Document:

Separation Agreement

 Exhibit 10.1 

 
 

 
 October 16, 2012 
 Tim Morse 
 Dear Tim: 
 Yahoo! Inc. (“Yahoo!” or the “Company”) is prepared to offer you separation benefits to aid in your employment transition. If you (1) sign and comply with the terms
of this separation agreement (the “Agreement”), (2) return a signed Waiver and Release of Claims attached to the Agreement as Exhibit A (the “Release”) to Yahoo! within the time period specified in the Release,
and (3) do not revoke the Release during the applicable revocation period (collectively these are the “Agreement Eligibility Requirements”), then you will receive all payments and benefits described in paragraph 3 below.

 1. Separation. Your last day of employment with the Company and your employment termination date will be
November 15, 2012 (the “Separation Date”). Effective as of the Separation Date, you hereby resign as an employee of the Company and from all offices and directorships you have with the Company, its subsidiaries and/or
affiliates, and from any fiduciary or other committee with respect to any benefit plan of the Company or any of the Company’s subsidiaries and/or affiliates. You shall promptly execute such additional documents as are reasonably requested by
the Company to evidence the foregoing. After the Separation Date, you shall not represent yourself as being an officer, director or employee of the Company or any of its subsidiaries or affiliates or as a fiduciary of any such benefit plan for any
purpose. 
 2. Accrued Salary and Paid Time Off. On the Separation Date, Yahoo! will pay you all accrued salary, and all
accrued and unused vacation earned through the Separation Date, subject to payroll deductions and required withholdings. You are entitled to any earned payments regardless of whether or not you sign this Agreement. 

3. Severance Payments and Benefits. If you meet the Agreement Eligibility Requirements, then the following will occur:
(i) Yahoo! will pay you the severance payments and benefits for a termination of your employment by the Company without “Cause” in accordance with, and at such times specified in, your severance agreement with the Company dated
March 16, 2011, a copy of which is attached as Exhibit B; (ii) you will receive the acceleration of vesting provided for upon a termination without cause under your outstanding stock option and restricted stock unit award agreements; and
(iii) you will be credited with an additional 182.5 days of service for purposes of calculating the pro rata vesting on termination without “Cause” under your restricted stock unit award granted to you on November 30, 2011
(collectively, the “Severance Benefits”). 
 4. Obligations. Prior to your Separation Date, you shall
devote your full business efforts and time to Yahoo! and you agree that you will not engage in any activities that are in violation of Yahoo!’s Code of Ethics or any other Yahoo! policy. 

5. Responsibility for Taxes. Other than Yahoo!’s obligation and right to withhold federal, state and local taxes, you will be
responsible for any and all taxes, interest, and penalties that may be imposed with respect to the payments contemplated by this Agreement (including (without limitation) those imposed under Internal Revenue Code Section 409A). To the extent
that this Agreement is subject to Internal Revenue Code Section 

  
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409A, you and Yahoo! agree that the terms and conditions of this Agreement shall be construed and interpreted to the maximum extent reasonably possible, without altering the fundamental intent of
this Agreement, to comply with and avoid the imputation of any tax, penalty or interest under Code Section 409A. 
 6.
Employee Stock Purchase Plan. Contributions to your Employee Stock Purchase Plan (“ESPP”) will cease as of the Separation Date. Under the terms of the ESPP, all contributions you made to the ESPP that have not been used to
purchase stock will be returned to you without interest by Yahoo! Payroll. For more information about the ESPP, please review your information via your E*TRADE online access at www.etrade.com. Should you have any questions, please
contact E*TRADE directly at (800) 838-0908 or Yahoo! Stock Plan Services at stockadmin@yahoo-inc.com.
 7.
401(k) Plan. If you have questions about your 401(k) account, please contact HRbenefits@yahoo-inc.com. 
 8.
Life Insurance. Your life insurance coverage will cease on or before the Separation Date under the terms of the life insurance plan. The Company will provide you with information about the option to convert this coverage to an individual
policy. 
 9. Flexible Spending Plan. If you enrolled in the Company’s Flexible Spending Plan and established a
Healthcare Reimbursement Account and/or Dependent Care Reimbursement Account for the current plan year, you have 90 days following your Separation Date (as long as it is prior to March 31 of the following plan year) to submit any covered
expenses for reimbursement provided the expenses were incurred from January 1 of the current plan year through your Separation Date. You may only submit expenses that you incurred prior to the Separation Date. 

10. Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any
additional compensation, severance or benefits after the Separation Date, with the exception of any benefit, the right to which has vested, under the express terms of a written benefit plan of the Company. 

11. Expense Reimbursements. You agree that, within 30 days following the Separation Date, you will submit your final expense
reimbursement statement and required documentation reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. Yahoo! will reimburse you for expenses pursuant to its regular business practice.
You may only submit expenses that you incurred prior to the Separation Date. For a copy of the Yahoo! expense form, please email expqueries@yahoo-inc.com. Please submit completed expense reports and receipts to the Accounts Payable Department
at Yahoo!, 701 First Avenue, Sunnyvale, California 94089. 
 12. Invention and Assignment to Yahoo!. Prior to and after
your Separation Date, you agree to perform promptly all acts deemed necessary or desirable by Yahoo! to permit and assist it, at its expense, in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in all
intellectual property assigned or assignable to Yahoo! pursuant to your Employee Confidentiality and Assignment of Inventions Agreement(s) or similar agreement(s) including (without limitation) disclosing information to Yahoo!, executing documents
and assisting or cooperating in legal proceedings. You understand and agree that while you will not be eligible to receive the Severance Benefits and other benefits specified in this Agreement until you have performed the acts specified in this
paragraph (if requested by Yahoo!), such obligation extends beyond the Separation Date and shall only be deemed complete at Yahoo!’s sole discretion.

  
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 13. Proprietary Information Obligations. You acknowledge your continuing obligations
under your Employee Confidentiality and Assignment of Inventions Agreement(s) or similar agreement(s) (collectively “NDA”), including your obligation not to use or disclose any confidential or proprietary information of the Company,
its subsidiaries or affiliated entities and not to solicit Yahoo! employees and, to the extent permitted by applicable law, not to solicit Yahoo! customers as specified in your NDA. 

14. Nondisparagement. You agree not to disparage Yahoo! or its officers, directors, employees, shareholders or agents, in any
manner likely to be harmful to them or their business, business reputation or personal reputation; provided, however, that statements which are complete and made in good faith in response to any question, inquiry or request for information required
by legal process shall not violate this paragraph. 
 15. Cooperation. You agree to reasonably cooperate with and make
yourself available on a continuing basis to Yahoo! and its representatives and legal advisors in connection with any matters in which you are or were involved or any existing or future claims, investigations, administrative proceedings, lawsuits and
other legal and business matters, as requested by Yahoo!. You also agree that within two business days of receipt (or more promptly if reasonably required by the circumstances) you shall send the Company copies of all correspondence (including
(without limitation) subpoenas) received by you in connection with any legal proceedings involving or relating to Yahoo!, unless you are expressly prohibited by law from doing so. You agree that you will not cooperate with any third party in any
actual or threatened claim, charge, or cause of action of any nature whatsoever against any Released Party (as defined in the Release, attached as Exhibit A) unless required to do so by law. You understand that nothing in this Agreement prevents you
from cooperating with any government investigation. 
 16. Certification Regarding Search and Return of Yahoo! Property.
You hereby certify to the following: (A) prior to the Separation Date, you will conduct a good faith and diligent search for any Yahoo! business data, whether or not such data would be considered confidential or proprietary and/or whether such
data constitutes a legally protectable trade secret, including hard copy and all electronically stored data (“Yahoo! Business Data”) that may be in your possession (this search shall include reviewing the contents of any personal
email accounts and Instant Messenger archives that you maintain, home computers, and other electronic computer media (CDs, USB thumb drives, disks, back-up drives, etc.) that you may have used during your employment to send, receive or store Yahoo!
Business Data (“Personal Computer Media”)); (B) to the extent you locate any Yahoo! Business Data pursuant to your search described above, you will return all originals and copies of such data to Yahoo!, and make arrangements
for Yahoo!, at its option, to retrieve, destroy and/or permanently delete such data from your Personal Computer Media such that you cannot recover the data or access it in any manner; (C) you have not copied, saved, downloaded, retained,
disclosed, photographed or transmitted in any form whatsoever, any Yahoo! Business Data to any source except in the course of performing your duties for Yahoo! and for Yahoo!’s benefit (and will not take such any such actions prior to the
Separation Date); (D) you have not copied, saved, downloaded, retained, disclosed, photographed, or transmitted in any form whatsoever, any Yahoo! Business Data to any source for the purpose of retaining such data after your Separation Date or
taking such data with you to your next employer or using it in connection with any subsequent employment (and will not take such any such actions prior to the Separation Date); (E) following the Separation Date, you will not possess any Yahoo!
Business Data in tangible or electronic form, except employment-related documents such as wage, benefit and related information specific to the terms and conditions of your employment with Yahoo!; (F) to the extent you have any question about
whether a Yahoo! document contains Yahoo! Business Data, you will inquire of Yahoo! in writing at IPQuestionsSeparations@yahoo-inc.com concerning the specific document and receive instruction as to whether such document relates solely to your
employment as defined in this paragraph or whether Yahoo! requires you to return the document(s) (in which case, you agree that such document(s) will be returned); (G) on or prior to the Separation Date, you will return all keys, access cards,
credit cards, travel related cards, 

  
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identification cards, phones, computers and related company-issued devices, including electronic mail devices, PDAs and/or electronic organizers, and other property and equipment belonging to
Yahoo! (“Company Property”); (H) other than in the normal course of performing your duties and/or responsibilities for Yahoo! and for Yahoo!’s benefit, you did not copy, back-up, or download (or attempt to copy, back-up or
download) Yahoo! Business Data that was contained on Company Property other than back-ups created on Yahoo! computer systems, media or other property accessible only by Yahoo! and for Yahoo!’s benefit (and will not take such any such actions
prior to the Separation Date); and (I) other than in the normal course of performing your duties and/or responsibilities for Yahoo! and for Yahoo!’s benefit, you did not delete or wipe or attempt to delete or wipe Yahoo! Business Data that
was contained on Company Property (and will not take such any such actions prior to the Separation Date). If you discover after the Separation Date that you have retained any proprietary or confidential information (including (without limitation)
proprietary or confidential information contained in any electronic documents or email systems in your possession or control), you also agree immediately upon discovery to send an email to IPQuestionsSeparations@yahoo-inc.com and inform
Yahoo! of the nature and location of the proprietary or confidential information that you have retained so that Yahoo! may arrange to remove, recover, and/or collect such information. The Severance Benefits and other benefits under this Agreement
will not be paid or provided until all Company property has been returned to Yahoo!. 
 17. Miscellaneous. This Agreement
constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those
expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of Yahoo!. You may not make any
changes to the terms of this Agreement unless that change is executed by you and Yahoo!. If you fail to comply with the terms of this Agreement (including (without limitation) paragraphs 13, 14, 15 and 16), you will be required to forfeit and
repay (as applicable) all severance benefits and other consideration received. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company,
their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be
modified by the court so as to be rendered enforceable. 
 If this Agreement is acceptable to you, please sign below and return the original to
Ron Johnstone at ronj@yahoo-inc.com or Yahoo!, 701 First Avenue, Sunnyvale, California 94089. 

  
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 I wish you good luck in your future endeavors. 
 Sincerely, 
 YAHOO! INC. 

 

			
	By:	 	/s/ Marissa Mayer
		 	 Marissa Mayer

		 	 CEO, Yahoo! Inc.

 Exhibit A – Waiver and Release of Claims 
 Exhibit B – Severance Letter 
 AGREED AND
VOLUNTARILY EXECUTED: 
  

	
	 /s/ Timothy R. Morse

	 Tim Morse

  

	
	 10/16/12

	 Date

  

	cc:	Personnel File 

  
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 Exhibit A – Waiver and Release of Claims 

1. Release of Claims. In consideration for, and as a condition of the severance benefits and other consideration as described in the attached
separation agreement to which you are not otherwise entitled, you hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns (collectively “Released Party”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or
omissions occurring at any time prior to and including the date you sign this Release. This general release is to the maximum extent permitted by law and includes (without limitation) the following: (A) all claims arising out of or in any way
related to your employment with the Company or the termination of that employment; (B) all claims related to your compensation or benefits from the Company, including wages, salary, variable compensation, incentive payments, bonuses,
commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (C) all claims for breach of contract, wrongful termination, and breach of the implied
covenant of good faith and fair dealing; (D) all tort claims, including (without limitation) claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (E) all federal, state, and local statutory
claims, including (without limitation) claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990,
the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Worker Adjustment and Retraining Notification Act (as amended) and similar laws in other jurisdictions, the Employee Retirement Income
Security Act of 1974 (as amended), the Family and Medical Leave Act of 1993, and the California Fair Employment and Housing Act (as amended) and similar laws in other jurisdictions. To the maximum extent permitted by law, you also promise never
directly or indirectly to bring or participate in an action against any Released Party under California Business & Professions Code Section 17200 or under any other unfair competition law of any jurisdiction. If, notwithstanding the
above, you are awarded any money or other relief under such a claim, you hereby assign the money or other relief to the Company. Your waiver and release specified in this paragraph do not apply to any rights or claims that may arise after the date
you sign this Release. This Release includes a release of claims of discrimination and retaliation on the basis of workers’ compensation status, but does not include claims for workers’ compensation benefits. Excluded from this
Release are any claims that by law cannot be waived in a private agreement between employer and employee including (without limitation) the right to file a charge with or participate in an investigation conducted by the Equal Employment Opportunity
Commission (“EEOC”) or any state or local fair employment practices agency. You waive, however, any right to any monetary recovery or other relief should the EEOC or any other agency pursue a claim on your behalf. 

2. Representations. You acknowledge and represent the following: (A) you have not suffered any age-related or other discrimination,
harassment, retaliation, or wrongful treatment by any Released Party; (B) you have not been denied any rights including (without limitation) rights to a leave or reinstatement from a leave under the Family and Medical Leave Act of 1993, the
Uniformed Services Employment and Reemployment Rights Act of 1994, or any similar law of any jurisdiction; and (C) you have no work related injuries that have not already been disclosed to Yahoo!. You also acknowledge and agree that you have
been paid all wages due and that, as to any further alleged wages, you agree that there is a good-faith dispute as to whether such wages are due, and based on this good-faith dispute, you release and waive any and all further claims regarding any
alleged unpaid wages and any corresponding penalties, interest, or attorneys’ fees, in exchange for the consideration provided in this Agreement. 

  
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 3. Release of Unknown Claims. You acknowledge that you have read and understand Section 1542 of
the California Civil Code: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected
his or her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to your release of any unknown or unsuspected
claims. 
 4. ADEA Waiver. You agree that you are voluntarily executing this Release. You acknowledge that you are
knowingly and voluntarily waiving and releasing any rights you may have under the ADEA and that the consideration given for the waiver and release is in addition to anything of value to which you were already entitled. You further acknowledge that
you have been advised by this writing, as required by the ADEA, that: (A) your waiver and release specified in this paragraph do not apply to any rights or claims that may arise after the date you sign this Release; (B) you have been
advised to consult with an attorney prior to signing this Release; (C) if part of a group termination, you have received a disclosure from the Company that includes a description of the class, unit or group of individuals covered by this
employment termination program, the eligibility factors for such program, and any time limits applicable to such program and a list of job titles and ages of all employees selected for this group termination and ages of those individuals in the same
job classification or organizational unit who were not selected for termination (“Disclosures”); (D) you have 21 days from the date that you receive this Release to consider this Release (although you may choose to sign it any
time on or after your Separation Date); (E) you have seven days after you sign this Release to revoke it (“Revocation Period”); and (F) this Release will not be effective until you have returned it to Yahoo! (instructions
below) and the Revocation Period has expired (the “Effective Date”). Do not sign this Release prior to the Separation Date. 
 If this Release is acceptable to you, please sign below on or after the Separation Date and return the original to Ron Johnstone at ronj@yahoo-inc.com or Yahoo!, 701 First Avenue, Sunnyvale,
California 94089 by December 6, 2012. 
 AGREED AND VOLUNTARILY
EXECUTED: 
  

	
	  

	Tim Morse
	
	  

	Date

  

	cc:	Personnel File 

  
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 Exhibit B – Severance Letter 

  
 

 
 March 16, 2011 
 Tim Morse 
 Dear Tim: 

On behalf of Yahoo! Inc. (“Yahoo!” or the “Company”), I am pleased to inform you that Yahoo! will provide you
with the severance protections described in this letter agreement (“Agreement”). This Agreement is being offered to you to provide both you and Yahoo! with certainty in the event that your employment with Yahoo! is terminated by Yahoo!
without Cause.1 You will not be entitled to any severance
benefits under this Agreement if your employment is terminated with Cause, if you voluntarily resign from your employment with Yahoo!, or if your employment terminates due to your death or disability.2 

 
  

	1 	 For purposes of this Agreement, “Cause” means termination of your employment by the Company based upon the occurrence of one or more of the
following which, with respect to clauses (1), (2) and (3) below, if curable, you have not cured within fourteen (14) days after you receive written notice from the Company specifying with reasonable particularity such
occurrence: (1) your refusal or material failure to perform your job duties and responsibilities (other than by reason of your serious physical or mental illness, injury or medical condition), (2) your failure or refusal to comply in
any material respect with material Company policies or lawful directives, (3) your material breach of any contract or agreement between you and the Company (including but not limited to this Agreement and the Employee Confidentiality and
Assignment of Inventions Agreement between you and the Company), or your material breach of any statutory duty, fiduciary duty or any other obligation that you owe to the Company, (4) your commission of an act of fraud, theft, embezzlement or
other unlawful act against the Company or involving its property or assets or your engaging in unprofessional, unethical or other intentional acts that materially discredit the Company or are materially detrimental to the reputation, character or
standing of the Company, or (5) your indictment or conviction or nolo contendere or guilty plea with respect to any felony or crime of moral turpitude. Following notice and cure as provided in the preceding sentence, upon any
additional one-time occurrence of one or more of the events enumerated in that sentence, the Company may terminate your employment for Cause without notice and opportunity to cure. However, should the Company choose to offer you another
opportunity to cure, it will not be deemed a waiver of its rights under this provision. 

	2 	 In no event will you be considered to have terminated employment for purposes of this letter if your employment by Yahoo! (including a subsidiary or
affiliate) terminates and, immediately after such termination, you continue as an employee of another subsidiary or affiliate of Yahoo! (or Yahoo! Inc. if you had previously been employed by a subsidiary). 

  
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 Severance. If your employment is terminated by Yahoo! without Cause (and other than due to your death
or disability) and you comply with the release and other requirements described below, then you will be entitled to the benefits set forth below this paragraph. Yahoo! will provide you with written notice that your employment will terminate (the
“Termination Notice”). You will remain employed by Yahoo! for a period of time as determined by Yahoo!, in its sole discretion, after the Termination Notice is provided (the “Notice Period”), but such period will not exceed
(2) months. (For purposes of clarity, a Notice Period is not required, and the Company may terminate your employment immediately at any time upon delivery of a Termination Notice without providing a Notice Period.) The date your employment with
Yahoo! terminates will be considered your “Termination Date.” 
  

	 	1.	Yahoo! will pay you the following amounts in cash as severance: 

  

	 	a.	an amount equal to your base salary (at the monthly rate in effect at the time the Termination Notice is provided to you) for a period of twelve (12) months less
the number of months in the Notice Period (including partial months), such amount to be paid in a single lump sum; 

  

	 	b.	a lump sum payment equal to one hundred percent (100%) of your annual target bonus for the year in which your Termination Notice is provided; and

  

	 	c.	a lump sum payment of a prorated bonus for the year in which your Termination Notice is provided, determined by multiplying (i) the lesser of your annual target
bonus for such year or the annual bonus you would have been entitled to receive for such year if your employment had not terminated by (ii) a fraction, the numerator of which is the number of whole months of your active employment with Yahoo!
during such year and the denominator of which is twelve (12). 

 The severance payments
described above will be made on or before the sixtieth
(60th) business day following your Termination Date,
provided that if such period of 60 business days spans two calendar years, such payments will be made in the second of the two calendar years, and provided, further, that the prorated bonus referred to in 1(c) above will be paid at the same time
bonuses for the applicable year are paid to the Company’s employees generally. 
  

	 	2.	Provided that you timely elect continued coverage under COBRA, Yahoo! will pay you an amount equal to your premium for continued group health coverage for the period
you continue COBRA coverage (up to a maximum of twelve (12) months following your Termination Date), provided that Yahoo!’s obligation to make such payments will cease if you become eligible for coverage under the health plan of another
employer or Yahoo! ceases to offer group medical coverage to its active executive employees or otherwise is under no obligation to offer you COBRA continuation coverage. 

 

	 	3.	You will be entitled to accelerated vesting of your then-outstanding equity awards as provided under “Equity Awards” below. 

  
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 Equity Awards. To the extent that you hold equity-based awards granted by
Yahoo! under its equity incentive plans that are outstanding and unvested as of the date of this Agreement (your “Outstanding Awards”), the award agreement that evidences each such Outstanding Award is hereby amended to provide as
follows: 
  

	 	1.	Stock Options. If your employment with Yahoo! is terminated by Yahoo! without Cause (and other than as a result of your death or disability), each of your
Outstanding Awards that is a stock option will vest and become exercisable on your Termination Date with respect to each installment of such stock option that is scheduled to vest within six (6) months after your Termination Date. The vested
portion of the option will be exercisable following your termination for the period specified in the applicable option agreement, and any portion of the option that is not vested (after giving effect to the foregoing acceleration provision) will
terminate on your Termination Date. 

  

	 	2.	Time-Based RSUs. If your employment with Yahoo! is terminated by Yahoo! without Cause (and other than as a result of your death or disability), each of your
Outstanding Awards that is a restricted stock unit award (“RSU”) that vests based solely on the passage of time will vest on your Termination Date with respect to each installment of such award that is scheduled to vest within six
(6) months after your Termination Date and will be paid as provided in the award agreement. Any portion of the award that is not vested (after giving effect to the foregoing acceleration provision) will terminate on your Termination Date.

  

	 	3.	Performance-Based RSUs (OCF and AFP). If your employment with Yahoo! is terminated by Yahoo! without Cause (and other than as a result of your death or
disability), each of your Outstanding Awards that is an RSU that vests based on the Company’s achievement of financial performance goals (other than total stockholder return) will be subject to the following provisions:

  

	 	•	 	 any RSUs credited (or to be credited) to you in accordance with the terms of the award with respect to Company performance for any fiscal year ended
prior to the year in which your Termination Date occurs, to the extent not then vested, will vest as of your Termination Date and be paid as provided in the award agreement; 

 

	 	•	 	 if you are employed with Yahoo! for six months or more of the fiscal year in which your Termination Date occurs, you will be credited with an
additional number of RSUs for that fiscal year equal to (a) the number of RSUs that would have been credited at the end of such year based on Company performance under the terms of the award, multiplied by (b) a fraction, the numerator of
which is the number of whole months of your employment with Yahoo! during such year and the denominator of which is twelve (12), such credited units to be paid after the end of such year as provided in the award agreement; and

  

	 	•	 	 any RSUs subject to the award that do not vest in accordance with the preceding provisions will terminate as of your Termination Date.

  
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 In the event that a termination of your employment under the circumstances described above occurs and you
would be entitled to greater accelerated vesting of any Outstanding Award in the circumstances under the terms of the applicable award agreement (or other agreement with, or applicable plan of, the Company) than under the applicable provisions of
this Agreement, you will be entitled to the accelerated vesting of the award provided in the Outstanding Award agreement (or such other agreement or plan), and the provisions of this Agreement will be disregarded as to that award. In no event will
you be entitled to accelerated vesting of an Outstanding Award under both this Agreement and another agreement or plan. For purposes of clarity, this agreement does not limit any right that you may have to accelerated vesting of your awards in any
other circumstances (for example, and without limitation, upon a change in control) pursuant to the applicable agreement or plan. 
 You will be
entitled to accelerated vesting of any then-outstanding equity awards that are granted after the date of this Agreement as and to the extent provided in the applicable award agreements. 
 Except as expressly set forth above, this Agreement does not modify any other terms of any of your Outstanding Awards. For avoidance of doubt, this Agreement does not modify any provisions of any of your
Outstanding Awards that are RSUs that vest based on the Company’s total stockholder return. 
 Conditions of Severance; Exclusive
Remedy. All benefits specified in this Agreement are conditioned on (1) you signing a full release of any and all claims against Yahoo! in a release form acceptable to Yahoo! (within the period specified in it by the Company, which in no
event shall be more than fifty days following your Termination Date) and your not revoking such release pursuant to any revocation rights afforded by applicable law, and (2) your compliance with your obligations under your Employee
Confidentiality and Assignment of Inventions Agreement, or similar agreement. To the extent that you are otherwise entitled to Company-paid COBRA coverage as provided above, such benefit shall not be suspended during the period of time you consider
such a release, but shall terminate immediately in the event that you do not timely provide (or in the event that you revoke) such release. You agree that the benefits specified in this Agreement (and any applicable acceleration of vesting of an
equity-based award in accordance with its terms) will constitute the exclusive and sole remedy for any termination of your employment and you covenant not to assert or pursue any other remedies, at law or in equity, with respect to your termination.

 Tax Matters. 

(a) Withholding. Yahoo! will withhold required federal, state and local taxes from any and all payments contemplated by this
Agreement. 
 (b) Section 280G. If any payment or benefit received or to be received by you (including any payment
or benefit received pursuant to this Agreement or otherwise) would be (in whole or part) subject to the excise tax imposed by Section 4999 of the Internal Revenue Code, or any successor provision thereto, or any similar tax imposed by state or
local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then, any cash

  
 4 

 
severance benefits contemplated by Section 1 under “Severance” above and any accelerated vesting of time-based RSUs, performance-based RSUs, and stock options will be reduced to
the extent necessary to make such payments and benefits not subject to such Excise Tax, but only if such reduction results in a higher after-tax payment to you after taking into account the Excise Tax and any additional taxes you would pay if such
payments and benefits were not reduced. If a reduction in cash severance and/or acceleration of vesting is so required, then, unless you elect a different order of reduction in advance (to the extent such an election may be made without resulting in
any tax, penalty or interest under Code Section 409A), any cash severance payable in installment payments will be reduced first (with the installments scheduled to be paid latest in time reduced first), then any cash severance payable as a lump
sum shall be reduced, then any accelerated vesting of equity incentive awards will be reduced (with time-based RSUs, performance-based RSUs, and stock options to be reduced in that order with the reduction made first as to the awards scheduled to
vest latest in time). 
 (c) Responsibility for Taxes. Other than Yahoo!’s obligation and right to withhold federal,
state and local taxes, you will be responsible for any and all taxes, interest, and penalties that may be imposed with respect to the payments contemplated by this Agreement (including, but not limited to, those imposed under Internal Revenue Code
Section 409A). To the extent that this Agreement is subject to Internal Revenue Code Section 409A, you and Yahoo! agree that the terms and conditions of this Agreement will be construed and interpreted to the maximum extent reasonably
possible, without altering the fundamental intent of this Agreement, to comply with and avoid the imputation of any tax, penalty or interest under Code Section 409A. 
 Notwithstanding any provision of this letter to the contrary, if you are a “specified employee” as defined in Section 409A of the U.S. Internal Revenue Code, you will not be entitled to any
payments in connection with the termination of your employment until the date which is six (6) months and one (1) day after your Termination Date (or, if earlier, the date of your death) and any payment otherwise due in such period will be
made within the thirty (30) day period following the six (6) month anniversary of your Termination Date (or, if earlier, within the thirty (30) day period after the date of your death). The provisions of this paragraph will only apply
if, and to the extent, required to comply with Code Section 409A. For purposes of Code Section 409A, each payment made under this letter is designated as a “separate payment” within the meaning of Code Section 409A.

 Change in Control Severance. Notwithstanding the foregoing provisions, in the event that you are otherwise entitled to receive
severance benefits in connection with a termination of your employment under both this Agreement and the Company’s Change in Control Employee Severance Plan, as amended, or any successor plan thereto (the “CIC Plan”), you will receive
either the cash severance and COBRA payments provided under the CIC Plan or under this Agreement, whichever is greater, but in no event will you be entitled to receive such benefits under both the CIC Plan and this Agreement. 

By executing this Agreement, you and the Company agree that Section 2.7 of the CIC Plan, as it applies to any benefits you may receive thereunder,
is hereby amended, effective immediately, to provide that, if the period of 60 business days following the Severance Date (as defined in the CIC Plan) referred to in such section spans two calendar years, the Benefit Commencement Date (as defined in
the CIC Plan) will occur in the second of the two calendar years. 

  
 5 

 Amendment. Except as provided in the next sentence, this Agreement may be amended only by a written
agreement signed by both you and by an authorized officer of the Company. Effective as of December 31, 2013 or the end of any subsequent year, the Company may modify this Agreement in any manner, provided (1) the Company has notified you
of the pending modification at least ninety days in advance of the proposed effective date of such modification, and (2) your employment is not terminated by the Company prior to the effective date of any such modification in circumstances that
entitle you to severance under this Agreement. 
 Entire Agreement. This Agreement, together with the agreements that evidence any
equity-based awards granted to you by Yahoo!, constitute the entire agreement between you and Yahoo! with respect to the subject matter hereof and supersede any and all prior or contemporaneous oral or written representations, understandings,
agreements or communications between you and Yahoo! concerning such subject matter including, but not limited to, any provisions relating to severance and/or acceleration of equity detailed in your offer letter. The CIC Plan and any Employee
Confidentiality and Assignment of Inventions Agreement (or similar agreement) are outside the scope of the foregoing integration provision. 

At-Will Employment. Nothing in this letter alters the at-will nature of your employment relationship with Yahoo! or creates a contract for
employment for a specified period of time. Either you or Yahoo! may terminate the employment relationship at any time, with or without cause and with or without advance notice. 

  
 6 

 IF THIS AGREEMENT IS ACCEPTABLE
TO YOU, PLEASE SIGN BELOW AND RETURN THE ORIGINAL TO JENNIFER FONG
IN HUMAN RESOURCES BY MARCH 31, 2011.  
 Sincerely,

 YAHOO! INC. 
  

			
	By:	 	 /s/ David Windley

		 	 David Windley

		 	 EVP, Chief Human Resources Officer

		 	 Yahoo! Human Resources

 I accept and agree to the terms and conditions outlined in this Agreement. 

 

							
	 /s/ Timothy R. Morse
	 		  	 3/23/11
	  	
	 Tim Morse
	 		  	Date	  	

  
 7EX-10.10

 Exhibit 10.10 
 PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS 
 THIS PURCHASE
AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this “Agreement”) is dated as of July 31, 2012 (the “Effective Date”), and is entered into by and between COLE OF CENTENNIAL CO, LLC, a Delaware limited liability company
(“Buyer”), and CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, a public entity (“Seller”). 
 1.
Purchase and Sale of Property. Seller hereby agrees to sell, and Buyer hereby agrees to acquire, upon the terms and conditions herein stated, that certain real property commonly known as Waterview IV and located at 7958 South Chester Street
in the City of Centennial, County of Arapahoe, State of Colorado, which is more particularly described in Exhibit A (the “Real Property”), together with: 
 (a) All buildings, improvements and other structures presently located on the Real Property (the “Improvements”), provided, however, that “Improvements” shall not include any fixtures
or other improvements owned by “Tenant” (as hereinafter defined); 
 (b) All personal property (excluding cash and
software) owned by Seller, if any, located in or on, and used exclusively in connection with the operation of, the Real Property or the Improvements (the “Personal Property”); 

(c) Any and all of Seller’s right, title and interest in and to that certain Lease Agreement by and between Seller and United Launch
Alliance, L.L.C. (“ULA” or “Tenant”) covering all or any portion of the Real Property or Improvements (the “Lease” or the “ULA Lease”), including any guaranties thereof and any security deposits thereunder in
Seller’s possession at Closing; and 
 (d) Any and all of Seller’s right, title and interest in and to any of the
following existing at the Closing (i) all assignable contracts and agreements relating to the leasing, operation, maintenance or repair of the Real Property, Improvements or Personal Property (collectively, the “Operating
Agreements”), (ii) all assignable warranties and guaranties issued to Seller in connection with the Improvements or the Personal Property, (iii) all assignable permits, licenses, approvals and authorizations issued by any governmental
authority in connection with the Real Property, and (iv) the non-exclusive use of the name “Waterview IV” (the property described in this Paragraph 1(d) being sometimes herein referred to collectively as the
“Intangibles”). 
 The Real Property, Improvements, Personal Property, Lease and Intangibles are collectively referred
to hereinafter as the “Property”. 
 2. Purchase Price. 

The purchase price for the Property shall be Thirty-Two Million Five Hundred Fifty Thousand Dollars ($32,550,000) (the “Purchase
Price”), subject to adjustment as provided in Paragraph 8(e) below and payable as follows: 

  
 1 

 (a) Within five (5) business days after the execution of this Agreement by Buyer and
Seller, Buyer shall deposit in “Escrow” with the “Escrow Holder” (as those terms are hereinafter defined), in an interest-bearing account established by Escrow Holder at First American Title Insurance Company (the “Escrow
Account”), in cash or other immediately available funds, the sum of Eight Hundred Thousand Dollars ($800,000) (the “Initial Deposit”). Unless this Agreement shall have been terminated pursuant to the provisions hereof prior thereto,
within two (2) business days after the expiration of the “Due Diligence Period” (as hereinafter defined), Buyer shall deposit into the Escrow Account additional cash or other immediately available funds in the amount of Eight Hundred
Thousand Dollars ($800,000) (the “Second Deposit”, and together with the Initial Deposit and, once paid, if it all, the “Extension Deposit” (as hereinafter defined), the “Deposit”). The Escrow Holder shall hold the
Deposit or any portion thereof in the Escrow Account, in accordance with the terms and conditions of this Agreement. All interest on such sum shall be deemed income of Buyer, and Buyer shall be responsible for the payment of all costs and fees
imposed on the Escrow Account. Nevertheless, all interest accrued on such sum shall be held and disbursed with, and deemed to be a part of, the “Deposit” for all purposes of this Agreement. At Closing, the Deposit and all interest accrued
thereon shall be applied toward the Purchase Price and paid through Escrow to Seller. Provided that this Agreement has not been terminated prior to the expiration of the Due Diligence Period, the Deposit is nonrefundable to the Buyer except as
expressly provided in this Agreement. 
 (b) The balance of the Purchase Price, plus or minus any applicable prorations pursuant
to this Agreement, shall be deposited by Buyer into the Escrow Account and shall be paid through Escrow to Seller at Closing in cash or other immediately available funds not later than 5:00 p.m. Eastern time on the “Closing Date”
(hereafter defined). 
 3. Due Diligence. 
 (a) Due Diligence Period. The “Due Diligence Period” shall expire on the Effective Date. If Buyer disapproves of the Property or any aspect of its due diligence and does not intend to
proceed with the transactions contemplated by this Agreement (the “Transactions”) for any reason or no reason, Buyer shall deliver written notice of such disapproval (a “Termination Notice”) to Seller prior to the expiration of
the Due Diligence Period, in which event this Agreement shall be deemed terminated and the Deposit shall be returned to Buyer in accordance with Paragraph 3(f) hereof. In the event Buyer does not deliver a Termination Notice to Seller prior to the
expiration of the Due Diligence Period, Buyer shall be conclusively deemed to have approved the purchase of the Property and to have waived any right to terminate this Agreement. For purposes of this Paragraph 3, an approval which is conditioned or
qualified in any way shall be deemed a disapproval. Notwithstanding anything contained herein, Buyer is deemed to have approved its contingencies and waived its right to terminate this Agreement during the Due Diligence Period. 

(b) Due Diligence Materials. Seller shall make available to Buyer within two (2) days after Effective Date all books,
records, documentation, studies, and information identified on the attached Schedule 3(b) (collectively, the “Seller Diligence Materials”). Seller shall have an ongoing obligation during the pendency of this Agreement to provide
Buyer with any type of document or instrument described in Schedule 3(b) (as determined by Seller in its reasonable discretion) which is created or modified in any respect after the Effective Date. 

  
 2 

 
Notwithstanding anything to the contrary in this Agreement, Seller shall not be obligated to provide Buyer with any of Seller’s internal memoranda or reports, any financial projections,
budgets or appraisals, or any other confidential, proprietary or privileged information. In addition, Seller will not have any liability, obligation or responsibility with respect to the content or accuracy of any report, study, opinion, projection
or analysis provided to Buyer as a part of the Seller Diligence Materials. 
 (c) Inspection. Between the Effective Date
and the Closing Date, or the earlier termination of this Agreement, Seller shall permit Buyer and “Buyer Representatives” (as hereinafter defined) reasonable access to the Property during normal business hours upon reasonable notice to
Clarion Partners (“Seller’s Investment Advisor”) or CBRE (“Property Manager”) to the extent reasonably necessary for the purpose of conducting Buyer’s investigation of the Property. At Seller’s election, Seller may
have a representative present during any such inspection. Neither Buyer nor Buyer Representatives shall be entitled to conduct any investigation that involves boring or penetration into the Real Property or Improvements, including, but not limited
to, testing for mold (including, without limitation, air sampling) and “Phase II” environmental testing, without the express written consent of Seller which may be granted or denied in Seller’s sole and absolute discretion. Any
request by Buyer to Seller for permission to conduct any such intrusive testing shall be in writing and shall be accompanied by a written scope of the intended work in sufficient detail to allow Seller to reasonably evaluate the request. If granted,
such consent shall only be in writing, shall only be in the form of the execution and delivery by Buyer and Seller of Seller’s approved form of access agreement and shall not be construed to and shall not release Buyer from its indemnification
of Seller hereunder. Buyer shall be exclusively responsible for all costs and fees associated with its investigation and review of the Property. Buyer agrees to conduct and to cause Buyer Representatives to conduct its inspections and reviews
(i) in a safe and professional manner; (ii) so as not to create any dangerous or hazardous condition on the Property; (iii) in compliance with all applicable laws; (iv) only after obtaining all permits required to be obtained
with respect to such inspections; and (v) in a manner that does not cause any damage, loss, cost or expense to, or claims against Seller or the Property. Buyer agrees to repair any damage or disturbance Buyer or Buyer Representatives shall
cause to the Property, and further Buyer agrees to indemnify, defend and hold harmless Seller and the “Seller Parties” (hereafter defined) from any and all liability, claims, demands, damages and costs (including attorneys’ fees and
expenses) directly resulting from the activities of Buyer, Buyer Representatives and Buyer’s agents, employees and contractors upon the Property (but excluding liability, claims, demands, damages and costs resulting solely from the discovery of
any latent or defective conditions on the Property other than to the extent the same is worsened by the activities of Buyer or Buyer Representatives), and from and against all mechanics’, materialmen’s or other liens resulting from the
conduct of Buyer, Buyer Representatives or Buyer’s agents, employees and contractors upon the Property. This provision shall survive termination of this Agreement. 
 (d) Insurance. Buyer and Buyer Representatives shall, as a condition of any entry onto the Property, have in force adequate liability insurance with coverage of not less than One Million Dollars
($1,000,000) per occurrence with a Two Million Dollars ($2,000,000) combined single limit, naming Seller as an additional insured, and worker’s compensation insurance as required by law, to protect Seller against any and all liability, claims,
demands, damages and costs (including attorneys’ fees and expenses) which may occur as a result of any 

  
 3 

 
activity of Buyer or Buyer Representatives on the Property. Prior to any entry by Buyer or any Buyer Representatives onto the Property, Buyer shall provide to Seller evidence satisfactory to
Seller that Buyer is maintaining the insurance required pursuant to this subparagraph 3(d). The foregoing shall not limit or release Buyer’s indemnification contained in subparagraph 3(c), above. 

(e) Title and Survey. 
 (i) Seller has ordered and shall deliver to Buyer a preliminary title report (the “Preliminary Title Report”) prepared by First American Title Insurance Company (the “Title Company”)
with respect to the Real Property, together with copies of all documents referred to therein. Seller will provide to Buyer the most current survey of the Property in Seller’s possession. Buyer may, at Seller’s sole cost and expense, obtain
a current survey of the Real Property (the “Survey”). 
 (ii) Before the later of (1) ten (10) days after
Buyer’s receipt of the Preliminary Title Report, and (2) the expiration of the Due Diligence Period (the “Title Review Period”), Buyer shall furnish Seller with a written statement of objections, if any, to title to the Property
(“Objections”). If an update or endorsement to the Preliminary Title Report delivered to Buyer or a revision to the Survey (a “Title/Survey Update”) discloses a title or Survey matter that was not disclosed in the original
Preliminary Title Report, on the Survey or in a previous Title/Survey Update, Buyer may deliver to Seller, within five (5) days following Buyer’s receipt of the Title/Survey Update (“Title/Survey Update Review Period”) a written
Objection to such defect first disclosed on the Title/Survey Update accompanied by a copy of the Title/Survey Update. Buyer shall be deemed to have agreed to accept title subject to all matters reflected in the Preliminary Title Report and any
Title/Survey Update and to the state of facts shown on the Survey, other than Objections that have been timely given (other than those which Seller does not agree to cure, as provided herein) and provided that, in no event shall Buyer be deemed to
have agreed to accept title subject to (I) monetary liens, encumbrances or security interests against Seller and/or the Property, (II) encumbrances that have been voluntarily placed against the Property by Seller after the Effective Date
without Buyer’s prior written consent and that will not otherwise be satisfied on or before the Closing or (III) exceptions that can be removed from the Preliminary Title Report by Seller’s delivery of an owner’s title affidavit or
gap indemnity reasonably acceptable to Seller (all of the foregoing hereinafter collectively referred to as the “Seller’s Required Removal Items”). All title matters and exceptions set forth in the Preliminary Title Report and any
Title/Survey Update and the state of facts shown on the Survey which are not Objections, or which are thereafter deemed to be accepted or waived by Buyer as hereinafter provided, other than the Seller’s Required Removal Items, are hereafter
referred to as the “Permitted Exceptions”. 
 (iii) If Buyer notifies Seller within the Title Review Period or the
Title/Survey Update Review Period, as applicable, of Objections, then within five (5) business days after Seller’s receipt of Buyer’s notice, Seller shall notify Buyer in writing (“Seller’s Title Response Notice”) of
the Objections which Seller agrees to attempt to satisfy at or prior to the Closing, at Seller’s sole cost and expense, and of the Objections that Seller cannot or will not satisfy. Failure by Seller to respond to Buyer by the expiration of
said five (5) business day response period shall be deemed as Seller’s election not to attempt to cure the Objections raised 

  
 4 

 
by Buyer. Notwithstanding the foregoing, Seller shall, in any event, be obligated to satisfy Seller’s Required Removal Items. If Seller chooses not to attempt to satisfy all or any of the
Objections that Seller is not obligated to satisfy, Seller shall notify Buyer thereof within the allowed five (5) business day period, then Buyer shall have the option to be exercised within five (5) business days following Buyer’s
receipt of the Seller’s Title Response Notice of either (1) terminating this Agreement by giving written notice of termination to Seller, whereupon the rights of the parties shall be as set forth in Paragraph 3(a) hereof or
(2) electing to consummate the purchase of the Property, in which case Buyer shall be deemed to have waived such Objections and such Objections shall become “Permitted Exceptions” for all purposes hereunder. Failure by Buyer to
respond to Seller by the expiration of said five (5) business day response period shall be deemed its election to waive the applicable Objection(s), which shall become “Permitted Exceptions”. If, at or prior to the Closing, Seller is
unable or unwilling to satisfy any Objections that Seller has previously agreed to attempt to satisfy in Seller’s Title Response Notice, Buyer shall have the option, at Buyer’s sole discretion and without limiting any other right or remedy
of Buyer, (I) to adjourn the Closing Date to allow Seller additional time to attempt to satisfy such Objections (such extension not to exceed ten (10) business days), (II) to terminate this Agreement by giving written notice of termination
to Seller, whereupon the rights of the parties shall be as set forth in Paragraph 3(a) hereof, or (III) to close this transaction in accordance with the terms and provisions hereof and accepting title in its then existing condition with all matters
set forth in the Preliminary Title Report or on the Survey (other than Seller’s Required Removal Items and Objections that Seller has cured) being deemed to be Permitted Exceptions. 

(iv) It is a condition to Buyer’s obligation to close that the Title Company shall issue a 2006 ALTA Owners Policy of Title
Insurance to Buyer in the amount of the Purchase Price, insuring that Buyer has good and marketable fee simple title to the Property, subject only to the Permitted Exceptions (collectively, the “Title Policy”) and including such
endorsements as Buyer and Title Company agree to prior to the expiration of the Due Diligence Period. Notwithstanding anything to the contrary contained herein, Buyer confirms that it has approved the condition of title and survey as of the
expiration of the Due Diligence Period. 
 (f) Return of Deposit. In the event of any termination of this Agreement
pursuant to this Paragraph 3, and provided the party initiating such termination is not then in breach or default under this Agreement, Escrow shall be canceled, this Agreement shall be terminated and become null and void, all parties hereto shall
be released from further performance of this Agreement (with the exception of those provisions or paragraphs which recite that they survive termination of this Agreement), and Escrow Holder shall return to Buyer all or any portion of the Deposit
deposited with Escrow Holder and shall return to each party any and all documents which such party had deposited with it. 
 4.
Possession, Etc. 
 (a) Possession. Buyer shall be entitled to possession of the Property, subject to the rights of
Tenant, on the Closing Date. 
 (b) Operating Agreements. If permitted under any Operating Agreement, Seller shall, after
expiration of the Due Diligence Period, but prior to Closing, submit written 

  
 5 

 
notice to the applicable vendor(s) to terminate (with a copy of such notice to be delivered to Buyer) any Operating Agreement which Buyer has notified Seller in writing prior to the expiration of
the Due Diligence Period that Buyer does not wish to assume; provided that, Seller shall not be obligated to terminate any Operating Agreement where such termination would result in a default under such Operating Agreement, or where Seller would
incur any expense in connection with such termination; and provided further that in any event, except for the “Terminable Operating Agreement” (as hereinafter defined), Buyer shall indemnify, defend and hold harmless Seller and the
“Seller Parties” (as hereinafter defined) from any and all liability, claims, demands, damages and costs (including attorney’s fees and expenses) on account of any such termination or attempted termination of any Operating Agreement.
Such non-terminable Operating Agreements, if any, shall be assumed by Buyer as of the Closing. If Seller provides notice to terminate any Operating Agreement which Buyer has notified Seller in writing that Buyer does not wish to assume, but such
Operating Agreement cannot be effectively terminated until after the Closing Date (e.g., a service contract may require at least thirty (30) days advance notice of termination before it termination becomes effective), Buyer shall assume such
Operating Agreement as of the Closing until such termination becomes effective in accordance with the terms and conditions of such Operating Agreement. The foregoing to the contrary notwithstanding, Seller shall cause the property management and
leasing agreement with CB Richard Ellis (the “Terminable Operating Agreement”) to be terminated at Closing without liability or expense to the Buyer. 
 (c) Reports. All information, irrespective of the form of communication, provided to or obtained by Buyer or its directors, officers, employees, agents, contractors, representatives, attorneys or
advisors (individually and collectively, the “Buyer Representatives”), whether prepared by or on behalf of Seller, by third party consultants engaged by Buyer, the Buyer Representatives or otherwise, in connection with Buyer’s
investigation of the Property shall be maintained in accordance with the confidentiality provisions of Paragraph 16 below. In the event Buyer does not complete the purchase of the Property for any reason, Buyer shall promptly deliver to Seller any
and all studies, reports and other matters provided to Buyer or the Buyer Representatives by Seller or Seller Representatives in connection with such investigation process, together with any and all copies thereof, or certify to Seller that Buyer
has destroyed same; provided, however, Buyer (i) will be entitled to retain one copy of such materials for compliance purposes or for the purposes of defending or maintaining litigation or threatened litigation, subject to the continued
application of the provisions of this paragraph and compliance with Paragraph 16 below, and (ii) will not be obligated to erase any such materials that are contained in an archived computer system made in accordance with its security and/or
disaster recovery procedures on the understanding that any such retained materials shall remain subject to the continued application of the provisions of this paragraph. Notwithstanding any provision of this Agreement which refers to the termination
of this Agreement and the return of the Deposit to Buyer, such Deposit shall not be returned to Buyer unless and until Buyer has fulfilled its obligation to return or provide to Seller the materials described in the preceding sentence. This
provision shall survive termination of this Agreement. 
 (d) Tenant. In no event shall Buyer or Buyer Representatives be
authorized to conduct any activities pursuant to this Paragraph 4, or otherwise, which would in any way materially interfere with or disturb Tenant. Buyer shall not communicate with Tenant without Seller’s express written consent and Seller may
have a representative present during any such 

  
 6 

 
communication. Notwithstanding the foregoing but without limitation of Seller’s right to have a representative present during any communication between Buyer and Tenant, Buyer or Buyer
Representatives may interview Tenant in connection with a typical, customary Phase I environmental report and property condition report. 
 (e) Seller’s Access. For a period of two (2) years after the Closing, Buyer shall allow Seller and its agents and representatives access without charge to all files, records and documents
delivered to Buyer by Seller at or prior to the Closing, upon reasonable advance notice and at all reasonable times, to, at Seller’s cost, examine and make copies of any and all such files, records and documents. 

5. The Closing. 
 (a) The Closing Date. Provided that all conditions to Buyer’s obligation to close have been satisfied or waived, the consummation of the purchase and sale of the Property (“Closing”)
shall occur at a time and on a date mutually acceptable to Buyer and Seller, but in no event later than the date which is the later to occur of (i) the Effective Date and (ii) five (5) business days after receipt of the ULA Estoppel
(the “Outside Closing Date”). The date upon which Closing shall occur is referred to as the “Closing Date”. Buyer acknowledges that Buyer shall endeavor to provide more than two (2) business days’ notice of an extension
if greater notice is reasonably possible. Closing shall occur through Escrow as herein provided. 
 (b) Buyer’s
Conditions to Closing. Buyer’s obligation to close the Transactions and purchase the Property is subject to satisfaction of the following conditions precedent: 
 (i) Representations and Warranties. The representations and warranties made by Seller in this Agreement shall be true and correct in all material respects as of the Closing as if first made on and
as of the Closing Date. 
 (ii) Covenants and Obligations. Seller shall have performed its covenants and obligations
under this Agreement in all material respects. 
 (iii) Title Policy. The Title Company shall have committed to issue
the Title Policy. 
 (iv) Tenant Estoppel Certificate. Receipt by Buyer prior to the expiration of the Due Diligence
Period of a tenant estoppel certificate addressed to Buyer, executed by ULA with respect to the Lease as of a date which is dated after the Effective Date, substantially in the form attached hereto as Exhibit G (the “ULA Estoppel”);
provided, however, that if the form of tenant estoppel certificate attached hereto requests information in addition to or different than that required to be given pursuant to the ULA Lease, this condition will be satisfied if ULA executes an
estoppel certificate in the form required pursuant to the ULA Lease. Seller shall use reasonable efforts (but without obligation to incur any cost or expense or institute any legal action) to obtain and deliver the ULA Estoppel. Any modifications to
the ULA Estoppel shall be subject to the approval of Buyer, which approval shall not be unreasonably withheld or delayed. If Buyer fails to deliver written notice to Seller setting forth Buyer’s reasonable objections to any such modification to
the ULA Estoppel within five (5) business 

  
 7 

 
days after Buyer’s receipt of such modified ULA Estoppel (which may be submitted to Buyer in either the form proposed to be executed by ULA or as executed by ULA), then Buyer shall be
conclusively deemed to have approved such modifications. In the event the ULA Estoppel is received by Buyer more than two (2) business days prior to the end of the Due Diligence Period, unless Buyer shall have terminated this Agreement in
writing prior to the end of the Due Diligence Period, Buyer shall be deemed to have approved (or waived) this condition as of the expiration of the Due Diligence Period. 
 (c) Waiver of Buyer’s Conditions to Closing. If any condition to Buyer’s obligation to proceed with the Closing hereunder has not been satisfied or waived as of the Closing Date or other
applicable date, Buyer shall have the right at Buyer’s sole discretion and without limiting any other right or remedy of Buyer, (i) to proceed to Close, notwithstanding the non-satisfaction of such condition, in which event the Buyer shall
be conclusively deemed to have waived any such condition, (ii) to adjourn the Closing Date to a date not to exceed the Outside Closing Date (as extended hereunder, to the extent so permitted) to allow Seller additional time to satisfy such
conditions, or (iii) to terminate this Agreement by giving written notice to Seller and receive a return of the Deposit, whereupon neither party shall have any further rights or obligations hereunder except for any provisions of this Agreement
that expressly survive termination. 
 (d) Seller’s Conditions. Seller’s obligation to close the Transactions
and sell the Property is subject to satisfaction of the following conditions precedent: 
 (i) Representations and
Warranties. The representations and warranties made by Buyer in this Agreement shall be true and correct in all material respects as of the Closing as if first made on and as of the Closing Date; and 

(ii) Covenants and Obligations. Buyer shall have performed its covenants and obligations under this Agreement in all material
respects. 
 (e) Waiver of Seller’s Conditions to Closing. If any condition to Seller’s obligation to proceed
with the Closing hereunder has not been satisfied as of the Closing Date or other applicable date, Seller may nevertheless proceed to Close, notwithstanding the non-satisfaction of such condition, in which event the Seller shall be conclusively
deemed to have waived any such condition. 
 (f) Deliveries through Escrow. Seller and Buyer shall each deliver to the
other through Escrow such documents, instruments and funds consistent with this Agreement as are necessary to consummate the purchase and sale of the Property pursuant to this Agreement, including without limitation, the following: 

(i) Deliveries by Buyer. Buyer shall deliver the following: 

(1) the Purchase Price in cash or other immediately available funds; 

(2) an Assignment of Lease in the form of Exhibit B-1 (the “Lease Assignment”), executed by Buyer; 

  
 8 

 (3) an Assignment and Assumption in the form of Exhibit B-2 (the
“Assignment and Assumption”), executed by Buyer; 
 (4) an Escrow Agreement in the form of Exhibit I (the
“Escrow Agreement”), executed by Buyer; 
 (5) a “Closing Statement” (as hereinafter defined), in form and
content satisfactory to Buyer and Seller, executed by Buyer; 
 (6) a Real Property Transfer Declaration (Form TD-1000),
executed by Buyer; and 
 (7) such evidence of Buyer’s authority as the Title Company may reasonably require and such
other instruments consistent with this Agreement as are reasonably required by Escrow Holder or otherwise required to close Escrow. 
 (ii) Deliveries by Seller. Seller shall deliver the following: 
 (1) a
Deed in the form of Exhibit C (the “Deed”), executed and acknowledged by Seller; 
 (2) a Bill of Sale in
the form of Exhibit D, executed by Seller; 
 (3) the Lease Assignment, executed by Seller; 

(4) the Assignment and Assumption, executed by Seller; 
 (5) the Escrow Agreement, executed by Seller; 
 (6) a Certificate of Non-Foreign
Status in the form of Exhibit E, executed by Seller; 
 (7) an Information with Respect to a Conveyance of a
Colorado Real Property Interest, executed by Seller; 
 (8) the Closing Statement, in form and content satisfactory to Buyer
and Seller, executed by Seller’s Investment Advisor; 
 (9) Evidence that any Operating Agreements required to be
terminated as of the Closing Date have been terminated; and 
 (10) such evidence of Seller’s authority as the Title
Company may reasonably require, as well as such other documents executed by Seller (including without limitation, an owner’s title affidavit and gap indemnity) in form reasonably acceptable to Seller. 

(g) Deliveries Outside Escrow. Seller and Buyer shall each deliver or otherwise make available to the other outside of Escrow such
additional items as are necessary to consummate the purchase and sale of the Property pursuant to this Agreement, including without 

  
 9 

 
limitation, the delivery by the Seller to the Buyer of the following to the extent any of the following are in Seller’s possession and have not been previously delivered to Buyer:

 (i) to the extent not previously delivered by Seller to Buyer and to the extent in Seller’s possession,
(a) records and files relating to the current operation and maintenance of the Property, including, without limitation, current tax bills, current water, sewer, utility and fuel bills, payroll records, billing records for Tenant, repair and
maintenance records and the like which affect or relate to the Property, (b) all documents reasonably necessary to conduct 2012 Tenant reconciliations, (c) all architectural and engineering plans and specifications relating to the
Property, and (d) the original Lease and Operating Agreements not terminated at Closing; 
 (ii) permits, warranties and
plans and specifications relating to the Property; 
 (iii) Operating Agreements, Tenant files and the ULA Lease; and

 (iv) the keys, combinations and pass cards to doors or locks on the Property. 

(h) Notice to Tenant. Seller’s Investment Advisor shall execute and deliver to ULA promptly after Closing a Notice to Tenant
in the form of Exhibit F. 
 (i) Simultaneous Delivery; Conditions Concurrent. All documents and other items to be
delivered at the Closing shall be deemed to have been delivered simultaneously and no individual delivery shall be effective until all such items have been delivered. 
 6. Escrow. 
 (a) Opening of Escrow. Concurrently with the execution
of this Agreement, Buyer and Seller shall open an escrow (the “Escrow”) with First American Title Insurance Company (“Escrow Holder”), and provide Escrow Holder with a fully executed copy of this Agreement. This Agreement,
together with any additional instructions executed by the parties as hereinafter provided, shall constitute Escrow Holder’s instructions in connection with the Escrow. 
 (b) Duties of Escrow Holder. The duties of Escrow Holder shall be as follows: 
 (i) retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement; 
 (ii) upon the Closing, deliver to the parties entitled thereto all funds, documents and instruments to be delivered through Escrow pursuant to this Agreement; 

(iii) upon the Closing, cause the recordation of the Deed in the Office of the County Recorder of the County in which the Property is
located. Escrow Holder is instructed to request that the amount of the documentary transfer tax due be shown on a separate paper and affixed to the Deed by the County Recorder after the permanent record thereof is made; 

  
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 (iv) comply with the terms of this Agreement which specifically apply to Escrow Holder and
comply with the terms of any additional instructions jointly executed by Buyer and Seller; 
 (v) handle the Deposit and all
other funds deposited with it according to the terms of this Agreement; and 
 (vi) upon the Closing, cause the Title Company
to issue the Title Policy to Buyer. 
 (c) Additional Provisions. Escrow Holder’s rights and obligations shall be
further specified in such additional instructions acceptable to Buyer and Seller and not inconsistent with the terms of this Agreement as Escrow Holder customarily requires in real property escrows administered by it. In the event of any conflict
between this Agreement and such additional instructions, the terms of this Agreement shall prevail. Without limiting the foregoing, no provision in any supplementary Escrow instructions shall extend the Closing Date provided for herein, provide any
grace period not provided in this Agreement, indemnify Escrow Holder for its negligence or willful failure to performs its duties, or give Escrow Holder or any broker any rights in this Agreement or the Deposit. 

(d) No Extensions of Time. Any delay in the opening of the Escrow or the execution of supplemental escrow instructions shall in no
way delay or extend the Effective Date, the expiration of the Due Diligence Period or the Closing Date. 
 (e) Reporting.
To the extent the Transactions involve a real estate transaction within the purview of Section 6045 of the Internal Revenue Code of 1986 (the “IRC”), Escrow Holder shall have sole responsibility to comply with the requirements of
Section 6045 of the IRC (and any similar requirements imposed by state or local law), which in part requires Escrow Holder to report real estate transactions closing after December 31, 1986 by, among other things, preparing and causing to
be filed any applicable Internal Revenue Service Forms and any applicable additional statements in connection therewith. For purposes hereof, Seller’s tax identification number is 94-6291617. Escrow Holder shall defend, indemnify and hold
Buyer, Seller and their counsel free and harmless from and against any and all liability, claims, demands, damages and costs (including attorneys’ fees and expenses) arising or resulting from the failure or refusal of Escrow Holder to comply
with such reporting requirements. 
 7. Costs. 
 (a) Seller. Seller shall pay the premium for a standard form (without extended coverage) Owner’s Policy of Title Insurance in the amount of the Purchase Price, without endorsements, all
federal, state, county and city documentary transfer taxes applicable to the Deed, if any, one half of the Escrow fee, if any, and the cost of the Survey. 
 (b) Buyer. Buyer shall pay one half of the Escrow fee, if any, all recording charges, the premium for the Title Policy to the extent it exceeds the cost thereof to be paid by

  
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Seller, including, but not limited to, premiums for ALTA or other extended coverage and title endorsements desired by Buyer, if any. In addition, any costs relating to Buyer’s due diligence,
including without limitation, costs of appraisers, inspectors, auditors and environmental or engineering consultants, shall be Buyer’s sole responsibility. 
 (c) Termination. Notwithstanding anything contained in this Paragraph 7 to the contrary: (i) if this Agreement is terminated on account of the default by any party, then the defaulting party
shall pay any cancellation or termination fees chargeable by Escrow Holder or the Title Company; (ii) if this Agreement is terminated by Buyer pursuant to any provision of this Agreement giving Buyer the right to terminate, other than
Seller’s default, Buyer shall pay any cancellation or termination fees chargeable by the Escrow Holder or Title Company; and (iii) if this Agreement is terminated by Seller pursuant to any provision of this Agreement giving Seller the
right to terminate, other than Buyer’s default, Seller shall pay any cancellation or termination fees chargeable by the Escrow Holder or Title Company. This paragraph shall survive termination of this Agreement. 

8. Prorations and Deposits. 
 The following shall be apportioned as of 12:01 a.m. on the Closing Date, with the Buyer being credited or charged, as the case may be, with the Closing Date. All prorations shall be done on the basis
of a three hundred sixty-five (365) day year and the actual number of days elapsed to the Closing Date or the actual number of days in the month in which the Closing occurs and the actual number of days elapsed in such month to the Closing
Date, as applicable: 
 (a) Rent. Rent actually received under the ULA Lease, if any, shall be apportioned as of the
Closing Date. With respect to any rent arrearages existing under the ULA Lease on the Closing Date, if any, after Closing Buyer shall promptly pay to Seller any rent actually collected by Buyer which is applicable to the period preceding the Closing
Date and Seller shall promptly pay to Buyer any rent actually collected by Seller which is applicable to the period on or after the Closing Date; provided, however, that all rent received by Seller or Buyer shall be applied first to then current
rent and then to delinquent rent, if any, in the order of maturity. For a period of ninety (90) days after Closing, Buyer shall make good faith efforts to collect all rent arrearages in accordance with Buyer’s normal collection practices;
provided, however, that Buyer shall not be obligated to expend any funds in connection therewith and, unless Buyer is also instituting litigation to collect rent under the ULA Lease due after the Closing, Buyer need not institute litigation to
collect rent due under such Lease prior to Closing. Subject to Paragraph 8(j) below, Seller shall be permitted to pursue its legal and equitable remedies for collection of any rent arrearages applicable to the period prior to the Closing Date,
and Buyer shall cooperate with Seller’s efforts, provided that Buyer shall incur no cost or expense in connection therewith. 
 (b) Leasing Costs. Seller shall pay or give Buyer credit for all leasing commissions, tenant allowances, tenant improvement costs, abatements or other inducements (the “Leasing Costs”)
incurred in connection with the current term of the ULA Lease. Notwithstanding the foregoing, Buyer and Seller acknowledge that, pursuant to the ULA Lease, ULA is not obligated to commence payment of rent until September 1, 2012, and in the
event that the Transaction closes prior to September 1, 2012, Seller agrees to credit to Buyer at Closing 

  
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rent in an amount equal to $10,931 per day (which Buyer and Seller acknowledge is inclusive of base rent and all operating expenses due under ULA’s Lease) for the period beginning on the
Closing Date and ending on August 31, 2012. 
 (c) Deposits. At Closing, Seller shall, at Seller’s option,
either deliver to Buyer any refundable cash security deposits actually held by Seller pursuant to the ULA Lease or credit to Buyer the amount of such cash security deposits. Seller shall request, receive and retain all refundable cash and other
deposits posted by Seller with utility companies serving the Property. 
 (d) Utility Charges. Seller shall use
reasonable efforts to cause any applicable utility meters to be read on the day prior to the Closing Date, and will be responsible for the cost of any applicable utilities used prior to the Closing Date. If the meters are not read as herein set
forth, all such expenses shall be prorated. 
 (e) Real Estate Taxes and Assessments. Real estate taxes and assessments
for the tax year in which Closing occurs shall be prorated between Seller and Buyer as of the Closing Date, based upon the most recently available real estate tax information. Buyer and Seller acknowledge and agree that (i) the Purchase Price
constitutes a 6.24% capitalization rate assuming net rent of $12.10 per square foot and taxes of $4.21 per square foot, (ii) there is a tax appeal currently pending which, once finalized, could result in an adjustment to the amount of taxes
payable with respect to the Property (the “Tax Appeal”), and (iii) pursuant to Section 6.7 of Exhibit C to the Lease, (1) any decrease in the amount of 2012 taxes payable by Tenant below such $4.21 per square foot shall
result in a dollar for dollar increase in the base rent payable by Tenant under the Lease, and (2) any increase in the amount of 2012 taxes payable by Tenant above such $4.21 per square foot shall result in a dollar for dollar decrease in the
base rent payable by Tenant under the Lease. Accordingly, upon receipt of the final results of such Tax Appeal, Buyer and Seller agree that the Purchase Price shall be adjusted by an amount determined in accordance with the attached Schedule
8(e). However, the Tax Appeal will not be finalized until after Closing, so Buyer and Seller shall enter into the Escrow Agreement pursuant to which, after Closing, Buyer or Seller will pay to the other such amount as is necessary to account for
the results of the Tax Appeal. 
 (f) Tenant Common Area Charges. Adjustments for maintenance expenses, operating
expenses and taxes (“CAM”) for the year 2012 will not be prorated or adjusted at Closing. Buyer shall complete a reconciliation of CAM charges to Tenant for the year 2012 in accordance with the provisions of the Lease, and, in the event
Closing occurs after September 1, 2012, Seller shall have the right to review and approve such reconciliation; provided that Seller agrees to provide within thirty (30) days of Buyer’s request such information as Buyer reasonably
requests for the period applicable to Seller’s ownership of the Properties so as to enable Buyer to complete such reconciliation. If the reconciliation shows that Seller owes the Tenants additional CAM charges, Seller shall pay to Buyer such
amount owed and Buyer shall indemnify, defend and hold harmless Seller and the Seller Parties from any further liability therefor. If the reconciliation shows that the Tenants owe Seller additional CAM charges, Buyer shall pay such amount to Seller
within (30) days of receipt of payment of said sum by Buyer from Tenants net of reasonable costs of collection, including without limitation reasonable attorneys’ fees; Buyer shall assume responsibility for collecting such amounts from
Tenants for a period of ninety (90) days after Closing in accordance with Buyer’s normal collection practices and the terms of this Agreement. 

  
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 (g) Other Apportionments. Amounts payable under the Operating Agreements, annual or
periodic permit and/or inspection fees (calculated on the basis of the period covered), and liability for other Property operation and maintenance expenses and other recurring costs which are not already the Buyer’s responsibility pursuant to
the ULA Lease shall be apportioned as of the Closing Date. 
 (h) Preliminary Closing Adjustment. Seller’s
Investment Advisor and Buyer shall jointly prepare and approve a preliminary Closing adjustment (the “Closing Statement”) on the basis of the ULA Lease and other sources of income and expense, and shall deliver such computation to Escrow
Holder prior to Closing. 
 (i) Post-Closing Reconciliation. If any of the aforesaid prorations cannot be definitely
calculated on the Closing Date (including, in the event that the tax appeal described in Paragraph 8(e) is completed after the Closing Date), then they shall be estimated at the Closing. No later than March 1, 2013 (the “Final Adjustment
Date”), Seller and Buyer shall make a final adjustment in accordance with the provisions of this Paragraph 8 for items of additional rents for which final adjustments or prorations could not be definitely calculated on the Closing Date, if any,
because of the lack of actual statements, bills or invoices for the current period, the year-end adjustment of common area maintenance, taxes and like items, or any other reason. Except to the extent otherwise provided in this Paragraph 8, any net
adjustment in favor of Buyer or Seller is to be paid in cash by the other no later than thirty (30) days after such final adjustment has been made. 
 (i) Collection Cooperation. With respect to Seller’s rights to collect certain funds after the Closing directly from ULA, Seller shall continue to have the right, in its own name, to demand
payment of and to collect such amounts owed to Seller by ULA, which right shall include, without limitation, the right to continue or commence legal actions or proceedings against ULA; provided, however, that in no event may Seller pursue any action
that would result in eviction of ULA or termination of ULA’s Lease. Delivery of the ULA Lease to Buyer at Closing shall not constitute a waiver by Seller of such right. Buyer agrees to reasonably cooperate with Seller in connection with all
efforts by Seller to collect such amounts and to take all reasonable steps, whether before or after the Closing Date, as may be necessary to carry out the intention of the foregoing, including, without limitation, the delivery to Seller, upon prior
written notice, of copies of any relevant books and records (including any rent statements, receipted bills and copies of checks used in payment of such sums), the execution of any and all consents or other documents, and the undertaking of any act
necessary for the collection of such amounts by Seller, excluding proceedings for eviction, and provided that Seller shall be required to reimburse Buyer for all reasonable expenses incurred by Buyer in connection therewith. The parties acknowledge
and agree that this subparagraph 8(j) will be void and of no effect in the event Closing occurs prior to September 1, 2012. 

  
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 9. Representations and Warranties. 

(a) Buyer’s Representations and Warranties. Buyer represents and warrants to Seller as follows: 

(i) Buyer is a limited liability company, duly organized and validly existing and in good standing under the laws of its state of
organization. As of Closing, Buyer shall be in good standing and duly qualified to do business in the State where the Property is located and shall have the full power and authority to enter into, be bound by and comply with the terms of this
Agreement and will have obtained all necessary authorizations, consents and approvals to enter into and consummate the Transactions. 
 (ii) This Agreement and all documents executed by Buyer in connection with this Agreement which are to be delivered to Seller at Closing are, or at the time of Closing will be, duly authorized, executed
and delivered by Buyer, and are, or at Closing will be, legal, valid and binding obligations of Buyer and do not, and at the time of Closing will not, violate any provisions of any agreement or judicial order to which Buyer is a party or to which
Buyer is subject. 
 (iii) Buyer acknowledges that Seller is a unit of the California State and Consumer Services Agency
established pursuant to Title I, Division 1, Parts 13 and 14 of the California Education Code, Sections 22000, et seq., as amended (the “Education Code”). As a result, Buyer acknowledges that Seller is prohibited from engaging in certain
transactions with or for the benefit of an “employer”, “employing agency”, “member”, “beneficiary” or “participant” (as those terms are defined or used in the Education Code). In addition, Buyer
acknowledges that Seller may be subject to certain restrictions and requirements under the Internal Revenue Code, 26 U.S.C. Section 1 et seq. (the “Code”). Accordingly, Buyer represents and warrants to Seller that (a) Buyer is
neither an employer, employing agency, member, beneficiary or participant; (b) Buyer has not made any contribution or contributions to Seller; (c) neither an employer, employing agency, member, beneficiary nor participant, nor any person
who has made any contribution to Seller, nor any combination thereof, is related to Buyer by any relationship described in Section 267(b) of the Code; (d) neither Seller, Seller’s Investment Advisor, their affiliates, related
entities, agents, officers, directors or employees, nor any Seller board member, employee or internal investment contractor thereof or therefor (collectively “Seller Affiliates”) has received or will receive, directly or indirectly, any
payment consideration or other benefit from, nor does any Seller Affiliate have any agreement or arrangement with, Buyer or any person or entity affiliated with Buyer, relating to the transactions contemplated by this Agreement except as expressly
set forth in this Agreement; and (e) no Seller Affiliate has any direct or indirect ownership interest in Buyer or any person or entity affiliated with Buyer. 
 (iv) Buyer is currently (a) in compliance with and shall at all times during the term of this Agreement remain in compliance with the regulations of the Office of Foreign Assets Control
(“OFAC”) of the U.S. Department of Treasury and any statute, executive order (including Executive Order 13224, dated September 24, 2001 and entitled “Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit, or Support Terrorism”), or regulation relating thereto, and (b) not listed on, and shall not during the term of this Agreement be listed on, the Specially Designated Nationals and Blocked Persons List maintained by OFAC
and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation. In 

  
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connection with the representations and warranties by Buyer under this subparagraph 9(a)(iv), Seller acknowledges that, with respect to application of such representations and warranties to the
shareholders of Cole Corporate Income Trust, Inc., Buyer has relied and will rely exclusively on its broker-dealer network to implement normal and customary investor screening practices mandated by applicable law and FINRA regulations in the making
of the foregoing representations and warranties. 
 (b) Seller’s Representations and Warranties. Seller represents
and warrants to Buyer as follows: 
 (i) Seller is a public entity and has the full power and authority to enter into and
comply with the terms of this Agreement and has, or at Closing will have, obtained all necessary consents and approvals required for Seller to enter into and consummate the Transactions; 

(ii) This Agreement and all documents executed by Seller in connection with this Agreement which are to be delivered to Buyer at
Closing, are or at the time of Closing will be, duly authorized, executed and delivered by Seller, and are, or at Closing will be, legal, valid and binding obligations of Seller and do not, and at the time of Closing will not, violate any provisions
of any agreement or judicial order to which Seller is a party or to which Seller is subject. 
 (iii) Seller is not a
“foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended. 

(iv) Seller is currently (a) in compliance with and shall at all times during the term of this Agreement remain in compliance with
the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order (including Executive Order 13224, dated September 24, 2001 and entitled “Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism”), or regulation relating thereto, and (b) not listed on, and shall not during the term of this Agreement be listed on, the Specially
Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation. 

(v) To Seller’s actual knowledge, there are no pending legal actions or arbitrations, at law or in equity, affecting the Property.

 (vi) The ULA Lease is the only Lease affecting the Property as of the Effective Date. 

(vii) Exhibit H is a complete list of all Operating Agreements affecting the Property as of the Effective Date, and to
Seller’s actual knowledge, Seller has not received any notice that a default of Seller exists under any of the Operating Agreements. 
 (viii) To Seller’s actual knowledge, Seller has not intentionally withheld or prevented Buyer from reviewing any books, records or other documents in Seller’s possession relating to the
Property, with the exception of any confidential, proprietary or privileged information. 

  
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 (ix) To Seller’s actual knowledge, there is no environmental condition at the Property
that does not comply with applicable environmental laws and regulations, and Seller has not received any written notice from any governmental authority of any environmental condition at the Property that does not comply with applicable environmental
laws and regulations, in each case except as disclosed in the environmental report dated June, 2000 by Qore Property Sciences and provided to Buyer. 
 (x) To Seller’s actual knowledge, Seller has not received written notice from any governmental authority of any violation of any applicable law, ordinance, rule or regulation applicable to the
Property that have not been cured. 
 (xi) Seller has not granted any options to purchase or rights of first refusal affecting
or relating to the Property or any other agreement, written or oral, under which Seller is or could become obligated to sell the Property. 
 (xii) Seller has sent no written notice of default to Tenant and, to Seller’s actual knowledge, no default of Tenant exists under the Lease. 

(xiii) To Seller’s actual knowledge, Seller has not received written notice from any governmental authority of any pending
condemnation action against any of the Property. 
 The term “Seller’s actual knowledge” shall mean the current
actual personal knowledge of, and only of, Michael Duffy or Stephen Latimer of Seller’s Investment Advisor, with no imputation of knowledge and no duty of investigation or inquiry. Seller represents that the parties listed above are the
individuals currently charged with responsibility for the day-to-day operation or oversight of the Property. 
 (c)
Limitations on Liability. All representations and warranties of Buyer set forth in Paragraph 9(a) of this Agreement (collectively, the “Buyer Representations”) and the representations and warranties of Seller set forth in Paragraph
9(b) of this Agreement (collectively, the “Seller Representations”) shall be deemed to have been made as of the Effective Date and again as of the Closing Date. Notwithstanding the foregoing, Seller’s representations and warranties
contained in Paragraph 9(b) of this Agreement shall survive the Closing for a period of nine (9) months after the Closing Date (the “Survival Period”) subject to the provisions of this Paragraph 9(c). Notwithstanding anything to the
contrary contained in this Agreement or in any exhibits attached hereto or in any documents executed or to be executed in connection herewith (collectively, including this Agreement, said exhibits and all such documents, the “Purchase
Documents”), it is expressly understood and agreed by and between the parties hereto that the recourse of Buyer or its successors or assigns against Seller with respect to the alleged breach by or on the part of Seller of any representation,
warranty, covenant, undertaking, indemnity or agreement contained in any of the Purchase Documents (collectively, “Seller’s Undertakings”) shall (i) be deemed waived unless Buyer has both delivered to Seller written notice that
Buyer is seeking recourse under Seller’s Undertakings (the 

  
 17 

 
“Recourse Notice”) prior to the expiration of the Survival Period and filed suit within sixty (60) days thereafter, and (ii) be limited to an amount not to exceed One Million
Dollars ($1,000,000) in the aggregate for all recourse of Buyer under the Purchase Documents. Seller shall have no liability to Buyer for a breach or default of any of Seller’s Undertakings unless the valid claims for all such breaches and
defaults collectively aggregate more than Fifteen Thousand Dollars ($15,000), in which event the full amount of such, valid claims shall be actionable. Any Seller’s Undertakings for which a Recourse Notice has not been given, or for which such
specific suit has not been commenced on or before the date sixty (60) days following the expiration of the Survival Period shall terminate and cease to be of any force or effect, and neither party shall have any right, remedy, obligation or
liability thereunder. Any such representation or warranty for which such specific written notice has not been given, or for which such specific suit has not been commenced, on or before the Survival Period after the Closing Date shall terminate and
cease to be of any force or effect and neither party shall have any right, remedy, obligation or liability thereunder. In the event, prior to Closing, Seller discovers that any of Seller’s Undertakings have materially and adversely changed,
Seller shall give written notice thereof to Buyer (a “Material and Adverse Change Notice”) and Seller’s Undertakings shall be deemed qualified and amended as set forth in such Material and Adverse Change Notice. Within three
(3) days after receipt of a Material and Adverse Change Notice (the Closing Date being hereby extended for such period, if necessary to give Buyer adequate time to respond), Buyer, as its sole and exclusive remedy at law or in equity on account
of such Material and Adverse Change Notice from Seller, all other rights and remedies being hereby waived, may elect by written notice to Seller either to (i) terminate this Agreement, in which case the provisions of Paragraph 3(e) shall apply
or (ii) accept and approve Seller’s Undertakings as so qualified and amended and proceed with the Transactions without any right or remedy on account thereof. Buyer’s failure to give timely written notice of such election to Seller
shall constitute Buyer’s irrevocable election to accept and approve Seller’s Undertakings as so qualified and amended and proceed with the Transactions without any right or remedy on account thereof. 

(d) Disclaimer of Seller Representations and Warranties. Except as specifically stated in Paragraph 9(b) or in the Deed or
Lease Assignment, neither Seller, nor Seller’s Investment Advisor, nor any of their respective officers, directors, trustees, beneficiaries, members, retirants, employees, agents, attorneys or contractors thereof or therefor (individually and
collectively, the “Seller Parties”) is making or shall be deemed to have made any express or implied representation or warranty of any kind or nature as to the Property or the Transactions contemplated in this Agreement, including, without
limitation, (i) the financial status of the Property, including without limitation, income or expenses generated, paid or incurred in connection with the Property, (ii) the nature, physical or environmental condition, safety or any other
aspect of the Property or the Property’s compliance with applicable laws, ordinances, rules and regulations, including, without limitation, zoning ordinances, building codes (including, without limitation, the Americans With Disabilities Act)
and environmental, hazardous material, natural hazards and endangered species statutes, (iii) the accuracy or completeness of any information or data provided or to be provided by Seller Parties, including, without limitation, copies of any
reports or documents prepared for Seller Parties whether by third parties or otherwise which may be included with such information, or (iv) any other matter relating to the Property or Seller. Without limiting the foregoing, Buyer hereby
acknowledges that , except as expressly provided in Paragraph 9(b) the Property will be sold to Buyer “AS IS”, “WHERE IS” and “WITH ALL FAULTS” and except for the express Seller representations and warranties

  
 18 

 
contained in Paragraph 9(b) hereof or in the Deed or Lease Assignment, there are no representations and/or warranties, express or implied, made by Seller Parties in connection with the
Transactions contemplated in this Agreement. Buyer acknowledges and agrees that, except as specifically provided in this Agreement or in the Deed or Lease Assignment, (v) Buyer shall rely upon Buyer’s own due diligence in determining
whether the Property is suitable for purchase by Buyer; (vi) Buyer has been given a reasonable opportunity to inspect and investigate the Property, including without limitation all Improvements, Personal Property, the Leases, the Operating
Agreements, the other Intangible Property and all aspects relating thereto, either independently or through agents and experts of Buyer’s choosing; (vii) Buyer is acquiring the Property based exclusively upon Buyer’s own
investigations and inspections thereof; (viii) Seller has no obligation to repair or correct any facts, circumstances, conditions or defects or compensate Buyer therefor; and (ix) by reason of all of the foregoing, Buyer shall assume the
full risk of any loss or damage occasioned by any fact, circumstance, condition or defect pertaining to the Property. Buyer further acknowledges that: 
 (i) Seller makes no representation or warranty regarding the permitted use of the Property. In particular, Seller makes no representation or warranty that the Property may continue to be used for its
present uses, that the Property complies with any ordinances, codes or regulations or were or are properly permitted, the condition of or rights to ingress, egress or access to and from the Property, or the condition of or any rights with respect to
the water courses traversing the Property; 
 (ii) Seller has made or will make available for Buyer’s inspection copies of
certain studies, reports and other information in Seller’s possession applicable to the Property. By furnishing these materials neither Seller nor any Seller Party shall be deemed to have made any representation or warranty of any kind or
nature whatsoever with respect to any matter set forth, contained or addressed in such materials, including but not limited to the accuracy, adequacy or completeness thereof. The Seller Parties shall incur no liability to Buyer by reason of
furnishing any such information. Consequently, Buyer, for itself and its successors in interest, hereby releases the Seller Parties from, and waives all claims and liability against the Seller Parties for any and all statements or opinions now or
hereafter made, or information now or hereafter furnished, by the Seller Parties to Buyer or its agents or representatives. 

(e) Release. Except as expressly provided in Paragraph 9(b) or in the Deed or Lease Assignment, upon Closing, and except to the
extent expressly provided in Paragraphs 13 and 14 below, as between Buyer and Seller only, Buyer shall assume the risk that adverse matters, including but not limited to, construction defects, adverse physical, environmental, hazardous materials,
endangered species, zoning, access or water course issues or conditions, may not have been revealed by Buyer’s investigations. Except as expressly provided in Paragraph 9(b) or in the Deed or Lease Assignment, Buyer releases all Seller Parties
from, and waives any and all liability, claims, demands, damages and costs (including attorneys’ fees and expenses) of any and every kind or character, known or unknown, for, arising out of, or attributable to, the Leases or any latent or
patent issue or condition at the Property, including without limitation, claims, liabilities and contribution rights relating to the presence, discovery or removal of any hazardous materials in, at, about or under the Property, or for, connected
with or arising out of any and all claims or causes of action based thereon. For purposes of this Agreement, the term “hazardous material” shall mean any substance, chemical, waste or material 

  
 19 

 
that is or becomes regulated by any federal, state or local governmental authority because of its toxicity, infectiousness, radioactivity, explosiveness, ignitability, corrosiveness or
reactivity, including, without limitation, asbestos or asbestos containing material, the group of compounds known as polychlorinated biphenyls, flammable explosives, oil, petroleum or any refined petroleum product, fungi or bacterial matter which
reproduces through the release of spores or the splitting of cells, including, without limitation, mold, mildew and viruses, whether or not living. It is the intention of the parties that the foregoing release shall be effective with respect to all
matters, past and present, known and unknown, suspected and unsuspected, but shall not be effective with respect to, and shall not include, any liability, claims, demands, damages or costs asserted by parties other than Buyer. Buyer realizes and
acknowledges that factual matters now unknown to it may have given or may hereafter give rise to losses, damages, liabilities, costs and expenses which are presently unknown, unanticipated and unsuspected, and Buyer further agrees that the waivers
and releases herein have been negotiated and agreed upon in light of that realization and that Buyer nevertheless hereby intends to release, discharge and acquit all Seller Parties from any such unknown losses, damages, liabilities, costs and
expenses. The Buyer acknowledges that the foregoing acknowledgments, releases and waivers were expressly bargained for. 
 10.
Remedies. 
 (a) REMEDIES FOR BUYER’S BREACH. IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED
BECAUSE OF A DEFAULT UNDER OR BREACH OF THIS AGREEMENT ON THE PART OF THE BUYER, BUYER AND SELLER AGREE THAT IT WOULD BE IMPRACTICABLE AND EXTREMELY DIFFICULT TO FIX THE ACTUAL DAMAGE TO SELLER. BUYER AND SELLER THEREFORE AGREE THAT, IF BUYER FAILS
TO COMPLETE THE PURCHASE OF THE PROPERTY AS HEREIN PROVIDED BY REASON OF BUYER’S BREACH OR DEFAULT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF SELLER’S DAMAGES AND THAT SELLER SHALL BE ENTITLED TO SAID SUM AS LIQUIDATED DAMAGES,
WHICH SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY, EITHER AT LAW OR IN EQUITY. IN SUCH EVENT, THE ESCROW HOLDER SHALL, WITHIN THREE (3) BUSINESS DAYS OF WRITTEN DEMAND BY SELLER TO ESCROW AGENT AND BUYER, WITHOUT JOINDER OF BUYER, DELIVER
THE DEPOSIT TO SELLER IN CASH OR OTHER IMMEDIATELY AVAILABLE FUNDS. THE FOREGOING DOES NOT LIMIT BUYER’S LIABILITY UNDER ANY INDEMNITY OR OTHER PROVISION OF THIS AGREEMENT WHICH BY ITS TERMS SURVIVES A TERMINATION OF THIS AGREEMENT OR IS TO BE
PERFORMED AFTER CLOSING. TO SIGNIFY THEIR AWARENESS AND AGREEMENT TO BE BOUND BY THE TERMS AND PROVISIONS OF THIS PARAGRAPH 10(a) BUYER AND SELLER HAVE SEPARATELY INITIALED THIS PARAGRAPH. 

SELLER INITIALS:
                     BUYER INITIALS:
                     

(b) Remedies for Seller’s Breach. In the event the sale of the Property is not consummated because of default under or breach
of this Agreement on the part of Seller, Buyer shall have the option, as its sole and exclusive remedy at law or in equity, to either (i) terminate this Agreement by delivery of written notice of termination to Seller, whereupon the Deposit

  
 20 

 
shall be returned to Buyer, Seller shall reimburse Buyer for Buyer’s actual out-of-pocket third-party costs and expenses in connection with its investigation of the Property in an amount not
to exceed Fifty Thousand Dollars ($50,000), and Buyer shall provide invoices to Seller reflecting such costs and expenses, and Buyer and Seller shall each be released from all other liability hereunder (except for those provisions which recite that
they survive termination); (ii) extend the Closing Date for such reasonable period of time as may be required to permit Seller to cure or remedy such breach (provided such period of time shall not exceed thirty (30) days unless such
greater period of time is agreed to in writing by Seller) or (iii) continue this Agreement and seek the equitable remedy of specific performance. The foregoing options are mutually exclusive and are the exclusive rights and remedies available
to Buyer at law or in equity in the event the sale of the Property is not consummated because of Seller’s default under or breach of this Agreement. Buyer hereby waives any and all rights it may now or hereafter have to pursue any other remedy
or recover any other damages on account of any such breach or default by Seller, including, without limitation, loss of bargain, special, punitive, compensatory or consequential damages. Buyer shall be deemed to have elected its remedy under clause
(i) of this paragraph if Buyer fails to file suit for specific performance against Seller in a court having jurisdiction in the county and state in which the Property is located, on or before thirty (30) days following the date upon which
Closing was to have occurred. Notwithstanding anything herein to the contrary, in the event that Seller conveys the Property to a third party prior to Closing or any earlier termination or deemed termination of this Agreement, Buyer shall have the
right to pursue any remedy at law or in equity including, without limitation, a claim for money damages, provided that any such claim for money damages shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000.00). 

(c) Survival of Indemnities. Notwithstanding subparagraphs (a) and (b) of this paragraph, in no event shall the
provisions of this Paragraph 10 limit the damages recoverable by either party against the other party due to any indemnity obligation expressly set forth in this Agreement, or other provision of this Agreement which by its terms survives a
termination of this Agreement or is to be performed after Closing, as identified in Section 21(r) below. 
 (d)
Limitation on Damages. Buyer and Seller hereby waive any and all rights each may now or hereafter have to pursue any special, punitive, compensatory or consequential damages with respect to a breach or default by the other party. 

11. Buyer’s Obligations Pending Closing. Buyer shall not attempt to terminate, supplement, amend or modify in any way any of
the Leases, Operating Agreements or any other matters affecting the Property prior to the Closing. In addition, Buyer shall not file or cause to be filed any application or request with any governmental or quasi-governmental agency prior to Closing
which would or could lead to a hearing before any governmental or quasi-governmental agency or which would or could lead to any change in zoning, parcelization, licenses, permits or other entitlements or any other investigation or restriction on the
use of the Property, or any part thereof; provided however, Buyer may make such requests as are reasonably necessary to obtain a customary zoning report and/or zoning confirmation letter without violating the foregoing restriction. 

  
 21 

 12. Seller’s Obligations Pending Closing. 

(a) Subject to the provisions of Paragraphs 13 and 14 hereof, and except to the extent that such maintenance is the obligation of any
tenant under the Leases, until Closing, Seller shall maintain the Property in its condition existing on the Effective Date, normal wear and tear excepted. Prior to Closing, Seller shall also maintain its existing fire and extended coverage
insurance, if any, with respect to the Property and continue to operate the Property in the manner operated as of the Effective Date. 
 (b) Following the Effective Date and prior to Closing or the earlier termination of this Agreement, Seller shall not enter into any new, or the modification or termination of any existing, Lease,
Operating Agreement or other agreement affecting the Property without first obtaining Buyer’s written approval thereof, such approval to be in Buyer’s discretion. 
 (c) Following the Effective Date and prior to Closing or the earlier termination of this Agreement, Seller will not enter into nor execute any agreement, written or oral, under which Seller is or could
become obligated to sell the Property, or any portion thereof, to a third party, without Buyer’s prior written consent. 

(d) Following the Effective Date and prior to Closing or the earlier termination of this Agreement, Seller will not, without the prior
written consent of Buyer, take any action before any governmental authority having jurisdiction thereover, the object of which would be to change the present zoning of or other land-use limitations, upon the Property, or any portion thereof, or its
potential use. 
 (e) Following the Effective Date and prior to Closing or the earlier termination of this Agreement, Seller
shall not, by voluntary or intentional act or omission to act, further cause or create any easement, encumbrance, or mechanic’s or materialmen’s liens, and/or similar liens or encumbrances to arise or to be imposed upon the Property or any
portion thereof that affects title thereto, or to allow any amendment or modification to any existing easements or encumbrances without first obtaining Buyer’s written approval thereof, such approval to be in Buyer’s reasonable discretion.

 (f) Seller shall not, without the prior written consent of Buyer, provide a copy of, nor disclose any of the terms of, this
Agreement to any appraiser, and Seller shall instruct Broker (defined below) that it may not provide a copy of nor disclose any of the terms of this Agreement to any appraiser without the prior written consent of Buyer. 

(g) Seller shall, following the Effective Date and prior to Closing or the earlier termination of this Agreement, use commercially
reasonable efforts to obtain an estoppel certificate executed by all parties (other than Seller) to any applicable reciprocal easement agreement or declaration of covenants, conditions and/or restrictions (the “REA’s”) and addressed
or certified to Buyer stating that such instrument is in full force and effect and is not modified (except as disclosed in such estoppel certificate) and, to the best knowledge of the party giving the estoppel, the other party or parties thereto
is/are not in default under the applicable instrument and all amounts, if any, owing under the applicable agreement have been paid in full. Buyer shall be responsible for supplying the form of REA estoppel to Seller. 

  
 22 

 13. Damage or Destruction. If any of the Improvements are damaged or destroyed prior
to Closing, but not materially damaged or destroyed, by fire or other casualty, Buyer shall be required to perform this Agreement and shall be entitled to the casualty insurance proceeds payable with respect thereto (including without limitation any
business income, rent loss or like insurance proceeds relating to Property income lost or abated for periods following Closing (such lost or abated income, the “Lost Income”)) under the policies of insurance maintained by Seller
(collectively, the “Insurance Proceeds”) and a credit against the Purchase Price in the amount of the applicable deductible. If the Property is materially damaged or destroyed by fire or other casualty, Buyer may terminate this Agreement
on written notice to Seller given within five (5) business days after receiving notice of the occurrence of such fire or casualty. If Buyer shall exercise such option to terminate, it shall be deemed that Buyer terminated this Agreement
pursuant to Paragraph 3(a) and the rights of the parties shall be as set forth therein. If Buyer does not exercise such option to terminate, this Agreement shall remain in full force and effect in accordance with its terms and Buyer shall be
entitled to the Insurance Proceeds and a credit against the Purchase Price in the amount of the applicable deductible. For purposes hereof, the Property shall be deemed “materially damaged or destroyed” if (i) such damage or
destruction will entitle Tenant to terminate the Lease; (ii) such damage or destruction will entitle Tenant to abate its rent in whole or in part, and such Lost Income is not fully covered by Insurance Proceeds or (iii) the damage or
destruction is not fully covered by Insurance Proceeds. 
 14. Eminent Domain. 

If, at any time prior to the Closing, written notice of a proposed condemnation or taking is received, legal proceedings under power of
eminent domain are commenced with respect to all or any portion of the Property, or all or any part of the Property is conveyed in lieu of condemnation, Buyer shall have the right, within five (5) business days of receipt of notice thereof, to
terminate this Agreement in which event it shall be deemed that Buyer terminated this Agreement pursuant to Paragraph 3(a) and the rights of the parties shall be as set forth therein. In the event Buyer does not elect to terminate this Agreement,
Seller shall, in its discretion, assign to Buyer, at the Closing, all of Seller’s rights, title and interest in and to any condemnation proceeds payable with respect to the Property or retain the right to such proceeds and grant Buyer a credit
against the Purchase Price equal to the amount of any condemnation award paid to Seller. 
 15. Commissions. 

Neither Seller nor Buyer has had any contact or dealings regarding the Property, or any communication in connection with the subject
matter of the Transactions, through any real estate broker or other person who can claim a right to a commission or finder’s fee in connection with the sale contemplated herein other than Jones Lang LaSalle (the “Broker”). If, and
only if, the Closing occurs, Seller will pay a commission to the Broker in connection with the Transactions pursuant to a separate written agreement between Seller and Broker (the “Commission Agreement”). In the event of any claim for
broker’s or finder’s fees or commissions in connection with the negotiation, execution or consummation of this Agreement other than pursuant to the Commission Agreement, Buyer shall indemnify, defend and hold harmless Seller and the Seller
Parties from and against any and all liability, claims, demands, damages and costs (including attorneys’ fees and expenses) on account of such claim if it shall 

  
 23 

 
be based upon any statement, representation or agreement claimed to have been made by Buyer, and Seller shall indemnify, defend and hold harmless Buyer from and against any and all liability,
claims, demands, damages and costs (including attorneys’ fees and expenses) on account of such claim if it shall be based upon any statement, representation or agreement claimed to have been made by Seller. The provisions of this paragraph
shall survive termination of this Agreement. 
 16. Publicity and Confidentiality. 

Buyer and Seller each agree that the terms of the Transactions, the identities of Buyer and Seller, and all information made available by
one party to the other or in any way relating to the other party’s interest in that transaction (collectively, the “Confidential Information”), shall be treated as confidential by the parties using the same degree of care with respect
to the Confidential Information as such parties employ with respect to its own proprietary or confidential information of like importance, and no disclosure of such information will be made, whether or not the transaction contemplated by this
Agreement shall close, except to such attorneys, accountants, investment advisors, lenders and others as are reasonably required to evaluate and consummate that transaction. Buyer and Seller shall not be obligated to keep confidential any
Confidential Information that (1) is already in the public domain, (2) is or becomes generally available to the public other than as a result of a disclosure by the receiving party, or (3) is or becomes available on a non-confidential
basis from a source other than the disclosing party who, to the receiving party’s knowledge, is not subject to a confidentiality agreement with, or other obligation of secrecy to, the disclosing party prohibiting such disclosure. Buyer and
Seller each further agree and covenant as follows: 
 (a) Neither Buyer nor Seller shall disclose or authorize the disclosure of
the terms of this Agreement or any instruments, documents, or assignments delivered in connection with this Agreement, or the identity of the other party to this Agreement in any public statement, news release, or other announcement or publication;
provided, however, that upon Closing, Buyer may issue a press release describing the Transactions which (i) does include any reference to Seller and (ii) has been approved by Seller’s Investment Advisor. 

(b) Nothing in this paragraph shall prevent either Buyer or Seller from disclosing or accessing any information otherwise deemed
confidential under this paragraph (i) in connection with that party’s enforcement of its rights hereunder; (ii) pursuant to any legal requirement, any statutory reporting requirement or any accounting or auditing disclosure
requirement; (iii) in connection with performance by either party of its obligations under this Agreement (including, but not limited to, the delivery and recordation of instruments, notices or other documents required hereunder); or
(iv) to potential investors, participants or assignees in or of the transaction contemplated by this Agreement or such party’s rights therein. 
 Except with respect to subparagraph (a) above, the parties’ obligations under the foregoing provisions of this Paragraph 16 shall terminate on the earlier of (x) twelve months from the
Effective Date, or (y) the Closing Date. 
 17. Exculpation. No present or future officer, director, employee,
trustee, member, retirant, beneficiary, internal investment contractor or agent of Seller shall have any personal 

  
 24 

 
liability, directly or indirectly, and recourse shall not be had against any such officer, director, employee, trustee, member retirant, beneficiary, internal investment contractor or agent,
under or in connection with this Agreement or any other document or instrument heretofore or hereafter executed in connection with this Agreement either before or after Closing. Buyer hereby waives and releases any and all such personal liability
and recourse. In addition, Buyer acknowledges and agrees that prior to Closing Buyer and all other persons dealing with Seller must look solely to Seller’s interest in the Property for the enforcement of any claims against or liability of
Seller, and after Closing Buyer and all other persons dealing with Seller shall be limited to the amount of the Purchase Price for the enforcement of any claims against or liability of Seller, to the extent such claims are not otherwise limited in
this Agreement. The limitations of liability provided in this paragraph are in addition to, and not in limitation of, any limitation on liability provided for elsewhere in this Agreement or provided by law or in any other contract, agreement or
instrument. 
 18. Execution of Documents and Funding by Buyer. Buyer understands that for administrative reasons Seller
requires up to three (3) business days to sign any document and an additional two (2) business days to deliver such document into Escrow. All documents (other than the Closing Statement, owner’s affidavit and similar title documents,
if any, any extension of the Due Diligence Period or Closing Date, and any response to Buyer’s due diligence items, including title items, which may be executed by Seller’s Investment Advisor and may be delivered by facsimile) to be
executed by Seller shall be agreed upon and prepared in final execution form (facsimile transmission and/or counterparts shall not be execution form) and received by Seller to allow for compliance with the foregoing schedule. In the event any of the
foregoing conditions are not complied with in accordance with the foregoing schedule, the Closing shall be automatically extended by the number of days necessary to allow Seller the time periods set forth above for the execution and delivery of
documents. 
 19. Sophistication of the Parties 
 Buyer and Seller are sophisticated in the buying and selling of income producing property similar to the Property and each has engaged its own sophisticated real estate counsel and advisors. Buyer and
Seller each has knowledge and experience in financial and business matters to enable them each to evaluate the merits and risks of the Transactions contemplated hereby. Neither Buyer nor Seller is in a disparate bargaining position with respect to
the other. The provisions of this Agreement shall be construed as to their fair meaning, and not for or against any party based upon any attribution to such party as the source of the language in question. 

20. Notice. 
 Any notice or other communication required or permitted to be given under this Agreement, or by law, shall be in writing and either (a) personally delivered, (b) sent by United States mail,
registered or certified, or express mail, postage prepaid, return receipt requested, (c) sent by any nationally-recognized overnight courier service that provides receipted delivery service, delivery charges prepaid, return receipt requested,
or (d) sent by telecopy facsimile with confirmation of delivery; and each such notice or communication shall be deemed to have been 

  
 25 

 
given upon the date of delivery (or the date of refusal to accept delivery, as the case may be) as indicated on the return receipt, at the addresses specified below: 

 

			
	 If to Buyer:
	  	 Cole OF Centennial CO, LLC

c/o Cole Real Estate Investments
 2325 E.
Camelback Road, Suite 1100
 Phoenix, AZ 85016
 Attention: Legal Department
 Phone: (602) 778-8700

Fax: (480) 449-7012

		  	  
 With a copy to:

 
 Snell & Wilmer, L.L.P.
 One Arizona Center
 400 E. Van Buren Street
 Phoenix, AZ 85004
 Attn: J. Craig Cartwright

Phone: (602) 382-6066
 Fax: (602)
382-6070

	 If to Seller:
	  	  
 California State Teachers’ Retirement System

100 Waterfront Place, 15th Floor
 West
Sacramento, CA 95605-2807
 Attention: Jennifer Yamane, Esq.
 Phone: (916) 414-1719
 Fax: (916) 414-1723

		  	  
 And

 
 Attention: Michael J. Thompson

Phone: (916) 414-7978
 Fax: (916)
414-7984

		  	  
 With a copy to:

 
 Clarion Partners
 1420 5th Avenue
 Suite 2020
 Seattle, Washington 98101
 Attention: Stephen Latimer

Phone: (206) 622-5002
 Fax: (206)
622-5950
  
 And a copy to:

 
 Cox, Castle & Nicholson LLP

2049 Century Park East, Suite 2800

  
 26 

			
		  	  
 Los Angeles, California 90067

Attention: Amy H. Wells, Esq.
 Phone: (310)
284-2233
 Fax: (310) 277-7889

	 If to Escrow Holder:
	  	  
 First American Title Insurance Company

National Commercial Services
 777 South Figueroa
Street, Fourth Floor
 Los Angeles, California 90017
 Barbara Laffer, Senior Commercial Escrow Officer
 Phone: (213) 271-1702

Fax: (877) 805-5021

 or such other address as either party may from time to time specify in writing to the other in the manner aforesaid.

 21. Miscellaneous. 
 (a) Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors, heirs and administrators. Notwithstanding the
foregoing, Buyer may assign all right, title or interest in or to this Agreement to an entity which controls, is controlled by or is under common control with the assignor; provided that to be effective, any such assignment must be in writing, must
contain an express assumption by the assignee of the assignor’s duties, obligations and liabilities under this Agreement and the identity of the assignee must be provided to the other party at least ten (10) days prior to Closing. No
assignment shall release or otherwise relieve Buyer from any duties, liabilities or obligations hereunder. This Agreement may not be assigned by Seller without the prior written consent of Buyer which consent shall not be unreasonably withheld.

 (b) Amendments. This Agreement may be amended or modified only by a written instrument executed by Seller and Buyer.

 (c) Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Colorado without reference to choice of law principals which might indicate that the law of some other jurisdiction should apply. 
 (d) Interpretation. The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation hereof. Whenever the context hereof shall
so require, the singular shall include the plural, the male gender shall include the female gender and the neuter, and vice versa. This Agreement shall not be construed against either Buyer or Seller but shall be construed as a whole, in accordance
with its fair meaning, and as if prepared by Buyer and Seller jointly. 
 (e) No Obligation to Third Parties. The
execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor obligate either of the parties hereto to, any person or entity not a party to this Agreement. 

  
 27 

 (f) Further Assurances. Each of the parties shall execute such other and further
documents and do such further acts as may be reasonably required to effectuate the intent of the parties and carry out the terms of this Agreement. 
 (g) Merger of Prior Agreements. This Agreement and the schedules and exhibits hereto constitute the entire agreement between the parties and supersede all prior agreements and understandings
between the parties relating to the subject matter hereof, including without limitation, any letter of intent, which shall be of no further force or effect upon execution of this Agreement by Buyer and Seller. 

(h) Enforcement. In the event a dispute arises concerning the performance, meaning or interpretation of any provision of this
Agreement or any document executed in connection with this Agreement, the prevailing party in such dispute shall be awarded any and all costs and expenses incurred by the prevailing party in enforcing, defending or establishing its rights hereunder
or thereunder, including, without limitation, court costs and attorneys’ fees. In addition to the foregoing award of costs and fees, the prevailing party shall also be entitled to recover its attorneys’ fees incurred in any post judgment
proceedings to collect or enforce any judgment. This provision is separate and several and shall survive the merger of this Agreement or any such other document into any judgment on this Agreement or such document. 

(i) Time. Time is of the essence of this Agreement. For purposes of this Agreement “business day” shall mean any day
other than a Saturday, Sunday, California State or national holiday or other day on which commercial bankers in California are generally not open for business. Unless otherwise specified, in computing any period of time described in this Agreement,
the day of the act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is not a business day, in which event the period shall run
to and include the next day which is a business day. All references to a particular time of day shall refer to the time zone in which the Property is located. 
 (j) Severability. If any provision of this Agreement, or the application thereof to any person, place, or circumstance, shall be held by a court of competent jurisdiction to be invalid,
unenforceable or void, the remainder of this Agreement and such provisions as applied to other persons, places and circumstances shall remain in full force and effect. 
 (k) No Waiver. No delay or failure on the part of any party hereto in exercising any right, power or privilege under this Agreement or under any other instrument or document given in connection
with or pursuant to this Agreement shall impair any such right, power or privilege or be construed as a waiver of any default or any acquiescence therein. No single or partial exercise of any such right, power or privilege shall preclude the further
exercise of such right, power or privilege. No waiver shall be valid against any party hereto unless made in writing and executed by the party against whom enforcement of such waiver is sought and then only to the extent expressly specified therein.

 (l) Legal Representation. Each party has been represented by legal counsel in connection with the negotiation of the
transactions herein contemplated and the drafting and negotiation of this Agreement. Each party and its counsel have had an opportunity to review and 

  
 28 

 
suggest revisions to the language of this Agreement. Accordingly, no provision of this Agreement shall be construed for or against or interpreted to the benefit or disadvantage of any party by
reason of any party having or being deemed to have structured or drafted such provision. 
 (m) Schedules and Exhibits.
All references in this Agreement to exhibits and schedules shall, unless otherwise expressly provided, be deemed to be references to the exhibits and schedules attached to this Agreement. All such exhibits and schedules attached hereto are
incorporated into this Agreement as though fully set forth herein. 
 (n) Reserved. 

(o) Indemnity. The following provisions govern actions for indemnity under this Agreement or any document or instrument executed
pursuant to this Agreement. The indemnitor shall be responsible for any costs, expenses, judgments, damages, liability and losses incurred by the indemnitee with respect to any and all indemnified claims, and the indemnitor, at the indemnitor’s
sole cost and expense, shall assume the defense of any and all indemnified claims, with counsel reasonably acceptable to the indemnitee; provided, however, that an indemnitee shall have the right to retain its own counsel, with the fees and expenses
to be paid by the indemnitor, if the indemnitee reasonably believes that representation of such indemnitee by the counsel retained by the indemnitor would be inappropriate due to actual or potential conflicting interests between such indemnitee and
any other party represented in such proceeding by counsel retained by the indemnitor. Any delay by the indemnitee in delivering written notice to the indemnitor after indemnitee receives notice of an indemnified claim shall not relieve the
indemnitor of any liability to the indemnitee unless, and then only to the extent that, such delay is actually prejudicial to the indemnitor’s ability to defend such action, and the failure to deliver written notice to the indemnitor will not
relieve the indemnitor of any other liability that it may have to any indemnitee. The settlement of a claim without the prior written consent of the indemnitor shall not release the indemnitor from liability with respect to such claim if the
indemnitor has unreasonably withheld consent to such settlement or has failed to provide or pay for a defense thereof as provided herein. All fees, costs and expenses to be paid by indemnitor hereunder shall be made on a “paid as incurred”
basis within thirty (30) days of the indemnitor’s receipt of a statement or invoice therefor. Should the indemnitor object to any such fees, costs or expenses the indemnitor shall nevertheless pay such fees, costs and expenses within said
thirty (30) days which payment, if expressly stated in writing at the time of such payment to be “under protest”, shall not prejudice the indemnitor’s right to subsequently object to such fee, cost or expense paid under protest.

 (p) Signer’s Warranty. Each individual executing this Agreement on behalf of an entity hereby represents and
warrants to the other party or parties to this Agreement that (i) such individual has been duly and validly authorized to execute and deliver this Agreement and any and all other documents contemplated by this Agreement on behalf of such
entity; and (ii) this Agreement and all documents executed by such individual on behalf of such entity pursuant to this Agreement are and will be duly authorized, executed and delivered by such entity and are and will be legal, valid and
binding obligations of such entity. 

  
 29 

 (q) No Offer or Binding Contract. The parties hereto agree that the submission of an
unexecuted copy or counterpart of this Agreement by one party to another is not intended by either party to be, or be deemed to be a legally binding contract or an offer to enter into a legally binding contract. The parties shall be legally bound
pursuant to the terms of this Agreement only if and when the parties have been able to negotiate all of the terms and provisions of this Agreement in a manner acceptable to each of the parties in their respective sole discretion, and both Seller and
Buyer have fully executed and delivered this Agreement. 
 (r) Survival. Whether or not expressly so stated elsewhere in
this Agreement, the following provisions of this Agreement shall survive Closing and shall not be merged into the execution, delivery or recording of the Deed: Sections 4(b), 4(f), 5(g), 5(h), 8(f), 8(i), 8(j), 9(c), 9(d), 9(e), 15, 16, 17, 19, 20
and 21. All other terms and provisions of this Agreement, unless otherwise expressly stated, shall merge with and terminate upon recordation of the Deed. 
 (s) 1031 Exchange. Seller acknowledges that Buyer may engage in a tax-deferred exchange (the “Exchange”) pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended,
with respect to Buyer’s acquisition of the Property. As an accommodation to Buyer, Seller agrees to cooperate with Buyer in connection with the Exchange, and hereby consents to the assignment of this Agreement to the qualified intermediary, but
only on the condition that (i) the Exchange shall not delay Closing, (ii) the consummation or accomplishment of the Exchange shall not be a condition precedent or condition subsequent to Buyer’s obligations under this Agreement,
(iii) Seller shall have no obligation to take title to any property in connection with the Exchange, (iv) Seller shall not be required to incur any obligations or liabilities in connection with the Exchange, (v) Buyer shall not be
released of its obligations under this Agreement as a result of the Exchange, (vi) Buyer shall provide notice to Seller of the Exchange at least ten (10) business days prior to Closing, and (vii) Buyer shall reimburse Seller for
Seller’s reasonable costs and expenses, if any, incurred in connection with the Exchange. Seller shall have no obligation to execute any documents or to undertake any action by which Seller would or might incur any liability or obligation not
otherwise provided for in the other provisions of this Agreement. Buyer shall indemnify and defend Seller and hold Seller harmless from and against any and all claims, damages, liabilities, losses, costs and expenses, including, without limitation,
attorneys’ fees and costs, arising out of or in any way connected with the Exchange. 
 (t) Tenant Audit Right. In
the event that Tenant has the right to inspect and audit the books, records and other documents of the landlord under the Lease which evidence the purchase price of the Property, the development and construction costs of the improvements, and/or
common area maintenance costs and expenses, Seller hereby covenants and agrees that it shall retain such books, records and other documents which will enable Tenant to conduct a full and complete audit thereof until the date that is six
(6) months after the latest date that such Tenant could demand an inspection and/or audit thereof pursuant to the Lease and, upon written request therefor from Buyer, or any successor or assign, thereof, shall provide both Buyer and Tenant with
reasonable access thereto and otherwise reasonably cooperate (at no cost to Seller) with both Buyer and Tenant with respect to such inspection and/or audit by Tenant. The provisions of this Paragraph 21(t) shall survive Closing. 

  
 30 

 (u) SEC S-X 3-14 Audit. In order to enable Buyer to comply with reporting
requirements, Seller agrees, at no cost to Seller, to make available to Buyer and its representatives such information as has previously been prepared and is in Seller’s possession as is sufficient for Buyer to comply with
SEC Rule 3-14 of Regulation S-X, including Seller’s most current financial statements relating to the financial operation of the Property for the current fiscal year and the most recent pre-acquisition fiscal year, and upon request, support (to
the extent then existing and in Seller’s possession) for certain operating revenues and expenses specific to the Property. Seller understands that certain of such financial information may be included in filings required to be made
by Buyer with the U.S. Securities and Exchange Commission. Seller makes no representation or warranty as to the accuracy of any information provided pursuant to this Paragraph 21(u). This Paragraph 21(u) shall survive Closing for a period of
one (1) year. 
 [Remainder of page intentionally left blank, 

signatures commence on following page] 

  
 31 

 [continued from prior page] 

IN WITNESS WHEREOF, Buyer and Seller have executed and delivered this Agreement as of the Effective Date. 

 

					
	 “Seller”

	
	CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, a public entity
		
	 By:
	 	 /s/ Steven Tong

		
		 	Steven Tong, Director, Innovation & Risk
		 	(Print Name and Title)
			
	 “Buyer”
	 		 	
	
	 COLE OF CENTENNIAL CO, LLC,
a Delaware limited liability company

		
	 By:
	 	Cole Corporate Income Advisors, LLC, a Delaware limited liability company, its Manager
			
		 	By:	 	 /s/ Todd J. Weiss

					
		 	Name:	 	Todd J. Weiss

 
					
		 	Its:	 	Senior Vice President

  
 32

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]