Document:

CONTRIBUTION AGREEMENT FOR CHICAGO BRIDGE & IRON PROPERTY

 EXHIBIT 10.12 
 CONTRIBUTION AGREEMENT RELATED TO CHICAGO BRIDGE & IRON PROPERTY 

 CONTRIBUTION AGREEMENT 
 CB&I PROPERTY 
 THIS CONTRIBUTION AGREEMENT (this “Agreement”) is entered into
as of April 21, 2009 by and among The GC Net Lease REIT Operating Partnership, L.P. (the “Operating Partnership”), Plainfield Acquisitions, LLC, Kevin A. Shields, Don G. Pescara, and David C. Rupert (each, a “Contributor”
and, collectively, the “Contributors”). 
 WHEREAS, the Operating Partnership is considering engaging in various related
transactions pursuant to which, among other things, (i) the Operating Partnership would acquire the ownership interests in several entities (the “Contribution Transactions”) that own two net lease real estate properties (the
“Griffin Properties”), including (a) 100% of the ownership interests in Plainfield Partners, LLC (“Plainfield Partners”), which owns a three-story office/laboratory property containing a total of approximately 176,000
rentable square feet located in Plainfield, Illinois and leased to Chicago Bridge & Iron, Co. (the “CB&I Property”), and (b) 100% of the ownership interests in Renfro Properties LLC, which owns a single-story
warehouse/distribution building containing approximately 565,000 rentable square feet located in Clinton, South Carolina and leased to Renfro Corporation (the “Renfro Property”), and (ii) The GC Net Lease REIT, Inc. (the
“REIT”) will commence a private placement offering of its common shares and contribute the proceeds therefrom for a like number of units of partnership interest in the Operating Partnership; 
 WHEREAS, each Contributor currently owns directly and, at the Closing, will own directly the percentage ownership interests in Plainfield Partners listed
on Exhibit A hereto (each, an “Interest” and, collectively, the “Interests”); and 
 WHEREAS, the Operating
Partnership desires to acquire from each Contributor, and each Contributor desires to transfer to the Operating Partnership, subject to the terms and conditions set forth herein, all of such Contributor’s Interests in Plainfield Partners.

 NOW THEREFORE, in consideration of the foregoing and the mutual covenants and conditions set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Operating Partnership and the Contributors agree as follows: 
 ARTICLE I: CONTRIBUTION OF INTERESTS 
 1.1    Contribution of the Interests. Subject to the terms and
conditions hereof, each Contributor agrees to contribute or otherwise transfer to the Operating Partnership, and the Operating Partnership agrees to acquire and accept from such Contributor, on the Closing Date (as hereinafter defined), all of such
Contributor’s right, title and interest in and to the Interests listed as owned by such Contributor on Exhibit A hereto. 
 1.2    Contributor Exchange Amount. 
 (a)    Units Delivered at Closing.
Subject to the terms and conditions of this Agreement, in exchange for the contribution of all of the Interests listed on Exhibit A as being owned by the Contributors, the Operating Partnership shall transfer to each Contributor, and
upon execution and delivery of the Partnership Agreement (as defined below) by such Contributor, such Contributor shall receive, at the Closing, a number of units of limited partnership interest in the Operating Partnership (“Units”)
(rounded to the nearest whole Unit) equal to (i) the applicable 

 
percentage listed opposite Contributor’s name on Exhibit A hereto times (ii) 1,150,000 Units, in a transaction intended to qualify for
non-recognition of gain to such Contributor pursuant to Section 721 of the Internal Revenue Code of 1986, as amended (the “Code”). The rights of a holder of Units as of the Closing will be set forth in the First Amended and Restated
Agreement of Limited Partnership of The GC Net Lease REIT Operating Partnership, L.P. (the “Partnership Agreement”). Each Contributor acknowledges and agrees that, with respect to the Interest in Plainfield Partners owned by such
Contributor as listed on Exhibit A hereto, receipt of the Units in exchange for such Interest shall constitute receipt of fair value (which aggregate value for all of the Interests has been determined by the parties to be $11,500,000,
the “Agreed Value”) in exchange for such Contributor’s Interest in Plainfield Partners as of the Closing Date, and the Agreed Value deemed contributed to the Operating Partnership by each Contributor, which Agreed Value will be
recorded on the Operating Partnership’s books and records, shall be equal to the applicable percentage listed opposite such Contributor’s name on Exhibit A hereto times the Agreed Value. 
 (b)    Distribution of Units. At the Closing, the Operating Partnership shall issue the Units to each Contributor (as
determined pursuant to Section 1.2(a) above). The name of each Contributor and the number of Units issued to such Contributor at the Closing shall be recorded in the books and records of the Operating Partnership. 
 (c)    Admission as a Limited Partner. Upon execution and delivery of the signature page to the Partnership Agreement by a
Contributor at the Closing, and subject to the completion of the Closing, such Contributor shall be admitted to the Operating Partnership as a limited partner of the Operating Partnership and, as such, shall be subject to, and bound by, the
Partnership Agreement, including all the terms and conditions thereof, and the power of attorney granted therein. 
 ARTICLE 2:
REPRESENTATIONS, WARRANTIES AND COVENANTS OF 
 CONTRIBUTOR 
 As a material inducement to the Operating Partnership to enter into this Agreement and to consummate the transactions contemplated hereby, each Contributor hereby makes to the Operating Partnership each of the
representations and warranties set forth in this Article 2, severally but not jointly, which representations and warranties are true and correct as of the date hereof. 
 2.1    Title to the Interests. Contributor owns, directly or indirectly, and at the Closing will own beneficially and of
record, free and clear of any claim, lien (including tax liens), option, charge, security interest, mortgage, deed of trust, encumbrance, rights of assignment, purchase rights or other rights of any nature whatsoever of any third party
(collectively, “Encumbrances”), and has or will have at the Closing full power and authority to convey free and clear of any Encumbrances, the Interest listed on Exhibit A hereto as being owned by such Contributor and, upon
delivery of an assignment by Contributor conveying such Interest and consideration for such Interest as herein provided, the Operating Partnership (or its designee) will acquire good and valid title thereto, free and clear of any Encumbrance, in
each case, except (i) Encumbrances created in favor of the Operating Partnership by the transactions contemplated hereby, or (ii) Encumbrances that are extinguished at or prior to Closing. 
 2.2    Authority. Contributor has full right, authority, power and capacity (a) to enter into this Agreement and each
agreement, document and instrument to be executed and delivered by or on behalf of such Contributor pursuant to this Agreement, (b) to carry out the transactions 

  

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contemplated hereby and thereby, and (c) to transfer, sell and deliver all of the Interest listed on Exhibit A hereto as being owned by such
Contributor to the Operating Partnership (or its designee) in accordance with this Agreement. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of Contributor pursuant to this Agreement constitutes, or
when executed and delivered will constitute, the legal, valid and binding obligation of such Contributor, each enforceable in accordance with its respective terms. The execution, delivery and performance of this Agreement and each such agreement,
document and instrument by or on behalf of Contributor (i) does not and will not violate any foreign, federal, state, local or other laws applicable to such Contributor or require such Contributor to obtain any approval, consent or waiver of,
or make any filing with, any person or authority (governmental or otherwise) that will not be obtained or made at or prior to the Closing, and (ii) if such Contributor is not an individual, does not and will not violate such Contributor’s
partnership agreement, operating agreement or other organizational documents, (iii) except for the consent of Artesia Mortgage Capital Corporation (the “Lender”), which will be obtained prior to Closing, does not and will not violate
any term, condition or provision of, or constitute a default under, any bond, note or other evidence of indebtedness or any contract, lease or other instrument to which such Contributor is a party or by which the property of such Contributor is
bound or affected, and (iv) does not and will not result in the creation of any Encumbrance on the CB&I Property or assets of Plainfield Partners. 
 2.3    Litigation. There is no litigation or proceeding, either judicial or administrative, pending or, to Contributor’s knowledge, threatened, affecting all or any portion of such
Contributor’s Interests, the CB&I Property or such Contributor’s ability to consummate the transactions contemplated hereby. There is no outstanding order, writ, injunction or decree of any court, government, governmental entity or
authority or arbitration against or affecting all or any portion of Contributor’s Interests or the CB&I Property, which in any such case would impair such Contributor’s ability to enter into and perform all of such Contributor’s
obligations under this Agreement. 
 2.4    No Agreements to Sell. Except to the extent contemplated herein,
Contributor is not currently a party to any agreement to sell, transfer or otherwise encumber or dispose of such Contributor’s Interest. 
 2.5    Status as a United States Person. Contributor represents and warrants that such Contributor is not a foreign person within the meaning of Section 1445 of the Code (“Section 1445”).
Contributor’s U.S. social security number (in the case of an individual) or U.S. taxpayer identification number (in the case of an entity) that has previously been provided to Plainfield Partners is correct. Contributor’s home address (in
the case of an individual) or office address (in the case of an entity) is that most recent address previously provided to Plainfield Partners. Upon request by the Operating Partnership, Contributor agrees to complete and provide to the Operating
Partnership prior to the Closing a certificate of non-foreign status substantially in the form provided in Section 1.1445-5(b)(3)(D) of the Treasury regulations. 
 2.6    No Insolvency Proceedings. No attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings are pending or,
to Contributor’s knowledge, threatened against such Contributor or the CB&I Property, nor are any such proceedings contemplated by such Contributor. 
 2.7    No Brokers. Contributor represents that it has not entered into, and covenants that it will not enter into, any agreement, arrangement or understanding with any person or firm 

  

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which will result in the obligation of the Operating Partnership to pay any brokerage commission in connection with the transactions contemplated hereby.

 2.8    Conditional Nature of Transaction. Contributor acknowledges and understands that it is a condition to
the Operating Partnership’s obligations to close the transactions contemplated hereby that the contribution of the Renfro Property shall have occurred (or will occur simultaneously with the Closing), that the occurrence of the contribution of
the Renfro Property is wholly within the sole and absolute discretion of the REIT, the Operating Partnership, and their affiliates, and that such Contributor has no right to force the contribution of the Renfro Property to occur, on any terms.

 2.9    Securities Law Matters; Transfer Restrictions. 
 (a)    Contributor acknowledges that the Operating Partnership intends the offer and issuance of the Units to be exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws by virtue of (i) the status of such Contributor as an “accredited investor” within the meaning of the
federal securities laws, and (ii) Regulation D promulgated under Section 4(2) of the Securities Act (“Regulation D”), and that the Operating Partnership will rely in part upon the representations and warranties made by such
Contributor in this Agreement in making the determination that the offer and issuance of the Units qualify for exemption under Rule 506 of Regulation D as an offer and sale only to “accredited investors.” 
 (b)    Contributor is an “accredited investor” within the meaning of the federal securities laws. 
 (c)    Contributor will acquire the Units for his or its own account and not with a view to, or for sale in connection with, any
“distribution” thereof within the meaning of the Securities Act. Contributor does not intend or anticipate that such Contributor will rely on this investment as a principal source of income. 
 (d)    Contributor has sufficient knowledge and experience in financial, tax, and business matters to enable him to evaluate the
merits and risks of investment in the Units. Contributor has the ability to bear the economic risk of acquiring the Units. Contributor acknowledges that (i) the transactions contemplated by this Agreement involve complex tax consequences for
such Contributor, and Contributor is relying solely on the advice of such Contributor’s own tax advisors in evaluating such consequences, (ii) the Operating Partnership has not made (nor shall it be deemed to have made) any representations
or warranties as to the tax consequences of such transaction to such Contributor, and (iii) references in this Agreement to the intended tax effect of the transactions contemplated hereby shall not be deemed to imply any representation by the
Operating Partnership as to a particular tax effect that may be obtained by such Contributor. Contributor remains solely responsible for all tax matters relating to such Contributor. 
 (e)    Contributor has been supplied with, or had access to, information to which a reasonable investor would attach significance in
making an investment decision to acquire the Units and any other information such Contributor has requested. Contributor has had an opportunity to ask questions of, and receive information and answers from, the Operating Partnership and the REIT
concerning the Operating Partnership, the REIT, the Units, the contribution of the Renfro Property and the REIT common shares into which the Units may be redeemed, and to assess and evaluate any information supplied to such Contributor by the

  

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Operating Partnership or the REIT, and all such questions have been answered, and all such information has been provided to the full satisfaction of such
Contributor. 
 (f)    Contributor acknowledges that such Contributor is aware that there are substantial restrictions on
the transferability of the Units and that the Units will not be registered under the Securities Act or any state securities laws, and such Contributor has no right to require that they be so registered. Contributor agrees that any Units he acquires
will not be sold in the absence of registration unless such sale is exempt from registration under the Securities Act and applicable state securities laws. Contributor acknowledges that such Contributor shall be responsible for compliance with all
conditions on transfer imposed by any securities authority and for any expenses incurred by the Operating Partnership for legal or accounting services in connection with reviewing such a proposed transfer or issuing opinions in connection therewith.

 (g)    Contributor understands that no federal agency (including the Securities and Exchange Commission) or state
agency has made or will make any finding or determination as to the fairness of an investment in the Units (including, as to the Contributor, the Agreed Value determined pursuant to Section 1.2(a)). 
 (h)    Contributor understands that there is no established public, private or other market for the Units acquired by such
Contributor hereunder and it is not anticipated that there will be any public, private or other market for such Units in the foreseeable future. 
 (i)    Contributor understands that Rule 144 promulgated under the Securities Act is not currently available with respect to the sale of Units. 
 2.10    Reliance. Contributor acknowledges that it understands the meaning and legal consequences of the representations and
warranties in this Article 2, and that the Operating Partnership may rely upon such representations and warranties in determining whether to enter into this Agreement. Contributor agrees to indemnify, defend and hold harmless the Operating
Partnership, the REIT, and the officers, directors and affiliates thereof, and any employees or agents of any of the foregoing, against any and all loss, liability, claim, damage or expense whatsoever (including, but not limited to, any and all
expenses, including attorneys’ fees, reasonably incurred in investigating, preparing or defending against any claim or litigation commenced or threatened) due to or arising out of a breach of any such representations or warranties. 

ARTICLE 3: CONDITIONS TO CLOSING 
 3.1    Conditions to the Operating Partnership’s Obligation to Close. The obligation of the Operating Partnership to consummate the Closing with respect to each Contributor’s Interest is subject to the
fulfillment, at or prior to the Closing, of the following conditions (unless such conditions are waived in writing by the Operating Partnership): 
 (a)    Contribution of the Renfro Property. The contribution to the Operating Partnership of the Renfro Property, in such form(s) as the Operating Partnership, in its sole and absolute discretion, shall have
determined to be acceptable, shall have occurred (or is occurring simultaneously with the Closing). 
 (b)    Minimum
Offering. The REIT shall have raised at least $1 million in the Offering (the “Minimum Offering”) and the offering proceeds released from escrow. 
  

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 (c)    Representations and Warranties. The representations and warranties made
by such Contributor pursuant to this Agreement shall be true and correct in all respects when made, and on and as of the Closing Date, as though such representations and warranties were made on the Closing Date. 
 (d)    Performance. Each Contributor shall have performed and complied with all agreements and covenants that such Contributor
is required to perform or comply with pursuant to this Agreement prior to the Closing. 
 (e)    Legal
Proceedings. No action or proceeding by or before any governmental authority shall have been instituted that is reasonably expected to restrain, prohibit or invalidate the transactions contemplated by this Agreement, other than an action or
proceeding instituted by a Contributor. 
 (f)    Consents and Approvals. All necessary consents of governmental
and private parties to effect the transactions contemplated by this Agreement (as they relate to such Contributor), including, without limitation, consents of any other members of Plainfield Partners, and the Lender, shall have been obtained.

 (g)    Reliance on Regulation D. The Operating Partnership shall, based on advice of its counsel, be
reasonably satisfied that the issuance and the contemplated distribution of Units to such Contributor may be made without registration under the Securities Act in reliance upon Regulation D. 
 3.2    Conditions to each Contributor’s Obligation to Close. The obligation of a Contributor to consummate the Closing is
subject to the fulfillment, at or prior to the Closing, of the following conditions (unless such conditions are waived in writing by such Contributor): 
 (a)    Performance. The Operating Partnership shall have performed and complied with all agreements and covenants (as they relate to such Contributor) that it is required to perform or
comply with pursuant to this Agreement prior to the Closing. 
 (b)    Tax Protection Agreement. The REIT, the
Operating Partnership and the Contributors shall have entered into that certain Tax Protection Agreement evidencing their agreement regarding amounts that may be payable to the Contributors as a result of certain actions being taken by the Operating
Partnership relating to the disposition of the Griffin Properties. 
 (c)    Legal Proceedings. No action or
proceeding by or before any governmental authority shall have been instituted that is reasonably expected to restrain, prohibit or invalidate the transactions contemplated by this Agreement (as they relate to such Contributor), other than an action
or proceeding instituted by the Operating Partnership; provided, that the foregoing condition shall be deemed to have been satisfied if the Operating Partnership shall have fully indemnified such Contributor from any loss, liability, claim, damage
or expense arising out of such Contributor’s proceeding to close under this Agreement in the face of any such action or proceeding. 
 (d)    Consents and Approvals. All necessary consents of governmental and private parties to effect the transactions contemplated by this Agreement (as they relate to such Contributor), including, without
limitation, consents of any other members or partners of any of the selling entities or lenders, shall have been obtained; provided, that the foregoing condition 

  

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shall be deemed to have been satisfied if the Operating Partnership shall have fully indemnified such Contributor from any loss, liability, claim, damage or
expense arising out of such Contributor’s proceeding to close under this Agreement without having obtained a necessary consent. 
 ARTICLE 4: CLOSING 
 4.1    Closing. The closing hereunder (the “Closing”) shall occur, at the
election of the Operating Partnership, concurrently with the closing of the contribution of the Renfro Property, which date shall be on or after the Minimum Offering has been received by the REIT and which date the Operating Partnership shall
designate in writing to each Contributor at least one business day prior to such date, at the same location as the closing of the Renfro Property, provided that the conditions for the Closing as set forth in Article 3 hereof applicable to the
transaction with such Contributor shall have occurred (or have been waived by the party that benefits from such conditions), and this Agreement shall not have been terminated as to such Contributor pursuant to Article 5 hereof. The date on
which a Closing occurs is referred to herein as the “Closing Date.” 
 4.2    Closing Deliveries by
Contributor. At the Closing, each Contributor shall execute and deliver to the Operating Partnership the following: 
 (a)    a duly executed Assignment Agreement, substantially in the form attached hereto as Exhibit B (“Assignment Agreement”), pursuant to which the Contributors shall convey to the Operating
Partnership or its designee title to the Interests in Plainfield Partners, free and clear of Encumbrances,; 
 (b)    a
duly executed signature page to the Partnership Agreement executed by such Contributor; 
 (c)    a duly executed
signature page to the Tax Protection Agreement; and 
 (d)    such documents and certificates as the Operating
Partnership may reasonably request (i) to establish the authority of the parties executing any documents in connection with the Closing, or (ii) to reflect the parties’ intentions regarding the transfer of the Interests. 

4.3    Closing Deliveries by the Operating Partnership. At the Closing, the Operating Partnership shall execute and deliver
to each Contributor the following: 
 (a)    a certificate evidencing ownership of the applicable number of units
calculated in accordance with Section 1.2(a) hereof; 
 (b)    a duly executed signature page to the Partnership
Agreement; and 
 (c)    a duly executed signature page to the Tax Protection Agreement. 
 ARTICLE 5: TERMINATION 
 5.1    Termination by the Operating Partnership. The Operating Partnership shall have the right to terminate this Agreement as to all of the Contributors at any time prior to the Closing following the occurrence
of any of the following events: 
  

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 (a)    as to all the Contributors, the determination by the Operating Partnership, in
its sole and absolute discretion, not to proceed with the contribution of the Renfro Property; 
 (b)    the failure of
the REIT to achieve the Minimum Offering on or before December 31, 2009; 
 (c)    as to any Contributor, the
determination that any representation or warranty of such Contributor contained herein is no longer true or correct, and that such representation or warranty cannot reasonably be expected to be true and correct at the Closing; or 
 (d)    as to all the Contributors, at any time for any reason. 
 5.2    Effect of Termination. Upon the termination of this Agreement as to a Contributor pursuant to Section 5.1 hereof,
neither the Operating Partnership nor such Contributor shall have any liability to the other in connection with the transactions contemplated hereby, or as a result of the termination of this Agreement; provided, that the foregoing shall not relieve
the Operating Partnership or such Contributor of any liability as a result of a breach of any of the terms of this Agreement. Notwithstanding anything to the contrary herein, the termination of this Agreement as to any one or more Contributors shall
not affect the effectiveness or continuing validity of this Agreement as to all other Contributors, and this Agreement shall continue in full force and effect as to all such other Contributors unless terminated as to such other Contributors in
accordance with Section 5.1 hereof. 
 ARTICLE 6: COVENANTS AND OTHER AGREEMENTS 
 6.1    Consent to Transfer of Other Member Interests; Other Approvals. 
 (a)    Each Contributor hereby consents to the transfer of other interests of members or partners in Plainfield Partners to the
Operating Partnership, and waives any rights under the governing documents of Plainfield Partners in connection therewith or in connection with any of the transactions contemplated by this Agreement or the contribution of the Renfro Property,
including, without limitation, any restrictions on transfer, buy/sell rights, rights of appraisal, piggyback rights or rights of first offer or first refusal and any notice requirements in connection therewith or otherwise. Each Contributor hereby
consents to the admission of the Operating Partnership as a substituted member or partner, as applicable, in Plainfield Partners, to the extent such Contributor’s consent is required. 
 (b)    Each Contributor hereby acknowledges and agrees that the execution and delivery of this Agreement by such Contributor shall
constitute the consent, waiver or approval by such Contributor, in its capacities as a member, partner and/or officer of Plainfield Partners, pursuant to applicable law or Plainfield Partners’ organizational documents or other agreements, to
the transactions contemplated hereby, including, without limitation, any and all transfers of Interests. For the avoidance of doubt, to the extent the consent, waiver or approval of a Contributor, in its capacity as a member, partner or officer of
Plainfield Partners is required, such Contributor shall be deemed to have given such consent, waiver or approval pursuant hereto. 
 6.2    Further Assurances. Each Contributor shall execute and deliver to the Operating Partnership all such other and further instruments and documents and take or cause to be taken all such other and further
actions as the Operating Partnership may reasonably request in order to effect the transactions contemplated by this Agreement, including instruments or documents 

  

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deemed necessary or desirable by the Operating Partnership to effect and evidence the conveyance of the Interests in accordance with the terms of this
Agreement. 
 ARTICLE 7: MISCELLANEOUS 
 7.1    Amendment; Waiver. Any amendment hereto shall be effective only if signed by all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party
against whom enforcement is sought. 
 7.2    Entire Agreement; Counterparts; Applicable Law. This Agreement shall
(a) constitute the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, (b) may be executed in one or more counterparts, each of which
will be deemed an original and all of which shall constitute one and the same instrument, and (c) shall be governed in all respects, including validity, interpretation and effect, by the laws of the State of Delaware without giving effect to
the conflict of law provisions thereof. 
 7.3    Assignability. This Agreement shall be binding upon, and shall
be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without
the prior written consent of the other parties, and any attempted assignment without such consent shall be void and of no effect; provided, further, however, that the Operating Partnership may assign this Agreement and any agreement contemplated
hereunder or thereunder to a subsidiary of the Operating Partnership, or to any entity into which the Operating Partnership is reorganized, or to the REIT, without the consent of the Contributors. 
 7.4    Severability. If any provision of this Agreement, or the application thereof, is for any reason held to any extent to
be invalid or unenforceable, the remainder of this Agreement and application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties further agree to replace
such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision and to execute any amendment,
consent or agreement deemed necessary or desirable by the Operating Partnership to effect such replacement. 
 7.5    Equitable Remedies. The parties hereto agree that irreparable damage would occur if any provision of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located in the State of California
(as to which the parties agree to submit to jurisdiction for the purposes of such action), this being in addition to any other remedy to which they are entitled at law or in equity. 
 7.6    Attorneys’ Fees. In connection with any litigation or a court proceeding arising out of this Agreement, the
prevailing party shall be entitled to recover all costs incurred, including reasonable attorneys’ fees and legal assistants’ fees and costs whether incurred prior to trial, at trial, or on appeal. 
  

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 7.7    Survival. It is the express intention and agreement of the parties
hereto that the representations, warranties and covenants of the Contributors set forth in this Agreement shall survive the consummation of the transactions contemplated hereby. 
 7.8    Time of the Essence. Time is of the essence with respect to each Contributor’s obligations under this Agreement.

 [Signature page to follow.] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has executed and delivered this Agreement, or caused the
Agreement to be duly executed and delivered on its behalf, as of the date first set forth above. 
  

	
	 THE OPERATING PARTNERSHIP:

	
	 The GC Net Lease REIT Operating Partnership, L.P.

	
	 By: The GC Net Lease REIT, Inc., Its General Partner

	
	 By: /s/ Kevin A. Shields 

	 Kevin A. Shields, President

	
	 CONTRIBUTORS:

	
	 Plainfield Acquisitions, LLC

	
	 By: /s/ Kevin A. Shields 
 Kevin A. Shields, Managing Member

	
	 /s/ Kevin A. Shields

	 Kevin A. Shields

	
	 Don G. Pescara

	 Don G. Pescara

	
	 David C. Rupert

	 David C. Rupert

  

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 EXHIBIT A 
 SCHEDULE OF MEMBERS PERCENTAGE OWNERSHIP INTERESTS TO BE CONTRIBUTED 
  

			
	 Member
	  	% Ownership Interest in Plainfield Partners to be
Contributed to the Operating Partnership
		
	 Plainfield Acquisitions, LLC
	  	    1.0%
		
	 Kevin A. Shields
	  	  74.0%
		
	 Dona G. Pescara
	  	  17.5%
		
	 David C. Rupert
	  	    7.5%
		  	 
		
	 Total
	  	100.0%

  

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 EXHIBIT B 
 FORM OF ASSIGNMENT AGREEMENT 
  

 13Exhibit 4.3

 Exhibit 4.3 
 WARRANT TO PURCHASE PREFERRED STOCK 
 THE SECURITIES REPRESENTED BY
THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT
BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT.
ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID. 
 WARRANT 
 to purchase 
 303.00303 
 Shares of Preferred Stock of 
 Heritage Bankshares, Inc. 
 Issue Date:
September 25, 2009 
 1. Definitions. Unless the context otherwise requires, when used herein the following terms
shall have the meanings indicated. 
 “Board of Directors” means the board of directors of the Company,
including any duly authorized committee thereof. 
 “business day” means any day except Saturday, Sunday and
any day on which banking institutions in the State of New York generally are authorized or required by law or other governmental actions to close. 
 “Charter” means, with respect to any Person, its certificate or articles of incorporation, articles of association, or similar organizational document. 
 “Company” means the Person whose name, corporate or other organizational form and jurisdiction of organization is set forth
in Item 1 of Schedule A hereto. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
 “Exercise Price”
means the amount set forth in Item 2 of Schedule A hereto. 
 “Expiration Time” has the
meaning set forth in Section 3. 

 “Issue Date “ means the date set forth in Item 3 of
Schedule A hereto. 
 “Liquidation Amount” means the amount set forth in Item 4 of
Schedule A hereto. 
 “Original Warrantholder” means the United States Department of the Treasury.
Any actions specified to be taken by the Original Warrantholder hereunder may only be taken by such Person and not by any other Warrantholder. 
 “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 
 “Preferred Stock” means the series of perpetual preferred stock set forth in Item 5 of Schedule A hereto.

 “Purchase Agreement” means the Securities Purchase Agreement – Standard Terms incorporated into the
Letter Agreement, dated as of the date set forth in Item 6 of Schedule A hereto, as amended from time to time, between the Company and the United States Department of the Treasury (the “Letter Agreement”), including
all annexes and schedules thereto. 
 “Regulatory Approvals” with respect to the Warrantholder, means, to the
extent applicable and required to permit the Warrantholder to exercise this Warrant for shares of Preferred Stock and to own such Preferred Stock without the Warrantholder being in violation of applicable law, rule or regulation, the receipt of any
necessary approvals and authorizations of, filings and registrations with, notifications to, or expiration or termination of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and
regulations thereunder. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Shares” has the meaning set forth in Section 2. 
 “Warrantholder” has the meaning set forth in Section 2. 
 “Warrant” means this Warrant, issued pursuant to the Purchase Agreement. 
 2. Number of Shares; Exercise Price. This certifies that, for value received, the United States Department of the Treasury or its
permitted assigns (the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the Company, in whole or in part, after the receipt of all applicable Regulatory Approvals, if
any, up to an aggregate of the number of fully paid and nonassessable shares of Preferred Stock set forth in Item 7 of Schedule A hereto (the “Shares”), at a purchase price per share of Preferred Stock equal to the
Exercise Price. 
  

 2 

 3. Exercise of Warrant; Term. Subject to Section 2, to the extent permitted by
applicable laws and regulations, the right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the execution and delivery of this Warrant by the Company
on the date hereof, but in no event later than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date (the “Expiration Time”), by (A) the surrender of this Warrant and Notice of Exercise annexed hereto, duly
completed and executed on behalf of the Warrantholder, at the principal executive office of the Company located at the address set forth in Item 8 of Schedule A hereto (or such other office or agency of the Company in the United
States as it may designate by notice in writing to the Warrantholder at the address of the Warrantholder appearing on the books of the Company), and (B) payment of the Exercise Price for the Shares thereby purchased, by having the Company
withhold, from the shares of Preferred Stock that would otherwise be delivered to the Warrantholder upon such exercise, shares of Preferred Stock issuable upon exercise of the Warrant with an aggregate Liquidation Amount equal in value to the
aggregate Exercise Price as to which this Warrant is so exercised. 
 If the Warrantholder does not exercise this Warrant in its
entirety, the Warrantholder will be entitled to receive from the Company within a reasonable time, and in any event not exceeding three business days, a new warrant in substantially identical form for the purchase of that number of Shares equal to
the difference between the number of Shares subject to this Warrant and the number of Shares as to which this Warrant is so exercised. Notwithstanding anything in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that
its exercise of this Warrant for Shares is subject to the condition that the Warrantholder will have first received any applicable Regulatory Approvals. 
 4. Issuance of Shares; Authorization. Certificates for Shares issued upon exercise of this Warrant will be issued in such name or names as the Warrantholder may designate and will be delivered to
such named Person or Persons within a reasonable time, not to exceed three business days after the date on which this Warrant has been duly exercised in accordance with the terms of this Warrant. The Company hereby represents and warrants that any
Shares issued upon the exercise of this Warrant in accordance with the provisions of Section 33 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges
created by the Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will be deemed
to have been issued to the Warrantholder as of the close of business on the date on which this Warrant and payment of the Exercise Price are delivered to the Company in accordance with the terms of this Warrant, notwithstanding that the stock
transfer books of the Company may then be closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued preferred stock,
solely for the purpose of providing for the exercise of this Warrant, the aggregate number of shares of Preferred Stock then issuable upon exercise of this Warrant at any time. The Company will use reasonable best efforts to ensure that the Shares
may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded. 
 5. No Rights as Stockholders; Transfer Books. This Warrant does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the date of exercise
hereof. The Company will at no time close its transfer books against transfer of this Warrant in any manner which interferes with the timely exercise of this Warrant. 
  

 3 

 6. Charges, Taxes and Expenses. Issuance of certificates for Shares to the
Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates, all of which taxes and expenses shall be
paid by the Company. 
 7. Transfer/Assignment. 
 (a) Subject to compliance with clause (b) of this Section 7, this Warrant and all rights hereunder are
transferable, in whole or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant but
registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Company described in Section 3. All expenses (other than stock transfer taxes) and other charges payable in
connection with the preparation, execution and delivery of the new warrants pursuant to this Section 7 shall be paid by the Company. 
 (b) The transfer of the Warrant and the Shares issued upon exercise of the Warrant are subject to the restrictions set forth in Section 4.4 of the Purchase Agreement. If and for so long as required
by the Purchase Agreement, this Warrant shall contain the legends as set forth in Section 4.2(a) of the Purchase Agreement. 
 8. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the Warrantholder to the Company, for a new warrant or warrants of like tenor and representing the right to purchase the same aggregate
number of Shares. The Company shall maintain a registry showing the name and address of the Warrantholder as the registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise in accordance with its terms, at the office
of the Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 
 9. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the
case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company shall make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant.

 10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 
  

 4 

 11. Rule 144 Information. The Company covenants that it will use its reasonable best
efforts to timely file all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder (or, if the Company is not required to file such reports,
it will, upon the request of any Warrantholder, make publicly available such information as necessary to permit sales pursuant to Rule 144 under the Securities Act), and it will use reasonable best efforts to take such further action as any
Warrantholder may reasonably request, in each case to the extent required from time to time to enable such holder to, if permitted by the terms of this Warrant and the Purchase Agreement, sell this Warrant without registration under the Securities
Act within the limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (B) any successor rule or regulation hereafter adopted by the SEC. Upon the written request of
any Warrantholder, the Company will deliver to such Warrantholder a written statement that it has complied with such requirements. 
 12. Adjustments and Other Rights. For so long as the Original Warrantholder holds this Warrant or any portion thereof, if any event occurs that, in the good faith judgment of the Board of Directors of the Company, would require
adjustment of the Exercise Price or number of Shares into which this Warrant is exercisable in order to fairly and adequately protect the purchase rights of the Warrants in accordance with the essential intent and principles of the Purchase
Agreement and this Warrant, then the Board of Directors shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith opinion of the
Board of Directors, to protect such purchase rights as aforesaid. 
 Whenever the Exercise Price or the number of Shares into
which this Warrant is exercisable shall be adjusted as provided in this Section 12, the Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the
Exercise Price that shall be in effect and the number of Shares into which this Warrant shall be exercisable after such adjustment, and the Company shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each
Warrantholder at the address appearing in the Company’s records. 
 13. No Impairment. The Company will not, by
amendment of its Charter or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in taking of all such action as may be necessary or appropriate in order to protect the rights
of the Warrantholder. 
 14. Governing Law. This Warrant will be governed by and construed in accordance with the federal
law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. Each of the Company and the
Warrantholder agrees (a) to submit to the exclusive jurisdiction and venue of the United States District Court for the District of Columbia for any civil action, suit or proceeding arising out of or relating to this Warrant or the transactions
contemplated hereby, and (b) that notice may be served upon the Company at the address in Section 17 below and upon the Warrantholder at the address for the Warrantholder set forth in the registry maintained by the Company pursuant to
Section 8 hereof. To the extent permitted by applicable law, each of the Company and the Warrantholder hereby unconditionally waives trial by jury in any civil legal action or proceeding relating to the Warrant or the transactions contemplated
hereby or thereby. 
  

 5 

 15. Binding Effect. This Warrant shall be binding upon any successors or assigns of
the Company. 
 16. Amendments. This Warrant may be amended and the observance of any term of this Warrant may be waived
only with the written consent of the Company and the Warrantholder. 
 17. Notices. Any notice, request, instruction or
other document to be given hereunder by any party to the other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the
second business day following the date of dispatch if delivered by a recognized next day courier service. All notices hereunder shall be delivered as set forth in Item 9 of Schedule A hereto, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice. 
 18. Entire Agreement. This Warrant, the forms
attached hereto and Schedule A hereto (the terms of which are incorporated by reference herein), and the Letter Agreement (including all documents incorporated therein), contain the entire agreement between the parties with respect to
the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect thereto. 
 [Remainder of page intentionally left blank] 
  

 6 

 [Form of Notice of Exercise] 
 Date:                          
 TO: Heritage Bankshares, Inc. 
 RE: Election to
Purchase Preferred Stock 
 The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to
subscribe for and purchase such number of shares of Preferred Stock covered by the Warrant such that after giving effect to an exercise pursuant to Section 3(B) of the Warrant, the undersigned will receive the net number of shares of Preferred
Stock set forth below. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price for such shares of Preferred Stock in the manner set forth in Section 3(B) of the Warrant. 

Number of Shares of Preferred Stock:1
                                         
            
 The undersigned agrees that it is exercising the
attached Warrant in full and that, upon receipt by the undersigned of the number of shares of Preferred Stock set forth above, such Warrant shall be deemed to be cancelled and surrendered to the Company. 
  

					
	Holder:	 	
			
	By:	 	 	 	 
		 	Name: 	 	 
		 	Title:	 	 

  
  

	1	 Number of shares to be received by the undersigned upon exercise of the attached Warrant pursuant to Section 3(B) thereof.

  

 7 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly
authorized officer. 
 Dated: September 25, 2009 
  

			
	 COMPANY:
  
 HERITAGE BANKSHARES, INC.

		
	By:	 	/s/ Michael S. Ives
		 	 Michael S. Ives,
 President & Chief Executive Officer

  

			
	Attest:
		
	By:	 	/s/ John O. Guthrie
		 	 John O. Guthrie,
 Executive
Vice President & Chief Financial Officer

 [Signature Page to Warrant] 
  

 8 

 SCHEDULE A 
 Item 1 
 Name: Heritage Bankshares, Inc. 
 Corporate or other organizational form: C Corporation 
 Jurisdiction of organization: Virginia 
 Item 2 
 Exercise Price: $0.01 per share 
 Item 3 
 Issue Date: September 25, 2009 
 Item 4 
 Liquidation Amount: $1,000 per share 
 Item 5 
 Series of Perpetual
Preferred Stock: Fixed Rate Cumulative Perpetual Preferred Stock, Series B 
 Item 6 
 Date of Letter Agreement between the Company and the United States Department of the Treasury: September 25, 2009 
 Item 7 
 Number of shares of
Preferred Stock: 303.00303 
 Item 8 
  

			
	Company’s address:	  	 150 Granby Street
 Norfolk, Virginia 23510

 Item 9 
  

			
	Notice information:	  	 Michael S. Ives
 President & Chief Executive Officer
 Heritage Bankshares, Inc.
 150 Granby Street, Suite 150
 Norfolk,
Virginia 23510

		
	With a copy to:	  	 Henry J. Huelsberg, III, Esquire
 Willcox & Savage, P.C.
 One Commercial Place, Suite 1800
 Norfolk, Virginia 23510
 Telephone:
(757) 628-5523
 Fax: (757) 628-5566
 Email: thuelsberg@wilsav.com

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