-1400 et seq. and
related statutes thereunder; (iv) any substance the presence of which on the Property or any
portion thereof is prohibited by any other federal, state, or local law; and (v) underground
storage tanks or surface impoundments, asbestos containing materials, or any spills of
polychlorinated biphenyls, including those used in hydraulic oils, electric transformers or other
equipment (“Hazardous Materials”). To the best of the Companies’ and Seller’s knowledge, the
Companies and Seller have disclosed to Buyer the existence of any of the foregoing Hazardous
Materials or environmental conditions affecting the Property or any portion thereof. No person,
private agency or entity has given any notice of or asserted any claim, cause of action, penalty,
cost or demand for payment or compensation, whether or not involving any injury or threatened
injury to human health, the environment or natural resources, resulting or allegedly resulting from
any activity or event described in this paragraph.

(s) Neither the execution of this Agreement nor the consummation of the transactions
contemplated hereby will: (i) conflict with, or result in a breach of, the terms, conditions or
provisions of, or constitute a default under, or accelerate any indebtedness or other payment, or
result in the forfeiture or termination of rights under any agreement or instrument to which Seller
or Companies are a party, including but not limited to Companies’ organizational documents; (ii)
violate any restriction to which Seller or Companies are subject; or (iii) violate or conflict with
any law, statute, regulation, ordinance or order.

(t) Neither the Property nor any portion thereof is subject to any leases, contracts or other
agreements which give any person or entity an interest in the Property, except the leases and other
contracts previously delivered or made available to Buyer, which are in full force and effect and
neither the Companies nor any other party thereto is in default under such contracts.

(u) Seller is not contemplating either (i) the filing of a petition by it under any bankruptcy
or insolvency laws (and Seller has no knowledge of any person contemplating the filing of any such
petition against it), or (ii) the liquidation of all or a major portion of the assets of Seller
except the sale of the Property hereunder.

(v) Seller Indemnitors (as defined below) shall indemnify, defend and save Buyer and all other
parties indemnified by Buyer under Section 19 hereof harmless from and against all
liabilities, fees, costs, and expenses, including, but not limited to, costs of litigation and
reasonable attorneys’ fees, arising out of (i) any breach of the representations and warranties of
Seller and/or Companies set forth in this Agreement and (ii) any and all acts and omissions of
Seller and Companies, their respective agents, servants, employees, contractors, successors and
assigns prior to Closing;

(w) Seller and the Companies have delivered or made available to Buyer all documents and
materials set forth in Section 4 hereof.

(x) Section 1445 of the Internal Revenue Code provides that a purchaser of a U.S. real
property interest must withhold tax if seller is a foreign person. In connection therewith,
Seller warrants that withholding of tax is not required upon disposition of the Membership
Interests being sold pursuant to this Agreement, and also represent the following:

(i) Companies are not a foreign company, foreign partnership, foreign trust, or foreign
estate, and none of the individuals included in the definition of Seller are foreign persons (as
those terms are defined in the Internal Revenue Code and the regulations promulgated thereunder);

(ii) Intentionally deleted;

(iii) Companies’ principal office address is 1551 N. Tustin Avenue, Suite 300, Santa Ana, CA
92705.

(iv) Companies will provide on or before the Closing date a certification of nonforeign status
as provided by Treas. Reg. Section 1.1445-5T(b)(2)(iii)(B); and

(v) Seller and the Companies agree that the information contained in this Section 7(x)
may be disclosed to the Internal Revenue Service by Buyer.

(vi) No taxes, withholding or other liability will be assessed against the Companies or Buyer
under the Foreign Investment in Real Property Act of 1980, as amended, in connection with the
transactions contemplated by this Agreement.

(y) Intentionally Omitted.

(z) No representation or warranty by Seller or the Companies in this Agreement, the attached
Exhibits, or any statement, certificate, schedule or document furnished or to be furnished to Buyer
pursuant hereto, or in connection with the transactions contemplated hereby, including but not
limited to those specified in Section 4 hereof, contains or will contain any untrue
statement of material fact, or omits or will omit to state a material fact necessary to make the
statements contained herein or therein not misleading. Seller and the Companies have disclosed to
Buyer or have identified and made available to Buyer all material information of which they know
relating to the Property, the other Project Assets, the Liabilities and the business, properties,
affairs and financial condition of the Companies.

(aa) Seller or the Companies shall immediately notify Buyer, in writing, of any event or
condition known to the parties which occurs prior to Closing hereunder which causes a change in the
facts relating to, or the truth of, any of the above representations or warranties.

(bb) In addition to, but not in limitation of, other default remedies herein elsewhere stated
or provided at law or in equity, in the event that any of the aforesaid representations and/or
warranties is not true, shall not have been complied with, or shall not have transpired as of the
Effective Date or at the time of Closing, notwithstanding any other provision to the contrary
contained in this Agreement or provided at law or in equity, Buyer, at any time prior to or at
Closing, shall provide written notice to Seller of such default and if Seller does not cure such
default within fifteen (15) days after receipt of such notice, Buyer may declare this Agreement
null, void, terminated and of no further effect, in which event, and notwithstanding any other
provision to the contrary contained in this Agreement, except for the representations, warranties
and indemnities provided herein, no party shall have any further obligations or liability to the
other. All covenants, representations and warranties contained in this Agreement shall survive
Closing and shall be for the benefit of Buyer and its successors and assigns.

8. Covenants, Representations and Warranties of Buyer. Buyer makes the following
representations and warranties as of the Effective Date, each of which is material and is relied
upon by Seller and shall be repeated and true at the time of Closing:

(a) Buyer represents and warrants that: (i) Buyer is a Delaware limited partnership, validly
existing, and in good standing under the laws of the State of Delaware; (ii) Buyer has duly and
validly executed this Agreement, and has full power to enter into and perform this Agreement, (iii)
Buyer has obtained all necessary authorizations; and (iv) the parties executing this Agreement and
the documents referred to hereunder on behalf of Buyer have been duly authorized, and the Agreement
and such documents have been duly executed;

(b) Buyer is not contemplating either (i) the filing of a petition by it under any bankruptcy
or insolvency laws (and Buyer has no knowledge of any person contemplating the filing of any such
petition against it), or (ii) the liquidation of all or a major portion of the assets of Buyer;

(c) Buyer shall indemnify and save Seller and the Companies and their members harmless for all
acts of Buyer, its agents, servants, employees, contractors, successors and assigns subsequent to
Closing, provided, however, that the foregoing indemnification shall not apply to any acts for
which Buyer is indemnified in connection with breaches of Seller’s representations and warranties
herein or otherwise under this Agreement; and

(d) Buyer acknowledges that the Companies will, subsequent to Closing, have continuing
obligations pursuant to agreements entered in by the Companies prior to Closing, including but not
limited to obligations, if any, arising from the Property Purchase Contracts to the extent that
such obligations survive the closing of such acquisitions.

(e) The covenants, representations and warranties provided in this Agreement shall survive
Closing.

9. Use of Property Until the Closing. Seller and the Companies, jointly and
severally, agree that, from the Effective Date to the Closing date, the Companies will: (i) not
enter into any contract or agreement relating to the Property or otherwise without the prior
written consent of Buyer; (ii) not become a party to any service contract that cannot be paid at or
by Closing with respect to or affecting the Property without the prior written consent of Buyer
except for contracts which can be terminated on thirty (30) days’ or less notice; (iii) keep the
Property and any other Project Assets in as good of a condition as exists as of the date hereof,
ordinary wear and tear, casualty and condemnation excepted; (iv) correct all building code or other
violations relating to the Property of which the Companies or Seller has knowledge as of the
Effective Date or any time thereafter up to the Closing date; and (v) not enter into any amendment,
modification, addendum or supplement of any of the Property Purchase Contacts without the prior
written consent of Buyer.

10. Possession; Risk of Loss; Insurance; Condemnation; Confidentiality.

(a) Possession of the Membership Interests shall be given to Buyer as of the date of Closing
and the Property and the other Project Assets will be in the possession of the Companies at such
time.

(b) The Property and the other Project Assets are to be held at the risk of the Seller until
the Membership Interests have been transferred to Buyer.

(c) During the term of this Agreement, the Companies shall keep Buyer advised of the nature
and amount of any insurance in effect, and upon request therefor, shall provide Buyer with copies
of such insurance policies. In the event it shall be determined by Buyer that the Property or any
other Project Assets are inadequately insured by the Companies, Buyer shall have the right, at
Buyer’s option and expense, to obtain such insurance, or additional insurance as shall be
satisfactory to Buyer.

(d) In the event of the condemnation or taking by eminent domain, or sale in lieu thereof, of
all or any substantial part of the Property (substantial shall be defined as any portion of the
Property which reduces the land available for development by more than ten percent (10%)) prior to
the transfer of Membership Interests by Seller hereunder and while this Agreement is in full force
and effect, Buyer shall have the right, by written notice to Seller within five (5) days after
notice by Seller to Buyer of such condemnation, taking or sale, with respect to the Property to
either:

(i) notwithstanding any other provision to the contrary contained in this Agreement, terminate
this Agreement; or

(ii) notify Seller that Buyer intends to proceed forward with the Closing hereunder, with no
reduction in the Purchase Price, notwithstanding such condemnation, in which event the amount of
any such condemnation award with respect to the Property purchased, shall be held by the Companies
and shall become subject to Buyer’s control, if, as and when Buyer completes the Closing pursuant
to this Agreement (the proceeds standing in lieu of the condemned Property held by the Companies).
If this Agreement is fully terminated as to the purchase of Membership Interests prior to the
Closing, said proceeds shall belong to the Companies.

11. Default.

(a) Default by Buyer. In the event that all conditions precedent to Buyer’s
obligation to consummate the transactions contemplated by this Agreement have been satisfied or
waived and Buyer is not entitled to terminate this Agreement under any provisions hereof, then in
the event of default by Buyer under this Agreement, Seller shall have the right to terminate this
Agreement and neither party to this Agreement shall have any further liability to the other for any
damages of any kind whatsoever, whether compensatory, consequential, punitive, or otherwise (except
as to the indemnities contained in Sections 5(d), 7(v), 8(e), 19 and 20 hereof) or be
subject to the remedy of specific performance, and this Agreement shall be and become null and void
and of no further force and effect either at law or in equity.

(b) Default by Seller. In the event Seller shall fail to effectuate the Closing
hereunder for any reason whatsoever, other than by reason of a breach of covenant of Buyer
hereunder, or in the event Seller shall otherwise default under this Agreement, Buyer shall have
the right to terminate this Agreement and shall have the right to pursue all remedies under this
Agreement or at law or in equity, including the remedy of specific performance.

12. Covenant Not to Encumber. Seller represents, warrants and covenants to Buyer that
from the Effective Date until the date of Closing for the Membership Interests or the date of
termination of this Agreement, whichever occurs first, neither the Companies or Seller will (i)
enter into or execute any contract, covenant, deed, restriction, right-of-way, easement, mortgage,
deed of trust, or other agreement, encumbering, transferring or otherwise affecting the Property,
any other Project Assets or the Membership Interests, (ii) on the Companies’ behalf, incur any
debts, liabilities, undertakings, performances, commitments or other obligations or (iii) permit
any of the above to occur.

13. Seller’s Deliveries at Closing and Conditions Precedent to Buyer’s Obligations.

(a) All costs of the transactions set forth in this Section 13 (a) shall be borne by
Buyer. All documents accomplishing the transactions in this Section 13 (a) shall be
mutually acceptable to Seller and Buyer.

(b) Seller shall deliver to Buyer, and/or Buyer’s designee, at the Closing:

(i) Assignment of Membership Interests. The Assignment of Membership Interests
representing legal and beneficial ownership of one hundred percent (100%) of all the outstanding
membership interests of the Companies, free and clear of all security interests, liens, pledges,
charging orders, encumbrances, or other claims in substantially the form attached hereto as
Exhibit F  and Exhibit G  .

(ii) Original Companies’ Records and Documents. All original Companies’ records and
documents, including books of account and minute books.

(ii) Certification of Representations and Warranties. A certification that all of the
representations and warranties contained herein are true and correct as of the date of Closing.

(iii) Possession. Possession of the Property.

(iv) Resignations. Resignations of all current managers, officers and other agents of
the Companies, effective as of the date of Closing.

(v) Miscellaneous. Such other instruments as may reasonably be required to consummate
the transactions contemplated by this Agreement.

14. Conditions to Closing. Buyer’s obligation to purchase the Membership Interests at
Closing, as defined below, shall be contingent upon Seller’s performance of all obligations and
commitments required to be satisfied prior to or at Closing, and the satisfaction of the following
condition: All covenants, representations, and warranties of Seller and the Companies contained
herein shall be true and correct as if made on the Closing date. If the condition set forth at
subsections above is not satisfied at Closing, Buyer shall have the right to extend, waive or
terminate this Agreement and if terminated and no party shall have any further obligation to the
other except as otherwise specifically set forth in this Agreement.

15. Buyer’s Obligation at Closing. Buyer shall pay the Purchase Price in accordance
with Section 3 at Closing.

16. Mechanics of Closing. Seller and Buyer shall deliver to the other at Closing:

(a) evidence that Seller has satisfied Section 13(a) above;

(b) all documents set forth Section 13(b) above; and

(c) the Purchase Price as set forth at Section 15.

17. Closing. Notwithstanding any other provision in this Agreement, including but not
limited to the running of any inspection or due diligence periods, whether or not extended, unless
specifically extended by written agreement of Buyer and Seller, Closing shall be on or before ten
(10) days following the Effective Date. If the date of the Closing is a Saturday, Sunday or legal
holiday, the Closing shall be held on the next business day. Upon payment of the Purchase Price as
provided for in Section 3, on the date of Closing, Seller shall convey good, marketable and
merchantable title to the Membership Interests to Buyer, free and clear of all security interests,
liens, pledges, charging orders, encumbrances or other claims, and the Companies shall have good,
marketable and merchantable title to the Property as provided for in Section 6, as well as
to the other Project Assets.

18. Intentionally Omitted.

19. Indemnification.

(a) Indemnification by Seller. Seller, for itself and its successors, assigns and
heirs, (collectively, the “Seller Indemnitors”), agrees to reimburse, indemnify and hold Buyer and
its members, managers, employees, agents, attorneys and their respective successors and assigns
harmless from and against:

(i) any and all actions, suits claims proceedings, investigations, demands, assessments,
audits, fines, judgments, losses, deficiencies, liabilities, costs and other expenses (including,
without limitation, reasonable attorneys’ fees and costs) (“Adverse Consequences”) resulting from,
relating to or arising out of (A) any breach of representation or warranty of Seller or the
Companies under this Agreement; (B) any default in the performance of any agreement or covenant on
the part of Seller or the Companies under this Agreement; (C) the operation or management of the
Companies by Seller or the ownership of any of the Property, or the other Project Assets by the
Companies prior to the date of Closing; (D) any claim asserted against Seller or the Companies to
the extent that such claim relates to an actual or alleged act or omission of Seller, the Companies
or their respective agents prior to the date of Closing or an actual or alleged state of facts
existing with respect to the Property or the other Project Assets or the Companies prior to the
date of Closing; and (E) any indebtedness, liability, undertaking, performance, commitment or other
obligation of the Companies arising prior to Closing, except for Liabilities.

(ii) Other than indemnity obligations with respect to tax and environmental matters and
matters covered in Section 7(b), the indemnity obligations of the Seller Indemnitors under
Section 19(a)(i) above shall survive for a period of the later to occur of the applicable
respective period of limitations and thirty-six (36) months following the Closing. The indemnity
obligations of the Seller Indemnitors under Section 19(a)(i) with respect to tax and
environmental matters shall survive until the expiration of the respective statutes of limitations
applicable to such matters. The indemnity obligations of Seller Indemnitors with respect to breach
of Section 7(b) shall be perpetual. Notwithstanding the foregoing, any matters covered by
a Claim Notice (as defined below) delivered within the applicable survival period as specified
above shall survive until all indemnification obligations of the Seller Indemnitors relating to the
Claim Notice shall have been fully paid.

(iii) Assuming the Closing occurs, none of the Seller Indemnitors shall have any right of
contribution from the Companies with respect to any of their indemnification obligations arising
under or in connection with this Agreement, because the Companies will then be owned by Buyer,
which will be a beneficiary of any such indemnification obligations.

(b) Indemnification by Buyer. After the date of Closing, Buyer, on behalf of itself
and its successors and assigns, agrees to reimburse, indemnify and hold Seller and their respective
agents, attorneys, successors and assigns harmless from and against any and all Adverse
Consequences incurred in connection with, resulting from, relating to, or arising out of:

(i) the breach of a representation or warranty of Buyer under this Agreement;

(ii) the operation or management of the Companies after the date of Closing; and

(iii) any claim asserted against Seller by a third party to the extent that such claim related
to an actual or alleged act or omission of Buyer subsequent to the date of Closing or an actual or
alleged state of facts existing with respect to the Property or the Companies.

(c) Survival of Representations and Warranties. Except as otherwise limited herein,
the representations and warranties, obligations, covenants and agreements of Seller, Buyer or the
Companies contained herein or in any exhibit or certificate delivered pursuant hereto shall survive
the Closing and continue in full force and effect, regardless of any knowledge or reason to know
which any parties may have had with respect to any breach of representation, warranty, obligation
or covenant or agreement.

(d) Exclusive Remedy. Except as otherwise provided in Sections 5(d) and 20
hereunder and subject to the next succeeding sentence, all claims made by virtue of the
representations, warranties, obligations, covenants and agreements contained in, or otherwise made
in connection with this Agreement shall be made under and subject to the limitations set forth in
this Section 19 which, from and after the Closing, shall be the exclusive remedy for Buyer
or Seller for any breach of this Agreement or other claim arising hereunder. The immediately
preceding sentence shall not limit any right of Buyer or Seller to seek any legal or equitable
relief (including, without limitation, specific performance) as specified in Section 11 in
respect to any breach of any covenant or other agreement herein, or any action or other proceeding
for fraud, intentional misrepresentation or concealment.

20. Brokerage Fees. Seller, Buyer and the Companies each represent and warrant to the
other that none of them has used the services of any real estate broker, agent or finder in
connection with this Agreement. In reliance on these representations and warranties, each party
agrees to indemnify and hold the other harmless against any claim by any real estate broker, agent
or finder for a commission or fee arising by reason of the indemnifying party’s breach of its
representation and warranty. The provisions of this Section 20 shall survive the Closing
and the transfer of the Membership Interests.

21. Intentionally Omitted.

22. Intentionally Omitted.

23. Notices. Any notice or demand under this Agreement shall be in writing and sent
by hand-delivery, commercial overnight delivery or facsimile, as follows:

If to Seller or Companies:

Triple Net Properties, LLC

1551 N. Tustin Avenue, Suite 200

Santa Ana, CA 92705

Attn: Francene LaPointe

Fax: (714) 667-6860

With a copy to:

Hirschler Fleischer, P.C.

2100 East Cary Street

Richmond, Virginia 23223-7078

Attn: Joseph J. McQuade, Esq.

Fax: (804) 644-0957

If to Buyer:

NNN Healthcare/Office REIT, Inc.

1551 N. Tustin Avenue, Suite 200

Santa Ana, CA 92705

Attn: Scott Peters

Fax: (714) 667-6860

With a copy to:

Hirschler Fleischer, P.C.

2100 East Cary Street

Richmond, Virginia 23223-7078

Attn: Joseph J. McQuade, Esq.

Fax: (804) 644-0957

Any such notice or demand shall be deemed given (i) upon delivery if hand-delivered, (ii) upon
deposit, prepaid, for next business day delivery, if sent by commercial overnight delivery service
or (iii) transmission confirmation if sent by facsimile. Either party by notice to the other in
accordance with the above, may designate a substitute address for such notice or demand and
thereafter such substitute address shall be used for the giving of notice or demand.

24. Miscellaneous.

(a) Intentionally Omitted.

(b) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon Seller, the Companies, Buyer and their respective heirs, personal representatives,
successors and permitted assigns. Buyer specifically reserves the right at any time prior to or at
the Closing to assign this Agreement to an entity in which Buyer or its principals have a
controlling interest, in which event such assignee shall be entitled to all benefits of and be
subject to obligations of Buyer hereunder, provided that any such assignment shall not release
Buyer from liability under this Agreement. Seller specifically reserves the right at any time
prior to or at the Closing to assign this Agreement to an entity in which the principals of Seller
have a controlling interest, provided that any such assignment shall not release Seller from
liability under this Agreement. The provisions hereof shall survive the transfer of the Membership
Interests and shall not be merged therein.

(c) Entire Agreement; Amendment. This Agreement (including the Exhibits hereto)
contains the final and entire agreement between the parties hereto and supersedes all prior oral
representations, negotiations and agreements, and neither the parties, nor their agents, shall be
bound by any terms, conditions and representations not herein written or incorporated herein by
reference. This Agreement may not be modified or changed orally, but only by agreement in writing
signed by the party against whom enforcement of any such change is sought.

(d) Governing Law. The interpretation, construction and performance of this Agreement
shall be governed by Indiana law without regard to principles of conflicts of law.

(e) Intentionally Omitted.

(f) Headings. The headings and titles of the sections are inserted as a matter of
convenience and for reference and in no way define, limit or describe the scope of this Agreement
or the intent of any provision thereof.

(g) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

(h) No Waiver. No party hereto shall be deemed to have waived the exercise of any
right which it holds hereunder unless such waiver is made expressly and in writing (and no delay or
omission by any party hereto in exercising any such right shall be deemed a waiver of its future
exercise). No such waiver made as to any instance involving the exercise of any such right shall
be deemed a waiver as to any other such instance, or any other such right.

(i) Severability. No determination by any court, governmental, administrative or
other entity that any provision of this Agreement or any amendment hereof is invalid or
unenforceable in any instance shall affect the validity or enforceability of (i) any other such
provision, or (ii) such provision in any circumstance not controlled by such determination. Each
such provision shall be valid and enforceable to the fullest extent allowed by, and shall be
construed wherever possible as being consistent with, applicable law.

(j) No Partnership. Nothing in the provisions of this Agreement shall be deemed in
any way to create between the parties hereto any relationship of partnership, joint venture or
association, and the parties hereto hereby disclaim the existence of any such relationship.

(k) Rule Against Perpetuities. For the purposes of satisfying the Rule against
Perpetuities, the “Term of this Agreement,” and the last date for completing the Closing shall be
December 31, 2015.

(l) Drafted Jointly. This Agreement was prepared for the benefit of each of the
parties and the language in this Agreement shall not be construed in any way against the drafting
party.

(m) Time Periods. Any and all references in this Agreement to time periods which are
specified by reference to a certain number of days refer to calendar days, unless “business days”
is otherwise expressly provided. Therefore, if (a), the last date by which a Closing is permitted
to occur hereunder, or (b) any date by which a party is required to provide the other party with
notice hereunder, occurs on a Saturday or Sunday or a banking holiday in the jurisdiction where the
Property is located, then and in any of such events, such applicable dates shall be deemed to
occur, for all purposes of this Agreement, on that calendar day which is the next, succeeding day,
which is not a Saturday, Sunday or banking holiday.

(n) No Third-Party Beneficiaries. No person who is not a party to this Agreement (or
a permitted assignee hereunder) shall have any benefit hereunder nor have any third party
beneficiary rights as a result of this Agreement, nor shall any party be entitled to rely on any
actions or inactions to the parties hereof or their agents, all of which are done for the sole
benefit of the parties hereto.

(o) Consent to Venue and Jurisdiction. The parties consent to the jurisdiction and
venue of the courts of any county in the State of Indiana or to the jurisdiction and venue of the
United States District Court for the jurisdiction in which the Property is located in any action or
judicial proceeding brought to enforce, construe or interpret this Agreement.

(p) Force Majeure. In the event that the parties shall be delayed, hindered in or
prevented from the performance of any act or obligation required under this Agreement by reason of
acts of God, vandalism, accident, flood, severe weather, other casualty, riot, insurrection, civil
commotion, sabotage, explosion, war, natural or local emergency, acts or omissions of others or
other reasons of a similar or dissimilar nature not solely the fault of, or under the exclusive
control of, the parties, then performance of such act or obligation shall be excused for the period
of the delay and the period for the performance of any such act or obligation shall be extended for
the period equivalent to the period of such delay.

(q) Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES ANY RIGHT TO TRIAL BY
JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY
COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES
IRREVOCABLY TO WAIVE TRIAL BY JURY AND THAT ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY SHALL INSTEAD BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

25. Intentionally Omitted.

26. Tax Reporting and Allocations.

(a) Preparation and Filing of Pre-Closing and Post-Closing Period Tax Returns.

(i) Seller shall prepare or cause to be prepared and file or cause to be filed all tax returns
of the Companies for all periods ending on or prior to the Closing date which are filed after the
Closing date. Seller shall permit Buyer to review and comment on each such tax return described in
the preceding sentence prior to filing. The amount of any such pre-Closing taxes shall be
conclusively deemed to be the responsibility of and an indemnification obligation of Seller
Indemnitors hereunder.

(ii) Buyer shall prepare or cause to be prepared and file or cause to be filed all tax returns
of the Companies for tax periods which begin after the Closing date, or that begin before the
Closing date and end after the Closing date. The amount of any pre-Closing taxes with respect to
such tax returns shall be conclusively deemed to be the responsibility of and an indemnification
obligation of Seller Indemnitors hereunder.

(b) Cooperation in Filing Tax Returns. Seller and Buyer shall provide one another
such cooperation and information, as and to the extent reasonably requested, in connection with the
filing of any tax return, amended tax return or claim for refund, determining liability for taxes
or a right to refund of taxes, or in conducting any audit, litigation or other proceeding with
respect to taxes. Such cooperation and information shall include providing copies of all relevant
portions of relevant tax returns, together with relevant accompanying schedules and relevant work
papers, relevant documents relating to rulings and other determinations by taxing authorities, and
relevant records concerning the ownership and tax basis of property, which any such party may
possess. Each party will retain all tax returns, schedules, work papers, and all material records
and other documents relating to tax matters, of the Companies for the tax period first ending after
the Closing date and for all prior tax periods until the later of either (a) the expiration of the
applicable statute of limitations (and, to the extent notice in provided with respect thereto, any
extensions thereof) for the tax periods to which the tax returns and other documents relate or (b)
eight years following the due date (without extension) for such tax returns.

(c) Allocation of Certain Taxes.

(i) If the Companies are permitted but not required under applicable income tax laws to treat
the Closing date as the last day of a taxable period, then the parties shall treat that day as the
last day of a taxable period.

(ii) In the case of taxes arising in a taxable period of the Companies that includes, but does
not end on, the Closing date, except as provided in Section 26(c)(iii), the allocation of
such taxes between the pre-Closing period and the post-Closing period shall be made on the basis of
an interim closing of the books as of the end of the Closing date. For the avoidance of doubt, for
purposes of this Section 26, any tax resulting from the transactions contemplated by this
Agreement and any tax resulting from sale by Seller of the Membership Interests is attributable to
the pre-Closing period and therefore to Seller.

(iii) In the case of any taxes that are imposed on a periodic basis and are payable for a
taxable period that includes, but does not end on, the Closing date, the portion of such tax which
relates to the portion of such taxable period ending on the Closing date shall (A) in the case of
any taxes, other than taxes based upon or related to income or receipts, or franchise taxes, be
deemed to be the amount of such tax for the entire taxable period multiplied by a fraction, the
numerator of which is the number of days in the taxable period ending on the Closing date and the
denominator of which is the number of days in the entire taxable period, and (B) in the case of any
tax based upon or related to income or receipts, or franchise taxes, be deemed equal to the amount
which would be payable if the relevant taxable period ended as of the end of the Closing date. All
determinations necessary to give effect to the foregoing allocations shall be made in a manner
consistent with the prior practice of the Companies.

(d) Tax Characterization of Payments. Except as otherwise required by applicable law,
the parties shall treat any indemnification payment by the Seller Indemnitors made pursuant to
Section 19 hereof or otherwise hereunder as an adjustment to the Purchase Price for tax purposes.

[SIGNATURE PAGE FOLLOWS]

1

IN WITNESS WHEREOF, the parties have respectively signed and sealed this Agreement as of the
day and year first written above.

	 	 	 	 	 	 	 
	SELLER:	 	NNN Lenox Medical Member, LLC,
	 	 
	 
	 	 	 	 	 	 
	 	 	a Delaware limited liability company
	 	 
	 
	 	 	 	 	 	 
	
 
	 	By:
	 	Triple Net Properties, LLC,
	 	

	 
	 	 	 	 	 	 
	 	 	 	 	a Virginia limited liability company

	 
	 	 	 	 	 	 
	
 
	 	Its:
	 	Sole Member and Manager
	 	

	 
	 	 	 	 	 	 
	
 
	 	 	 	By:
	 	/s/ Andrea R. Biller
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Name:
	 	Andrea R. Biller
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Title:
	 	Executive Vice President
	
 
	 	 	 	 	 	 

Triple Net Properties, LLC,

a Virginia limited liability company

	 	 	 	 	 	 	 
	
 
	 	 	 	By:
	 	/s/ Andrea R. Biller
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Name:
	 	Andrea R. Biller
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Title:
	 	Executive Vice President
	
 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	COMPANIES:

	 	NNN Lenox Medical, LLC,
	 	

	 	

	 
	 	 	 	 	 	 
	 	 	a Delaware limited liability company
	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	NNN Lenox Medical Member, LLC,

	 
	 	 	 	 	 	 
	 	 	 	 	a Delaware limited liability company

	 
	 	 	 	 	 	 
	
 
	 	Its:
	 	Sole Member
	 	

	 
	 	 	 	 	 	 
	
 
	 	 	 	By:

Its:
	 	Triple Net Properties, LLC,

a Virginia limited liability company

Sole Member and Manager

	 	 	 	 	 	 	 
	 	 	By:	 	 	/s/ Andrea R. Biller
	 	 	Name:	 	 	Andrea R. Biller
	 	 	Title:	 	 	Executive Vice President

	 	 	NNN Lenox Medical Land, LLC,

a Delaware limited liability company

	 	 	 	 	 	 	 
	
 
	 	By:
	 	Triple Net Properties, LLC,
	 	

	 
	 	 	 	 	 	 
	 	 	 	 	a Virginia limited liability company

	 
	 	 	 	 	 	 
	
 
	 	Its:
	 	Sole Member and Manager
	 	

	 
	 	 	 	 	 	 
	
 
	 	 	 	By:
	 	/s/ Andrea R. Biller
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Name:
	 	Andrea R. Biller
	
 
	 	 	 	 	 	 
	
 
	 	 	 	Title:
	 	Executive Vice President
	
 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 

2

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	BUYER:	 	 	 	NNN Healthcare/Office REIT Holdings, L.P.,

	 
	 	 	 	 	 	 
	
 
	 	 	 	a Delaware limited partnership
	 	

	 
	 	 	 	 	 	 
	
 
	 	 	 	By:

Its:
	 	NNN Healthcare/Office REIT, Inc.,

a Maryland corporation

General Partner

	 	 	 	 	 	 	 
	 	 	

                     By:               /s/ Scott D. Peters

                     Name:             Scott D. Peters   }

                     Title:            CEO               }

By:	 	 	/s/ Scott D. Peters
	 	 	Name:	 	 	Scott D. Peters
	 	 	Title:	 	 	CEO

3

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