Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made effective as of May 1, 2015 between AMERICA’S CAR MART, INC., an Arkansas corporation (the “Company”)
and JEFFREY A. WILLIAMS (the “Associate”).

 

W I T N E S S E T H:

 

WHEREAS, the Company is engaged in the business
of the sale and financing of used vehicles (“Company Business”); and

 

WHEREAS, the
Associate is a Senior Executive Officer of the Company, and the Company desires to continue the employment of the Associate, and
the Associate desires to provide his services to the Company upon the terms and conditions hereinafter set forth;

 

WHEREAS, the
Company periodically sells its finance receivables to Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”)
and services those loans on Colonial’s behalf (collectively, the Company and Colonial are referred to herein as “Car-Mart”);
and

 

WHEREAS, America’s
Car-Mart, Inc., a Texas corporation (the “Parent Company”), owns 100% of the outstanding common stock of the Company;

 

WHEREAS, in order to conduct its business, the
Company owns and uses trade secrets as defined under applicable law, as well as confidential and propriety information; and

 

WHEREAS, the Associate, during the term of his
employment with the Company and in order to carry out his duties with the Company, has or will have contact with the Company’s
customers and employees and has or will have access to and has or will become privy to or acquainted with certain confidential
information and trade secrets, which are owned by the Company and which are regularly used in the business of the Company and which
are generally not known to its competitors;

 

NOW, THEREFORE,
in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally
bound hereby, agree as follows:

 

1.       Employment.
The Company hereby continues the employment of the Associate as a Senior Executive Officer of the Company, and the Associate accepts
such employment. During the term of employment under this Agreement (the “Employment Term”), the Associate shall perform
such duties as shall reasonably be required of a Senior Executive Officer of the Company. The Associate further agrees to perform,
without additional compensation, such other work for the Company and for any subsidiary or affiliate of the Company in which the
Company has an interest, including, without limitation, Colonial and the Parent Company, as the Board of Directors of the Company
or the Parent Company shall from time to time reasonably specify. It is expressly agreed and understood between the Company and
the Associate that the term of this Agreement is in no way dependent upon the Associate’s holding or being elected to any
office of the Company. The Associate may be deemed an employee of, and paid by the Company, Colonial, or the Parent Company, as
reasonably determined by the Company.

 

     

     

    

 

2.       Performance.
The Associate agrees to devote his entire business efforts to the performance of his duties hereunder, provided, however, that
the Associate may engage in personal investment activities not involving the Company so long as they do not interfere with the
performance of his duties hereunder.

 

3.       Term.
Unless otherwise terminated in accordance with Sections 8, 9, 10 or 11, the Employment Term shall be for a term ending April 30,
2020. This Agreement shall be automatically renewed for successive additional Employment Terms of one (1) year each unless notice
of termination is given in writing by either party to the other party at least thirty (30) days prior to the expiration of the
initial Employment Term or any renewal Employment Term.

 

4.       Compensation.

 

(a)       Base
Salary and Benefits. The basic annual salary of the Associate for his employment services hereunder shall be $367,290 or such higher
annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base
Salary”), which shall be payable in accordance with the Company’s payroll policy. Nothing contained herein shall affect
or in any way limit the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing
plan or medical and life insurance programs offered by the Company to its employees, all of which shall be available to the Associate
to the same extent as if this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition
to the foregoing. In addition, nothing contained herein shall affect or in any way limit the Associate’s eligibility to participate
in any nonqualified deferred compensation plan of the Company or the Parent.

 

(b)       Bonus.
In addition to the Base Salary and fringe benefits described above, the Associate shall be eligible to earn an annual cash bonus
(the “Bonus”) during the term hereof beginning May 1, 2015 and ending April 30, 2020. The Bonus shall be based upon
Parent Company’s projected fully diluted earnings per share calculated in accordance with GAAP for each fiscal year (“GAAP
Earnings Per Share”). The Bonus will depend on the Parent Company attaining a minimum of 95% of its projected GAAP Earnings
Per Share, as set forth in Appendix A to this Agreement. The Bonus, if any, shall be paid each fiscal year, within fifteen
(15) days following the Parent Company’s filing of its annual report on Form 10-K for such fiscal year (but no later than
two and one-half (21⁄2) months following the calendar year in which the Bonus was earned), based upon the Parent Company’s
GAAP Earnings Per Share for that fiscal year. Any Bonus shall be deemed to be earned by the Associate if the Associate was an employee
of the Company as of the last day of the fiscal year in question.

 

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(c)       Non-Qualified
Stock Options.

 

(i)       Subject
to Section 4(c)(iii) herein, the Parent Company will grant to the Associate, pursuant to the Parent Company’s Amended and
Restated Stock Option Plan (the “Option Plan”), non-qualified stock options to purchase an aggregate of 30,000 shares
of Parent Company Stock, as follows:

 

(A)       A
non-qualified stock option to purchase 10,000 shares of Parent Company Stock, which will vest in full (or “cliff” vest)
on April 30, 2020, subject to the Associate’s continuous service (as that term is defined in the Option Plan) as of the vesting
date; and

 

(B)       A
non-qualified stock option to purchase 20,000 shares of Parent Company Stock, with vesting of such option subject to the attainment
of certain performance conditions based on the Parent Company’s consolidated net income growth during fiscal years 2016 through
2020. If the Parent Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5)
fiscal years ending April 30, 2020 is equal to 10% or more, the stock option will “cliff” vest in its entirety (20,000
shares) on the date which marks the fifth (5th) anniversary of the stock option grant date (the “Vesting Date”).
If the Parent Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal
years ending April 30, 2020 is equal to 5% or more but less than 10%, the stock option will “cliff” vest as to 10,000
shares on the Vesting Date. If the Company’s cumulative consolidated net income growth, calculated on a compound basis, for
the five (5) fiscal years ending April 30, 2020 is less than 5%, the stock option will be forfeited.

 

(ii)       For
purposes of this Section 4(c), “consolidated net income” for a given fiscal year shall mean “Net income”
as reported in the Company’s consolidated statement of operations included in the Company’s Annual Report on Form 10-K
for such fiscal year as filed with the Securities and Exchange Commission, except that if on the Vesting Date the Company has not
yet filed its Annual Report on Form 10-K for the fiscal year ending April 30, 2020, “consolidated net income” for fiscal
year 2020 shall be the Company’s “Net income” as reported in the Company’s public earnings press release
for such fiscal year. All terms used in this Section 4(c) shall have the definitions set forth in this Agreement, the Option Plan
or the applicable Stock Option Agreement, as the case may be.

 

(iii)       The
stock option grants under this Section 4(c) shall be made on August 5, 2015, the date of the Parent Company’s annual meeting
of shareholders, subject to and contingent upon the approval by such shareholders of the Option Plan.

 

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5.       Expense
Account and Vacations. Matters relating to expense accounts for the Associate, vacations and the like shall be mutually agreed
upon from time to time. However, the Company agrees to reimburse the Associate for all expenses reasonably incurred by him on behalf
of the Company in accordance with the prevailing practices and policies of the Company. In addition, the Associate shall be entitled
to that number of days of paid vacation and paid sick leave as is consistent with the prevailing practices and policies of the
Company for other employees in the same or similar position as that held by the Associate hereunder.

 

6.       Non-Competition,
Non-Solicitation, Non-Disclosure, and Confidentiality Provisions

 

(a)       Non-Solicitation:
Customers. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate shall not, on his own behalf or on behalf of any person, firm, partnership, association,
corporation or business organization, entity or enterprise (except the Company), solicit, call upon, or attempt to solicit or call
upon, any customer of the Company, or any representative of any customer of the Company with a view to selling or providing any
product or service competitive with any product or service sold or provided by the Company in the Company Business, as defined
herein, during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company, provided
that the restrictions set forth in this section shall apply only to customers of the Company, or representatives of customers of
the Company with whom Associate had material contact during such twelve (12) month period. “Material contact” exists
between Associate and each of the Company’s existing customers: (i) with whom Associate actually dealt for a business purpose
while employed by the Company or to further a business relationship between the customer and the Company; or (ii) whose business
dealings with the Company were handled, coordinated or supervised by Associate or performed by Associate in whole or in part.

(b)       Non-Solicitation:
Employees. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate will not solicit or in any manner encourage employees of the Company to leave the employ
of the Company. The foregoing prohibition applies only to employees with whom Associate had material contact pursuant to Associate’s
duties during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company. “Material
contact” means interaction between Associate and another employee of the Company: (i) with whom Associate actually dealt
or worked with; or (ii) whose employment or dealings with the Company or services for the Company were handled, coordinated or
supervised by Associate. 

 

(c)       Non-Disclosure.

 

(i)       TRADE
SECRETS. Associate acknowledges that the Company owns and uses trade secrets as defined under applicable law. “Trade secret(s)”
means information, without regard to form, including, but not limited to, technical or non-technical data, a formula, a pattern,
a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans,
or a list of actual or potential customers or suppliers which is not commonly known by or available to the public and which information:
(a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy. Associate further acknowledges that in the course of Associate’s employment
with the Company and in order to carry out Associate’s duties thereunder, Associate has or will become privy to the Trade
Secrets of the Company. Accordingly, Associate shall not disclose, divulge, publish to others, or use for any purpose, except as
necessary to perform Associate’s duties while employed by the Company, any Trade Secret of the Company without the prior
written consent of the Company, for so long as such information shall remain a Trade Secret under applicable law.

 

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(ii)       CONFIDENTIAL
INFORMATION. Associate acknowledges that in order to conduct its business, the Company owns and uses written and unwritten confidential
information. “Confidential Information” means data and information relating to the business of the Company (which may
not rise to the level of a Trade Secret under applicable law) which is or has been disclosed to Associate or of which Associate
became aware as a consequence of or through Associate’s relationship with the Company and which has value to the Company
and is not generally known to its competitors. Confidential Information shall not include any data or information that has been
voluntarily disclosed to the public by the Company (except where such public disclosure has been made by Associate without authorization)
or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.
Associate further acknowledges that in the course of his employment with the Company and in order to carry out his duties thereunder,
Associate has or will become privy to Confidential Information of the Company. Accordingly, Associate agrees that while employed
by the Company, and for a period of two (2) years from the conclusion of Associate’s employment with the Company for any
reason, Associate will not disclose, divulge, publish to others or use for any purpose any Confidential Information of the Company
except to the extent necessary to perform his duties and responsibilities as an Associate for the Company, without the prior written
consent of the Company.

 

(iii)       NOTICE
OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Associate acknowledges that the Company hereby designates Trade Secrets and Confidential
Information to include, by way of illustration but not limitation, confidential customer and prospective customer lists; information
provided to the Company by its customers or clients or prospective customers or clients; customer preferences; client contacts;
marketing plans, presentations and strategies; products; processes; designs; formulas; methods; clinical data; licenses; software;
computer or electronic data disks or tapes; processes; research and plans for research; computer programs; methods of operations
and costs data; contracts; personnel information; credit terms; financial information (including without limitation information
regarding fee and pricing structures, assets, status of client accounts or credit); or any other information designated as a trade
secret, confidential or proprietary by the Company.

 

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(iv)       TREATMENT
OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Associate understands and agrees to treat whatever information the Company wants
to protect from disclosure as genuinely “confidential”, i.e., restricting access by pass code, stamping hardcopies
of customer lists “confidential,” and restricting access to the customer list to designated and appropriate personnel,
and the like. Associate further agrees, as an Associate, to use his best efforts and the utmost diligence to guard and protect
the Company’s Trade Secrets and Confidential Information from disclosure to any competitor, customer or supplier of the Company
or any other person, firm, corporation or other entity, unless such disclosure has been specifically authorized by the Company
in writing.

 

(d)       Non-Competition.
Associate acknowledges that the Company is engaged in the Company Business as defined herein. Associate further acknowledges that
the Company Business is primarily concentrated in and focused in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma,
Tennessee and Texas (hereinafter the “Territory”), and that Associate’s duties and responsibilities were not
limited to any particular area within that region but will be within and throughout the entire Territory, and rendered in connection
with Company Business. Associate further agrees and acknowledges that because of his association with the Company and his access
to Trade Secrets and confidential, proprietary information of the Company which relate to the Company Business as herein defined,
Associate’s competition with the Company as or with a direct competitor in the same line of business as the Company would
damage and impair the business of the Company. Therefore, during the term of his employment and for a period of one (1) year from
the conclusion of Associate’s employment with the Company for any reason, Associate shall not, for himself or on behalf of
any other person, firm, partnership, association, corporation, business organization, entity or enterprise, perform duties which
are substantially similar to the duties performed by Associate on behalf of Company within the Territory for any business engaged
in the Company Business as defined herein.

 

(e)       Ownership
of Work Product. For purposes of this Agreement, “Work Product” shall mean the data, materials, documentation, computer
programs, inventions (whether or not patentable), and all works of authorship, including all worldwide rights therein under patent,
copyright, trade secret, confidential information, and other property rights, created or developed in whole or in part by Associate,
relating to the Company Business whether prior to the date of this Agreement or in the future, either (i) while employed by the
Company and that have been or will be paid for by the Company, or (ii) while employed by the Company (whether developed during
working hours or not) and not otherwise the subject of a written agreement between the Company and Associate. All Work Product
shall be considered work made for hire by Associate and owned by the Company. If any of the Work Product may not, by operation
of law, be considered work made for hire by Associate for the Company, or if ownership of all rights, title, and interest of the
intellectual property rights therein shall not otherwise vest exclusively in the Company, Associate hereby assigns to the Company,
and upon the future creation thereof automatically assigns to the Company without further consideration, the ownership of all Work
Product. The Company shall have the right to obtain and hold in its own name patents, copyrights, registrations and any other protection
available in the Work Product. Associate agrees to perform, during and after his employment, such further acts as may be necessary
or desirable to transfer, perfect, and defend the Company’s ownership of the Work Product as reasonably requested by the
Company.

 

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(f)       Return
of Company Property. All Company property, including, but not limited to, equipment, devices, records, correspondence, documents,
files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs,
data or any other information, including Trade Secrets and Confidential Information as set forth herein, (whether originals, copies
or extracts, stored in any medium), whether prepared or developed by Associate or otherwise coming into Associate’s possession,
whether maintained by Associate in the facilities of the Company, at Associate’s home, or at any other location, is, and
shall remain, the exclusive property of the Company and shall be promptly delivered to the Company, with no copies or reproductions
retained by Associate, in the event of Associate’s termination for any reason, or at any other time or times the Company
may request. Upon termination of employment for any reason, Associate agrees to sign and deliver the “Termination Certification”
attached hereto as Appendix B.

 

(g)       Reasonable
Restrictions. Associate agrees and acknowledge that the restrictions contained in this Agreement are reasonable and necessary in
order to protect the valuable proprietary assets, goodwill and business of the Company and that the restrictions will not prevent
or unreasonably restrict his ability to earn a livelihood. Associate also agrees and acknowledges that if his employment with the
Company ends for any reason, Associate will be able to earn a livelihood without violating the restrictions contained in this Agreement
and that Associate’s ability to earn a livelihood without violating said restrictions is an important reason in Associate
choosing to sign this Agreement.

 

7.       Remedies.
The Associate expressly agrees that the remedy at law for any breach of the provisions of Section 6 will be inadequate and that
upon any such breach or threatened breach, the Company shall be entitled, as a matter of right, to injunctive relief in any court
of competent jurisdiction, in equity or otherwise, to enforce the specific performance of the Associate’s obligations under
these provisions without the necessity of proving the actual damage to the Company or the inadequacy of a legal remedy.

 

8.       Termination
Without Compensation.

 

(a)       The
Employment Term will terminate as of the end of the term of this Agreement unless terminated earlier in accordance with this Section
8, Section 9, Section 10, or Section 11.

 

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(b)       The
Employment Term may also be terminated by the Company for cause (“Cause”) with written notice to the Associate upon
the occurrence of any of the following:

 

(i)       the
commission by the Associate of any deliberate and premeditated act involving moral turpitude detrimental to the economic interests
of the Company;

 

(ii)       the
conviction of the Associate of a felony;

 

(iii)       the
willful failure or refusal of the Associate to perform his duties hereunder (which failure or refusal persists after written notice
from the Company to the Associate complaining of such failure or refusal) or the Associate’s gross negligence of a material
nature in connection with the performance of such duties; or

 

(iv)       the
breach by the Associate of any provision of this Agreement which is not cured within thirty (30) days subsequent to written notice
from the Company to the Associate of the breach.

 

(c)       Upon
termination of the Employment Term under subsections (a) or (b) above, the parties hereto will be relieved of any further obligations
hereunder except for any obligations set forth in Section 6.

 

9.       Termination
Without Cause. The Company shall have the right to terminate the Employment Term without Cause at any time. If the termination
is effected by the Company other than as described in Section 8, then, under such circumstances and subject to the Associate’s
continued compliance with the terms of this Agreement, (i) the Associate’s Base Salary then in effect hereunder will
continue to be payable in accordance with the Company’s payroll policy through the Employment Term, (ii) the Associate
shall be paid within sixty (60) days after termination the pro rata portion of the Bonus earned, if any, through the date of termination,
(iii) all outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest
in full without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan
(or successor plan) or the stock option agreements between the Parent Company and the Associate with respect to such stock options,
and (iv) all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate by the Parent Company
shall immediately vest in full without regard to the achievement of any applicable performance conditions, unless otherwise prohibited
by the Amended and Restated Stock Incentive Plan (the “Incentive Plan”) (or successor plan) or the restricted stock
agreements between the Parent Company and the Associate with respect to such restricted stock awards; provided, however, that any
shares of restricted stock that are intended to constitute performance-based compensation within the meaning of Section 162(m)
of the Internal Revenue Code of 1986, as amended (the “Code”), shall become vested only to the extent provided pursuant
to the terms of the applicable restricted stock agreement and the provisions of this Section 9 shall not apply to any shares of
restricted stock that are intended to constitute performance-based compensation. Bonus payments to the Associate in accordance
with this Section 9 shall be paid no later than two and one-half (21⁄2) months following the calendar year in which the termination
without Cause occurred.

 

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Notwithstanding the foregoing, the Associate
shall not be entitled to receive any of the payments or benefits described in Section 9 unless, not later than sixty (60) days
after the termination date, the Associate has executed a release of claims against the Company and its affiliates (the “Release”),
and the period during which the Release may be revoked has expired without the Associate having revoked the Release. None of the
payments or benefits described in Section 9 shall be paid until the Release has been signed and become effective, and any payments,
which would otherwise be payable during such sixty-day period prior to the date the Release becomes effective, shall be accumulated
and paid to the Associate on the first payroll date following the date the Release becomes effective, without interest, or, if
such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll date during the second
calendar year following the date the Release becomes effective, as described above.

 

10.       Death
of the Associate. If the Associate dies during the Employment Term, the Employment Term shall terminate, and within 60 days
after death, or as soon thereafter as administratively practicable, the Company will pay to the Associate’s estate (i) the
Associate’s Base Salary then in effect through the end of the calendar month in which such death occurs, and (ii) the
pro rata portion of the Bonus earned, if any, through the date of death. In addition, all outstanding and unvested stock options
previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement of
any applicable performance conditions, unless otherwise prohibited by the Option Plan (or successor plan) or the stock option agreements
between the Parent Company and the Associate with respect to such stock options, and all outstanding and unvested shares of restricted
stock (if any) previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to the
achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or
the restricted stock agreements between the Parent Company and the Associate with respect to such restricted stock awards.

 

11.       Termination
Following Disability. If the Associate becomes disabled during the Employment Term, the Company may terminate the Employment
Term, in which event the Company will pay to the Associate the Associate’s Base Salary then in effect, payable in accordance
with the Company’s payroll policy through the end of the Employment Term; provided, however, any amounts payable to the Associate
under the Company’s disability insurance policy shall be deducted from the amounts payable to the Associate hereunder. For
the purposes of this Agreement, the Associate shall be deemed to be “disabled” when, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a period of not less than
twelve (12) consecutive months, he has received replacement income for a period of at least three (3) months under the Company’s
disability insurance policy, or if the Company does not have a disability insurance policy for the Associate, the Associate shall
be deemed disabled if he is unable to perform his services or discharge his duties as an Associate of the Company by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a period of not less than twelve (12) consecutive months. Any disability, as defined herein, shall not constitute “Cause”
for purposes of Section 8(b) hereof. In addition, all outstanding and unvested stock options previously granted to the Associate
by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable performance conditions,
unless otherwise prohibited by the Option Plan (or successor plan) or the stock option agreements between the Parent Company and
the Associate with respect to such stock options, and all outstanding and unvested shares of restricted stock (if any) previously
granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable
performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or the restricted stock agreements
between the Parent Company and the Associate with respect to such restricted stock awards.

 

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12.       Change
in Control of the Parent Company

 

(a)       If
a Double Trigger Event (as defined in Section 12(c) herein) occurs in connection with a Change in Control (as defined in Section
12(b) herein) of the Parent Company, on the sixty-day anniversary of the date of the Double Trigger Event, (i) the Company shall
pay to the Associate a lump sum cash payment equal to 2.99 times the Associate’s Base Salary in effect immediately prior
to the Change in Control; (ii) all outstanding and unvested stock options previously granted to the Associate by the Parent Company
shall immediately vest in full, without regard to the achievement of any applicable performance conditions, unless otherwise prohibited
by the Option Plan (or successor plan) or the stock option agreements between the Parent Company and the Associate with respect
to such stock options; and (iii) all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate
by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable performance conditions,
unless otherwise prohibited by the Incentive Plan (or successor plan) or the restricted stock agreements between the Parent Company
and the Associate with respect to such restricted stock awards (collectively, (i), (ii) and (iii) are referred to as the “Change
in Control Payments”).

 

Notwithstanding the foregoing, the
Associate shall not be entitled to receive any of the payments or benefits described in Section 12 unless, not later than sixty
(60) days after the termination date, the Associate has executed a release of claims against the Company and its affiliates (the
“Release”), and the period during which the Release may be revoked has expired without the Associate having revoked
the Release. None of the payments or benefits described in Section 12 shall be paid until the Release has been signed and become
effective, and any payments, which would otherwise be payable during such sixty-day period prior to the date the Release becomes
effective, shall be accumulated and paid to the Associate on the first payroll date following the date the Release becomes effective,
without interest, or, if such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll
date during the second calendar year following the date the Release becomes effective, as described above.

 

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(b)       For
purposes of this Section 12, “Change in Control” of the Parent Company shall mean:

 

(i)       Change
in Ownership. The acquisition by an individual, entity or group (within the meaning of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”)) (a “Person”) of ownership of stock of the Parent Company that, together
with stock held by such Person, constitutes more than 50% of the total fair market value or total voting power of the stock of
the Parent Company. However, if any Person is considered to own more than 50% of the total fair market value of total voting power
of the stock of the Parent Company, the acquisition of additional stock by the same Person is not considered to cause a change
in ownership of the Parent Company (or to cause a change in the effective control of the Parent Company). An increase in the percentage
of stock owned by any one Person as a result of a transaction in which the Parent Company acquires its stock in exchange for property
will be treated as an acquisition of stock for purposes of this paragraph. This paragraph applies only when there is a transfer
of stock of the Parent Company (or issuance of stock of the Parent Company) and stock in the Parent Company remains outstanding
after the transaction; or

 

(ii)       Change
in Effective Control. (A) the acquisition by any Person during the 12-month period ending on the date of the most recent acquisition
by such Person, of ownership of stock of the Parent Company possessing 35% or more of the total voting power of the stock of the
Parent Company; or (B) the replacement of a majority of members of the Parent Company’s Board of Directors during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Parent Company’s Board
of Directors prior to the date of the appointment or election.

 

A change in effective control also may
occur in any transaction in which either of the two corporations involved in the transaction has a “Change in Ownership”
under paragraph (i) or “Change in Ownership of a Substantial Portion of the Company’s Assets” under paragraph
(iii). If any one Person is considered to effectively control the Parent Company, the acquisition of additional control of the
Parent Company by the same Person is not considered to cause a change in the effective control of the Parent Company (or to cause
a “Change in Ownership” of the Parent Company within the meaning of paragraph (i) above); or

 

(iii)       Change
in Ownership of a Substantial Portion of Assets. The acquisition by any Person during the 12-month period ending on the date of
the most recent acquisition by such Person, of assets from the Parent Company that have a total gross fair market value equal to
or more than 40% of the total gross fair market value of all of the assets of the Parent Company immediately prior to such acquisition(s).
For this purpose, gross fair market value means the value of the assets of the Parent Company, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets. No Change in Control shall be deemed to
have occurred in the event of a transfer to a related person or as described in Code Section 409A.

 

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The definition of Change in Control
in this Subsection 12(b), and all other terms and provisions of this Agreement, shall be interpreted at all times in such a manner
as to comply with Code Section 409A, meaning that no additional income tax is imposed on the Associate pursuant to Code Section
409A(1)(a).

 

(c)       For
purposes of this Section 12, a “Double Trigger Event” shall be deemed to occur if, within the period beginning six
(6) months prior to a Change in Control and ending two (2) years following such Change in Control, (i) the Associate’s employment
is involuntarily terminated by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be), other
than for Cause, or (ii) the Associate terminates his employment for Good Reason (as defined in Section 12(d) herein). If the termination
of the Associate’s employment, as contemplated by this Section 12(c), occurs prior to the Change in Control, then the Associate
shall be treated for purposes of this Section 12 as being employed on the date the Change in Control becomes effective and the
Associate’s Base Salary in effect immediately prior to such termination shall be deemed in effect, for purposes of this Section
12, immediately prior to the Change in Control. For purposes of this Section 12, the date of the Double Trigger Event shall be
the later of the effective date of the Change in Control and the date of the Associate’s termination of employment as contemplated
in this Section 12(c).

 

(d)       For
purposes of this Section 12, “Good Reason” shall mean:

 

(i)        If
the Associate is a party to an employment or service agreement with the Company, the Parent Company or an affiliate of the Company
that supersedes and replaces, in whole or in part, any provisions of this Agreement and such agreement provides for a definition
of Good Reason, the definition contained therein; or

 

(ii)       If
no such agreement exists, the Associate’s resignation from the Company within thirty (30) days following the occurrence of
any of the following events with respect to the Associate:

 

(A)       Without
the Associate’s express written consent, the significant reduction of the Associate’s duties, authority, responsibilities,
or reporting relationships relative to the Associate’s duties, authority, responsibilities, or reporting relationships as
in effect immediately prior to such reduction, or the assignment to the Associate of such reduced duties, authority, responsibilities,
or reporting relationships, which reduction or assigned reduction remains in effect five (5) business days after written notice
by the Associate to the Chief Executive Officer or the Chief Financial Officer of the Parent Company (or the surviving or acquiring
entity, as the case may be) of such conditions; provided, however, that the mere occurrence of a Change in Control shall not, in
and of itself, constitute a material adverse change in the Associate’s duties, authority, responsibilities or reporting relationships.

 

    12

     

    

 

(B)       A
material reduction by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be) in the Base
Salary, bonus structure or benefits of the Associate as in effect immediately prior to such reduction, with the result that the
Associate’s overall benefits package is significantly reduced; or

 

(C)       The
relocation of the Associate’s principal work location to a facility or a location more than fifty (50) miles from the Associate’s
then present principal work location, without the Associate’s express written consent.

 

(e)       The
Change in Control Payments shall be in addition to any other rights and benefits for which the Associate is eligible, either by
way of contract or with respect to rights and benefits generally available to other executive officers or Associates of the Company.

 

13.       Definition
of Termination of Employment. “Termination of Employment” as used in this Agreement shall have the same meaning
as set out in, and shall occur on the date determined in accordance with, Section 1.409A-1(h) of the regulations promulgated under
Code Section 409A.

 

14.Specified Employee Delay. If the
Associate is a “specified employee” within the meaning of Code Section 409A, any benefits or payments (including installments
and insurance premiums and contributions) which (a) constitute a “deferral of compensation” under Code Section 409A,
(b) become payable as a result of the Associate’s termination of employment for reasons other than death, and (c) become
due under this Agreement during the first six (6) months (or such longer period as required by Code Section 409A) after termination
of employment shall be delayed and all such delayed payments (or delayed installments, premiums or contributions) shall be paid
to the Associate in full in the seventh (7th) month after the date of termination and all subsequent payments (or installments)
shall be paid in accordance with their original payment schedule. To the extent that any insurance premiums or other benefit contributions
constituting a “deferral of compensation” become subject to the above delay, the Associate shall be responsible for
paying such amounts directly to the insurer or other third party and shall receive reimbursement from Company for such amounts
in the seventh (7th) month as described above. This paragraph shall not apply to payments made as a result of a termination
of employment that is the result of the Associate’s death.

 

15.       Notices.
All notices, demands and requests which may be given or which are required to be given by either party to the other, and any exercise
of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective when either: (a) personally
delivered to the intended recipient; (b) sent by certified or registered mail, return receipt requested, addressed to the
intended recipient at the address specified below; (c) delivered in person to the address set forth below for the party to
which the notice was given; (d) deposited into the custody of a nationally recognized overnight delivery service such as FedEx
Corporation or United Parcel Service, Inc., addressed to such party at the address specified below; or (e) sent by facsimile,
telegram or telex, provided that receipt for such facsimile, telegram or telex is verified by the sender and followed by a notice
sent in accordance with one of the other provisions set forth above. Notices shall be effective on the date of delivery, or receipt
of, if delivery is not accepted, on the earlier of the date that delivery is refused or three (3) days after the date the notice
is mailed. For purposes of this paragraph, the addresses of the parties for all notices are as follows (unless changes by similar
notice in writing are given by the particular person whose address is to be changed):

 

    13

     

    

 

If to the Associate, to Jeffrey A.
Williams, ____________________________ ________________________________________________;

 

If to the Company, to America’s
Car-Mart, Inc., 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-273-7556.

 

With a copy to W. Brett Papasan, Chief
Legal Officer, 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-271-0796;

 

And a copy to William H. Henderson,
Chief Executive Officer, 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-464-4234.

 

Any party hereto may designate a different address
by written notice given to the other parties.

 

16.       Governing
Law. This agreement shall be construed in accordance with and governed by the laws of the State of Arkansas.

 

17.       Compliance
with Section 409A. The payments due under this Agreement are intended to comply with Section 409A of the Code (“Code
Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A.
Notwithstanding any other provision of this Agreement, payments of “nonqualified deferred compensation” provided under
this Agreement may only be made upon an event and in a manner that complies with Code Section 409A or an applicable exemption.
Any payments under this Agreement that may be excluded from Code Section 409A either as separation pay due to an involuntary separation
from service or as a short-term deferral shall be excluded from Code Section 409A to the maximum extent possible. To the extent
Code Section 409A applies, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
of “nonqualified deferred compensation” to be made under this Agreement by reason of a termination of employment shall
only be made if such termination of employment constitutes a “separation from service” under Code Section 409A. Notwithstanding
the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Code
Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by the Associate on account of non-compliance with Code Section 409A. To the extent required by Code Section
409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following: (i)
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible
expense shall be paid to the Associate on or before the last day of the calendar year following the calendar year in which the
expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation
or exchange for another benefit.

 

    14

     

    

 

18.       Section
280G.

 

(a)       In
the event that the total amount of payments to be received by the Associate, pursuant to this Agreement or otherwise, that are
contingent upon a change in ownership or control (within the meaning of Section 280G of the Code) would, but for this Section 18(a),
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments
to be received by the Associate pursuant to this Agreement or otherwise shall be reduced to the maximum amount that will cause
the total amounts of the payments not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction
and after payment of all applicable taxes on the reduced amount, is equal to or greater than the amount of such payments the Associate
would otherwise be entitled to retain without such reduction after the payment of all applicable taxes, including the Excise Tax.

 

(b)       The
accounting firm engaged by the Company for general audit purposes (the “Audit Firm”) shall perform any calculations
necessary in connection with this Section 18; provided that, if for any reason the Audit Firm is unable to, or declines to, perform
such calculations, the Company shall engage such other accounting firm as the Audit Firm shall recommend in writing to the Company
to perform such calculations (the Audit Firm or such other accounting firm, as applicable, being hereinafter referred to as the
“Accounting Firm”).  The Company shall bear all expenses with respect to the determinations by such Accounting
Firm required to be made hereunder. The Accounting Firm engaged to make the determinations under this Section 18 shall provide
its calculations, together with detailed supporting documentation, to the Associate and the Company within fifteen (15) calendar
days after the date on which the Associate’s right to a payment contingent on a Change in Control is triggered (if requested
at that time by Associate or the Company) or such other time as requested by the Associate or the Company.  If the Accounting
Firm determines that no Excise Tax is payable with respect to such payments, it shall furnish the Associate and the Company with
an opinion reasonably acceptable to Associate that no Excise Tax will be imposed with respect to such payments.  Any good
faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Associate and the Company.
If a reduction in payments or benefits constituting “parachute payments” is required by Section 18(a), the reduction
shall occur in the following order unless the Associate elects in writing a different order (provided, however, that such election
shall be subject to the Company’s approval if made on or after the date on which the event that triggers the payment occurs
and to the extent that such election does not violate Code Section 409A): reduction of cash payments (in reverse order of the date
on which such cash payments would otherwise be made with the cash payments that would otherwise be made last being reduced first);
cancellation of accelerated vesting of stock awards; reduction of employee benefits.  In the event that accelerated vesting
of stock awards is to be reduced, such accelerated vesting shall be cancelled in the reverse order of the grant date of the Associate’s
stock awards unless the Associate elects in writing a different order for cancellation.

 

    15

     

    

 

19. Assignability. The Associate may
not assign his interest in or delegate his duties under this Agreement. The rights and obligations of the Company hereunder may
be assigned only by operation of law in connection with a merger in which the Company is not the surviving corporation or in connection
with the sale of substantially all of the assets of the Company; and in the latter event, such assignment shall not relieve the
Company of its obligations hereunder.

 

20.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

21.       Entire
Agreement; Modification. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject
matter hereof and may not be modified or amended in any way except in writing by the parties hereto. This Agreement supersedes
and replaces any and all prior employment agreements between the Company and the Associate, all of which are hereby terminated
and declared null and void; provided, however, this Agreement shall not affect, in any manner, previously awarded restricted stock
or stock options, which awards shall remain in full force and effect in accordance with the terms of such previous awards.

 

22.       Duration.
Notwithstanding the termination of the Employment Term and of the Associate’s employment by the Company, this Agreement shall
continue to bind the parties for so long as any obligations remain under this Agreement, and, in particular, the Associate shall
continue to be bound by the terms of Section 6.

 

23.       Waiver.
No waiver by the Company of any breach by the Associate of this Agreement shall be construed to be a waiver as to succeeding breaches.

 

24.       Enforceability.
The covenants and provisions contained herein are severable and are to be interpreted as such to the extent permitted by applicable
law. The parties understand, acknowledge and agree that should any provision of this Agreement be declared or determined by any
court of competent jurisdiction to be unenforceable or invalid for any reason, the validity of the remaining parts, terms or provisions
of this Agreement shall not be affected thereby, and that the Agreement will be amended to delete or modify, as necessary, any
invalid or unenforceable parts, terms or provisions to the extent necessary to allow for enforcement.

 

25.       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same agreement.

 

[SIGNATURE PAGE FOLLOWS.]

 

 

 

    16

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on June 22, 2015, but this Agreement shall be effective as of the day and year first above written.

 

 

	 	COMPANY:	 
	 	 	 
	 	AMERICA’S CAR-MART, INC., an	 
	 	Arkansas corporation	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	ASSOCIATE:	 
	 	 	 
	 	 	 
	 	Jeffrey A. Williams	 

 

 

 

 

 

 

 

(Signature Page to Employment Agreement of William
H. Henderson)

 

    17

     

    

 

APPENDIX A

 

Applicable to the Bonus pursuant to Section
4(b) 

of Employment Agreement

 

	 	Fiscal Year
	 	2016	2017	2018	2019	2020
	Projected GAAP Earnings Per Share	2015 Actual GAAP Earnings Per Share multiplied by 1.10	2016 Projected GAAP Earnings Per Share multiplied by 1.10	2017 Projected GAAP Earnings Per Share multiplied by 1.10	2018 Projected GAAP Earnings Per Share multiplied by 1.10	2019 Projected GAAP Earnings Per Share multiplied by 1.10
	Bonus Potential:	$40,000	$50,000	$60,000	$70,000	$80,000

 

If Parent Company’s actual GAAP Earnings Per Share equals 95-99%
of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such
fiscal year shall be the Bonus Potential for such fiscal year multiplied by 0.67.

 

If Parent Company’s actual GAAP Earnings Per Share equals 100-104%
of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such
fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.00.

 

If Parent Company’s actual GAAP Earnings Per Share equals 105%
or more of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus
for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.33.

 

 

 

 

 

 

 

 

 

 

    A-1

     

    

 

APPENDIX B

 

 

TERMINATION CERTIFICATION

 

The undersigned Associate certifies that he/she
does not possess and has not failed to return any property belonging to AMERICA’S CAR MART, INC., its parent, subsidiaries,
affiliates, successors or assigns (together, the “Company”) or its customers, including, but not limited to, equipment,
devices, records, correspondence, documents, files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos,
memoranda, computer software and programs, data or any other information, including Trade Secrets and Confidential Information
as set forth herein (whether originals, copies or extracts, stored in any medium), whether prepared or developed by Associate or
otherwise coming into Associate’s possession, whether maintained by Associate in the facilities of the Company, at Associate’s
home, or at any other location.

 

Associate further certifies that he/she will
comply with all the terms of his/her Non-Competition, Non-Solicitation, Non-Disclosure, and Confidentiality Agreement.

 

	Date:	 	 	 
	 	 	 	Associate
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

B-1Document

Exhibit 10.1

REAL ESTATE PURCHASE AND SALE AGREEMENT
BETWEEN
LEX-GEN WOODLANDS, L.P.
AND
C CUBED HOLDINGS, LLC.
CONCERNING PROPERTY COMMONLY 
KNOWN AS 8800 TECHNOLOGY FOREST PLACE 
IN THE WOODLANDS, TEXAS

102060.0000003 EMF_US 80591679v5

TABLE OF CONTENTS
PAGE
						
	ARTICLE 1 Definitions
	1

	Section 1.1 Definitions
	1

	ARTICLE 2 Agreement; Purchase Price
	6

	Section 2.1 Agreement to Sell and Purchase
	6

	Section 2.2 Purchase Price
	6

	Section 2.3 Leaseback to Seller
	6

	ARTICLE 3 Deposit
	6

	Section 3.1 Deposit
	6

	ARTICLE 4 Survey and Title Commitment
	7

	Section 4.1 Title and Survey
	7

	ARTICLE 5 Inspection, Audit and Financing
	8

	Section 5.1 Study Period
	8

	Section 5.2 Right to Terminate
	9

	Section 5.3 Confidentiality
	9

	Section 5.4 Reporting
	10

	Section 5.5 Assumption of Contracts
	11

	Section 5.6 Property Information
	11

	Section 5.7 Deed Amendments
	11

	ARTICLE 6 Conditions Precedent, Casualty Damage or Condemnation
	11

	Section 6.1 Conditions Precedent Favoring Purchaser
	11

	Section 6.2 Conditions Precedent Favoring Seller
	12

	Section 6.3 Risk of Loss
	12

	Section 6.4 Condemnation
	13

	ARTICLE 7 Representations, Warranties and Covenants
	13

	Section 7.1 Purchaser’s Representations, Warranties and Covenants
	13

	Section 7.2 Seller’s Representations
	17

	Section 7.3 Seller’s Knowledge
	18

	Section 7.4 Notice of Breach
	18

	ARTICLE 8 Closing
	19

	Section 8.1 Closing Date
	19

	Section 8.2 Seller’s Deliveries
	19

	Section 8.3 Purchaser’s Deliveries
	19

	Section 8.4 Costs and Prorations
	20

	Section 8.5 Possession
	22

	ARTICLE 9 Real Estate Commission
	22

	Section 9.1 Commissions
	22

	ARTICLE 10 Termination and Default
	22

1

						
	Section 10.1 Termination without Default
	22

	Section 10.2 Purchaser’s Default
	22

	Section 10.3 Seller’s Default
	23

	Section 10.4 Breach of Representations
	23

	ARTICLE 11 Miscellaneous
	24

	Section 11.1 Entire Agreement
	24

	Section 11.2 Binding On Successors and Assigns
	24

	Section 11.3 Assignment by Purchaser
	24

	Section 11.4 Waiver
	24

	Section 11.5 Governing Law
	25

	Section 11.6 Counterparts
	25

	Section 11.7 Notices
	25

	Section 11.8 Attorneys’ Fees
	26

	Section 11.9 IRS Real Estate Sales Reporting
	26

	Section 11.10 Time Periods
	26

	Section 11.11 Modification of Agreement
	26

	Section 11.12 Further Instruments
	26

	Section 11.13 Descriptive Headings; Word Meaning
	27

	Section 11.14 Time of the Essence
	27

	Section 11.15 Section 1031 Exchange
	27

	Section 11.16 Construction of Agreement
	27

	Section 11.17 Limitations on Liability
	27

	Section 11.18 Severability
	28

	Section 11.19 No Recording
	28

	Section 11.21 No Implied Agreement
	28

	Section 11.22 Electronically Transmitted Signatures
	28

	Section 11.23 Press Releases
	29

2

Exhibits
Exhibit A - Description of the Land
Exhibit B - Property Information
Exhibit C - Form of Deed
Exhibit D - Form of Bill of Sale and General Assignment
Exhibit E - Form of Assignment and Assumption Agreement
Exhibit F - General Lease Terms
Exhibit G - Representation Certificate

3

REAL ESTATE PURCHASE AND SALE AGREEMENT
THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered and into as of the Effective Date (defined below) by and between LEX-GEN WOODLANDS, L.P., a Delaware limited partnership (“Seller”) and C CUBED HOLDINGS, LLC, a Louisiana limited liability company (“Purchaser”).
In consideration of the mutual promises hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE 1
Definitions

Section 1.1Definitions.  For purposes of this Agreement, capitalized terms not otherwise defined herein have the meanings set forth below:
“Anti-Terrorism Laws” shall have the meaning set forth in Section 7.1(i).
“Assignment and Assumption Agreement” shall mean an Assignment and Assumption Agreement substantially in the form attached hereto as Exhibit E.
“Bill of Sale” shall mean a bill of sale and general assignment substantially in the form attached hereto as Exhibit D.
“Building One” shall mean that certain single story building located on the Real Property consisting of approximately 36,750 square feet. 
“Building Two” shall mean that certain single story building located on the Real Property consisting of approximately 29,600 square feet. 
“Building Four” shall mean that certain three-story building located on the Real Property consisting of approximately 128,400 square feet. 
“Building Five” shall mean that certain two-story building located on the Real Property consisting of approximately 60,000 square feet. 
“Building Six” shall mean that certain building located on the Real Property consisting of approximately 6,200 square feet.
“Business Day” shall mean any day of the week other than (i) Saturday and Sunday, (ii) a day on which banking institutions in Houston, Texas or the city in which the Real Property is located are obligated or authorized by law or executive action to be closed to the transaction of normal banking business, or (iii) a day on which governmental functions in the Houston, Texas or the city in which the Real Property is located are interrupted because of extraordinary events such as hurricanes, power outages or acts of terrorism.
        1

“Closing” shall mean the consummation of the purchase and sale of the Property pursuant to the terms of this Agreement.
“Closing Date” shall have the meaning set forth in Section 8.1. 
“Closing Statement” shall have the meaning set forth in Section 8.4(f).
“Code” shall mean the Internal Revenue Code of 1986, and all amendments thereto and all regulations issued thereunder.
“Confidential Information” means all documents, studies, reports, test results, brochures, offering materials, photographs, surveys, title reports and commitments, legal documents, financial information, computer output and other materials and information relating to Property and all analyses, compilations, forecasts, projections and other documents prepared based upon such materials and information, any and all proposals made in connection with a potential sale of the Property (including any proposals involving a price for the Property), whether the same are in electronic, pictorial, written or other form.  The term Confidential Information shall expressly exclude any information that: (i) is or becomes published or becomes available to the public other than as a result of a disclosure by Purchaser in violation of this Agreement, or (ii) is independently developed by Purchaser or its representatives.
“Continuing Contract Notice” shall have the meaning set forth in Section 5.5.
“Contracts” shall mean all service, maintenance, operating, management and leasing contracts affecting the Land or Improvements.  
“Deed” shall mean a special warranty deed substantially in the form attached hereto as Exhibit C.
“Deed Amendments” shall have the meaning set forth in Section 5.7.
“Deed Amendments Consideration” shall have the meaning set forth in Section 5.7.
“Deemed to know” (or words of similar import) shall have the following meaning:  (a) Purchaser shall be “deemed to know” of the existence of a fact or circumstance to the extent that such fact or circumstance is disclosed by this Agreement, the Documents, or any studies, tests, reports, or analyses prepared by or for or otherwise obtained by or on behalf of Purchaser in connection with the Property; and (b) Purchaser shall be “deemed to know” that a representation or warranty of Seller is untrue, inaccurate or incorrect to the extent that this Agreement, the Documents, or any studies, tests, reports or analyses prepared by or for or otherwise obtained by or on behalf of Purchaser in connection with the Property contains information which is inconsistent with such representation or warranty.
“Deposit” shall have the meaning set forth in Section 3.1(a).
“Designated Seller Representative” shall mean Jim Tessmer, Vice President of Finance and Accounting, and John Briggs, the building engineer. 
        2

“Documents” shall mean all documents, studies and reports applicable to the Property or any portion thereof and made available to Purchaser or its agents prior to Closing, including the Title Commitment, the Title Documents, the Survey, and environmental, engineering and soils reports.
“Dollars” and the sign “$” mean the lawful money of the United States of America.
“Effective Date” means the date on which this Agreement, signed by both Seller and Purchaser, is received by the Escrow Agent, as indicated in the Receipt by the Escrow Agent below.
“Escrow Agent” shall mean the Title Company.
“Hazardous Materials” shall mean any substance which is or contains:  (i) any “hazardous substance” as now or hereafter defined in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. Section 9601 et seq.) or any regulations promulgated thereunder; (ii) any “hazardous waste” as now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.) or regulations promulgated thereunder; (iii) any substance regulated by the Toxic Substances Control Act (15 U.S.C. Section 2601 et. seq.); (iv) gasoline, diesel fuel or other petroleum hydrocarbons; (v) asbestos and asbestos containing materials, in any form, whether friable or nonfriable; (vi) polychlorinated biphenyls; (vii) radon gas; (viii) mold, mildew, fungus or other potentially dangerous organisms; and (ix) any additional substances or materials which are now or hereafter classified or considered to be hazardous or toxic under any laws, ordinances, statutes, codes, rules, regulations, agreements, judgments, orders and decrees now or hereafter enacted, promulgated, or amended, of the United States, the states, the counties, the cities or any other political subdivisions in which the Real Property is located and any other political subdivision, agency or instrumentality exercising jurisdiction over the owner of the Real Property, the Real Property or the use of the Real Property relating to pollution, the protection or regulation of human health, natural resources or the environment, or the emission, discharge, release or threatened release of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or waste into the environment (including ambient air, surface water, ground water or land or soil).
“Improvements” shall mean all buildings, structures and other improvements situated upon the Land and any fixtures, systems and facilities owned by Seller and located on the Land, including but not limited to Building One, Building Two, Building Four, Building Five, and Building Six.
“Intangible Property” shall mean all of Seller’s right, title and interest, if any, in all intangible assets relating to the Land, Improvements or Personal Property, including all of Seller’s right, title and interest, if any, in all (a) warranties and guaranties relating to the Land, Improvements or Personal Property, (b) all licenses, permits and approvals relating to the Land, Improvements or Personal Property, (c) all contract rights, and (d) all plans and specifications relating to the Land, Improvements or Personal Property, in each case to the extent that Seller may legally transfer the same.
        3

“Land” shall mean the land described on Exhibit A attached hereto, together with all privileges, rights, easements and appurtenances belonging to such land and all right, title and interest (if any) of Seller in and to any streets, alleys, passages or other rights-of-way or appurtenances included in, adjacent to or used in connection with such land and all right, title and interest (if any) of Seller in all mineral rights appurtenant to such land.
“Lease” shall mean that certain Lease Agreement to be negotiated between Seller and Purchaser prior to the expiration of the Study Period, and containing the material terms set forth in Exhibit F attached hereto.
“Mandatory Cure Items” means, collectively, (i) any Seller Mortgage, (ii) mechanic’s liens, monetary judgments, or similar monetary encumbrances which are not arising due to the action of Purchaser, its agents, or their respective employees, contractors, or agents), and (iii) those matters listed on Schedule C of the Title Commitment which are applicable to Seller.
“Material Casualty” shall have the meaning set forth in Section 6.3.
“Material Taking” shall have the meaning set forth in Section 6.4.
“Owner’s Title Insurance Policy” shall have the meaning set forth in Section 4.1(a). 
“Permitted Exceptions” shall mean:  (a) applicable zoning, subdivision, building and other land use laws and regulations; (b) all matters, whether or not of record, that arise out of the actions of Purchaser or its agents, representatives or contractors; (c) the lien of real estate taxes and assessments not yet due and payable, subject to adjustment as provided herein; (d) all matters that the Title Company is willing to insure over without additional premium or indemnity from Purchaser and that, in the exercise of Purchaser’s reasonable business judgment, do not have a material adverse impact on the ownership, operation or value of the applicable Property; and (e) all matters shown on or referenced in the Title Commitment (other than Mandatory Cure Items) or the Survey, all matters of record as of the date of this Agreement, such state of facts as would be disclosed by a physical inspection of the Real Property or an ALTA “as-built” survey of the Real Property as of the Title Objection Date, and all other matters affecting title to the Real Property as to which Purchaser has actual knowledge or is deemed to know as of the Title Objection Date.  Notwithstanding the foregoing, under no circumstances shall any of the following be deemed Permitted Exceptions: (i) those matters as to which, in accordance with Section 4.1, Purchaser makes a written objection on or before the Title Objection Date and which Seller elects to cure; or (ii) Mandatory Cure Items.
“Person” shall mean any individual, estate, trust, partnership, limited liability company, limited liability partnership, corporation, governmental agency or other legal entity and any unincorporated association. 
“Personal Property” shall mean all equipment, machinery, signs and other tangible personal property, if any, owned by Seller and installed, located or situated on and used in connection with the ownership and operation of the Improvements (as opposed to the use and occupancy of the Improvements by Seller and/or Seller’s affiliates) as identified on an inventory thereof prepared by 
        4

Seller during, and delivered to Purchaser prior to the expiration of, the Study Period, including but not limited to: (i) all custom conference room furniture located in the third (3rd) floor boardroom (commonly referred to as Room C3101) in Building Four; and (ii) all audio-visual equipment within any conference rooms located within the Improvements.
“Post Closing Claim Cap” shall mean Five Hundred Thousand and No/100 Dollars ($500,000.00). 
“Property” shall mean, collectively, the Real Property, the Personal Property, and the Intangible Property.
“Purchase Price” shall mean the purchase price for the Property as specified in Section 2.2.
“Purchaser Broker” shall have the meaning set forth in Section 9.1. 
“Purchaser Title Objections” shall have the meaning set forth in Section 4.1.
“Purchaser’s Surviving Obligations” shall mean Purchaser’s obligations under Sections 5.1, 5.3, 9.1, 11.8 and 11.18 of this Agreement
“Real Property” shall mean, collectively, the Land and the Improvements.
“Seller Broker” shall have the meaning set forth in Section 9.1. 
“Seller Mortgage” shall mean any mortgage or deed of trust granted or assumed by Seller and encumbering the Property or any portion thereof.
“Seller Parties” shall mean Seller and its shareholders, agents, officers, directors, trustees, advisors, managers, members, employees and counsel.
“Seller Representations” shall mean the representations and warranties of Seller expressly set forth in Section 7.2.
“Seller’s Title Election Period” shall have the meaning set forth in Section 4.1.
“Study Period” shall mean the period commencing on the Effective Date and ending at 5:00 p.m., Houston, Texas time, on the date that is forty-five (45) days after the Effective Date.
“Title Company” shall mean Chicago Title Insurance Company – Commercial, having an office address at 609 Main Street, Suite 2350, Houston, Texas  77002, Attention Ria S. van Dright.
“Title Documents” shall mean all documents referred to in the Title Commitment.
“Title Objection Date” shall mean the date that is ten (10) Business Days after receipt by Purchaser of the Title Commitment, Title Documents, and Survey.
“Title Objection Notice” shall have the meaning set forth in Section 4.1.
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“Utility Deposits” shall mean all deposits made by or on behalf of Seller with the Persons providing water, sewer, gas, electricity, telephone and other utilities to the Real Property.
ARTICLE 2
Agreement; Purchase Price

Section 2.1Agreement to Sell and Purchase.  Subject to the terms and provisions hereof, Seller agrees to sell the Property to Purchaser, and Purchaser agrees to purchase the Property from Seller.
Section 2.2Purchase Price.  The Purchase Price for the Property shall be Eleven Million Five-Hundred Thousand and No/100 Dollars ($11,500,000.00).  Subject to the adjustments and apportionments as hereinafter set forth, the Purchase Price shall be paid on the Closing Date by wire transfer of immediately available federal funds.

Section 2.3Leaseback to Seller.  At Closing, Purchaser shall lease a portion of the Property back to Seller pursuant to the Lease.  Seller and Purchaser shall use their respective good faith efforts to mutually agree as to the form of the Lease prior to the expiration of the Study Period, which form of Lease shall incorporate into the Lease the terms included in Exhibit F attached hereto. Seller agrees that it will provide an initial draft of the Lease to Purchaser within ten (10) Business Days of the Effective Date of this Agreement.  Upon Purchaser’s and Seller’s agreement as to the form of the Lease, Seller and Purchaser shall amend this Agreement in writing, wherein the parties shall approve the form of the Lease and attach the approved form of Lease to said amendment as an exhibit thereto. Should Purchaser and Seller fail to reach agreement as to the form of the Lease prior to the expiration of the Study Period, either Purchaser or Seller shall have the right to terminate this Agreement by delivering written notice to the other party, in which event the Deposit shall be returned to Purchaser, and except for Purchaser’s Surviving Obligations, Seller and Purchaser shall have no further obligations or liabilities to each other hereunder.
ARTICLE 3
Deposit
Section 3.1Deposit.

(a)No later than the third Business Day following the Effective Date, Purchaser shall deposit One Hundred Fifteen Thousand and No/100 Dollars ($115,000.00) (together with all interest and earnings thereon, the “Deposit”) with Escrow Agent.  The Deposit shall be applied to the Purchase Price if the Closing occurs.  In the event that the Closing does not occur by the Closing Date, the Deposit shall be disbursed as provided herein.  If Purchaser fails to deliver the Deposit to Escrow Agent within such three (3) Business Days, this Agreement shall, at Seller’s election, terminate.
(b)Notwithstanding anything in this Agreement to the contrary, One Hundred and No/100 Dollars ($100.00) of the Deposit is delivered to Escrow Agent for delivery by the Escrow Agent to Seller as “Independent Contract Consideration”, and the Deposit is reduced by the 
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amount of the Independent Contract Consideration so delivered to Seller, which amount has been bargained for and agreed to as consideration for Seller’s execution and delivery of this Agreement.
ARTICLE 4
Survey and Title Commitment
Section 4.1Title and Survey.
(a)Seller, at its expense, shall obtain and deliver to Purchaser within ten (10) Business Days after the Effective Date, a current, effective commitment for title insurance (the “Title Commitment”) issued by the Title Company, wherein the Title Company shall commit to issue to Purchaser a standard Texas form of owner’s title insurance policy (the “Owner’s Title Insurance Policy”) in the amount of the Purchase Price, naming Purchaser as the proposed insured, and accompanied by copies of all documents referred to in the Title Commitment.  Seller shall (if not previously delivered) deliver or make available to Purchaser a copy of the most recent existing survey (if any) in Seller’s possession relating to the Property (if any, the “Survey”).  Purchaser, at Purchaser’s expense, shall have the right to obtain a current (dated on or after the Effective Date) on-the-ground survey of the Property prepared in accordance with the Texas Surveyors Association Standards and Specifications for a Category IA, Condition II survey (including field notes) or a current ALTA land title survey of the Property (meeting the Minimum Standard Survey Requirements applicable to improved property as adopted by ALTA and ASCM) (as applicable, the “New Survey”) made by a duly licensed surveyor acceptable to Purchaser.  The New Survey shall be sufficient to allow the Title Company to delete the standard printed survey exception from the Owner’s Title Insurance Policy, except for “shortages in area.”  The New Survey, and any revisions thereto, shall be promptly delivered to Seller upon Purchaser’s receipt of same; provided, however, the New Survey must be completed on or before ten (10) Business Days prior to the expiration of the Study Period.  Should Purchaser obtain the New Survey, (i) the New Survey shall be considered the “Survey” for all purposes under this Agreement and (ii) upon completion of the New Survey, the metes and bounds description of the Property prepared in connection with the New Survey will be used to describe the Property in all closing documents used to consummate the transaction contemplated by this Agreement.
(b)Purchaser shall have until the Title Objection Date to give Seller a written notice (the “Title Objection Notice”) that sets forth in reasonable detail any objections that Purchaser has to title or survey matters affecting the Property (the “Purchaser Title Objections”); provided, however, Purchaser shall have no right to object to any of the matters set forth within subsections (a) through (d) of the definition of Permitted Exceptions.  Seller shall have ten (10) business days from its receipt of the Title Objection Notice (“Seller’s Title Election Period”) to give Purchaser notice as to whether Seller elects to use reasonable efforts to cure the Purchaser Title Objections by the Closing Date.  If Seller fails to give Purchaser written notice of such election before the end of Seller’s Title Election Period, Seller shall be deemed to have elected not to attempt to cure the Purchaser Title Objections.  If Seller elects or is deemed to have elected not to attempt to cure any one or more of the Purchaser Title Objections, such Purchaser Title Objections shall constitute Permitted Exceptions and Purchaser shall have until the end of the Study Period to determine whether to take title to the Property subject to such matters or to terminate this Agreement in accordance with Section 5.2.  If Seller elects to use reasonable efforts to cure any one or more of 
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the Purchaser Title Objections, Seller shall have until the Closing Date to complete such cure, failing which Purchaser shall have the option of either accepting the title as it then is or terminating this Agreement.  If Purchaser elects to terminate this Agreement in accordance with the immediately preceding sentence, (i) the Deposit shall be delivered to Purchaser, and (ii) except for Purchaser’s Surviving Obligations, Seller and Purchaser shall have no further obligations or liabilities to each other hereunder.  All Mandatory Cure Items will be satisfied or cured by Seller on or prior to the Closing Date or, if not so satisfied, shall be satisfied at Closing out of the proceeds otherwise payable to Seller.  If Seller fails to cure or satisfy any Mandatory Cure Items by the Closing Date, Purchaser shall have the option of either accepting the title as it then is or terminating this Agreement.  If Purchaser elects to terminate this Agreement in accordance with the immediately preceding sentence, (i) the Deposit shall be delivered to Purchaser, and (ii) except for Purchaser’s Surviving Obligations, on the one hand, and Seller’s obligations under Section 9.1, on the other hand, Seller and Purchaser shall have no further obligations or liabilities to each other hereunder.

(c)Purchaser shall be entitled to request that the Title Company provide such endorsements (including the deletion of the standard printed survey exception from the Owner’s Title Insurance Policy, except for “shortages in area”) to the Owner’s Title Insurance Policy as Purchaser may reasonably require, provided (i) such endorsements or amendments shall be at no cost to, and shall impose no additional liability on, Seller, (ii) Purchaser’s obligations under this Agreement shall not be conditioned upon its ability to obtain such endorsements and, if Purchaser is unable to obtain such endorsements, Purchaser shall nevertheless be obligated to proceed to close the transactions contemplated hereby without reduction of or set off against the Purchase Price, and (iii) the Closing shall not be delayed as a result of Purchaser’s request.

ARTICLE 5
Inspection, Audit and Financing
Section 5.1Study Period.  During the Study Period, Purchaser, personally or through its authorized agent or representative, shall be entitled upon reasonable advance notice to Seller to enter upon the Property during normal business hours and shall have the right to make such investigations, including appraisals, engineering studies, soil tests, environmental studies and underwriting analyses, as Purchaser deems necessary or advisable, subject to the following limitations: (a) such access shall not violate any law or agreement to which Seller is a party or otherwise expose Seller to a material risk of liability; (b) Purchaser shall give Seller written notice at least one (1) Business Day before conducting any inspections, and a representative of Seller shall have the right to be present when Purchaser or its representatives conducts its or their investigations on the Property; (c) neither Purchaser nor its representatives shall interfere with the use, occupancy or enjoyment of the Property by Seller or its respective employees, contractors, customers or guests; (d) neither Purchaser nor its agents shall damage the Property or any portion thereof; (e) unless Seller agrees otherwise, before Purchaser or its agents enter onto the Property, Purchaser shall deliver to Seller a certificate of insurance naming Seller as an additional insured, evidencing commercial general liability insurance (including property damage, bodily injury and death) issued by an insurance company having a rating of at least “A-VII” by A.M. Best Company, with limits of at least $1,000,000 per occurrence for bodily or personal injury or death and 
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$2,000,000 aggregate per location; (f) Purchaser shall: (i) use reasonable efforts to perform all on-site due diligence reviews on an expeditious and efficient basis; and (ii) indemnify, hold harmless and defend the Seller Parties against, and hold the Seller Parties harmless for, from and against, all loss, liability, claims, costs (including reasonable attorneys’ fees), liens and damages resulting from or relating to the activities of Purchaser or its agents under this paragraph; and (g) without Seller’s prior written consent, which Seller may give or withhold in its absolute discretion, Purchaser shall not conduct any Phase II exams, soil borings or other invasive tests on or around the Property.  The foregoing indemnification obligation shall survive the Closing or earlier termination of this Agreement.  Further, during the Study Period, Seller agrees to make available to Purchaser, or to its duly authorized agents or representatives, copies of all applicable books and records relating to the Property and the operation and maintenance thereof to the extent that such materials are in Seller’s possession or control.  Such items may be examined at all reasonable times during normal business hours upon prior reasonable notice to Seller.
Section 5.2Right to Terminate.  If, between the date of this Agreement and the end of the Study Period, Purchaser shall, for any reason in Purchaser’s sole discretion, determine that it does not wish to purchase the Property, Purchaser shall be entitled to terminate this Agreement by giving written notice thereof to Seller prior to the expiration of the Study Period, and thereupon (i) the Deposit shall be delivered to Purchaser, and (ii) except for Purchaser’s Surviving Obligations, Seller and Purchaser shall have no further obligations or liabilities to each other hereunder.  If Purchaser fails to give such notice prior to the expiration of the Study Period, it shall conclusively be deemed to have elected to waive its right to terminate this Agreement under this Section 5.2 and shall be obligated to purchase the Property in accordance with the terms hereof, except with respect to any specific rights to terminate this Agreement by Purchaser set forth in this Agreement.

Section 5.3Confidentiality.
(a)Prior to Closing, Purchaser shall hold all Confidential Information in confidence and shall not disclose or permit the disclosure of the Confidential Information to any Person without Seller’s prior written consent.  Purchaser further agrees that, before the Closing, Purchaser will use the Confidential Information only for purposes of evaluating the Property in connection with its purchase thereof in accordance with the terms of this Agreement.  Prior to the Closing, Purchaser shall not disclose the transaction contemplated hereby or the Confidential Information to any Person, other than to such of its employees, officers, directors, attorneys, accountants, clients, engineers, contractors and prospective lenders who (i) have a need to review the Confidential Information for the purpose of advising Purchaser on the suitability of the Property for purchase, (ii) have been informed in writing of the confidential nature of such information and (iii) have agreed to be bound by the terms of this Agreement.  Purchaser shall ensure that all persons to whom it discloses the Confidential Information shall keep the same confidential in accordance with the terms of this Agreement.  In any event, Purchaser shall be responsible for any breach of this Agreement by any of its employees, officers, directors, affiliates, attorneys, accountants, clients or advisors.  Within three (3) days of written request from Seller, Purchaser shall deliver to Seller all the Confidential Information which is in tangible form, including any copies Purchaser has made and other embodiments thereof.  Purchaser shall destroy all extracts, summaries and compilations thereof and references thereto which are in Purchaser’s notes, documents, databases 
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or other records (whether prepared by Purchaser or by Seller), and in either case Purchaser will certify to the Seller by written affidavit that it has done so.
(b)Notwithstanding the above terms, to the extent Purchaser is required to disclose the Confidential Information by law, regulation or stock exchange rule or pursuant to a subpoena, court order or other legal proceeding, Purchaser shall notify Seller (both by telephone and in writing) within one (1) Business Day of its knowledge of such legally required disclosure.  Purchaser shall cooperate with Seller’s counsel in any appeal or challenge to such disclosure made by Seller.  If no protective order or similar relief is obtained, Purchaser shall (i) disclose only that portion of the Confidential Information that it is legally obligated to disclose, (ii) exercise reasonable efforts to obtain reliable assurances that the disclosed information will be kept confidential and (iii) exercise reasonable efforts to provide Seller with a copy of the information to be disclosed before the same is given to any third party.  In addition, and notwithstanding anything to the contrary in this Agreement, Purchaser may disclose any portion of the Confidential Information that is generally available to the public, other than any portion of the Confidential Information that becomes available to the public as a result of a previous disclosure by Purchaser in violation of this Agreement.

(c)If this Agreement is terminated, (i) Purchaser shall promptly deliver to Seller all the Confidential Information (or portions thereof requested by Seller) which is in tangible form, including any copies Purchaser has made and other embodiments thereof, and (ii) Purchaser shall destroy all extracts, summaries and compilations thereof and references thereto which are in Purchaser’s notes, documents, databases or other records (whether prepared by Purchaser or by Seller), and in either case Purchaser will certify to the Seller by written affidavit that it has done so.
(d)Purchaser acknowledges that the Confidential Information is of a special, unique, unusual, extraordinary and intellectual character and that the Seller’s interest in the Confidential Information may be irreparably injured by disclosure of such Confidential Information in violation of this Agreement.  Purchaser further acknowledges and agrees that money damages would not be a sufficient remedy for any breach of Section 5.3 of this Agreement by it and that, in addition to all other remedies available at law or in equity, the Seller shall be entitled to specific performance or injunctive or other equitable relief as a remedy for any breach or potential breach by the Purchaser of Section 5.3 of this Agreement and further agrees to waive any requirement for the securing or posting of any bond in connection with such remedy.
The provisions of this Section 5.3 shall survive the termination of this Agreement.
Section 5.4Reporting.  In the event Purchaser’s due diligence reveals any condition of the Property that in Purchaser’s judgment requires disclosure to any governmental agency or authority, Purchaser shall immediately notify Seller thereof.  In such event, Seller, and not Purchaser or anyone acting on Purchaser’s behalf, shall make such disclosures as Seller deems appropriate.  Notwithstanding the foregoing, Purchaser may disclose matters concerning the Property to a governmental authority if, (a) in the written opinion of Purchaser’s outside legal counsel, Purchaser is required by law to make such disclosure, and (b) Purchaser gives Seller not less than ten (10) days prior written notice of the proposed disclosure, together with a copy of such legal opinion.
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Section 5.5Assumption of Contracts.  Before the end of the Study Period, Purchaser shall give notice to Seller of any Contracts Purchaser elects to have continue after Closing (the “Continuing Contract Notice”), and such Contracts, if assignable by Seller, shall be assigned to and assumed by Purchaser at Closing pursuant to the Assignment and Assumption Agreement.  All Contracts as to which Purchaser does not timely give a Continuing Contract Notice shall be terminated by Seller at no cost or liability to Purchaser by Seller sending a termination notice to the applicable service provider on or before the Closing Date, it being understood and agreed that the actual effective date of the termination may not occur until after the Closing (in which event, such Contract shall be assigned to Purchaser, but subject to the termination notice).

Section 5.6Property Information. Within ten (10) Business Days after the Effective Date, to the extent Seller has not previously provided same to Purchaser, Seller shall provide Purchaser with copies of the documents and information more particularly described in Exhibit B attached hereto, to the extent same are within Seller’s possession or control and pertain to the Property (collectively, the “Property Information”).  Such Property Information is being provided to Purchaser without representations or warranties of any kind.

Section 5.7Deed Amendments.  Within ten (10) Business Days after the Effective Date, Purchaser will provide to Seller an initial draft of: (i) all instruments (the “Deed Amendments”) that Purchaser deems reasonably necessary for Seller to execute to amend the existing restrictions, agreements, and instruments encumbering the Property, such that upon Closing Purchaser may use the Property for the manufacturing, testing, and distribution of “over-the-counter”, pharmaceutical, and nutraceutical products, and laboratory uses ancillary thereto, in addition to the uses permitted on the Property as of the Effective Date; and (ii) the escrow agreement establishing Escrow Agent’s obligations while in possession of the signed Deed Amendments prior to Closing (the “Escrow Agreement” and, together with the Deed Amendments, the “Amendment Agreements”).  If Seller, in its reasonable discretion, does not approve of the form of any of the Amendment Agreements, Purchaser and Seller shall negotiate in good faith the terms of the Amendment Agreements.  If Seller and Purchaser agree to the form of the Amendment Agreements, Seller shall promptly execute and deliver the Deed Amendments and Escrow Agreement to the Escrow Agent, and the Escrow Agent shall hold the Deed Amendments in trust pursuant to the terms of the Escrow Agreement.  In connection with the execution and recordation of any of the Amendment Agreements, Purchaser shall be solely responsible for, and pay to any counterparty to any Amendment Agreements, any consideration or other sums payable to any such counterparty (the “Deed Amendments Consideration”), and Purchaser will indemnify, defend and hold harmless Seller from and against any such Deed Amendments Consideration payable or alleged to be payable to any Person in connection with any of the Amendment Agreements.  In no event shall the Deed Amendments be recorded in the Public Records of Montgomery County, Texas, or otherwise bind Seller or encumber the Property, unless and until the Closing shall occur.  Should Purchaser and Seller fail to reach agreement as to the form of the Amendment Agreements prior to the expiration of the Study Period, Purchaser shall have the right to terminate this Agreement by delivering written notice to Seller within one (1) Business Day after the expiration of the Study Period, in which event the Deposit shall be returned to Purchaser, and except for Purchaser’s Surviving Obligations, Seller and Purchaser shall have no further obligations or liabilities to each other hereunder.
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ARTICLE 6
Conditions Precedent, Casualty Damage or Condemnation

Section 6.1Conditions Precedent Favoring Purchaser.
(a)In addition to any other conditions precedent in favor of Purchaser as may be expressly set forth elsewhere in this Agreement, Purchaser’s obligations under this Agreement are subject to the timely fulfillment of the conditions set forth in this Section 6.1 on or before the Closing Date, or such earlier date as is set forth below.  Each condition may be waived in whole or in part only by written notice of such waiver from Purchaser to Seller.
(i)Seller shall have performed and complied in all material respects with all of the terms of this Agreement to be performed and complied with by Seller prior to or at the Closing.
(ii)On the Closing Date, the representations of Seller set forth in Section 7.2 shall be true, complete and accurate in all material respects, subject to: (1) changes that: (y) are caused by the acts or omissions of Purchaser or its agents or affiliates; or (z) are a result of the operation of the Property in the normal course of business since the date hereof and in accordance with the terms of this Agreement and do not, individually or in the aggregate, have a material adverse effect on the value or operation of the Property; and (2) casualty or condemnation (which shall be governed by Section 6.3 and Section 6.4, respectively).

(iii)On the Closing Date, title to the Property shall be conveyed to Purchaser, subject only to the Permitted Exceptions.

(b)Subject to Purchaser’s right to terminate this Agreement prior to the expiration of the Study Period in accordance with the terms of Section 5.2, Purchaser acknowledges and agrees that its obligation to perform under this Agreement is not contingent upon Purchaser’s ability to obtain any (i) consents to assignments of any service contracts or other agreements which Purchaser requests, or (ii) endorsements to the Owner’s Title Insurance Policy, or (iii) financing for acquisition of the Property.
Section6.2Conditions Precedent Favoring Seller. In addition to any other condition precedent in favor of Seller as may be expressly set forth elsewhere in this Agreement, Seller’s obligations under this Agreement are expressly subject to the timely fulfillment of the conditions set forth in this Section 6.2 on or before the Closing Date, or such earlier date as is set forth below.  Each condition may be waived in whole or part only by written notice of such waiver from Seller to Purchaser.
(a)Purchaser shall have performed and complied in all material respects with all of the terms of this Agreement to be performed and complied with by Purchaser prior to or at the Closing.
(b)On the Closing Date, the representations of Purchaser set forth in Section 7.1 shall be true, accurate and complete in all material respects.

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Section 6.3Risk of Loss.  In the event all or a portion of the Improvements should be damaged or destroyed by fire or other casualty prior to Closing such that Seller’s reasonable estimate of the cost to repair the same exceeds $250,000.00 (any such casualty, a “Material Casualty”), either party hereto may elect to terminate this Agreement, whereupon Purchaser shall receive back the Deposit.  In the event of a fire or other casualty that is not a Material Casualty, or if there is a Material Casualty and neither party hereto elects to terminate the Agreement pursuant to the immediately preceding sentence, (i) Purchaser shall purchase the Property in accordance with the terms hereof (without reduction in the Purchase Price other than a credit for any applicable deductible in Seller’s insurance policy) and (ii) Seller shall assign to Purchaser at Closing all insurance proceeds payable on account of such damage (net of collection costs and costs of repair reasonably incurred by Seller and not then reimbursed).  With respect to any Material Casualty, the parties hereto shall be deemed to have elected to proceed with Closing unless, within ten (10) days from written notice of such Material Casualty from Seller to Purchaser, either party provides the other party with written notice that such party elects to terminate this Agreement pursuant to this Section 6.3.
Section 6.4Condemnation.  In the event that all or a material portion of the Real Property should be condemned by right of eminent domain prior to the Closing such that Seller’s reasonable estimate of the loss of value of the remaining Real Property exceeds $250,000.00 (any such event, a “Material Taking”), Purchaser may, at Purchaser’s sole option, elect either to:
(a)terminate this Agreement and receive back the Deposit; or
(b)close the transaction contemplated by this Agreement.

In the event of a condemnation by right of eminent domain that is not a Material Taking, or if there is a Material Taking and Purchaser elects to proceed under Section 6.4(b), Purchaser shall purchase the Property in accordance with the terms hereof (without reduction in the Purchase Price) and Seller shall assign to Purchaser at Closing all condemnation proceeds payable as a result of such condemnation (net of collection costs and costs of repair reasonably incurred by Seller and not then reimbursed).  With respect to any Material Taking, Purchaser shall be deemed to have elected to proceed under Section 6.4(b) unless, within ten (10) days from written notice of such Material Taking, Purchaser provides Seller with written notice that Purchaser elects to terminate this Agreement pursuant to Section 6.4(a).
ARTICLE 7
Representations, Warranties and Covenants
Section 7.1Purchaser’s Representations, Warranties and Covenants.  Purchaser hereby represents, warrants, covenants, and acknowledges to Seller as of the date hereof and as of the Closing as follows:
(a)Purchaser acknowledges that it is an experienced and sophisticated purchaser of commercial real estate projects such as the Property and that, prior to the end of the Study Period, it will have a full and complete opportunity to conduct such investigations, examinations, inspections and analyses of the Property as Purchaser, in its absolute discretion, may deem 
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appropriate.  Purchaser further acknowledges that, except for Seller Representations, Purchaser has not relied upon any statements, representations or warranties by Seller or any agent of Seller;
(b)Purchaser agrees that the Property shall be sold and that Purchaser shall accept possession of the Property on the Closing Date strictly on an “AS IS, WHERE IS” AND “WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR UNKNOWN” basis, with no right of set-off or reduction in the Purchase Price, and that, except for the Seller Representations, such sale shall be without representation or warranty of any kind, express or implied, including any warranty of income potential, operating expenses, uses, merchantability or fitness for a particular purpose, and Seller does hereby disclaim and renounce any such representation or warranty.  Except for and subject to the Seller Representations, the title warranty in the Deed, and any other representations and warranties of Seller in any other document executed by Seller at the Closing, Purchaser specifically acknowledges that Purchaser is not relying on any representations or warranties of any kind whatsoever, express or implied, from Seller, any other Seller Party or any broker or other agents as to any matters concerning the Property including: (1) the value of the Property; (2) any income to be derived from the Property; (3) the suitability of the Property for any and all activities and uses which Purchaser may conduct thereon, including the possibilities for further development of the Property or construction thereon; (4) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the Property or any improvements thereon; (5) the manner, quality, state of repair or lack of repair on the Property or any improvements thereon; (6) the nature, quality or condition of the Property, including with respect to water conditions, soil, geological or geotechnical condition (including soil expansiveness, corrosivity, or stability, or seismic, hydrological, geological and topographical conditions and configurations, including, without limitation, any opinions or conclusions of any soils engineer(s) retained to perform geotechnical and/or soils studies or to oversee any soils engineering aspects of developing the Property); (7) the compliance of or by the Seller, the Property, or its operation with any codes, laws, rules, ordinances, regulations of any applicable governmental authority or body; (8) the manner or quality of the construction or materials incorporated into the Property; (9) compliance with environmental laws or land use laws, rules, regulations, orders, codes or requirements, including, but not limited to, the Americans with Disabilities Act of 1990, the Federal Water Pollution Control Act, the U.S. Environmental Protection Agency regulations at 40 CFR, Part 261, the Clean Water Act, the Safe Drinking Water Act, the Hazardous Materials Transportation Act, the Toxic Substance Control Act, and/or any rules or regulations promulgated under any of the foregoing (as the same may be amended from time to time); (10) the presence or absence of radon gas, methane gas, asbestos any other Hazardous Materials at, on, under, or adjacent to the Property; (11) the conformity of any improvements to any plans or specifications, including, without limitation, any plans and specifications that may have been or may be provided to Purchaser; (12) the conformity of the Property to past, current or future applicable zoning or building requirements; (13) deficiency of any undershoring; (14) deficiency of any drainage; (15) the fact that all or a portion of the Property may be located on or near an earthquake fault line or in or near an earthquake or seismic hazard zone; (16) the existence of vested land use, zoning or building entitlements affecting the Property; (17) water rights or the availability of or access to water; (18) the presence or suitability of any utilities or availability thereof; (19) the completeness or accuracy of any information provided to Purchaser by Seller or its agents; or (20) any other matter relating to the Property or to the 
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development, construction, operation, or sale of the Property.  Except for and subject to the terms and conditions of this Agreement and the terms and conditions of any other document executed and delivered by Seller at the Closing, Purchaser further acknowledges and agrees that, except for Seller’s Representations, Seller is under no duty to make any affirmative disclosures or inquiry regarding any matter which may or may not be known to Seller or any of the other Seller Parties, and Purchaser, for itself and for its successors and assigns, hereby expressly waives and releases Seller and each of the other Seller Parties from any such duty that otherwise might exist; provided, however, the foregoing provision shall not prevent Purchaser from relying on the Seller Representations, subject to the limitations and conditions relating thereto set forth in this Agreement;

(c)Except as expressly provided below in this Section 7.1(c), Purchaser, for Purchaser and Purchaser’s successors and assigns, hereby releases Seller and the other Seller Parties from, and irrevocably and unconditionally waives all claims and liability against Seller and each of the other Seller Parties for or attributable to, the following:

(i)any and all statements or opinions heretofore or hereafter made, or information furnished, by or on behalf of the Seller Parties to Purchaser or any of Purchaser’s agents or representatives; and
(ii)any and all losses, costs, claims, liabilities, expenses, demands or obligations of any kind or nature whatsoever, whether known or unknown and foreseen or unforeseen, attributable to the structural, physical, or environmental condition of the Property existing on the Closing Date, including claims or liabilities relating to the presence, discovery or removal of any Hazardous Materials in, at, under or about the Property existing on the Closing Date; provided, however,  the release and waiver set forth in this Section 7.1(c) is not intended and shall not be construed to affect or impair any rights or remedies that Purchaser may have against Seller as a result of a breach of any of Seller Representations or of any covenant of Seller expressly set forth in this Agreement, subject to the terms and limitations on Seller’s liability as set forth elsewhere in this Agreement;
provided, however, that this release and waiver is not intended to and shall not affect or impair any rights or remedies that Purchaser may have against Seller as a result of a breach of (A) any of the terms and conditions of this Agreement or (B) any of the terms or conditions of any other document executed at the Closing.
Purchaser acknowledges and agrees that (1) Purchaser may hereinafter discover facts different from or in addition to those now (or as of the Closing) known to Purchaser, (2) Purchaser’s agreement to release, acquit and discharge Seller and the other Seller Parties as set forth herein shall remain in full force and effect notwithstanding the existence or discovery of any such additional or different facts, (3) Purchaser knowingly waives any rights, privileges and benefits under any federal, state or local law which may negatively impact the validity or enforceability of any part of the releases set forth in this Agreement, (4) upon the completion of the Closing, Seller shall be deemed to have satisfied all of Seller’s obligations, covenants and liabilities in this Agreement and in any documents executed by Seller in connection herewith other than those obligations of Seller that, by the express terms of this Agreement, survive the Closing 
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(in which case such survival shall be subject to the limitations set forth in this Agreement), and (5) Purchaser irrevocably covenants never to commence or prosecute, or to collude with others to commence or prosecute, against Seller or any other Seller Party any action or proceeding based upon any claim covered by the foregoing release.
Purchaser understands the legal significance of the foregoing provisions and acknowledges and agrees that the provisions of Section 7.1(b) and this Section 7.1(c) were a material factor in Sellers’ acceptance of the Purchase Price and that Sellers are unwilling to sell the Property unless Sellers and the other Seller Parties are expressly released as set forth in Section 7.1(b) and this Section 7.1(c).
The releases contained in Section 7.1(b) and this Section 7.1(c) and elsewhere in this Agreement include claims of which Purchaser is presently unaware or which Purchaser does not presently suspect to exist, which, if known by Purchaser, would materially affect Purchaser’s release of Seller.  Purchaser specifically waives the provisions of any law of any state, territory or jurisdiction the import of which is as follows:
A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.
Notwithstanding anything to the contrary in this Agreement, the provisions of Section 7.1(b) and this Section 7.1(c) shall survive the Closing;
(d)Purchaser is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Louisiana.  This Agreement constitutes the valid and legally binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms
(e)There are no actions, suits or proceedings pending or, to the knowledge of Purchaser, threatened, against or affecting Purchaser which, if determined adversely to Purchaser, would adversely affect its ability to perform its obligations hereunder;

(f)Neither the execution, delivery or performance of this Agreement nor compliance herewith (a) conflicts or will conflict with or results or will result in a breach of or constitutes or will constitute a default under (1) the charter documents or by-laws of Purchaser, (2) to the best of Purchaser’s knowledge, any law or any order, writ, injunction or decree of any court or governmental authority, or (3) any agreement or instrument to which Purchaser is a party or by which it is bound or (b) results in the creation or imposition of any lien, charge or encumbrance upon its property pursuant to any such agreement or instrument;

(g)No authorization, consent, approval of any governmental authority (including courts) is required for the execution and delivery by Purchaser of this Agreement or the performance of its obligations hereunder;

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(h)Purchaser is either acting as a principal in this transaction or is acting for an investor over which Purchaser has discretionary authority in connection with the transaction contemplated hereby; and

(i)Purchaser is not, and will not be, a Person with whom Seller is restricted from doing business under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (commonly known as the “USA Patriot Act”) and Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001 and regulations promulgated pursuant thereto (collectively, “Anti-Terrorism Laws”), including persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List.

Section 7.2Seller’s Representations.  Except as set forth in this Agreement or any other Document, Seller warrants and represents to Purchaser as set forth in (a) and (b) of this Section 7.2:
(a)Representations Concerning Seller
(i)Seller is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware.  This Agreement constitutes the valid and legally binding obligation of Seller, enforceable against Seller in accordance with its terms;
(ii)There are no actions, suits or proceedings pending or, to the knowledge of Seller, threatened, against or affecting Seller which, if determined adversely to Seller, would adversely affect its ability to perform its obligations hereunder;

(iii)Seller has full right, power and authority and is duly authorized to enter into this Agreement, to perform each of the covenants on its part to be performed hereunder and to execute and deliver, and to perform its obligations under all documents required to be executed and delivered by it pursuant to this Agreement;

(iv)Neither the execution, delivery or performance of this Agreement nor compliance herewith (a) conflicts or will conflict with or results or will result in a breach of or constitutes or will constitute a default under (1) the charter documents or by-laws of Seller, (2) to the best of Seller’s knowledge, any law or any order, writ, injunction or decree of any court or governmental authority, or (3) any agreement or instrument to which Seller is a party or by which it is bound or (b) results in the creation or imposition of any lien, charge or encumbrance upon its property pursuant to any such agreement or instrument;

(v)No authorization, consent, or approval of any governmental authority (including courts) is required for the execution and delivery by Seller of this Agreement or the performance of its obligations hereunder;

(vi)Seller is not a “foreign person” as defined in Section 1445 of the Code;
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(vii)Seller is not, and will not be, a Person with whom Purchaser is restricted from doing business with under the Anti-Terrorism Laws, including persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List;

(b)Representations Concerning the Property
(i)To the best of Seller’s knowledge, Seller has not received any written notice from any governmental agency requiring the correction of any condition with respect to the Property, or any part thereof, by reason of a material violation of any applicable federal, state, county or municipal law, code, rule or regulation, which has not been cured or waived;

(ii)To the best of Seller’s knowledge, Seller has not received any written notice of any current or pending litigation against Seller that would, in the reasonable judgment of Seller, if determined adversely to Seller, materially and adversely affect Purchaser or the Property following Closing; and

(iii)To the best of Seller’s knowledge, (a) Seller has delivered or made available to Purchaser true and complete copies of all Contracts that are in Seller’s possession or control and materially affect the ownership, use and operation of the Property, and (b) such Contracts are in full force and effect.

Section 7.3Seller’s Knowledge.  Whenever a representation is qualified by the phrase “to the best of Seller’s knowledge”, or by words of similar import, the accuracy of such representation shall be based solely on the actual (as opposed to constructive or imputed) knowledge of the Designated Seller Representative, without independent investigation or inquiry.  Purchaser acknowledges that the Designated Seller Representative is named solely for the purpose of defining the scope of Seller’s knowledge and not for the purpose of imposing any liability on or creating any duties running from the Designated Seller Representative to Purchaser and Purchaser agrees that no Designated Seller Representative shall have any liability under this Agreement or in connection with the transactions contemplated hereby.
Section 7.4Notice of Breach.

(a)To the extent that, before the expiration of the Study Period, Purchaser obtains actual knowledge or is deemed to know that Seller’s representations and warranties are inaccurate, untrue or incorrect in any way, such representations and warranties shall be deemed modified to reflect such actual or deemed knowledge as of the end of the Study Period.
(b)If after the expiration of the Study Period but prior to the Closing, Purchaser first obtains actual knowledge that any of the representations or warranties made herein by Seller are untrue, inaccurate or incorrect in any material respect, Purchaser shall give Seller written notice thereof within five (5) Business Days of obtaining such actual knowledge (but, in any event, prior to the Closing).  In such event, Seller shall have the right (but not the obligation) to attempt to cure such misrepresentation or breach and shall, at its option, be entitled to a reasonable adjournments 
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of the Closing (not to exceed forty-five (45) days) for the purpose of such cure.  If Seller elects to attempt to so cure but is unable to so cure any misrepresentation or breach of warranty, then Purchaser, as its sole remedy for any and all such materially untrue, inaccurate or incorrect representations or warranties, shall elect either (a) to waive such misrepresentations or breaches of representations and warranties and consummate the transaction contemplated hereby without any reduction of or credit against the Purchase Price, or (b) if Purchaser first obtained actual knowledge of such material misrepresentation or breach of warranty after the end of the Study Period, to terminate this Agreement in its entirety by written notice given to Seller on the Closing Date, in which event this Agreement shall be terminated, the Deposit shall be returned to Purchaser promptly following Purchaser’s compliance with its obligations under Section 5.3(c) and, thereafter, neither party shall have any further rights or obligations hereunder except as provided in any section hereof that by its terms expressly provides that it survives any termination of this Agreement.

ARTICLE 8
Closing
Section 8.1Closing Date.  The Closing shall take place at 10:00 a.m. on the date that is fifteen (15) days after the date of expiration of the Study Period, or such earlier date agreed to in writing by Seller and Purchaser.  Unless the parties otherwise agree in writing, the Closing shall be conducted through a customary escrow arrangement with the Title Company and, on or before the Closing Date, Seller shall deliver to the Title Company the documents listed in Section 8.2(a)-Section 8.2(h) and the Purchaser shall deliver to the Title Company the documents and funds described in Section 8.3.  The other materials and documents described in Section 8.2 shall be delivered directly from Seller to Purchaser (or Purchaser’s property manager) on or before the Closing Date.
Section 8.2Seller’s Deliveries.  At the Closing, Seller shall deliver or cause to be delivered to Purchaser, at Seller’s sole expense, each of the following items, each executed and acknowledged to the extent appropriate: 

(a)The Deed;
(b)The Bill of Sale;
(c)The Assignment and Assumption Agreement;
(d)A non-foreign person affidavit sworn to by Seller as required by Section 1445 of the Code;
(e)A certificate updating the Seller Representations substantially in the form of Exhibit G;
(f)Such evidence or documents as may be reasonably required by the Title Company relating to:  (i) mechanics’ or materialmen’s liens; (ii) parties in possession; and (iii) the status and 
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capacity of Seller and the authority of the Person or Persons who are executing the various documents on behalf of Seller in connection with the sale of the Property;
(g)A duly-executed Closing Statement; and
(h)A duly-executed counterpart of the Lease.
Section 8.3Purchaser’s Deliveries.  At the Closing, Purchaser shall deliver to Seller the following items:
(a)Immediately available federal funds sufficient to pay the Purchase Price (less the Deposit, and subject to apportionments and adjustments as set forth herein) and Purchaser’s share of all escrow costs and closing expenses;
(b)Duly executed and acknowledged originals of the Assignment and Assumption Agreement and the Closing Statement; 
(c)A duly-executed counterpart of the Lease; and
(d)Such evidence or documents as may reasonably be required by the Title Company evidencing the status and capacity of Purchaser and the authority of the Person or Persons who are executing the various documents on behalf of Purchaser in connection with the purchase of the Property.
Section 8.4Costs and Prorations.
(a)General.  Real estate taxes and assessments allocable to the payment period that includes the Closing Date, personal property taxes, if any, and all other items of income and expense with respect to the Property shall be prorated between Seller and Purchaser as of the Closing Date in accordance with this Section 8.4.  Except as otherwise provided in this Section 8.4, income and expenses shall be prorated on an accrual basis.  All apportionments and prorations made hereunder shall be made based on the number of days of ownership of the Property in the period applicable to the apportionment, with Purchaser entitled to income and responsible for expenses for the Closing Date.  Prorations of annual payments will be made based on the number of days of ownership in the applicable annual period.
(b)Taxes.  All real estate taxes and/or assessments assessed against the Real Property, including, but not limited to real estate taxes and/or assessments assessed by Montgomery County, Texas, The Woodlands Township, and the Woodlands Road Utility District, shall be prorated between Seller and Purchaser on an accrual basis based upon the actual current tax bill.  If the most recent tax bill received by Seller before the Closing Date is not the actual current tax bill, then Seller and Purchaser shall initially prorate the taxes at the Closing by applying 100% of the tax rate for the period covered by the most current available tax bill to the latest assessed valuation, and shall reprorate the taxes retroactively when the actual current tax bill is then available; provided, however, in no event shall Seller be charged with or responsible for any increase in real estate taxes resulting from the sale of the Property to Purchaser or from any improvements made on or 
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after the Closing.  All real estate taxes accruing before the Closing Date shall be the obligation of Seller and all such taxes accruing on and after the Closing Date shall be the obligation of Purchaser.  Any refunds of real estate taxes made after the Closing shall first be applied to the unreimbursed third-party costs incurred by Seller or Purchaser in obtaining the refund, and the balance, if any, shall be paid to Seller (for the period prior to the Closing Date) and to Purchaser (for the period commencing on and after the Closing Date).  If any proceeding to determine the assessed value of the Real Property or the real estate taxes payable with respect to the Real Property has been commenced before the Effective Date and shall be continuing as of the Closing Date, Seller shall be authorized to continue to prosecute such proceeding and shall be entitled to any abatement proceeds therefrom allocable to any period before the Closing Date, and Purchaser agrees to cooperate as reasonably requested with Seller and to execute any and all documents reasonably requested by Seller in furtherance of the foregoing.  
(c)Assessment Installments.  If there are special assessments pending against the Property, Seller shall pay any installments of such special assessments that are due and payable prior to the Closing and Purchaser shall pay all installments of such special assessments on or after the Closing; provided, however, Seller shall not be required to pay any installments of special assessments that relate to projects that have not been completed as of the Effective Date.
(d)Utilities.  Final readings and final billings for utilities will be made if possible as of the Closing Date, in which event no proration shall be made at the Closing with respect to utility bills; otherwise a proration shall be made based upon the parties’ reasonable good faith estimate and a readjustment made within thirty (30) days after Closing.  Utility Deposits, plus any interest on the Utility Deposits to which Seller is or will be entitled that are held by the provider of the utilities and which are freely transferable to Purchaser, shall at the election of Seller be assigned by Seller to Purchaser and Purchaser shall pay Seller the full amount thereof at Closing.  Seller shall retain the right to obtain a refund of any Utility Deposits which are not required to be assigned to Purchaser, and Purchaser will cooperate with Seller as reasonably requested in obtaining any refund.
(e)Assigned Contracts.  Prepaid charges, payments and accrued charges under any Contracts assigned to Purchaser shall be prorated at Closing in a manner reasonably acceptable to Seller and Purchaser. 
(f)Closing Statement.  Purchaser and Seller shall cooperate to produce prior to the Closing Date a schedule of prorations and closing costs that is as complete and accurate as reasonably possible (the “Closing Statement”).  If any of the aforesaid prorations cannot be calculated accurately on the Closing Date, then they shall be estimated to the extent possible as of the Closing and calculated as soon after the Closing Date as is feasible.  All adjustments to initial estimated prorations shall be made by the parties with due diligence and cooperation within sixty (60) days following the Closing, or such later time as may be required to obtain necessary information for proration, by prompt cash payment to the party yielding a net credit from such prorations from the other party; provided, however, the provisions of this paragraph shall survive the Closing for one (1) year and after such date neither Seller nor Purchaser shall have any further rights or obligations under this Section 8.4.
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(g)Closing Costs.  At Closing, Seller shall pay the base premium for the Owner’s Title Insurance Policy and one-half of the Title Company’s customary escrow and closing fees.  Purchaser shall pay all costs associated with its due diligence, including the cost of appraisals, surveys, architectural, engineering, credit and environmental reports, all title insurance premiums and costs other than the base premium paid by Seller as provided for above, the recording fees and one-half of the Title Company’s customary escrow and closing fees.  Purchaser and Seller shall each pay their own legal fees related to the preparation of this Agreement and all documents required to settle the transaction contemplated hereby.  All other customary purchase and sale closing costs shall be paid by Seller or Purchaser in accordance with the custom in the jurisdiction where the Property is located.
Section 8.5Possession.  Possession of the Property shall be delivered to Purchaser by Seller at the Closing, subject only to the rights of Seller under the Lease, the rights arising under any Contracts to be assigned to Purchaser in accordance with Section 5.5, and the Permitted Exceptions. 
ARTICLE 9
Real Estate Commission

Section 9.1Commissions.  If and only if, the transaction contemplated by this Agreement is consummated, Seller shall pay to PCR Brokerage Houston, LLC d/b/a NAI Partners (the “Seller Broker”) a sales commission of 4% pursuant to a separate listing agreement between Seller and the Seller Broker, and the Seller’s Broker shall pay to Newcor Commercial, LLC (the “Purchaser Broker”) out of the 4% sales commission paid by Seller to the Seller Broker a sales commission of 2%.  If this transaction fails to close for any reason, including the default of either party, no commission shall be deemed to have been earned by or payable to either the Seller Broker or to the Purchaser Broker.  Each of the parties represents to each other that it has not retained or used the services of a broker or agent in connection with this transaction other than the Seller Broker and the Purchaser Broker.  Each party agrees to indemnify and hold the other harmless from any claims of any other brokers or agents for fees or commissions arising out of this transaction attributable to a breach by such party of its representation in the immediately preceding sentence.  This provision shall survive Closing.
ARTICLE 10 
Termination and Default

Section 10.1Termination without Default. If the sale of the Property is not consummated because of the failure of any condition precedent to Purchaser’s obligations expressly set forth in this Agreement or for any other reason except a default by Purchaser in its obligation to purchase the Property in accordance with the provisions of this Agreement, and provided that Purchaser has performed or tendered performance of all of its material obligations under this Agreement, the Deposit shall be returned to Purchaser promptly following Purchaser’s compliance with its obligations under Section 5.3(c).
Section 10.2Purchaser’s Default
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. If the sale contemplated hereby is not consummated because of a default by Purchaser in its obligation to purchase the Property in accordance with the terms of this Agreement after Seller has performed or tendered performance of all of its material obligations in accordance with this Agreement, then: (a) this Agreement shall terminate; (b) the Deposit shall be paid to and retained by Seller as liquidated damages; and (c) except for Purchaser’s Surviving Obligations, Seller and Purchaser shall have no further obligations to each other.  PURCHASER AND SELLER ACKNOWLEDGE THAT THE DAMAGES TO SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY PURCHASER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT REPRESENTS THE PARTIES’ BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES THAT WOULD BE SUFFERED BY SELLER IF THE TRANSACTION SHOULD FAIL TO CLOSE AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT AND UNDER THE CIRCUMSTANCES THAT SELLER AND PURCHASER REASONABLY ANTICIPATE WOULD EXIST AT THE TIME OF SUCH BREACH.  
This Section 10.2 is intended only to liquidate and limit Seller’s right to damages arising due to Purchaser’s failure to purchase the Property in accordance with the terms of this Agreement and shall not limit the obligations of Purchaser pursuant to Sections 5.1, 5.3, 9.1, 11.8 or 11.18 of this Agreement.
Section 10.3Seller’s Default.  If Purchaser shall have performed or tendered performance of all of its material obligations under this Agreement, and the sale contemplated hereby is not consummated because of a default by Seller in its obligation to sell the Property in accordance with the terms of this Agreement, then, Purchaser may, as its sole and exclusive remedy at law or in equity: (a) terminate this Agreement by giving written notice thereof to Seller, in which event the Deposit will be returned to Purchaser promptly following Purchaser’s compliance with its obligations under Section 5.3(c), and, after the return to Purchaser of the Deposit, neither Seller nor Purchaser will have any further duties or obligations to the other hereunder except for Purchaser’s Surviving Obligations; (b) waive such default and consummate the transactions contemplated hereby in accordance with the terms of this Agreement; or (c) specifically enforce this Agreement.  Purchaser hereby irrevocably waives any other right or remedy for such default.  As a condition precedent to Purchaser exercising any right to bring an action for specific performance as the result of Seller’s default hereunder, Purchaser must commence such action within sixty (60) days after the occurrence of such default.  Purchaser agrees that its failure timely to commence such an action for specific performance within such sixty (60) day period shall be deemed a waiver by it of its right to commence such an action.
Section 10.4Breach of Representations.  Seller and Purchaser agree that, following the Closing, each shall be liable for the direct, but not consequential or punitive, damages resulting from any breach of its representations and warranties expressly set forth in Article 7 hereof; provided, however, (i) the total liability of Seller for all such breaches and any matters relating thereto shall not, in the aggregate, exceed the Post Closing Claim Cap; (ii) such representations and warranties are personal to Seller and Purchaser and may not be assigned to or enforced by any other Person, other than to an assignee of Purchaser in accordance with Section 11.3; and (iii) the 
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representations and warranties of Seller set forth in this Agreement or in any document or certificate delivered by Seller in connection herewith shall survive the Closing for a period of one hundred eighty (180) days; provided, however, no claim with respect to such representations and warranties of Seller shall be valid or enforceable, at law or in equity, unless written notice containing a description of the specific nature of such claim shall have been given by Purchaser to Seller prior to the expiration of said one hundred eighty (180) day period and an action shall have been commenced by Purchaser against Seller within two (2) years of Closing.  Notwithstanding the foregoing, however, if the Closing occurs, each Party hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity, under this Agreement or otherwise to make a claim against the other Party for damages that the waiving Party may incur, or to rescind this Agreement and the transactions contemplated hereby, as the result of any of the other Party’s representations or warranties in this Agreement or any document executed by the other Party in connection herewith being untrue, inaccurate or incorrect if the waiving Party knew or is deemed to know that such representation or warranty was untrue, inaccurate or incorrect at the time of the Closing.  Purchaser further agrees that, following the Closing, no claim may or shall be made for any alleged breach of any representations or warranties made by Seller under or relating to this Agreement unless the amount of such claim or claims, individually or in the aggregate, exceeds Twenty-Five Thousand Dollars ($25,000.00) (at which point, subject to the above provisions, Seller shall be liable for all such damages caused thereby relating back to the first dollar of loss).

ARTICLE 11
Miscellaneous

Section 11.1Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein, and it supersedes all prior discussions, understandings or agreements between the parties.  All Exhibits and Schedules attached hereto are a part of this Agreement and are incorporated herein by reference. The parties hereto acknowledge and agree that it is their mutual intent that this Agreement shall replace and supersede that certain Seller’s Response 5/27/2020 executed on May 29, 2020 by Seller and Purchaser (the “LOI”).  The parties further agree that the LOI shall be of no further force and effect upon the execution of this Agreement.  
Section 11.2Binding On Successors and Assigns.  Subject to Section 11.3, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

Section 11.3Assignment by Purchaser.  Without the prior written consent of Seller, Purchaser shall not, directly or indirectly, assign this Agreement or any of its rights hereunder. Any attempted assignment in violation hereof shall, at the election of Seller, be of no force or effect and shall constitute a default by Purchaser. Notwithstanding the foregoing, Purchaser may assign its rights under this Agreement subject to the following conditions: (a) the assignment must be to an Affiliate; (b) such assignee must assume all of Purchaser’s obligations hereunder in a manner reasonably acceptable to Seller and become jointly and severally liable with Purchaser for all such obligations; and (c) at least two (2) Business Days prior to the proposed assignment, Purchaser shall provide Seller with notice thereof and evidence that the foregoing conditions are satisfied.  
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For purposes of this Section 11.3, the term “Affiliate” shall mean: (i) an entity that controls, is controlled by, or is under common control with C Cubed Holdings, LLC, (ii) any partnership in which C Cubed Holdings, LLC or an entity controlled by C Cubed Holdings, LLC is the general partner, (iii) any fund or entity sponsored by C Cubed Holdings, LLC, or (iv) any entity that retains C Cubed Holdings, LLC or a company affiliated with C Cubed Holdings, LLC to manage the Property.

Section 11.4Waiver.  The excuse or waiver of the performance by a party of any obligation of the other party under this Agreement shall only be effective if evidenced by a written statement signed by the party so excusing or waiving.  No delay in exercising any right or remedy shall constitute a waiver thereof, and no waiver by Seller or Purchaser of the breach of any covenant of this Agreement shall be construed as a waiver of any preceding or succeeding breach of the same or any other covenant or condition of this Agreement.

Section 11.5Governing Law.

(a)This Agreement shall be construed and the rights and obligations of Seller and Purchaser hereunder determined in accordance with the internal laws of the State of Texas without regard to the principles of choice of law or conflicts of law.
(b)In recognition of the benefits of having any disputes with respect to this Agreement resolved by an experienced and expert person, Seller and Purchaser hereby agree that any suit, action, or proceeding, whether claim or counterclaim, brought or instituted by any party hereto on or with respect to this Agreement or which in any way relates, directly or indirectly, to this Agreement or any event, transaction, or occurrence arising out of or in any way connected with this Agreement or the Property, or the dealings of the parties with respect thereto, shall be tried only by a court and not by a jury.  EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING.
Section 11.6Counterparts.  This Agreement may be executed in any number of counterparts and it shall be sufficient that the signature of each party appear on one or more such counterparts.  All counterparts shall collectively constitute a single agreement.  
Section 11.7Notices.  All notices or other communications required or provided to be sent by either party shall be in writing and shall be sent by: (i) by United States Postal Service, certified mail, return receipt requested, (ii) by any nationally known overnight delivery service for next day delivery (iii) delivered in person, or (iv) by electronic mail.  All notices shall be deemed to have been given upon receipt. All notices shall be addressed to the parties at the addresses below:
To Seller: Lex-Gen Woodlands, L.P.
8800 Technology Forest Place
The Woodlands, Texas 77381
Attn: Jim Tessmer
Telephone: (281) 863-3121
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Email: jtessmer@lexpharma.com
With a copy to:  Hunton Andrews Kurth LLP
600 Travis, Suite 4200
Houston, Texas 77002
Attention:  Michael A. Boyd
Telephone: (713) 220-3921
Email: michaelboyd@HuntonAK.com
NOTICES INFORMATION ADDED BELOW
To Purchaser: C Cubed Holdings, LLC
403 Corporate Woods Drive
Magnolia, TX 77354
Attn:  Cooper Collins
Telephone: [__________]
Email: [__________]
With a copy to:  Paul Aubert Law Firm
403 Corporate Woods Drive
Magnolia, TX 77354
Attention:  Paul Aubert
Telephone: (713) 516-2670
Email: paubert@me.com
Any address or name specified above may be changed by notice given to the addressee by the other party in accordance with this Section 11.7.  The inability to deliver notice because of a changed address of which no notice was given as provided above, or because of rejection or other refusal to accept any notice, shall be deemed to be the receipt of the notice as of the date of such inability to deliver or rejection or refusal to accept.  Any notice to be given by any party hereto may be given by the counsel for such party.
Section 11.8Attorneys’ Fees.  In the event of a judicial or administrative proceeding or action by one party against the other party with respect to the interpretation or enforcement of this Agreement, the prevailing party shall be entitled to recover reasonable costs and expenses including reasonable attorneys’ fees and expenses, whether at the investigative, pretrial, trial or appellate level.  The prevailing party shall be determined by the court based upon an assessment of which party’s major arguments or position prevailed.
Section 11.9IRS Real Estate Sales Reporting.  Purchaser and Seller hereby agree that the Escrow Agent shall act as “the person responsible for closing” the transaction which is the subject of this Agreement pursuant to Section 6045(e) of the Code and shall prepare and file all informational returns, including IRS Form 1099 S, and shall otherwise comply with the provisions of Section 6045(e) of the Code.

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Section 11.10Time Periods.  Any reference in this Agreement to the time for the performance of obligations or elapsed time shall mean consecutive calendar days, months, or years, as applicable.  In the event the time for performance of any obligation hereunder expires on a day that is not a Business Day, the time for performance shall be extended to the next Business Day.

Section 11.11Modification of Agreement.  No modification of this Agreement shall be deemed effective unless in writing and signed by both Seller and Purchaser.

Section 11.13Further Instruments.  Each party, promptly upon the request of the other, shall execute and have acknowledged and delivered to the other or to Escrow Agent, as may be appropriate, any and all further instruments reasonably requested or appropriate to evidence or give effect to the provisions of this Agreement and which are consistent with the provisions of this Agreement.

Section 11.13Descriptive Headings; Word Meaning.  The descriptive headings of the paragraphs of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any provisions of this Agreement. Words such as “herein”, “hereinafter”, “hereof” and “hereunder” when used in reference to this Agreement, refer to this Agreement as a whole and not merely to a subdivision in which such words appear, unless the context otherwise requires.  The singular shall include the plural and the masculine gender shall include the feminine and neuter, and vice versa, unless the context otherwise requires.  The word “including” shall not be restrictive and shall be interpreted as if followed by the words “without limitation.”

Section 11.14Time of the Essence.  Time is of the essence of this Agreement and all covenants and deadlines hereunder.  Without limiting the foregoing, Purchaser and Seller hereby confirm their intention and agreement that time shall be of the essence of each and every provision of this Agreement, notwithstanding any subsequent modification or extension of any date or time period that is provided for under this Agreement.  The agreement of Purchaser and Seller that time is of the essence of each and every provision of this Agreement shall not be waived or modified by any conduct of the parties, and the agreement of Purchaser and Seller that time is of the essence of each and every provision of this Agreement may only be modified or waived by the express written agreement of Purchaser and Seller that time shall not be of the essence with respect to a particular date or time period, or any modification or extension thereof, which is provided under this Agreement.

Section 11.15Section 1031 Exchange.  In the event that Purchaser elects to purchase the Property as part of a like kind exchange pursuant to Section 1031 of the Code (including, without limitation, a Section 1031 exchange involving tenancy in common interests), Seller agrees to cooperate as reasonably requested with Purchaser in connection therewith and to execute and deliver all documents which reasonably may be required to effectuate such exchange as a qualified transaction pursuant to Section 1031 of the Code; provided, however, (a) the Closing shall not be delayed; (b) Seller incurs no additional cost or liability in connection with the like-kind exchange; (c) Purchaser pays all costs associated with the like-kind exchange; (d) Seller is not obligated to 
        27

take title to any other property; (e) Purchaser’s obligations under this Agreement are not in any way conditioned upon its ability to accomplish any like-kind exchange and in no event shall any actual or proposed like-kind exchange limit or affect Purchaser’s obligations or liabilities under this Agreement; and (f) Purchaser shall be solely responsible for, and shall indemnify, defend and hold the Seller harmless from, all liabilities, costs and expenses relating to any actual or proposed like-kind exchange.  The indemnification provision set forth above shall survive the Closing or termination of this Agreement.  

Section 11.16Construction of Agreement.  This Agreement shall not be construed more strictly against one party than against the other merely by virtue of the fact that it may have been prepared primarily by counsel for one of the parties, it being recognized that both Purchaser and Seller have contributed substantially and materially to the preparation of this Agreement.

Section 11.17Limitations on Liability. Notwithstanding anything to the contrary in this Agreement, and subject to any additional limitations on Seller’s liability set forth elsewhere in this Agreement: (a) Purchaser’s recourse against Seller under this Agreement or any agreement, document, certificate or instrument delivered by Seller hereunder, or under any law, rule or regulation relating to the Property, shall be limited to Seller’s interest in the Property (or, following the Closing, to the net proceeds of the sale of the Property actually received by Seller); and (b) in no event shall any of the Seller Parties have any personal liability hereunder or otherwise.  The acceptance of the Deed shall constitute full performance of all of Seller’s obligations hereunder other than those obligations of Seller, if any, that by the express terms hereof are to survive the Closing.

Section 11.18Severability.  The parties hereto intend and believe that each provision in this Agreement comports with all applicable local, state and federal laws and judicial decisions.  If, however, any provision in this Agreement is found by a court of law to be in violation of any applicable local, state, or federal law, statute, ordinance, administrative or judicial decision, or public policy, or if in any other respect such a court declares any such provision to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that, consistent with and with a view towards preserving the economic and legal arrangements among the parties hereto as expressed in this Agreement, such provision shall be given force and effect to the fullest possible extent, and that the remainder of this Agreement shall be construed as if such illegal, invalid, unlawful, void, or unenforceable provision were not contained herein, and that the rights, obligations, and interests of the parties under the remainder of this Agreement shall continue in full force and effect.

Section 11.19No Recording.  The provisions hereof shall not constitute a lien on the Property.  Neither Purchaser nor its agents or representatives shall record or file this Agreement or any notice or memorandum hereof in any public records; provided, however, this provision shall not prohibit Purchaser from filing a copy of this Agreement with any court in which Purchaser brings an action for specific performance in accordance with Section 10.4.  If Purchaser breaches the foregoing provision, this Agreement shall, at Seller’s election, terminate, and Seller shall retain the Deposit in accordance with Section 10.2.  Purchaser hereby irrevocably appoints Seller as its true and lawful attorney-in-fact, coupled with an interest, for the purpose of executing and 
        28

recording such documents and performing such other acts as may be necessary to terminate any recording or filing of this Agreement in violation of this provision.

Section 11.20No Implied Agreement.  Neither Seller nor Purchaser shall have any obligations in connection with the transaction contemplated by this Agreement unless both Seller and Purchaser, each acting in its sole discretion, elects to execute and deliver this Agreement to the other party.  No correspondence, course of dealing or submission of drafts or final versions of this Agreement between Seller and Purchaser shall be deemed to create any binding obligations in connection with the transaction contemplated hereby, and no contract or obligation on the part of Seller or Purchaser shall arise unless and until this Agreement is fully executed by both Seller and Purchaser.  Once executed and delivered by Seller and Purchaser, this Agreement shall be binding upon them notwithstanding the failure of Escrow Agent or any broker or other Person to execute this Agreement.

Section 11.22Electronically Transmitted Signatures.  Signatures to this Agreement, any amendment hereof and any notice given hereunder, transmitted electronically submitted (whether by telecopy or email) shall be valid and effective to bind the party so signing.  Each party agrees to promptly deliver an executed original of this Agreement (and any amendment hereto) with its actual signature to the other party, but a failure to do so shall not affect the enforceability of this Agreement (or any amendment hereto), it being expressly agreed that each party to this Agreement shall be bound by its own electronically submitted signature (whether by email or facsimile) and shall accept the electronically submitted signature (whether by email or facsimile) of the other party to this Agreement.

Section 11.23Press Releases.  Except for any disclosure requirements of Seller because of Seller’s status as a publicly-traded company, any release to the public of information with respect to the matters set forth in this Agreement prior to Closing will be made only in the form approved by Purchaser and Seller and their respective counsel. After Closing, either Purchaser or Seller may make a press-release concerning the sale (or acquisition) of the Property provided that the Purchase Price shall not be disclosed by Seller or Purchaser unless required based on Seller’s or Purchaser’s status as a publicly-traded company.  The provisions of this Section 11.23 shall survive the Closing or earlier termination of this Agreement.

[The balance of this page has intentionally been left blank.  Signature pages follow.]

        29

IN WITNESS WHEREOF, Seller and Purchaser hereto have executed this Agreement as of the Effective Date.
SELLER:
LEX-GEN WOODLANDS, L.P., a Delaware limited partnership
By: Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, its sole general partner
By: 
Name: 
Title: 

PURCHASER:
C CUBED HOLDINGS, LLC, a Louisiana limited liability company

By:      
Name:      
Title:      

        30

RECEIPT BY THE ESCROW AGENT
This Agreement, fully executed by both Seller and Purchaser, has been received by the Escrow Agent this ____ day of ____________, 20__ and by execution hereof, Escrow Agent hereby covenants and agrees to be bound by the terms of this Agreement that are applicable to it.
ESCROW AGENT
CHICAGO TITLE INSURANCE COMPANY
By:______________________________________
Name:       
Title:       

        31

EXHIBIT A
Description of the Land
[metes and bounds]

        A-1

EXHIBIT B
Property Information
1. Schedule of all mechanical equipment servicing the Property with all maintenance records pertaining to such mechanical equipment generated within the two (2) years immediately preceding the Effective Date; 
2. All roof maintenance reports relating to the Property generated within the two (2) years immediately preceding the Effective Date;
3. All electrical and plumbing system maintenance reports relating to the Property generated within the two (2) years immediately preceding the Effective Date;
4. The as-built plans and specifications with respect to the Improvements or any part thereof; and
5. All existing reports relating to the Property, including any Phase I environmental studies, engineering and/or structural studies relating to the Improvements, and ADA/life safety reports.

        B-1

EXHIBIT C
Form of Deed
NOTICE OF CONFIDENTIALITY RIGHTS:  IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS:  YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.
SPECIAL WARRANTY DEED
THE STATE OF TEXAS  §     § KNOW ALL MEN BY THESE PRESENTS:COUNTY OF MONTGOMERY §
THAT LEX-GEN WOODLANDS, L.P., a Delaware limited partnership (“Grantor”), whose mailing address is [[________________________________________________]], for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration paid in cash to Grantor by the Grantee herein named, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these: presents does GRANT, BARGAIN, SELL and CONVEY unto [[_________________________________]], a [[________________________]] (“Grantee”), whose mailing address is [[_______________________________]], that certain real property situated in the County of Montgomery, Texas, more particularly described on Exhibit A attached hereto and made a part hereof for all purposes (“Property”).
TO HAVE AND TO HOLD the Property and all improvements thereon, together with all and singular the rights and appurtenances thereto and in any wise belonging unto the said Grantee, its legal representatives, successors and assigns, forever; and Grantor does hereby bind itself, its legal representatives and successors, to Warrant and Forever Defend all and singular the Property, unto the said Grantee, its legal representatives, successors and assigns, against every person whomsoever, lawfully claiming or to claim the same, or any part thereof by, through or under Grantor, but not otherwise.
This conveyance is made and delivered subject to those matters of title set forth on Exhibit B attached hereto and incorporated herein by reference, but only to the extent the same, in fact, do exist and are applicable to the Property.
Grantee, by its acceptance hereof, assumes liability for the payment of all ad valorem taxes and assessments for the Property for the calendar year of the date of this Special Warranty Deed and for all subsequent years.
[Signature Page Follows]

        C-1

IN WITNESS WHEREOF, Grantor has executed this Special Warranty Deed on the ______ day of _________________, 20__.
GRANTOR:
LEX-GEN WOODLANDS, L.P., a Delaware limited partnership
By: Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, its sole general partner
By:              
Name:             
Title:              

STATE OF TEXAS §
        §
COUNTY OF MONTGOMERY §
This instrument was acknowledged before me on ___________, 20__, by _____________________, __________________________ of Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, sole general partner of Lex-Gen Woodlands, L.P., a Delaware limited partnership, on behalf of said limited partnership. 
             
Notary Public in and for the
State of _____________________

MAILING ADDRESS OF BENEFICIARY:
            
            
            
Attn:     
        C-2

AFTER RECORDING RETURN TO:
            
            
            
Attn:     

        C-3

EXHIBIT D
FORM OF BILL OF SALE AND GENERAL ASSIGNMENT
KNOW ALL PEOPLE BY THESE PRESENTS, that LEX-GEN WOODLANDS, L.P., with an address at 8800 Technology Forest Place, The Woodlands, Texas 77381 (“Seller”), for and in consideration of the sum of Ten and No/100 Dollars ($10.00) lawful money of the United States, and other good and valuable consideration to Seller in hand paid, at or before the delivery of these presents, by [[ _____________ _______________]] whose post office address is [[_____________________________]] (“Purchaser”), the receipt and sufficiency of which is hereby acknowledged, in connection with the sale of the parcel of land described in Exhibit A attached hereto (the “Land”) and the buildings and improvements erected thereon (collectively, the “Premises”), has bargained and sold, and by these presents does grant, bargain, sell, convey, set over, transfer, assign and deliver unto the Purchaser, its successors and assigns, the following:
i.All of Seller’s right, title and interest in and to all fixtures, equipment and articles of personal property described on Exhibit B attached hereto (the “Personalty”);
ii.All of Seller’s right, title and interest in and to all those permits, licenses, certificates, approvals, authorizations, variances and consents (including any and all presently pending applications therefor) affecting the Premises issued to Seller or to its predecessors in interest in the Premises as holder, claimant, licensee, permitee, successor in interest, applicant and/or owner or lessor of the Premises, by any and all federal, state, county, municipal and local governments, and all departments, commissions, boards, bureaus and offices thereof, having or claiming jurisdiction over the Premises, whether or not the same may presently be in full force and effect, all to the extent that Seller may lawfully transfer the same to Purchaser;
iii.All of Seller’s right, title and interest in and to all unexpired warranties and guaranties affecting the Premises and/or the Personalty, all to the extent that Seller may lawfully transfer the same to Purchaser (it being agreed that nothing in this Section (c) shall be construed to affect Seller’s rights under such warranties and guaranties with respect to periods prior to the date hereof); and
iv.All of Seller’s right, title and interest in and to all surveys, architectural and/or engineering renderings, and plans and specifications relating in any way to development and/or use of the Premises.
To have and to hold the same unto Purchaser, its successors and assigns forever.
This Bill of Sale and General Assignment is made without any warranties, express or implied, except for those representations and warranties, if any, expressly set forth in the Agreement, all of which are subject to the limitations set forth in the Agreement.
IN WITNESS WHEREOF, this Bill of Sale and General Assignment has been duly signed and sealed by the Seller as of the _____ day of ___________, 20__.
        D-1

        

SELLER:
LEX-GEN WOODLANDS, L.P., a Delaware limited partnership
By: Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, its sole general partner
By:  
Name: 
Title: 

        D-2

        

EXHIBIT A
(to Bill of Sale and General Assignment)
Property Description

        D-3

        

EXHIBIT B
(to Bill of Sale and General Assignment)
Personalty
All custom conference room furniture located in 3rd floor Boardroom (Room C3101)
All audio-visual equipment located in conference rooms

        D-4

        

EXHIBIT E
FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”) is executed as of [[________________, 20__]] by and between LEX-GEN WOODLANDS, L.P. (“Assignor”), and [[_____________________________]] (“Assignee”).
Background:
Assignor has this day conveyed to the Assignee the property located in The Woodlands, Montgomery County, Texas, more particularly described in Exhibit A hereto (the “Premises”) and, in connection with the conveyance of the Premises, Assignor and Assignee intend that Assignor’s right, title, interests, powers, and privileges in and under all matters stated herein be assigned and transferred to Assignee.
Agreement:
In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Contracts. Assignor hereby transfers and assigns to Assignee any and all right, title and interest which Assignor may have in the contracts, if any, listed in Exhibit B attached hereto and made a part hereof (collectively, the “Contracts”).  By executing this Assignment, Assignee hereby accepts and agrees to perform all of the terms, covenants and conditions of the Contracts on the part of Assignor therein required to be performed, from and after the date hereof, but not prior thereto.  Assignor agrees to indemnify, defend and hold Assignee harmless with respect to all liabilities and obligations of Assignor under the Contracts arising or accruing prior to the date hereof.  Assignee hereby assumes all liabilities and obligations of Assignor under the Contracts arising or accruing from and after the date hereof and agrees to indemnify, defend and hold Assignor harmless with respect thereto.
2. Successors and Assigns.  This Assignment shall inure to the benefit of, and be binding upon, the successors, executors, administrators, legal representatives and assigns of the parties hereto.
3. Governing Law.  This Agreement shall be construed under and enforced in accordance with the laws of the State of Texas.
4. No Representations.  This assignment is made without any representation or warranty, express or implied, except for those representations and warranties, if any, expressly set forth in that Real Estate Purchase and Sale Agreement between Assignor and [[_____________________________]] dated as of [[_____________, 20__]] (the “Agreement”), all of which are subject to the limitations set forth in the Agreement.
        E-1

        

IN WITNESS WHEREOF, this Assignment has been duly signed and sealed by the parties as of the date set forth above.
ASSIGNOR:
LEX-GEN WOODLANDS, L.P., a Delaware limited partnership
By: Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, its sole general partner
By:  
Name: 
Title: 

ASSIGNEE:
[[____________________________________]], 
A [[____________________________________]]

By:      
Name:      
Title:      

        E-2

        

EXHIBIT A
(to Assignment and Assumption Agreement)
Property Description

        E-3

        

EXHIBIT B
Assigned Contracts
(to Assignment and Assumption Agreement)
[List any Contracts assigned to Purchaser in accordance with Section 5.5]

        E-4

        

EXHIBIT F
GENERAL TERMS OF LEASE AGREEMENT
Leased Premises: All of the third (3rd) floor, consisting of approximately 38,000 rentable square feet in Building Four.
Term: A period commencing on the Closing Date, and expiring on the date which is nine (9) months following the Closing Date.  Seller shall have the option to extend the term of the lease for up to three (3) successive terms of one (1) month each upon fifteen (15) days’ written notice to Purchaser prior to the then-current expiration of the lease term.  
Rent: Seller shall pay for all operating expenses for the Property during the term of the resulting lease; provided, however, all charges for taxes and insurance on the Property shall be prorated based on the square footage of the Leased Premises for the term of the lease.
Security: Seller shall have the right to continue to use the lobby of Building Four for security. 

        F-1

        

EXHIBIT G
REPRESENTATION CERTIFICATE
The undersigned, as Seller under a Real Estate Purchase and Sale Agreement (“Purchase Agreement”) dated as of [[_________________, 20__]] between LEX-GEN WOODLANDS, L.P. (“Seller”) and [[____________________]] (“Purchaser”), does hereby certify to Purchaser as follows:
Except as otherwise disclosed in writing to Purchaser, the representations and warranties set forth in Section 7.2 of the Purchase Agreement are hereby reaffirmed as of the date hereof.
Seller’s liability hereunder shall be subject to the limitations set forth in the Purchase Agreement.
Dated as of this ____ day of ____________, 20__.
SELLER:
LEX-GEN WOODLANDS, L.P., a Delaware limited partnership
By: Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, its sole general partner
By:  
Name: 
Title: 

        G-1

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