Document:

Employment agreement between the Registrant and Richard A. Blair

 Exhibit 10.3 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of the 15th day of September, 2005, by and among MAIN STREET BANKS, INC., a Georgia corporation (hereinafter, the “Company”), MAIN STREET BANK
(hereinafter, “MSB”) and Richard Alexander Blair (hereinafter, “Executive”), to be effective as of the Effective Date, as defined in Section 1. 
  
 BACKGROUND 
  
 WHEREAS, the Company desires to employ Executive and Executive is willing to provide services to the Company in accordance with the terms and
conditions hereinafter set forth; 
  
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Effective Date. The effective date of this Agreement (the
“Effective Date”) will be September 15, 2005. 
  
 2. Employment. Executive is hereby employed on the Effective Date as Executive Vice President, Administration and Operations of the Company and of Main Street Bank (“MSB”). In such capacity, Executive shall have such
responsibilities commensurate with such positions as set forth in the bylaws of the Company and MSB and as shall be assigned to him by the Board of Directors, Chief Executive Officer or the Chief Operating Officer of the Company. Executive will
report directly to the Chief Executive Officer or Chief Operating Officer of the Company or the Chief Executive Officer of MSB. 
  
 3. Employment Period. Unless earlier terminated herein in accordance with Section 6 hereof, Executive’s employment shall be for a two
year term (the “Employment Period”), beginning on the Effective Date. Beginning on the second anniversary of the Effective Date and on each anniversary of the Effective Date, the Employment Period shall, without further action by Executive
or the Company, be extended by an additional one-year period; provided, however, that either party may, by notice to the other, cause the Employment Period to cease to extend automatically. Upon such notice, the Employment Period shall
terminate upon the expiration of the then-current term, including any prior extensions. If the Company causes the Employment Period to cease to extend automatically then, in the absence of Cause (as defined in Section 6(b)), such action shall
constitute a termination without Cause and Executive shall be entitled to severance as set forth in Section 7(a). 
  
 4. Extent of Service. During the Employment Period, and excluding any periods of vacation to which Executive is entitled, Executive agrees to
devote his business time, 

 attention, skill and efforts exclusively to the faithful performance of his duties hereunder; provided,
however, that it shall not be a violation of this Agreement for Executive to (i) devote reasonable periods of time to charitable and community activities and, with the approval of the Company, industry or professional activities, and/or
(ii) manage personal business interests and investments, so long as such activities do not materially interfere with the performance of Executive’s responsibilities under this Agreement. It is expressly understood and agreed that to the
extent that any such activities have been conducted by Executive prior to date of this Agreement, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of Executive’s responsibilities hereunder. 
  
 5. Compensation and Benefits. 
  
 (a) Base Salary. During each year of the Employment Period, the Company will pay to Executive annual base salary in the amount equal to U.S.
$150,000 (“Base Salary”), less normal withholdings, payable in equal monthly or more frequent installments as are customary under the Company’s payroll practices from time to time. The Compensation Committee of the Board of
Directors of the Company shall review Executive’s Base Salary annually and in its sole discretion, subject to approval of the Board of Directors of the Company, may increase Executive’s Base Salary from year to year; provided that annual
increases of at least 3%, intended to approximate cost of living increases, shall be automatic. The annual review of Executive’s salary by the Board will consider, among other things, Executive’s own performance and the performance of the
Company and MSB, as well as any recommendations of an outside consulting firm that may be engaged by the Company, from time to time, to evaluate management compensation. 
  
 (b) Incentive, Savings and Retirement Plans. During the Employment Period, Executive shall be entitled to participate
in all incentive, savings and retirement plans, practices, policies and programs applicable generally to senior executive officers of the Company (“Peer Executives”), and on the same basis as such Peer Executives. 
  
 (c) Welfare Benefit Plans. During the Employment Period, Executive and
Executive’s family shall be eligible for participation in, and shall receive all benefits under, the welfare benefit plans, practices, policies and programs provided by the Company (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident insurance plans and programs) (“Welfare Plans”) to the extent applicable generally to Peer Executives. 
  
 (d) Expenses. During the Employment Period, Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by Executive in accordance with the policies, practices and procedures of the Company to the extent applicable generally to Peer Executives. 

 (e) Fringe Benefits. During the Employment Period, Executive shall be entitled to fringe benefits
in accordance with the plans, practices, programs and policies of the Company in effect for Peer Executives. Without limiting the foregoing, during the Employment Period, Executive shall be provided a car allowance or a Company-owned car of a model
appropriate to his position, as determined by the Compensation Committee of the Board of Directors of the Company. 
  
 6. Termination of Agreement. 
  
 (a) Death, Retirement or Disability. Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the
Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary
termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to
Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability
Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean the inability of
Executive, as determined by the Board, to substantially perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which has lasted
(or can reasonably be expected to last) for a period of six consecutive months. The foregoing determination of Disability will be made generally in accordance with disability insurance as provided by the Company at the then current time. At the
request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the
Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability. 
  
 (b) Termination by the Company. The Company may terminate
Executive’s employment during the Employment Period with or without Cause. For purposes of this Agreement, “Cause” shall mean: 
  
 (i) the failure of Executive to meet performance expectations or to perform substantially Executive’s duties with the Company (other than any such
failure resulting from incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to Executive by the Chief Executive Officer, the Chief Operating Officer or the Board of Directors of the Company
which specifically identifies the manner in which such officer or the Board believes that Executive has not substantially performed Executive’s duties, or 
  

(ii) the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to MSB or the Company; or

 (iii) a requirement by any state or federal authority regulating the Company or MSB that Executive be
removed from his office. 
  
 For purposes of this provision, no
act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best
interests of MSB or the Company and its shareholders and subsidiaries. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of MSB and the Company, its shareholders and subsidiaries. The cessation of employment of Executive under subparagraph (i) or
(ii) above shall not be deemed to be for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths of the entire membership of the Board of
Directors of the Company at a meeting of such Board called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel, to be heard before such Board), finding that, in the
good faith opinion of such Board, Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 
  
 (c) Termination by Executive. Executive’s employment may be terminated by Executive for “Good Reason”
as defined below. For purposes of this Agreement, “Good Reason” shall mean: 
  
 (i) without the written consent of Executive, a change in Executive’s status, title, position or responsibilities (including reporting responsibilities) which represents an adverse change from his status, title,
position or responsibilities as in effect at the Effective Date or, if greater, at any time thereafter; the assignment to Executive of any duties or responsibilities which are inconsistent with his status, title, position or responsibilities as in
effect at the Effective Date or, if greater, at any time thereafter; or any other change in condition or circumstances that makes it materially more difficult for Executive to carry out the duties and responsibilities of his then-existing office;
provided that Good Reason under this subparagraph (i) excludes an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Executive;

  
 (ii) a reduction, without the written consent of Executive,
in Executive’s Base Salary as in effect on the Effective Date or as the same may be increased from time to time, or any failure to pay Executive any compensation or benefits to which he is entitled within five (5) days of the date due;

  
 (iii) the failure by the Company (a) to continue in
effect (without reduction in benefit level and/or reward opportunities) any compensation or employee benefit plan in which Executive participated as of the Effective Date, or at any time thereafter, that is 

 material to Executive’s total compensation, unless an equitable arrangement (embodied in an ongoing substitute or
alternative plan) has been made with respect to such plan, or (b) to continue Executive’s participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits
provided and the level of Executive’s participation therein relative to other participants; or 
  
 (iv) the Company’s requiring Executive, without his consent, to be based at any office or location other than in the Atlanta, Georgia metropolitan
area; 
  
 (v) the insolvency or the filing by any party,
including the Company or any of its subsidiaries, of a petition for bankruptcy of the Company or any such subsidiary, which petition is not dismissed within sixty (60) days; 
  
 (vi) any failure by the Company to comply with and satisfy Section 14(c) of this Agreement; 
  
 (vii) any purported termination by the Company of Executive’s
employment otherwise than as expressly permitted by this Agreement; or 
  
 (viii) the material breach by the Company of any provision of this Agreement. 
  
 Good Reason shall not include Executive’s death or Disability. Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good
Reason hereunder. 
  
 (d) Notice of Termination. Any
termination by the Company for Cause, or by Executive for Good Reason shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 15(f) of this Agreement. For purposes of this Agreement, a
“Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) specifies the termination date. If a dispute exists concerning the provisions of this Agreement that apply to Executive’s
termination of employment, the parties shall pursue the resolution of such dispute with reasonable diligence. Within five (5) days of such a resolution, any party owing any payments pursuant to the provisions of this Agreement shall make all
such payments together with interest accrued thereon at the rate provided in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 (e) Date of Termination. “Date of Termination” means (i) if Executive’s employment is terminated
other than by reason of death or Disability, the date of receipt of the Notice of Termination, or any later date specified therein, or (ii) if Executive’s employment is terminated by reason of death or Disability, the Date of Termination
will be the date of death or the Disability Effective Date, as the case may be. If Executive’s employment is terminated because of the Company’s action to stop the automatic extension of the Employment Period other than for Cause then the
Date of Termination shall be the date of expiration of the then-current term of the Employment Period. 

 7. Obligations of the Company upon Termination. 
  
 (a) Termination by Executive for Good Reason; Termination by the Company
Other Than for Cause; Cessation of Automatic Extension by Company Other Than for Cause. If, during the Employment Period, the Company shall terminate Executive’s employment other than for Cause, or Executive shall terminate employment for
Good Reason, or the Company shall stop the automatic extension of the Employment Period other than for Cause, then: 
  
 (i) the Company shall pay to Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts:

  
 A. the sum of (1) Executive’s Base
Salary through the Date of Termination to the extent not theretofore paid, (2) the product of (x) Executive’s gross potential bonus under existing company bonus plans for the year in which the Date of Termination occurred (the
“Target Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, and (3) any accrued vacation pay to the
extent not theretofore paid, and (4) unless Executive has elected a different payout date in a prior deferral election, any compensation previously deferred by Executive (together with any accrued interest or earnings thereon) to the extent not
theretofore paid (the sum of the amounts described in clauses (1), (2), (3) and (4) shall be hereinafter referred to as the “Accrued Obligations”); 
  
 B. the amount equal to two times the sum of (1) Executive’s Base Salary in effect as of the Date
of Termination, and (2) the Target Annual Bonus; 
  
 (ii)
for two years after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to Executive and/or Executive’s family at least equal
to those which would have been provided to them in accordance with the Welfare Plans described in Section 5(c) of this Agreement if Executive’s employment had not been terminated or, if more favorable to Executive, as in effect generally
at any time thereafter with respect to other Peer Executives and their families, provided, however, that if Executive becomes re-employed with another employer and is eligible to receive medical or other welfare benefits under another employer
provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility; and 
  
 (iii) all of Executive’s outstanding stock options and other incentive awards from the Company in the nature of rights
that may be exercised shall become fully exercisable and all restrictions on Executive’s outstanding awards of restricted stock shall lapse; and 

 (iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to
Executive any other amounts or benefits required to be paid or provided or which Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company (such other amounts and benefits shall be
hereinafter referred to as the “Other Benefits”). 
  
 (b) Death; Disability or Retirement. If Executive’s employment is terminated by reason of Executive’s death, Disability or Retirement during the Employment Period, this Agreement shall terminate without further obligations
to Executive or his legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to Executive’s estate or beneficiary, as
applicable, in a lump sum in cash within 30 days of the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as used in this Section 7(b) shall include, without limitation, and Executive’s estate
and/or beneficiaries shall be entitled to receive, benefits under such plans, programs, practices and policies relating to death, disability or retirement benefits, if any, as are applicable to Executive on the Date of Termination. 
  
 (c) Termination for Cause or Termination by Executive Except for Good
Reason. If Executive’s employment shall be terminated for Cause during the Employment Period, or if Executive voluntarily terminates employment during the Employment Period (except for Good Reason), this Agreement shall terminate without
further obligations to Executive, other than for payment of Accrued Obligations (excluding the pro-rata bonus described in clause 2 of Section 7(a)(i)(A)) and the timely payment or provision of Other Benefits. 
  
 8. Non-exclusivity of Rights. Nothing in this Agreement shall prevent
or limit Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company and for which Executive may qualify, nor, subject to Section 15(g), shall anything herein limit or otherwise affect
such rights as Executive may have under any contract or agreement with the Company. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement
with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

  
 9. Certain Additional Payments by the Company.

  
 (a) Anything in this Agreement to the contrary
notwithstanding and except as set forth below, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, but determined without 

 regard to any additional payments required under this Section 9) (a “Payment”) would be subject to the
excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as
the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties imposed with respect
to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise
Tax imposed upon the Payments. 
  
 (b) All determinations required
to be made under this Section 9, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a certified public
accounting firm selected by Executive and reasonably acceptable to the Company as may be designated by Executive (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and Executive within 15
business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as is reasonably requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up
Payment, as determined pursuant to this Section 9, shall be paid by the Company to Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company
and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the
Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the
amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive. 
  
 10. Costs of Enforcement. In any action taken in good faith relating to the enforcement of this Agreement or any provision herein, Executive shall
be entitled to be paid any and all costs and expenses incurred by him in enforcing or establishing his rights thereunder, including, without limitation, reasonable attorneys’ fees, whether suit be brought or not, and whether or not incurred in
trial, bankruptcy or appellate proceedings. 
  
 11.
Representations and Warranties. Executive hereby represents and warrants to the Company that Executive is not a party to, or otherwise subject to, any covenant not to compete with any person or entity, and Executive’s execution of this
Agreement and performance of his obligations hereunder will not violate the terms or conditions of any contract or obligation, written or oral, between Executive and any other person or entity. 
  
 12. Restrictions on Conduct of Executive. 
  
 (a) General. Executive and the Company understand and agree that the

 purpose of the provisions of this Section 12 is to protect legitimate business interests of the Company and MSB, as
more fully described below, and is not intended to eliminate Executive’s post-employment competition with the Company or MSB per se, nor is it intended to impair or infringe upon Executive’s right to work, earn a living, or acquire
and possess property from the fruits of his labor. Executive hereby acknowledges that the post-employment restrictions set forth in this Section 12 are reasonable and that they do not, and will not, unduly impair his ability to earn a living
after the termination of this Agreement. Therefore, subject to the limitations of reasonableness imposed by law, Executive shall be subject to the restrictions set forth in this Section 12. 
  
 (b) Definitions. The following capitalized terms used in this
Section 12 shall have the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms: 
  
 “Competitive Position” means any employment with a Competitor in which Executive will use or is likely to use any Confidential
Information or Trade Secrets, or in which Executive has duties for such Competitor that relate to Competitive Services and that are the same or similar to those services actually performed by Executive for the Company or MSB; 
  
 “Competitive Services” means the provision of banking
products and services similar in scope to those provided by the Company and its subsidiaries as of the Effective Date. 
  
 “Competitor” means any Person engaged, wholly or in part, in Competitive Services. 
  
 “Confidential Information” means all information regarding
the Company and MSB, their activities, business or clients that is the subject of reasonable efforts by the Company or MSB to maintain its confidentiality and that is not generally disclosed by practice or authority to persons not employed by the
Company or MSB, but that does not rise to the level of a Trade Secret. “Confidential Information” shall include, but is not limited to, financial plans and data concerning the Company or MSB; management planning information; business
plans; operational methods; market studies; marketing plans or strategies; product development techniques or plans; customer lists; details of customer contracts; current and anticipated customer requirements; past, current and planned research and
development; business acquisition plans; and new personnel acquisition plans. “Confidential Information” shall not include information that has become generally available to the public by the act of one who has the right to disclose such
information without violating any right or privilege of the Company or MSB. This definition shall not limit any definition of “confidential information” or any equivalent term under state or federal law. 
  
 “Determination Date” means the date of termination of
Executive’s employment with the Company or MSB for any reason whatsoever or any earlier date (during the Employment Period) of an alleged breach of the Restrictive Covenants by Executive. 

 “Person” means any individual or any corporation, partnership, joint venture, limited
liability company, association or other entity or enterprise. 
  
 “Principal or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant. 
  
 “Protected Customers” means any Person to whom the Company
or MSB has sold its products or services or solicited to sell its products or services during the twelve (12) months prior to the Determination Date. 
  
 “Protected Employees” means employees of the Company or MSB who were employed by the Company or MSB at any time within six
(6) months prior to the Determination Date. 
  
 “Restricted Period” means the Employment Period and a period extending two (2) years from the Date of Termination. 
  
 “Restricted Territory” means the areas within a 25 mile radius of each banking office of the Company or its subsidiaries immediately
after the Effective Date. 
  
 “Restrictive
Covenants” means the restrictive covenants contained in Section 9(c) hereof. 
  
 “Trade Secret” means all information, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a
technique, a drawing, a process, financial data, financial plans, product plans, distribution lists or a list of actual or potential customers, advertisers or suppliers which is not commonly known by or available to the public and which information:
(A) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (B) is the subject of
efforts that are reasonable under the circumstances to maintain its secrecy. Without limiting the foregoing, Trade Secret means any item of confidential information that constitutes a “trade secret(s)” under the common law or statutory law
of the State of Georgia. 
  
 (c) Restrictive Covenants.

  
 (i) Restriction on Disclosure and Use of Confidential
Information and Trade Secrets. Executive understands and agrees that the Confidential Information and Trade Secrets constitute valuable assets of the Company and its affiliated entities, and may not be converted to Executive’s own use.
Accordingly, Executive hereby agrees that Executive shall not, directly or indirectly, at any time during the Restricted Period reveal, divulge, or disclose to any Person not expressly authorized by the Company any Confidential Information, and
Executive shall not, directly or indirectly, at any time during the Restricted Period use or make use of any Confidential Information in connection with any business 

 activity other than that of the Company or MSB. Throughout the term of this Agreement and at all times after the date
that this Agreement terminates for any reason, Executive shall not directly or indirectly transmit or disclose any Trade Secret of the Company or MSB to any Person, and shall not make use of any such Trade Secret, directly or indirectly, for himself
or for others, without the prior written consent of the Company. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Executive’s obligations under any state or
federal statutory or common law regarding trade secrets and unfair trade practices. 
  
 Anything herein to the contrary notwithstanding, Executive shall not be restricted from disclosing or using Confidential Information that is required to be disclosed by law, court order or other legal process;
provided, however, that in the event disclosure is required by law, Executive shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required
disclosure by Executive. 
  
 (ii) Nonsolicitation of Protected
Employees. Executive understands and agrees that the relationship between the Company or MSB and each of their Protected Employees constitutes a valuable asset of the Company and may not be converted to Executive’s own use. Accordingly,
Executive hereby agrees that during the Restricted Period Executive shall not directly or indirectly on Executive’s own behalf or as a Principal or Representative of any Person or otherwise solicit or induce any Protected Employee to terminate
his or her employment relationship with the Company or MSB or to enter into employment with any other Person. 
  
 (iii) Restriction on Relationships with Protected Customers. Executive understands and agrees that the relationship between the Company or MSB and
each of their Protected Customers constitutes a valuable asset of the Company and may not be converted to Executive’s own use. Accordingly, Executive hereby agrees that, during the Restricted Period, Executive shall not, without the prior
written consent of the Company, directly or indirectly, on Executive’s own behalf or as a Principal or Representative of any Person, solicit, divert, take away or attempt to solicit, divert or take away a Protected Customer for the purpose of
providing or selling Competitive Services; provided, however, that the prohibition of this covenant shall apply only to Protected Customers with whom Executive had Material Contact on the Company’s or MSB’s behalf during the
twelve (12) months immediately preceding the termination of his employment hereunder. For purposes of this Agreement, Executive had “Material Contact” with a Protected Customer if (a) he had business dealings with the Protected
Customer on the Company’s or MSB’s behalf; (b) he was responsible for supervising or coordinating the dealings between the Company or MSB and the Protected Customer; or (c) he obtained Trade Secrets or Confidential Information
about the customer as a result of his association with the Company or MSB. 
  
 (iv) Noncompetition with the Company and MSB. The parties acknowledge: (A) that Executive’s services under this Agreement require special expertise and talent in the provision of Competitive Services
and that Executive will have substantial contacts with customers of the Company and MSB; (B) that pursuant to this Agreement, 

 Executive will be placed in a position of trust and responsibility and he will have access to a substantial amount of
Confidential Information and Trade Secrets and that the Company and MSB are placing him in such position and giving him access to such information in reliance upon his agreement not to compete with the Company or MSB during the Restricted Period;
(C) that due to his management duties, Executive will be the repository of a substantial portion of the goodwill of the Company and MSB and would have an unfair advantage in competing with the Company or MSB; (D) that due to
Executive’s special experience and talent, the loss of Executive’s services to the Company or MSB under this Agreement cannot reasonably or adequately be compensated solely by damages in an action at law; (E) that Executive is capable
of competing with the Company and MSB; and (F) that Executive is capable of obtaining gainful, lucrative and desirable employment that does not violate the restrictions contained in this Agreement. In consideration of the compensation and
benefits being paid and to be paid by the Company to Executive hereunder, Executive hereby agrees that, during the Restricted Period, Executive will not, without prior written consent of the Company, directly or indirectly seek or obtain a
Competitive Position in the Restricted Territory with a Competitor; provided, however, that the provisions of this Agreement shall not be deemed to prohibit the ownership by Executive of any securities of the Company or its affiliated
entities or not more than five percent (5%) of any class of securities of any corporation having a class of securities registered pursuant to the Securities Exchange Act of 1934, as amended. 
  
 (d) Enforcement of Restrictive Covenants. 
  
 (i) Rights and Remedies Upon Breach. In the event Executive
breaches, or threatens to commit a breach of, any of the provisions of the Restrictive Covenants, the Company shall have the right and remedy to enjoin, preliminarily and permanently, Executive from violating or threatening to violate the
Restrictive Covenants and to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company
and that money damages would not provide an adequate remedy to the Company. Such right and remedy shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity. 
  
 (ii) Severability of Covenants. Executive acknowledges and agrees
that the Restrictive Covenants are reasonable and valid in time and scope and in all other respects. The covenants set forth in this Agreement shall be considered and construed as separate and independent covenants. Should any part or provision of
any covenant be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability shall not render invalid, void or unenforceable any other part or provision of this Agreement. If any portion
of the foregoing provisions is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, the territory, the definition of activities or the definition of information covered is considered to be invalid or
unreasonable in scope, the invalid or unreasonable term shall be redefined, or a new enforceable term provided, such that the intent of the Company and Executive in agreeing to the provisions of this Agreement will not be impaired and the provision
in question shall be enforceable to the fullest extent of the applicable laws. 

 13. Arbitration. Any claim or dispute arising under this Agreement shall be subject to
arbitration, and prior to commencing any court action, the parties agree that they shall arbitrate all controversies. The arbitration shall be conducted in Atlanta, Georgia, in accordance with the Employment Dispute Rules of the American Arbitration
Association and the Federal Arbitration Act, 9 U.S.C. §1, et. seq. The arbitrator(s) shall be authorized to award both liquidated and actual damages, in addition to injunctive relief, but no punitive damages. Such an award shall be
binding and conclusive upon the parties hereto, subject to 9 U.S.C. §10. Each party shall have the right to have the award made the judgment of a court of competent jurisdiction. 
  
 14. Assignment and Successors. 
  
 (a) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by
Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
  
 (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

  
 (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. 
  
 15. Miscellaneous. 
  
 (a) Waiver. Failure
of any party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future
performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver. 
  
 (b) Severability. If any provision or covenant, or any part thereof, of this Agreement should be held by any court to
be invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of the remaining provisions or covenants, or any part thereof, of this
Agreement, all of which shall remain in full force and effect. 
  
 (c) Other Agents. Nothing in this Agreement is to be interpreted as limiting the Company from employing other personnel on such terms and conditions as may be satisfactory to it. 

 (d) Entire Agreement. Except as provided herein, this Agreement contains the entire agreement
between the Company and Executive with respect to the subject matter hereof and, from and after the Effective Date, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. 
  
 (e) Governing Law. Except to the extent preempted by federal law, and
without regard to conflict of laws principles, the laws of the State of Georgia shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
  
 (f) Notices. All notices, requests, demands and other communications
required or permitted hereunder shall be in writing and shall be deemed to have been duly given if delivered or three days after mailing if mailed, first class, certified mail, postage prepaid: 
  

			
	To Company:	  	Main Street Banks, Inc.
	 	  	Samuel B. Hay III, Chief Executive Officer
	 	  	1121 Floyd Street
	 	  	Covington, Georgia 30014
	 	  	(if hand-delivered)
		
	 	  	P.O. Box 1098
	 	  	Covington, Georgia 30015-1098
	 	  	(if mailed)
		
	To Executive:	  	Richard Alexander Blair
	 	  	4116 Hunt Street
	 	  	Covington, Georgia 30014

  
 Any party may change the address to
which notices, requests, demands and other communications shall be delivered or mailed by giving notice thereof to the other party in the same manner provided herein. 
  
 (g) Amendments and Modifications. This Agreement may be amended or modified only by a writing signed by both parties
hereto, which makes specific reference to this Agreement. 
  
 (h)
Construction. Each party and his or its counsel have reviewed this Agreement and have been provided the opportunity to revise this Agreement and accordingly, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of this Agreement. Instead, the language of all parts of this Agreement shall be construed as a whole, and according to its fair meaning, and not strictly for or against
any party. 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the
date first above written. 
  

			
	MAIN STREET BANKS, INC.
		
	By:	 	 /s/ Samuel B. Hay III

	 	 	Samuel B. Hay III
	 	 	Chief Executive Officer

  

	
	EXECUTIVE:
	
	 /s/ Richard A. Blair

	Richard Alexander BlairPurchase and Sale Agreement

 Exhibit 10.1 
  
 AGREEMENT OF PURCHASE AND SALE 
  
 Between 
  
 X-RITE, INCORPORATED 
  
 and 
  
 AMERICAN INVESTMENT GROUP, LTD. 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page

	ARTICLE 1    BASIC INFORMATION	  	1
	 	  	1.1	  	Certain Basic Terms	  	1
	 	  	1.2	  	Closing Costs	  	2
	 	  	1.3	  	Notice Addresses:	  	3
	ARTICLE 2    PROPERTY	  	3
	 	  	2.1	  	Property	  	3
	ARTICLE 3    EARNEST MONEY	  	4
	 	  	3.1	  	Deposit and Investment of Earnest Money	  	4
	 	  	3.2	  	Form; Failure to Deposit	  	4
	 	  	3.3	  	Disposition of Earnest Money	  	5
	ARTICLE 4    DUE DILIGENCE	  	5
	 	  	4.1	  	Due Diligence Materials	  	5
	 	  	4.2	  	Physical Due Diligence	  	6
	 	  	4.3	  	Due Diligence/Termination Right	  	6
	 	  	4.4	  	Return of Documents and Reports	  	6
	 	  	4.5	  	Service Contracts	  	7
	 	  	4.6	  	Proprietary Information; Confidentiality	  	7
	 	  	4.7	  	No Representation or Warranty by Seller	  	7
	 	  	4.8	  	Buyer’s Responsibilities	  	8
	 	  	4.9	  	Buyer’s Agreement to Indemnify	  	8
	 	  	4.10	  	Environmental Studies	  	8
	ARTICLE 5    TITLE AND SURVEY	  	9
	 	  	5.1	  	Title Report	  	9
	 	  	5.2	  	New or Updated Survey	  	9
	 	  	5.3	  	Title Review	  	9
	 	  	5.4	  	Permitted Exceptions	  	10
	 	  	5.5	  	Delivery of Title Policy at Closing	  	10
	ARTICLE 6    OPERATIONS AND RISK OF LOSS	  	10
	 	  	6.1	  	Ongoing Operations	  	10
	 	  	6.2	  	Condemnation	  	11
	ARTICLE 7    CLOSING	  	11
	 	  	7.1	  	Closing	  	11
	 	  	7.2	  	Conditions to Parties’ Obligation to Close	  	11
	 	  	7.3	  	Seller’s Deliveries in Escrow	  	12
	 	  	7.4	  	Buyer’s Deliveries in Escrow	  	12
	 	  	7.5	  	Closing Statements	  	13
	 	  	7.6	  	Purchase Price; Purchase Price Holdback	  	13
	 	  	7.7	  	Possession	  	13
	 	  	7.8	  	Delivery of Books and Records	  	13
	ARTICLE 8    PRORATIONS; DEPOSITS; COMMISSIONS	  	14
	 	  	8.1	  	Prorations	  	14

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page

	 	  	8.2	  	Closing Costs	  	14
	 	  	8.3	  	Final Adjustment After Closing	  	14
	 	  	8.4	  	Commissions	  	14
	 ARTICLE 9    REPRESENTATIONS AND WARRANTIES
	  	15
	 	  	9.1	  	Seller’s Representations and Warranties	  	15
	 	  	9.2	  	Buyer’s Representations and Warranties	  	15
	 	  	9.3	  	Survival of Representations and Warranties	  	16
	 ARTICLE 10    DEFAULT AND REMEDIES
	  	17
	 	  	10.1	  	Seller’s Remedies	  	17
	 	  	10.2	  	Buyer’s Remedies	  	17
	 	  	10.3	  	Attorneys’ Fees	  	18
	 	  	10.4	  	Other Expenses	  	18
	 ARTICLE 11    DISCLAIMERS; RELEASE AND INDEMNITY
	  	18
	 	  	11.1	  	Disclaimers By Seller	  	18
	 	  	11.2	  	Sale “As Is, Where Is.”	  	19
	 	  	11.3	  	Seller Released from Liability	  	19
	 	  	11.4	  	“Hazardous Materials” Defined	  	20
	 	  	11.5	  	Indemnity	  	20
	 	  	11.6	  	Limitation of Liability	  	20
	 	  	11.7	  	Survival	  	21
	 ARTICLE 12    MISCELLANEOUS
	  	21
	 	  	12.1	  	Parties Bound; Assignment	  	21
	 	  	12.2	  	Headings	  	21
	 	  	12.3	  	Invalidity and Waiver	  	21
	 	  	12.4	  	Governing Law	  	22
	 	  	12.5	  	Survival	  	22
	 	  	12.6	  	Entirety and Amendments	  	22
	 	  	12.7	  	Time	  	22
	 	  	12.8	  	Confidentiality	  	22
	 	  	12.9	  	Notices	  	22
	 	  	12.10	  	Construction	  	22
	 	  	12.11	  	Calculation of Time Periods	  	23
	 	  	12.12	  	Execution in Counterparts	  	23
	 	  	12.13	  	No Recordation	  	23
	 	  	12.14	  	Further Assurances	  	23
	 	  	12.15	  	Discharge of Obligations	  	23
	 	  	12.16	  	No Third Party Beneficiary	  	23
	 	  	12.17	  	Tax Deferred Exchange	  	23
	 ARTICLE 13    X-Rite Lease
	  	24
	 	  	13.1	  	Lease	  	24
	 	  	13.2	  	Form of Lease	  	24

  

 –ii– 

 LIST OF DEFINED TERMS 
  

			
	 	  	Page

	 Agreement
	  	1
	 Assignment
	  	12
	 Buyer’s Title Objection Notice
	  	9
	 CERCLA
	  	19
	 Closing
	  	11
	 Deed
	  	12
	 Due Diligence Termination Notice
	  	6
	 Excluded Documents
	  	5
	 Hazardous Materials
	  	20
	 Improvements
	  	3
	 Initial Earnest Money
	  	1
	 Intangible Personal Property
	  	4
	 Interest Rate
	  	24
	 Land
	  	3
	 Permitted Exceptions
	  	10
	 Permitted Outside Parties
	  	7
	 Property
	  	3
	 Property Documents
	  	5
	 Property Information
	  	5
	 Purchase Price Holdback
	  	13
	 RCRA
	  	20
	 Real Property
	  	3
	 Reports
	  	7
	 Seller’s Notice Period
	  	9
	 Seller’s Title Notice
	  	9
	 Service Contracts
	  	4
	 Survey
	  	9
	 Survival Period
	  	16
	 Tangible Personal Property
	  	4
	 Taxes
	  	14
	 Title Commitment
	  	9
	 Title Documents
	  	9
	 Title Objection
	  	9
	 Title Objections
	  	9
	 Title Policy
	  	10
	 X-Rite Lease
	  	24

 AGREEMENT OF PURCHASE AND SALE 
  
 This Agreement of Purchase and Sale (“Agreement”) is made and entered into by and between Buyer and Seller
and is dated for reference purposes as of October 10, 2005. 
  
 R E C I T A L S: 
  
 A. Defined terms are indicated by initial capital letters. Defined terms shall have the meanings set forth herein, whether or not such terms are used before or after the definitions are set forth. 
  
 B. Buyer desires to purchase the Property and Seller desire to sell the
Property, all upon the terms and conditions set forth in this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual terms, provisions, covenants and agreements set forth herein, as well as the sums to be paid by Buyer to Seller, and for other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, Buyer and Seller agree as follows: 
  
 BASIC INFORMATION 
  
 1.1 Certain Basic Terms. The following defined terms shall have the meanings set forth below: 
  
 1.1.1 Seller: X-RITE, INCORPORATED, a Michigan corporation 
  

1.1.2 Buyer: AMERICAN INVESTMENT GROUP, LTD., a Wisconsin corporation 
  
 1.1.3 Purchase Price: Fourteen Million Five Hundred Thousand and No/100 Dollars ($14,500,000.00). 
  
 1.1.4 Earnest Money: Three Hundred Seventy Thousand and No/100 Dollars
($370,000.00) (the “Initial Earnest Money”) and, if applicable, an additional Twenty-Five Thousand and No/100 Dollars (25,000.00) (the “Additional Earnest Money,” and together with the Initial Earnest Money, the
“Earnest Money”), to be deposited in accordance with Section 3.1 below, plus interest thereon, pursuant to Section 3.1. 

			
		
	1.1.5 Title Company:	  	 Chicago Title Insurance Company
  
 Chicago Title of Michigan
 3819 Rivertown Parkway SW, Suite 700
 Grandville, MI 49418
 Attention:
                                
 Telephone No.: (616) 257-3103
 Facsimile No.: (616)
257-3104

		
	1.1.6 Escrow Agent:	  	 Chicago Title of Michigan
 3819 Rivertown Parkway SW,
Suite 700
 Grandville, MI 49418
 Attention:
                                
 Telephone No.: (616) 257-3103
 Facsimile No.: (616)
257-3104

		
	1.1.7 Broker:	  	None

  
 1.1.8 Effective
Date: The date on which this Agreement is executed by the latter to sign of Buyer or Seller, as indicated on the signature page of this Agreement. 
  
 1.1.9 Title Commitment Delivery Date. The date which is thirty (30) days after the Effective Date. 
  
 1.1.10 Title and Survey Review Period: The period beginning on the
Effective Date and ending twenty (20) days after the Title Commitment Delivery Date. 
  
 1.1.11 Inspection Period: The period beginning on the Effective Date and ending sixty (60) days after the Effective Date. 
  

1.1.12 Closing Date: The date which is the earlier of (i) the date designated by Buyer in a written notice to Seller, which date shall not be
earlier than the expiration of the Transaction Period not less than ten (10) days after the day of the delivery of such notice to Seller, and (ii) one hundred twenty (120) days after the expiration of the Inspection Period, or a date mutually agreed
to by Seller and Buyer, whichever is earlier. 
  
 1.2 Closing
Costs. Closing costs shall be allocated and paid as follows: 
  

			
	 Cost

	  	 Responsible Party

	Title Commitment required to be delivered pursuant to Section 5.1	  	Seller
		
	Premium for standard coverage ALTA Owner’s Policy of Title Insurance (1992) required to be delivered pursuant to Section 5.5	  	Seller

  

 –2– 

			
	 Cost

	  	 Responsible Party

	Premium for any costs of Title Policy attributable to ALTA Extended Coverage and any endorsements desired by Buyer, any inspection fee charged by the Title Company, tax certificates, municipal
and utility lien certificates, and any other Title Company charges	  	Buyer
		
	Cost of Survey and/or any revisions, modifications or recertifications thereto	  	Buyer
		
	Recording Fees	  	Buyer
		
	State/County documentary transfer taxes	  	Seller
		
	Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting the Closing	  	 Buyer  1/2
 Seller  1/2

		
	Real Estate Sales Commission to Broker	  	None
	All other closing costs, expenses, charges and fees	  	Pursuant to local custom

  
 1.3 Notice
Addresses: 
  

							
	 Buyer:
	 	 American Investment Group, Ltd._
 c/o Larry
Langohr
 118 Peckham Street
 Neenah, Wisconsin 54956

Telephone:                     
 Facsimile:                      
	 	 Copy to:
	 	 Mark C. Skolos
 Skolos & Millis, S.C.
 107 Main Street, P.O. Box 219
 Black River Falls, WI 54615
 Telephone: (715) 284-9421
 Facsimile: (715) 284-7531

				
	 Seller:
	 	 X-Rite, Incorporated
 3100 44th Street SW
 Grandville, MI 49418
 Attn: Jeffrey Smolinski
 Telephone: (616) 257-2230
 Facsimile: (616) 318-9050
	 	 Copy to:
	 	 McDermott Will & Emery LLP
 227 West Monroe
Street
 Chicago, IL 60606
 Attn: Gerald M. Offutt,
P.C.
 Telephone: (312) 372-2000
 Facsimile: (312)
984-7700

  
 PROPERTY

  
 2.1 Property. Subject to the terms and conditions
of this Agreement, Seller agree to sell to Buyer, and Buyer agrees to purchase from Seller, the following property (collectively, the “Property”): 
  
 2.1.1 Real Property. The land described in Exhibit A attached hereto (the “Land”), together
with (i) all improvements located thereon (“Improvements”), (ii) all and 
  

 –3– 

 singular the rights, benefits, privileges, easements, tenements, hereditaments, and appurtenances thereon or in anywise
appertaining thereto, and (iii) without warranty, all right, title, and interest of Seller, if any, in and to all strips and gores and any land lying in the bed of any street, road or alley, open or proposed, adjoining such Land (collectively, the
“Real Property”). The Real Property contains approximately 35.59 acres of land and is located at 3050 and 3100 44th Street SW, Grandville, Kent County, Michigan. 
  
 2.1.2 Tangible Personal Property. All of Seller’s right, title and interest, if any, without warranty, in the
equipment, machinery, and other tangible personal property, if any, owned by Seller and now or hereafter located in and used in connection with the operation, or maintenance of the Real Property but expressly excluding the names of Seller, any items
of furniture, furnishings, or other personal property owned by Seller at or on the Real Property and further excluding any items of personal property owned by third parties and leased to Seller (collectively, the “Tangible Personal
Property”). Notwithstanding anything to the contrary contained herein, Seller reserves the right to remove any and all building systems and equipment from the Real Property prior to the Possession Date; and, any such building systems and
equipment so removed by Seller from the Real Property shall be excluded from Tangible Personal Property. 
  
 2.1.3 Intangible Personal Property. All of Seller’s right, title and interest, if any, without warranty, in all intangible personal property
related to the Real Property and the Improvements, including, without limitation, all to the extent assignable: all trade names and trade marks associated with the Real Property and the Improvements, including the name of the Real Property; the
plans and specifications and other architectural and engineering drawings for the Improvements, if any; warranties, if any; contract rights related to the construction, operation or management of the Real Property, if any (collectively, the
“Service Contracts”) (but Seller’s right, title and interest therein shall only be assigned to the extent Seller’s obligations thereunder are expressly assumed by Buyer pursuant to this Agreement); and governmental
permits, approvals and licenses, if any (collectively, the “Intangible Personal Property”). 
  
 EARNEST MONEY 
  
 3.1 Deposit and Investment of Earnest Money. Within five (5) business days after the Effective Date, Buyer shall deposit the Initial Earnest Money with Escrow Agent. If the Closing does not occur within one
hundred fifty (150) days following the Effective Date, then within one (1) business day after the expiration of said one hundred fiftieth (150th) day, Buyer shall deposit the Additional Earnest Money with Escrow Agent. Escrow Agent shall invest all
Earnest Money in government insured interest-bearing accounts satisfactory to Seller and Buyer, and shall promptly provide Buyer and Seller with confirmation of the investments made. Such account shall have no penalty for early withdrawal, and Buyer
accepts all risks with regard to such account. 
  
 3.2 Form;
Failure to Deposit. The Earnest Money shall be in the form of a certified or cashier’s checks or the wire transfer to Escrow Agent of immediately available U.S. federal 
  

 –4– 

 funds. If Buyer fails to timely deposit any portion of the Earnest Money within the time periods required, Seller may
terminate this Agreement by written notice to Buyer. If such termination results from Buyer’s failure to timely deposit the Initial Earnest Money, the parties hereto shall have no further rights or obligations hereunder, except for rights and
obligations which, by their terms, survive the termination hereof. If, however, such termination results from Buyer’s failure to timely deposit the Additional Earnest Money, the Initial Earnest Money shall be paid promptly to Seller, and the
parties hereto shall have no further rights or obligations hereunder, except for rights and obligations which, by their terms, survive the termination hereof. 
  

3.3 Disposition of Earnest Money. The Earnest Money shall be applied as a credit to the Purchase Price at Closing. However, if Buyer elects to
terminate this Agreement prior to the expiration of the Inspection Period pursuant to Section 4.3, Escrow Agent shall pay the entire Earnest Money to Buyer within one (1) business day following receipt of the Due Diligence Termination Notice
from Buyer (as long as the current investment can be liquidated and disbursed in one business day). No notice to Escrow Agent from Seller shall be required for the release of the Earnest Money to Buyer by Escrow Agent if Buyer terminates this
Agreement pursuant to Section 4.3. If this Agreement is not terminated by Buyer prior to the expiration of the Inspection Period, the Earnest Money shall become non-refundable except in the case of a termination of this Agreement by Buyer
pursuant to Section 10.2 hereof. In the event of a termination of this Agreement by either Seller or Buyer for any reason other than pursuant to Section 4.3, Escrow Agent is authorized to deliver the Earnest Money to the party hereto
entitled to same pursuant to the terms hereof on or before the tenth (10th) business day following receipt by Escrow Agent and the non-terminating party of written notice of such termination from the terminating party, unless the other party hereto
notifies Escrow Agent that it disputes the right of the other party to receive the Earnest Money. In such event, Escrow Agent may interplead the Earnest Money into a court of competent jurisdiction in the county in which the Earnest Money has been
deposited. All attorneys’ fees and costs and Escrow Agent’s costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Earnest Money, or if the Earnest Money is distributed
in part to both parties, then in the inverse proportion of such distribution. 
  
 DUE DILIGENCE 
  
 4.1 Due Diligence Materials. Prior to execution of this Agreement, Seller has delivered to Buyer and Buyer has received copies of those certain documents relating to the Property described in Schedule 4.1, attached hereto
(“Property Information”). All of such Property Information delivered to, made available to, copied and/or reviewed by Buyer pursuant to this Section 4.1 (including all Leases and Service Contracts) shall sometimes be referred
to collectively herein as the “Property Documents”. Notwithstanding anything in this Section 4.1 to the contrary, Seller shall have no obligation to make available to Buyer, and Buyer shall have no right to inspect or make
copies of, any of the Excluded Documents. As used herein, “Excluded Documents” shall mean any documents involving any purchase and escrow agreements and correspondence pertaining to Seller’s acquisition of the Property (other
than documents pertaining to the physical or environmental condition of the Real Property), any documents 
  

 –5– 

 pertaining to the potential acquisition of the Property by any past or prospective purchasers (other than documents
relating to the physical or environmental condition of Real Property), any third party purchase inquiries and correspondence, appraisals of the Property, internal budgets or financial projections, and any other internal documents (other than
documents relating to the physical or environmental condition of Real Property). 
  
 4.2 Physical Due Diligence. Commencing on the Effective Date and continuing until the Closing Date (or earlier termination of this Agreement), Buyer shall have reasonable access to the Real Property at all
reasonable times during normal business hours, for the purpose of conducting reasonably necessary tests, including surveys and architectural, engineering, geotechnical and environmental inspections and tests, provided that (i) Buyer must give Seller
forty-eight (48) hours’ prior telephone or written notice of any such inspection or test, and with respect to any intrusive inspection or test (e.g., core sampling) must obtain Seller’s prior written consent (which consent may be
given, withheld or conditioned in Seller’s sole discretion), (ii) prior to performing any inspection or test, Buyer must deliver a certificate of insurance to Seller evidencing that Buyer and its contractors, agents and representatives have in
place reasonable amounts of comprehensive general liability insurance and workers compensation insurance for its activities on the Real Property in terms and amounts reasonably satisfactory to Seller covering any accident arising in connection with
the presence of Buyer, its contractors, agents and representatives on the Real Property, which insurance shall name Seller as an additional insured thereunder, and (iii) all such tests shall be conducted by Buyer in compliance with Buyer’s
responsibilities set forth in this Article 4. Buyer shall bear the cost of all such inspections or tests and shall be responsible for and act as the generator with respect to any wastes generated by those tests. Notwithstanding anything to
the contrary contained herein, in order to minimize the disruption of Seller’s business, Buyer’s inspection of the research and development portion of the Real Property shall be limited to one time during the Inspection Period and one time
which is five (5) days prior to the Closing Date; provided, however, this limitation on frequency of inspection shall not apply to environmental inspections. Buyer and Seller will coordinate all inspections of the Property in an effort to minimize
the disruption to Seller’s business operations. 
  
 4.3
Due Diligence/Termination Right. Buyer shall have through the last day of the Inspection Period in which to examine, inspect, and investigate (i) the Property Documents, (ii) the environmental condition of the Property, and (iii) the
marketability of the Property and the feasibility of Buyer’s intended use for the Property. Notwithstanding anything to the contrary in this Agreement, if Buyer is not satisfied with any of the matters set forth in the preceding sentence, Buyer
may terminate this Agreement by giving written notice of termination to Seller and Escrow Agent (the “Due Diligence Termination Notice”) on or before the last day of the Inspection Period. If Buyer does not give a Due Diligence
Termination Notice, this Agreement shall continue in full force and effect, Buyer shall be deemed to have waived its right to terminate this Agreement pursuant to Section 5.3 and this Section 4.3, and Buyer shall be deemed to have
acknowledged that it has received or had access to all Property Documents and conducted all inspections and tests of the Property that it considers important. 
  

4.4 Return of Documents and Reports. If this Agreement terminates for any reason other than Seller’s default hereunder, Buyer shall
promptly return and/or deliver to Seller all 
  

 –6– 

 Property Documents and copies thereof. Additionally, if this Agreement terminates for any reason other than Seller’s
default, then Buyer must deliver to Seller copies of all third party reports, investigations and studies, other than economic analyses (collectively, the “Reports” and, individually, a “Report”) prepared for Buyer
in connection with its due diligence review of the Property. The Reports shall be delivered to Seller without any representation or warranty as to the completeness or accuracy of the Reports or any other matter relating thereto, and Seller shall
have no right to rely on any Report without the written consent of the party preparing same. Buyer’s obligation to deliver the Property Documents and the Reports to Seller shall survive the termination of this Agreement. 
  
 4.5 Service Contracts. On or prior to the last day of the Inspection
Period, Buyer will advise Seller in writing of which Service Contracts it will assume and for which Service Contracts Buyer requests that Seller deliver written termination at or prior to the Possession Date, provided Seller shall have no obligation
to terminate, and Buyer shall be obligated to assume, any Service Contracts which by their terms cannot be terminated without penalty or payment of a fee. Subject to the terms of the X-Rite Lease, Buyer must assume the obligations arising from and
after the Closing Date under those Service Contracts (i) that Buyer has agreed to assume, or that Buyer is obligated to assume pursuant to this Section 4.5, and (ii) for which a termination notice is delivered as of or prior to the Possession
Date but for which termination is not effective until after the Possession Date. 
  
 4.6 Proprietary Information; Confidentiality. Buyer acknowledges that the Property Documents are proprietary and confidential and will be delivered to Buyer or made available for Buyer’s review solely to
assist Buyer in determining the feasibility of purchasing the Property. Buyer shall not use the Property Documents for any purpose other than as set forth in the preceding sentence. Buyer shall not disclose the contents of the Property Documents to
any person other than to those persons who are responsible for determining the feasibility of Buyer’s acquisition of the Property and who have agreed to preserve the confidentiality of such information as required hereby (collectively,
“Permitted Outside Parties”). At any time and from time to time, within two (2) business days after Seller’s request, Buyer shall deliver to Seller a list of all parties to whom Buyer has provided any Property Documents or any
information taken from the Property Documents. Buyer shall not divulge the contents of the Property Documents and other information except in strict accordance with the confidentiality standards set forth in this Section 4.6. In permitting
Buyer to review the Property Documents or any other information, Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either express or implied, have been
offered, intended or created. 
  
 4.7 No Representation or
Warranty by Seller. Buyer acknowledges that, except as expressly set forth in this Agreement, Seller has not made any warranty or representation regarding the truth, accuracy or completeness of the Property Documents or the source(s) thereof.
Buyer further acknowledges that some if not all of the Property Documents were prepared by third parties other than Seller. Seller expressly disclaims any and all liability for representations or warranties, express or implied, statements of fact
and other matters contained in such information, or for omissions from the Property Documents, or in any other written or oral communications transmitted or made available to Buyer. Buyer shall rely solely upon its own 
  

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 investigation with respect to the Property, including, without limitation, the Property’s physical, environmental or
economic condition, compliance or lack of compliance with any ordinance, order, permit or regulation or any other attribute or matter relating thereto. Seller has not undertaken any independent investigation as to the truth, accuracy or completeness
of the Property Documents and is providing the Property Documents or making the same available for Buyer’s review solely as an accommodation to Buyer. 
  
 4.8 Buyer’s Responsibilities. In conducting any inspections, investigations or tests of the Property and/or Property Documents, Buyer and its
agents and representatives shall: (i) not disturb Seller or its employees or interfere with their use of the Property; (ii) not interfere with the operation and maintenance of the Property; (iii) not damage any part of the Property or any personal
property owned or held by Seller or its employees or any third party; (iv) not injure or otherwise cause bodily harm to Seller, or its agents, guests, invitees, contractors and employees; (v) comply with all applicable laws; (vi) promptly pay when
due the costs of all tests, investigations, and examinations done with regard to the Property; (vii) not permit any liens to attach to the Property by reason of the exercise of its rights hereunder; (viii) repair any damage to the Real Property
resulting directly or indirectly from any such inspection or tests; and (ix) not reveal or disclose prior to Closing any information obtained by Buyer prior to Closing concerning the Property and the Property Documents to anyone other than the
Permitted Outside Parties, in accordance with the confidentiality standards set forth in Section 4.6 above, or except as may be otherwise required by law. 
  
 4.9 Buyer’s Agreement to Indemnify. Buyer indemnifies and holds Seller harmless from and against any and all
liens, claims, causes of action, damages, liabilities and expenses (including reasonable attorneys’ fees) arising out of Buyer’s inspections or tests of the Property or any violation of the provisions of Sections 4.2, 4.6 and
4.8; provided, however, the indemnity shall not extend to protect Seller from any pre-existing liabilities for matters merely discovered by Buyer (e.g., latent environmental contamination) so long as Buyer’s actions do not
aggravate any pre-existing liability of Seller. Buyer also indemnifies and holds any occupant of the Real Property harmless from and against any and all claims, causes of action, damages, liabilities and expenses which such occupant may suffer or
incur due to Buyer’s breach of its obligation under Section 4.6 above to maintain the confidential nature of any Property Documents or other information relative to such occupant. Buyer’s obligations under this Section 4.9
shall survive the termination of this Agreement and shall survive the Closing. 
  
 4.10 Environmental Studies. As additional consideration for the transaction contemplated in this Agreement, Buyer must provide to Seller, immediately following the receipt of same by Buyer, copies of any and
all reports, tests or studies involving contamination of or other environmental concerns relating to the Property; provided, however, Buyer shall have no obligation to cause any such tests or studies to be performed on the Property. Seller
acknowledge that Buyer has not made and does not make any warranty or representation regarding the truth or accuracy of any such studies or reports. Notwithstanding Section 4.9 above, Buyer shall have no liability or culpability of any nature
as a result of having provided such information to Seller or as a result of Seller’s reliance thereon or arising out of the fact that Buyer merely conducted such tests or studies, so long as Buyer’s actions do not aggravate any preexisting
liability of Seller. 
  

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 TITLE AND SURVEY 
  
 5.1 Title Report. On or prior to Title Commitment Delivery Date, Seller shall deliver or instruct the Title Company
to deliver to Buyer: (i) a current commitment for a standard coverage ALTA owner’s policy on the Title Company’s 1992 form (the “Title Commitment”) issued by the Title Company, and (ii) copies of all documents of record
referred to in the Title Commitment as exceptions to title to the Real Property (“Title Documents”), except that Seller shall not be required to deliver hereunder duplicate copies of Title Documents previously delivered to Buyer as
part of the Property Documents. If on or before the date that is one (1) business day after the Title Commitment Delivery Date Buyer fails to notify Seller in writing that Buyer has not received the Title Commitment and/or the Title Documents (which
notice shall specify those documents not received), Buyer shall be deemed to have received the Title Commitment and all of the Title Documents. 
  
 5.2 New or Updated Survey. Buyer may elect to obtain a new survey or revise, modify, or re-certify an existing survey (“Survey”)
as necessary in order for the Title Company to delete the survey exception from the Title Policy or to otherwise satisfy Buyer’s objectives; provided, however, in no event shall the issuance and/or receipt of such Survey be a condition
precedent to, or delay, the Closing. 
  
 5.3 Title Review.
During the Title and Survey Review Period, Buyer shall review title to the Real Property as disclosed by the Title Commitment and the Survey. All matters shown in the Title Commitment, the Title Documents and the Survey (if any) which are not
objected to by Buyer by delivery of written notice thereof (“Buyer’s Title Objection Notice”) to Seller on or before the end of the Title and Survey Review Period shall be conclusively deemed to be accepted by Buyer. If Buyer
timely delivers to Seller Buyer’s Title Objection Notice prior to the end of the Title and Survey Review Period specifying Buyer’s objection to any title exception pertaining to the Real Property shown in the Title Commitment, the Title
Documents and the Survey (if any) (each a “Title Objection” and collectively the “Title Objections”), Seller may, but shall not be obligated to, eliminate or cure (by title endorsement from the Title Company or
otherwise) some or all of such Title Objections; provided, however, if Seller is able and willing to eliminate or cure some or all of such Title Objections, Seller shall notify Buyer in writing within ten (10) days after the end of the Title and
Survey Review Period (“Seller’s Notice Period”) of those Title Objections Seller intends to eliminate or cure (said notice hereinafter called “Seller’s Title Notice”) and in which case the elimination or
curing by Seller of the Title Objections specified by Seller for cure or elimination in Seller’s Title Notice shall be completed on or before the Closing Date. If Seller does not deliver Seller’s Title Notice to Buyer within Seller’s
Notice Period, Buyer is deemed to be notified that Seller is unable or unwilling to eliminate or cure the Title Objections. If Seller (i) does not timely deliver Seller’s Title Notice or (ii) notifies or is deemed to have notified Buyer that
Seller is unable or unwilling to cure any particular Title Objection, Buyer shall be deemed to have waived those Title Objections which Seller is unable or unwilling to eliminate or cure unless on or before the end of the Inspection Period, Buyer
delivers to Seller and Escrow Holder Buyer’s Due Diligence Termination Notice terminating this Agreement pursuant to Section 4.3. Notwithstanding anything herein to the 
  

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 contrary, if Buyer’s right to terminate this Agreement pursuant to the foregoing provisions of this Section
5.3 has not expired prior thereto, it shall expire upon expiration of the Inspection Period. Notwithstanding the foregoing provisions of this Section 5.3 to the contrary, Buyer and Seller acknowledge that although Seller has no obligation
(unless specifically set forth in Seller’s Title Notice) to cure any title matters, subject to Buyer’s full performance under this Agreement, Seller agrees to deliver title to the Real Property at Closing free and clear of liens of the
deeds of trust and/or mortgages created by, under or through Seller, which liens Seller shall cause to be released at or prior to Closing (with Seller having the right to apply the Purchase Price or a portion thereof for such purpose), and Seller
further agree to remove any title exceptions or encumbrances to title which are voluntarily created by, under or through Seller after the Effective Date without Buyer’s consent (if requested, such consent shall not be unreasonably withheld or
delayed). 
  
 5.4 Permitted Exceptions. The term
“Permitted Exceptions” shall mean: the specific exceptions listed in the Title Commitment that the Title Company has not agreed to remove from the Title Commitment as of the end of the Inspection Period and that Seller is not
required to remove as provided in Section 5.3 above; matters created by, through or under Buyer; items shown on the Survey which have not been removed as of the end of the Inspection Period; real estate taxes not yet due and payable; and any
licensees under any Service Contracts not terminated as of Closing. 
  
 5.5 Delivery of Title Policy at Closing. In the event that the Title Company does not issue at Closing, or unconditionally commit at Closing to issue, to Buyer, an ALTA standard coverage owner’s title policy in accordance with
the Title Commitment, insuring Buyer’s title to the Real Property in the amount of the Purchase Price, subject only to the standard exceptions and exclusions from coverage contained in such policy and the Permitted Exceptions (the
“Title Policy”), Buyer shall have the right to terminate this Agreement, in which case the Earnest Money shall be immediately returned to Buyer and the parties hereto shall have no further rights or obligations, other than those
that by their terms survive the termination of this Agreement. 
  
 OPERATIONS AND RISK OF LOSS 
  
 6.1
Ongoing Operations. From the Effective Date through Closing: 
  
 6.1.1 Service Contracts. Seller shall continue to operate the Property in accordance with its current practices and Seller will perform its material obligations under the Service Contracts. 
  
 6.1.2 New Service Contracts. Seller will not enter into any service
contract that will be an obligation affecting the Property subsequent to the Closing, except service contracts entered into in the ordinary course of business that are terminable without cause and without the payment of any termination penalty on
not more than thirty (30) days’ prior notice. 
  

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 6.1.3 Maintenance of Improvements. Subject to Sections 2.1.2, 6.2 and 6.3, Seller
shall maintain all Improvements substantially in their present condition (ordinary wear and tear and casualty excepted) and in a manner consistent with Seller’s maintenance of the Improvements during Seller’s period of ownership.

  
 6.2 Condemnation. If proceedings in eminent domain are
instituted with respect to the Property or any portion thereof, then Buyer may, at its option, by written notice to Seller given within ten (10) days after Seller notifies Buyer of such proceedings (and if necessary the Closing Date shall be
automatically extended to give Buyer the full ten (10)-day period to make such election), either: (i) terminate this Agreement, in which case the Earnest Money shall be immediately returned to Buyer and the parties hereto shall have no further
rights or obligations, other than those that by their terms survive the termination of this Agreement, or (ii) proceed under this Agreement, in which event Seller shall, at the Closing, assign to Buyer its entire right, title and interest in and to
any condemnation award, and Buyer shall have the sole right after the Closing to negotiate and otherwise deal with the condemning authority in respect of such matter. If Buyer does not give Seller written notice of its election within the time
required above, then Buyer shall be deemed to have elected option (ii) above. 
  
 CLOSING 
  
 7.1
Closing. The consummation of the transaction contemplated herein (“Closing”) shall occur on the Closing Date at the offices of Escrow Agent (or such other location as may be mutually agreed upon by Seller and Buyer). Funds
shall be deposited into and held by Escrow Agent in a closing escrow account with a bank satisfactory to Buyer and Seller. Upon satisfaction or completion of all closing conditions and deliveries, the parties shall direct Escrow Agent to immediately
record and deliver the closing documents to the appropriate parties and make disbursements according to the closing statements executed by Seller and Buyer. 
  
 7.2 Conditions to Parties’ Obligation to Close. In addition to all other conditions set forth herein, the obligation of Seller, on the one
hand, and Buyer, on the other hand, to consummate the transactions contemplated hereunder are conditioned upon the following: 
  
 7.2.1 Representations and Warranties. The other party’s representations and warranties contained herein shall be true and correct in all
material respects as of the date of this Agreement and the Closing Date; 
  
 7.2.2 Delivery. As of the Closing Date, the other party shall have tendered all deliveries to be made at Closing; and 
  
 7.2.3 Actions, Suits, etc. There shall exist no pending actions, suits, arbitrations, claims, attachments, proceedings, assignments for the benefit
of creditors, insolvency, bankruptcy, reorganization or other proceedings, actually filed against the other party that would (i) prevent such party from performing its obligations under this Agreement, or (ii) except for any matters disclosed to
Buyer in the Property Documents, materially and adversely affect the operation or value of the Property. 
  

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 So long as a party is not in default hereunder, if any condition to such party’s obligation to proceed with the
Closing hereunder has not been satisfied as of the Closing Date (or such earlier date as is provided herein), such party may, in its sole discretion, terminate this Agreement by delivering written notice to the other party on or before the Closing
Date, or elect to close notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived any such condition. In the event such party elects to close, notwithstanding the non-satisfaction of such
condition, said party shall be deemed to have waived said condition, and there shall be no liability on the part of any other party hereto for breaches of representations and warranties of which the party electing to close had knowledge at the
Closing. 
  
 7.3 Seller’s Deliveries in Escrow. As of
or prior to the Closing Date, Seller shall deliver in escrow to Escrow Agent the following: 
  
 7.3.1 Deed. A warranty deed in the form of Exhibit C attached hereto (the “Deed”) executed and acknowledged by Seller, conveying to Buyer Seller’s interest in the Real Property;

  
 7.3.2 Bill of Sale, Assignment and Assumption. Two (2)
originals of a Bill of Sale, Assignment and Assumption of Contracts in the form of Exhibit D attached hereto (the “Assignment”), executed by Seller, vesting in Buyer, without warranty, Seller’s right, title and interest
in and to the property described therein; 
  
 7.3.3
Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are required to be delivered or signed by Seller by applicable state and local law in connection with the conveyance of the Real
Property; 
  
 7.3.4 Non-Foreign Certificate. An affidavit
as required by the Foreign Investors Real Property Tax Act, as amended, in the form of Exhibit E attached hereto, executed by Seller; 
  
 7.3.5 X-Rite Lease. Two (2) originals of the X-Rite Lease, executed by Seller; 
  
 7.3.6 Authority. Evidence of the existence, organization and authority of Seller and of the authority of the persons
executing documents on behalf of Seller as reasonably required by the underwriter for the Title Policy; and 
  
 7.3.7 Additional Documents. Any additional documents that Escrow Agent or the Title Company may reasonably require for the proper consummation of
the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any obligation, covenant, representation or warranty of Seller or result in any new or additional obligation, covenant, representation or
warranty of Seller under this Agreement beyond those expressly set forth in this Agreement). 
  
 7.4 Buyer’s Deliveries in Escrow. As of or prior to the Closing Date, Buyer shall deliver in escrow to Escrow Agent the following: 
  
 7.4.1 Bill of Sale, Assignment and Assumption. Two (2) originals of the Assignment, executed by Buyer; 
  

 –12– 

 7.4.2 Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or
returns, if any, as are required to be delivered or signed by Buyer by applicable state and local law in connection with the conveyance of Real Property; 
  
 7.4.3 X-Rite Lease. Two (2) originals of the X-Rite Lease, executed by Buyer; and 
  
 7.4.4 Additional Documents. Any additional documents that Seller, Escrow Agent or the Title Company may reasonably
require for the proper consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any obligation, covenant, representation or warranty of Buyer or result in any new or additional
obligation, covenant, representation or warranty of Buyer under this Agreement beyond those expressly set forth in this Agreement). 
  
 7.5 Closing Statements. As of or prior to the Closing Date, Seller and Buyer shall deposit with Escrow Agent executed closing statements consistent
with this Agreement in the form required by Escrow Agent. 
  
 7.6
Purchase Price; Purchase Price Holdback. Prior to or at the time of the Closing on the Closing Date, Buyer shall deliver to Escrow Agent the Purchase Price, less the Earnest Money that is applied to the Purchase Price, plus or minus
applicable prorations, in immediate, same-day U.S. federal funds wired for credit into Escrow Agent’s escrow account, which funds must be delivered in a manner to permit Escrow Agent to deliver good funds to Seller or its designee(s) on the
Closing Date (and, if requested by Seller, by wire transfer); in the event that Escrow Agent is unable to deliver good funds to Seller or its designee(s) on the Closing Date, then the closing statements and related prorations will be revised as
necessary. 
  
 Notwithstanding anything to the contrary contained herein, Five
Hundred Thousand Dollars ($500,000) (the “Purchase Price Holdback”) of the net Purchase Price due Seller at Closing shall be retained in escrow by the Escrow Agent for disbursement by the Escrow Agent following the Closing in the
manner set forth herein. The Purchase Price Holdback shall be disbursed by the Escrow Agent to Seller or its designee in five (5) consecutive installments of One Hundred Thousand Dollars ($100,000) each on the thirtieth (30th), sixtieth (60th),
ninetieth (90th), one hundred twentieth (120th), and one hundred fiftieth (150) day following the Closing Date. 
  
 7.7 Possession. Seller shall deliver possession of the Real Property and Tangible Personal Property to Buyer at the Closing, subject to the terms
and provisions of the X-Rite Lease. 
  
 7.8 Delivery of Books
and Records. After the Closing, Seller shall deliver the following to Buyer to the extent in Seller’s or its property manager’s possession or control: maintenance records and warranties; plans and specifications; licenses, permits and
certificates of occupancy; copies or originals of all books and records of account, contracts, and copies of correspondence with suppliers; receipts for deposits, unpaid bills and other papers or documents which pertain to the Property; keys; and
other items, if any, used in the operation of the Property, all subject to the terms and conditions of the X-Rite Lease. 
  

 –13– 

 PRORATIONS; DEPOSITS; COMMISSIONS 
  
 8.1 Prorations. At Closing, the following items shall be prorated as
of the date of Closing with all items of income and expense for the Property being borne by Buyer from and after (but including) the date of Closing: income and rents; fees and assessments; prepaid expenses and obligations under Service Contracts;
accrued operating expenses; real and personal ad valorem taxes (“Taxes”); and any assessments by private covenant for the then-current calendar year of Closing. Income previously received by Seller relating to contracts with service
providers will not be prorated. Specifically, the following shall apply to such prorations: 
  
 8.1.1 Taxes. If Taxes for the year of Closing are not known or cannot be reasonably estimated, Taxes shall be prorated based on Taxes for the year prior to Closing. Any real property taxes and assessments
arising out of the sale of the Real Property to Buyer (or its assignee) or a subsequent sale or change in ownership thereafter, and/or arising out of any construction pertaining to the Real Property following the Closing, shall be paid by Buyer when
assessed, and Buyer shall indemnify Seller from and against any all such Taxes, which indemnification obligation shall survive the Closing. 
  
 8.1.2 Utilities. Buyer shall take all steps necessary to effectuate the transfer of all utilities to its name as of the Closing Date, and where
necessary, post deposits with the utility companies. Seller shall endeavor to have all utility meters read as of the Closing Date. Seller shall be entitled to recover any and all deposits held by any utility company as of the Closing Date.
Notwithstanding anything to the contrary contained herein, Seller shall continue to be responsible for payment of utilities with respect to the Real Property until the Possession Date, all subject to the terms and provisions of the X-Rite Lease.

  
 8.2 Closing Costs. Closing costs shall be allocated
between Seller and Buyer in accordance with Section 1.2. 
  
 8.3 Final Adjustment After Closing. If final bills are not available or cannot be issued prior to Closing for any item being prorated under Section 8.1, then Buyer and Seller agree to allocate such items on a fair and
equitable basis as soon as such bills are available, final adjustment to be made as soon as reasonably possible after the Closing; provided, however, such final adjustment shall be made by the date which is three (3) months after the Closing.
Payments in connection with the final adjustment shall be due within thirty (30) days of written notice. All such rights and obligations shall survive the Closing. 
  
 8.4 Commissions. Seller and Buyer each represent and warrant to the other that no real estate brokerage commission is
payable to any person or entity in connection with the transaction contemplated hereby, and each agrees to and does hereby indemnify and hold the other harmless against the payment of any commission to any person or entity claiming by, through or
under either of the Seller or Buyer, as applicable. This indemnification shall extend to any and all claims, liabilities, costs and expenses (including reasonable attorneys’ fees and litigation costs) arising as a result of such claims and
shall survive the Closing. 
  

 –14– 

 REPRESENTATIONS AND WARRANTIES 
  
 9.1 Seller’s Representations and Warranties. Seller represents and warrants to Buyer that: 
  
 9.1.1 Organization and Authority. Seller has been duly organized, is
validly existing, and are in good standing in the state in which it was formed. Seller has the full right and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to be consummated the
transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Seller at the Closing will be, authorized and executed and constitute, or will constitute, as appropriate, the valid and binding obligation of
Seller, enforceable in accordance with their terms. 
  
 9.1.2
Conflicts and Pending Actions. There is no agreement to which Seller is a party or, to Seller’s knowledge, that are binding on Seller which are in conflict with this Agreement. To Seller’s knowledge, there is no action or proceeding
pending or threatened against Seller or the Property which challenges or impairs Seller’s ability to execute or perform their obligations under this Agreement. 
  
 9.1.3 Service Contracts. To Seller’s knowledge, the Service Contracts to be delivered to Buyer pursuant to this
Agreement will be correct and complete as of the date of its delivery. 
  
 9.1.4 Notices from Governmental Authorities. To Seller’s knowledge, except as otherwise described in the Property Documents, Seller has not received from any governmental authority written notice of any material violation of any
laws applicable (or alleged to be applicable) to the Real Property, or any part thereof, that has not been corrected. 
  
 9.1.5 Environmental Matters. To Seller’s knowledge, except as disclosed in the Property Documents, the Real Property is free of any Hazardous
Materials that would trigger response or remedial action under any applicable environmental laws. 
  
 9.2 Buyer’s Representations and Warranties. Buyer represents and warrants to Seller that: 
  
 9.2.1 Organization and Authority. Buyer has been duly organized and
is validly existing as a corporation in good standing in the State of Wisconsin and is qualified to do business in the state in which the Real Property is located. Buyer has the full right and authority and has obtained any and all consents required
to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Buyer at the Closing will be, authorized and properly executed and
constitute, or will constitute, as appropriate, the valid and binding obligation of Buyer, enforceable in accordance with their terms. 
  

 –15– 

 9.2.2 Conflicts and Pending Action. There is no agreement to which Buyer is a party or to
Buyer’s knowledge binding on Buyer which is in conflict with this Agreement. There is no action or proceeding pending or, to Buyer’s knowledge, threatened against Buyer which challenges or impairs Buyer’s ability to execute or perform
its obligations under this Agreement. 
  
 9.2.3 Anti-Terrorism
Representation. Neither Buyer nor any of its affiliates or constituents nor, to the best of Buyer’s knowledge, any brokers or other agents of same, have engaged in any dealings or transactions, directly or indirectly, (i) in contravention
of any U.S., international or other money laundering regulations or conventions, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United States International Money
Laundering Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. §1 et seq., as amended), or any foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) or any enabling legislation or executive order relating thereto, or (ii) in contravention of Executive Order No. 13224 dated September 24, 2001 issued by the President of the United States (Executive Order Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), as may be amended or supplemented from time to time (“Anti-Terrorism Order”) or on behalf of terrorists or terrorist organizations, including those persons or
entities that are included on any relevant lists maintained by the United Nations, North Atlantic Treaty Organization, Organization of Economic Cooperation and Development, Financial Action Task Force, U.S. Office of Foreign Assets Control, U.S.
Securities & Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence Agency, U.S. Internal Revenue Service, or any country or organization, all as may be amended from time to time. Neither Buyer nor any of its
affiliates or constituents nor, to the best of Buyer’s knowledge, any brokers or other agents of same, (i) are or will be conducting any business or engaging in any transaction with any person appearing on the U.S. Treasury Department’s
Office of Foreign Assets Control list of restrictions and prohibited persons, or (ii) are a person described in section 1 of the Anti-Terrorism Order, and to the best of Buyer’s knowledge neither Buyer nor any of its affiliates have engaged in
any dealings or transactions, or otherwise been associated with any such person. If at any time this representation becomes false then it shall be considered a default under this Agreement and Seller shall have the right to exercise all of the
remedies set forth in this Agreement in the event of a default or to terminate this Agreement immediately. 
  
 9.3 Survival of Representations and Warranties. The representations and warranties set forth in this Article 9 are made as of the Effective
Date and, except in the case of Subsection 9.1.4, are remade as of the Closing Date and shall not be deemed to be merged into or waived by the instruments of Closing, but shall survive the Closing for a period of six (6) months (the
“Survival Period”). Terms such as “to Seller’s knowledge,” “to the best of Seller’s knowledge” or like phrases mean the actual present and conscious awareness or knowledge of Jeff Smolinski
(“Seller’s Employee”), without any duty of inquiry or investigation; provided that so qualifying Seller’s knowledge shall in no event give rise to any personal liability on the part of Seller’s Employee or any other
officer or employee of Seller, on account of any breach of any representation or warranty made by Seller herein. Said terms do not include constructive knowledge, imputed knowledge, or knowledge Seller or such persons do not have but could have
obtained through further investigation or inquiry. No broker, agent, or party other than Seller is 
  

 –16– 

 authorized to make any representation or warranty for or on behalf of Seller. Each party shall have the right to bring an
action against the other on the breach of a representation or warranty hereunder, but only on the following conditions: (i) the party bringing the action for breach first learns of the breach after Closing and files such action within the Survival
Period; and (ii) neither party shall have the right to bring a cause of action for a breach of a representation or warranty unless the damage to such party on account of such breach (individually or when combined with damages from other breaches)
equals or exceeds $25,000. Neither party shall have any liability after Closing for the breach of a representation or warranty hereunder of which the other party hereto had knowledge as of Closing. The provisions of this Section 9.3 shall
survive the Closing. Any breach of a representation or warranty that occurs prior to Closing shall be governed by Article 10. 
  
 DEFAULT AND REMEDIES 
  
 10.1 Seller’s Remedies. If Buyer fails to perform its obligations pursuant to this Agreement at or prior to Closing for any reason except
failure by Seller to perform hereunder, or if prior to Closing any one or more of Buyer’s representations or warranties are breached in any material respect, Seller shall be entitled, as its sole remedy (except as provided in Sections
4.9, 8.4, 10.3 and 10.4 hereof), to terminate this Agreement and recover the Earnest Money as liquidated damages and not as penalty, in full satisfaction of claims against Buyer hereunder. Seller and Buyer agree that
Seller’s damages resulting from Buyer’s default are difficult, if not impossible, to determine and the Earnest Money is a fair estimate of those damages which has been agreed to in an effort to cause the amount of such damages to be
certain. The parties acknowledge that the payment of such liquidated damages is not intended as a forfeiture or penalty, but is intended to constitute liquidated damages to Seller. Notwithstanding anything in this Section 10.1 to the
contrary, in the event of Buyer’s default or a termination of this Agreement, Seller shall have all remedies available at law or in equity in the event Buyer or any party related to or affiliated with Buyer is asserting any claims or right to
the property that would otherwise delay or prevent Seller from having clear, indefeasible and marketable title to the property. If Closing is consummated, Seller shall have all remedies available at law or in equity in the event Buyer fails to
perform any obligation of Buyer under this Agreement. 
  
 10.2
Buyer’s Remedies. If Seller fails to perform its obligations pursuant to this Agreement for any reason except failure by Buyer to perform hereunder, or if prior to Closing any one or more of Seller’s representations or warranties
are breached in any material respect, Buyer shall elect, as its sole remedy, either to (i) terminate this Agreement by giving Seller timely written notice of such election prior to or at Closing and recover the Earnest Money, (ii) enforce specific
performance, or (iii) waive said failure or breach and proceed to Closing. Notwithstanding anything herein to the contrary, Buyer shall be deemed to have elected to terminate this Agreement if Buyer fails to deliver to Seller written notice of its
intent to file a claim or assert a cause of action for specific performance against Seller on or before ten (10) business days following the scheduled Closing Date or, having given such notice, fails to file a lawsuit asserting such claim or cause
of action in the county in which the Property is located within thirty (30) days following the scheduled Closing Date. Buyer’s remedies shall be limited to those described in this Section 10.2 and Sections 10.3 and 10.4
hereof. 
  

 –17– 

 10.3 Attorneys’ Fees. In the event either party hereto employs an attorney in connection with
claims by one party against the other arising from the operation of this Agreement, the non-prevailing party shall pay the prevailing party all reasonable fees and expenses, including attorneys’ fees, incurred in connection with such
transaction. 
  
 10.4 Other Expenses. If this Agreement is
terminated due to the default of a party, then the defaulting party shall pay any fees or charges due to Escrow Agent for holding the Earnest Money as well as any escrow cancellation fees or charges and any fees or charges due to the Title Company
for preparation and/or cancellation of the Title Commitment. 
  
 DISCLAIMERS; RELEASE AND INDEMNITY 
  
 11.1
Disclaimers By Seller. Except as expressly set forth in this Agreement, it is understood and agreed that Seller has not at any time made and is not now making, and it specifically disclaims, any warranties or representations of any kind or
character, express or implied, with respect to the Property, including, but not limited to, warranties or representations, as to (i) matters of title, (ii) environmental matters relating to the Property or any portion thereof, including, without
limitation, the presence of Hazardous Materials in, on, under or in the vicinity of the Property, (iii) geological conditions, including, without limitation, subsidence, subsurface conditions, water table, underground water reservoirs, limitations
regarding the withdrawal of water, and geologic faults and the resulting damage of past and/or future faulting, (iv) whether, and to the extent to which the Property or any portion thereof is affected by any stream (surface or underground), body of
water, wetlands, flood prone area, flood plain, floodway or special flood hazard, (v) drainage, (vi) soil conditions, including the existence of instability, past soil repairs, soil additions or conditions of soil fill, or susceptibility to
landslides, or the sufficiency of any undershoring, (vii) the presence of endangered species or any environmentally sensitive or protected areas, (viii) zoning or building entitlements to which the Property or any portion thereof may be subject,
(ix) the availability of any utilities to the Property or any portion thereof including, without limitation, water, sewage, gas and electric, (x) usages of adjoining Property, (xi) access to the Property or any portion thereof, (xii) the value,
compliance with the plans and specifications, size, location, age, use, design, quality, description, suitability, structural integrity, operation, title to, or physical or financial condition of the Property or any portion thereof, or any income,
expenses, charges, liens, encumbrances, rights or claims on or affecting or pertaining to the Property or any part thereof, (xiii) the condition or use of the Property or compliance of the Property with any or all past, present or future federal,
state or local ordinances, rules, regulations or laws, building, fire or zoning ordinances, codes or other similar laws, (xiv) the existence or non-existence of underground storage tanks, surface impoundments, or landfills, (xv) the merchantability
of the Property or fitness of the Property for any particular purpose, (xvi) the truth, accuracy or completeness of the Property Documents, (xvii) tax consequences, or (xviii) any other matter or thing with respect to the Property. 
  

 –18– 

 11.2 Sale “As Is, Where Is.” Buyer acknowledges and agrees that upon Closing, Seller
shall sell and convey to Buyer and Buyer shall accept the Property “AS IS, WHERE IS, WITH ALL FAULTS,” except to the extent expressly provided otherwise in this Agreement and any document executed by Seller and delivered to Buyer at
Closing. Except as expressly set forth in this Agreement, Buyer has not relied and will not rely on, and Seller have not made and are not liable for or bound by, any express or implied warranties, guarantees, statements, representations or
information pertaining to the Property or relating thereto (including specifically, without limitation, Property information packages distributed with respect to the Property) made or furnished by Seller, or any real estate broker, agent or third
party representing or purporting to represent Seller, to whomever made or given, directly or indirectly, orally or in writing. Buyer represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and that, except as
expressly set forth in this Agreement, it is relying solely on its own expertise and that of Buyer’s consultants in purchasing the Property and shall make an independent verification of the accuracy of any documents and information provided by
Seller. Buyer will conduct such inspections and investigations of the Property as Buyer deems necessary, including, but not limited to, the physical and environmental conditions thereof, and shall rely upon same. By failing to terminate this
Agreement prior to the expiration of the Inspection Period, Buyer acknowledges that Seller has afforded Buyer a full opportunity to conduct such investigations of the Property as Buyer deemed necessary to satisfy itself as to the condition of the
Property and the existence or non-existence or curative action to be taken with respect to any Hazardous Materials on or discharged from the Property, and will rely solely upon same and not upon any information provided by or on behalf of Seller or
its agents or employees with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement. Upon Closing, Buyer shall assume the risk that adverse matters, including, but not
limited to, adverse physical or construction defects or adverse environmental, health or safety conditions, may not have been revealed by Buyer’s inspections and investigations. 
  
 11.3 Seller Released from Liability. Buyer acknowledges that it will have the. opportunity to inspect the Property
during the Inspection Period, and during such period, observe its physical characteristics and existing conditions and the opportunity to conduct such investigation and study on and of the Property and adjacent areas as Buyer deems necessary, and
Buyer hereby FOREVER RELEASES AND DISCHARGES Seller from all responsibility and liability, including without limitation, liabilities under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Sections 9601
et seq.), as amended (“CERCLA”), regarding the condition (including the presence in the soil, air, structures and surface and subsurface waters, of Hazardous Materials or other materials or substances that have been or may in
the future be determined to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or
guidelines), valuation, salability or utility of the Property, or its suitability for any purpose whatsoever. This release includes claims of which Buyer is presently unaware or which Buyer does not presently suspect to exist which, if known by
Buyer, would materially affect Buyer’s release to Seller. 
  
 In this
connection and to the extent permitted by law, Buyer hereby agrees, represents and warrants that Buyer realizes and acknowledges that factual matters now unknown to it may have given or may hereafter give rise to causes of action, claims, demands,
debts, controversies, 
  

 –19– 

 damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Buyer further agrees,
represents and warrants 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 each of the Seller from any such unknown
causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses. 
  
 Buyer further hereby waives (and by closing this transaction will be deemed to have waived) any and all objections to or complaints regarding (including, but not limited to, federal, state and common law based
actions), or any private right of action under, state and federal law to which the Property is or may be subject, including, but not limited to, CERCLA, Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), as amended
(“RCRA”), physical characteristics and existing conditions, including, without limitation, structural and geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous Materials on, under,
adjacent to or otherwise affecting the Property. Buyer further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property and the risk that adverse physical
characteristics and conditions, including, without limitation, the presence of Hazardous Materials or other contaminants, may not have been revealed by its investigation. 
  
 11.4 “Hazardous Materials” Defined. For purposes hereof, “Hazardous Materials” means
“Hazardous Material,” “Hazardous Substance,” “Pollutant or Contaminant,” and “Petroleum” and “Natural Gas Liquids,” as those terms are defined or used in Section 101 of CERCLA, and any other
substances regulated because of their effect or potential effect on public health and the environment, including, without limitation, PCBs, lead paint, asbestos, urea formaldehyde, radioactive materials, putrescible, and infectious materials.

  
 11.5 Indemnity. Buyer agrees to indemnify and hold
Seller harmless of and from any and all liabilities, claims, demands, and expenses of any kind or nature which arise or accrue after Closing and which are in any way related to the ownership, maintenance, or operation of the Property by Buyer and
its successors and assigns, including, without limitation, in connection with Hazardous Materials. Without limitation in any way on the foregoing, Buyer shall indemnify and hold Seller harmless from and against any and all liabilities, claims,
demands, damages and expenses of any kind or nature which are in any way related to Buyer’s conversion of the Property into condominiums, including, without limitation, claims made by condominium owners for breaches of warranties or
construction defects of any kind. 
  
 11.6 Limitation of
Liability. BUYER ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL ANY OF THE SELLER’S DIRECT OR INDIRECT MEMBERS, PARTNERS, SHAREHOLDERS, OWNERS OR AFFILIATES, ANY OFFICER, DIRECTOR, EMPLOYEE OR AGENT OF THE FOREGOING, OR ANY AFFILIATE,
MEMBER, PARTNER OR CONTROLLING PERSON THEREOF HAVE ANY LIABILITY FOR ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PROPERTY, WHETHER BASED ON CONTRACT, COMMON LAW, STATUTE, EQUITY OR OTHERWISE.

  

 –20– 

 11.7 Survival. The terms and conditions of this Article 11 shall expressly survive the
Closing, not merge with the provisions of any closing documents and shall be incorporated into the Deed. 
  
 Buyer acknowledges and agrees that the disclaimers and other agreements set forth herein are an integral part of this Agreement and that Seller would not
have agreed to sell the Property to Buyer for the Purchase Price without the disclaimers and other agreements set forth above. 
  
 MISCELLANEOUS 
  
 12.1 Parties Bound; Assignment. This Agreement, and the terms, covenants, and conditions herein contained, shall inure to the benefit of and be
binding upon the heirs, personal representatives, successors, and assigns of each of the parties hereto. Buyer may assign its rights under this Agreement upon the following conditions: (i) the assignee of Buyer must be a newly formed limited
liability company managed by Buyer or an entity controlling, controlled by, or under common control with Buyer, except that with the prior written consent of Seller, which consent shall not be unreasonably withheld, Buyer may assign a part (but not
all) of Buyer’s rights and obligations under this Agreement to an entity that will be an anchor tenant with respect to Buyer’s intended development of the Property; (ii) all of the Earnest Money must have been delivered in accordance
herewith; (iii) the Inspection Period shall be deemed to have ended; (iv) the assignee of Buyer shall assume all obligations of Buyer hereunder, but Buyer shall remain primarily liable for the performance of Buyer’s obligations; and (v) a copy
of the fully executed written assignment and assumption agreement shall be delivered to Seller at least ten (10) days prior to Closing. With respect to a partial assignment of Buyer’s rights and obligations pursuant to Clause (i) of the
preceding sentence, Buyer shall give Seller written notice of the desire to assign a partial interest in this Agreement with copies of all related documents associated with the assignment, including without limitation financial information regarding
the proposed assignee, at least fifteen (15) days before the anticipated effective date of such assignment. It shall not be reasonable for Seller to withhold its consent to a proposed assignment unless Seller reasonably determines that any of the
following situations exists or may exist: (1) the proposed assignee does not have a positive recognized national stature as a retail chain, or (2) the proposed assignee is not sufficiently creditworthy. Seller shall have a period of ten (10) days
following the receipt of such notice and all related documents to notify Buyer in writing of Seller’s approval or disapproval of the proposed assignment. 
  

12.2 Headings. The article, section, subsection, paragraph and/or other headings of this Agreement are for convenience only and in no way limit
or enlarge the scope or meaning of the language hereof. 
  
 12.3
Invalidity and Waiver. If any portion of this Agreement is held invalid or inoperative, then so far as is reasonable and possible the remainder of this Agreement shall be deemed valid and operative, and, to the greatest extent legally
possible, effect shall be given to the intent manifested by the portion held invalid or inoperative. The failure by either party to 
  

 –21– 

 enforce against the other any term or provision of this Agreement shall not be deemed to be a waiver of such party’s
right to enforce against the other party the same or any other such term or provision in the future. 
  
 12.4 Governing Law. This Agreement shall, in all respects, be governed, construed, applied, and enforced in accordance with the law of the state in
which the Real Property is located. 
  
 12.5 Survival. The
provisions of this Agreement that contemplate performance after the Closing and the obligations of the parties not fully performed at the Closing shall survive the Closing and shall not be deemed to be merged into or waived by the instruments of
Closing. 
  
 12.6 Entirety and Amendments. This Agreement
embodies the entire agreement between the parties and supersedes all prior agreements and understandings relating to the Property. This Agreement may be amended or supplemented only by an instrument in writing executed by the party against whom
enforcement is sought. 
  
 12.7 Time. Time is of the
essence in the performance of this Agreement. 
  
 12.8
Confidentiality. Buyer shall make no public announcement or disclosure of any information related to this Agreement to outside brokers or third parties, before or after the Closing, without the prior written specific consent of Seller;
provided, however, that Buyer may, subject to the provisions of Section 4.6, make disclosure of this Agreement to its Permitted Outside Parties as necessary to perform its obligations hereunder and as may be required under laws or regulations
applicable to Buyer. 
  
 12.9 Notices. All notices required
or permitted hereunder shall be in writing and shall be served on the parties at the addresses set forth in Section 1.3. Any such notices shall, unless otherwise provided herein, be given or served (i) by depositing the same in the United
States mail, postage paid, certified and addressed to the party to be notified, with return receipt requested, (ii) by overnight delivery using a nationally recognized overnight courier, (iii) by personal delivery, or (iv) by facsimile, evidenced by
confirmed receipt. Notice deposited in the mail in the manner hereinabove described shall be effective on the third (3rd) business day after such deposit. Notice given in any other manner shall be effective only if and when received (or deemed
received) by the party to be notified between the hours of 8:00 a.m. and 5:00 p.m. of any business day with delivery made after such hours to be deemed received the following business day. A party’s address may be changed by written notice to
the other party; provided, however, that no notice of a change of address shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not
be deemed a failure to give notice. Notices given by counsel to the Buyer shall be deemed given by Buyer and notices given by counsel to Seller shall be deemed given by Seller. 
  
 12.10 Construction. The parties acknowledge that the parties and their counsel have reviewed and revised this
Agreement and agree that the normal rule of construction – to the effect that any ambiguities are to be resolved against the drafting party – shall not be employed in the interpretation of this Agreement or any exhibits or amendments
hereto. 
  

 –22– 

 12.11 Calculation of Time Periods. Unless otherwise specified, in computing any period of time
described herein, 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 a Saturday, Sunday or legal holiday for
national banks in the location where the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday, or legal holiday. The last day of any period of time described herein shall be
deemed to end at 5:00 p.m. local time in the state in which the Real Property is located. 
  
 12.12 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one Agreement.

  
 12.13 No Recordation. Without the prior written consent
of Seller, there shall be no recordation of either this Agreement or any memorandum hereof, or any affidavit pertaining hereto, and any such recordation of this Agreement or memorandum or affidavit by Buyer without the prior written consent of
Seller shall constitute a default hereunder by Buyer, whereupon Seller shall have the remedies set forth in Section 10.1 hereof. 
  
 12.14 Further Assurances. In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by either
party at Closing, each party agrees to perform, execute and deliver, but without any obligation to incur any additional liability or expense, on or after the Closing any further deliveries and assurances as may be reasonably necessary to consummate
the transactions contemplated hereby or to further perfect the conveyance, transfer and assignment of the Property to Buyer. 
  
 12.15 Discharge of Obligations. The acceptance of the Deed by Buyer shall be deemed to be a full performance and discharge of every representation
and warranty made by Seller herein and every agreement and obligation on the part of Seller to be performed pursuant to the provisions of this Agreement, except those which are herein specifically stated to survive Closing. 
  
 12.16 No Third Party Beneficiary. The provisions of this Agreement and
of the documents to be executed and delivered at Closing are and will be for the benefit of each of the Seller and Buyer only and are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the
provisions of this Agreement or of the documents to be executed and delivered at Closing, except that a tenant of the Property may enforce Buyer’s indemnity obligation under Section 4.9 hereof. 
  
 12.17 Tax Deferred Exchange. Seller or Buyer may, at each party’s
option, elect to structure this transaction as a “like-kind” exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. In such event, each party agrees to reasonably cooperate with the other in so structuring this
transaction. Neither party will, however, be required to incur any 
  

 –23– 

 additional costs or assume any additional liabilities as a result of the other party’s “like-kind”
exchange. Furthermore, the Closing Date may not be postponed solely to effectuate such exchange. 
  
 X-RITE LEASE 
  
 13.1 Lease. At Closing, Seller, as tenant, and Buyer, as landlord, shall enter into a Lease (the “X-Rite Lease”) of the Property, pursuant to which Seller shall retain the right to possess and
use the Property for the conduct of Seller’s business. The basic terms of the X-Rite Lease shall be as follows: 
  
 13.1.1 Term. The X-Rite Lease shall have a term, commencing on the Closing Date and ending on February 28, 2007. 
  
 13.1.2 Early Cancellation. Seller shall have the right to cancel the
X-Rite Lease prior to the scheduled expiration date by written notice to Buyer setting forth the early cancellation date, which shall be not less than thirty (30) days after Seller’s delivery to Buyer of such early cancellation notice.

  
 13.1.3 Base Rent. Seller shall pay base rent to Buyer
as follows: 
  
 (a) One Hundred Thousand Dollars ($100,000) per
month during the first five (5) months of the lease term; 
  
 (b)
An amount equal to interest on the Purchase Price at the Interest Rate, beginning on the commencement date of the X-Rite Lease for each month (or a portion thereof) that Seller remains in possession of the Property; provided, however, the maximum
amount to be paid hereunder shall not exceed Seventy-Five Thousand Dollars ($75,000) per month (or portion thereof); and provided further, that the term “Interest Rate” shall mean the annual prime rate of interest from time to time
published in The Wall Street Journal. 
  
 13.1.4 Additional
Rent. During the term of the X-Rite Lease, Seller shall be solely responsible for the payment of all taxes, utility expenses, and all other costs related to the operation and maintenance of the Property. 
  
 13.1.5 Surrender of Possession. On the scheduled expiration date or,
if Seller exercises the early cancellation option, the early cancellation date, Seller shall surrender possession of the entire Real Property to Buyer in the same condition as existed on the Closing Date, ordinary wear and tear excepted. Such
surrender date is referred to herein as the “Possession Date.” 
  
 13.2 Form of Lease. Seller and Buyer shall endeavor to agree on the form of the X-Rite Lease on or before the last day of the Inspection Period. 
  
 [SIGNATURE PAGES AND EXHIBITS TO FOLLOW] 
  

 –24– 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year written below.

  

			
	SELLER:
	
	X-RITE, INCORPORATED,
	a Michigan corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Date executed by Seller:

  
 October     , 2005 
  

			
	BUYER:
	
	AMERICAN INVESTMENT GROUP, LTD.,_,
	a Wisconsin corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Date executed by Buyer:

  
 October     , 2005 

 LIST OF EXHIBITS 
  

					
	 A
	  	-	  	Legal Description of Real Property
			
	B	  	-	  	INTENTIONALLY OMITTED
			
	C	  	-	  	Deed
			
	D	  	-	  	Bill of Sale, Assignment and Assumption of Contracts
			
	E	  	-	  	Non-Foreign Certificate

					
			
	Schedule 4.1	  	-	  	Property Information

 EXHIBIT A 
  

LEGAL DESCRIPTION 
  
 Land located in the City of Grandville, Kent County, State of Michigan, and described as follows: 
  
 Parcel A: 
  
 That part of the Northwest 1/4 of the Northwest 1/4, Section 28, Town 6 North, Range 12 West, City of Grandville, Kent County, Michigan, described as: commencing 393.70
feet South and 43.00 feet East from the Northwest corner of said Section; thence North parallel with the West Section line 84.30 feet; thence East 17.00 feet; thence North parallel with the West Section line to a line extending Northeasterly from a
point on the West Section line 150.00 feet South from the Northwest corner of said Section to a point on the North Section line 200.00 feet East from the Northwest corner of said Section; thence Northeasterly along said extended line to the South
line of the North 60.00 feet of the Northwest 1/4; thence East parallel with the North Section line to the East line of the West 801.54 feet of the Northwest 1/4; thence South along said East line 315.00 feet to the South line of the North 375.00
feet of the Northwest 1/4; thence East along said South line 60.00 feet to the East line of the West 861.54 feet of the Northwest 1/4; thence South along said East line 947.76 feet to the North 1/8 line; thence West along the North 1/8 line to the
East line of the West 43.00 feet of the Northwest 1/4 of the Northwest 1/4; thence North along said East line to the place of beginning. 
  
 Parcel B: 
  
 The Northwest 1/4 of the Northwest 1/4, EXCEPT the West 861.54 feet thereof, and ALSO EXCEPT the North 50.00 feet of the remainder, Section 28, Town 6 North, Range 12 West, City of Grandville, Kent County, Michigan.

  
 EXHIBIT A 
  

 –1– 

 EXHIBIT B 
  

INTENTIONALLY OMITTED 
  
 EXHIBIT B 
  

 –1– 

 EXHIBIT C  
  
 DEED 
  
 The form of the Deed shall be agreed to by Seller and Buyer during the Inspection Period and attached hereto. 
 EXHIBIT C 
  

 –1– 

 EXHIBIT D 
  

BILL OF SALE, ASSIGNMENT AND ASSUMPTION 
  
 THIS BILL OF SALE, ASSIGNMENT AND ASSUMPTION is made as of the          day of
                    , by and between X-RITE, INCORPORATED, a Michigan corporation (“Assignor”), and
                                        
            , a limited liability company (“Assignee”). 
  
 WITNESSETH: 
  
 For good and valuable consideration, receipt and sufficiency of which are hereby acknowledged Assignor hereby agrees as follows: 
  
 1. Assignor hereby sells, transfers, assigns and conveys to Assignee the
following: 
  
 a. All right, title and interest of Assignor in and to all of
Assignor’s right, title and interest, in the Tangible Personal Property, as that term is defined in that certain Agreement of Purchase and Sale, dated for reference purposes as of
                    , 2005, between X-Rite, Incorporated, as Seller, and American Investment Group, Ltd., as Buyer (the “Purchase
Agreement”), if any, owned by Assignor and located in and used in connection with the operation, ownership or management of that certain land and improvements located in the County of Kent, State of Michigan (collectively, the “Real
Property”), as more particularly described in Exhibit A attached hereto and made a part hereof, but specifically excluding all Excluded Property, as that term is defined in the Purchase Agreement (collectively, the
“Personalty”). 
  
 b. To the extent assignable, all right, title
and interest of Assignor, if any, in and to the Intangible Property, as that term is defined in the Purchase Agreement. 
  
 c. All right, title and interest of Assignor, if any in and to those certain contracts set forth on Exhibit B attached hereto and made a part hereof, and all
warranties, guaranties, indemnities and claims (including, without limitation, for workmanship, materials and performance) and which exist or may hereafter exist against any contractor, subcontractor, manufacturer or supplier or laborer or other
services relating thereto (collectively, the “Contracts”). 
  
 2. As set forth in Article 11 of the Purchase Agreement, which is hereby incorporated by reference as if herein set out in full and except as set forth herein, the property conveyed hereunder is conveyed by Assignor and accepted by
Assignee AS IS, WHERE IS, AND WITHOUT ANY WARRANTIES OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY SET FORTH IN THE PURCHASE AGREEMENT, IT BEING THE INTENTION OF ASSIGNOR AND ASSIGNEE EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES,
INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, WARRANTIES CREATED BY ANY AFFIRMATION OF FACT OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY CONVEYED HEREUNDER, OR BY ANY SAMPLE OR
MODEL THEREOF, AND ALL OTHER WARRANTIES WHATSOEVER CONTAINED IN OR CREATED BY THE MICHIGAN UNIFORM COMMERCIAL CODE. 
  
 3. Assignee hereby accepts the assignment of the Personalty, the Intangible Property and the Contracts and agrees to assume and discharge, in accordance
with the terms thereof, all of the obligations thereunder from and after the date hereof. 
  
 EXHIBIT D 
  

 –1– 

 4. Assignee agrees to indemnify and hold harmless Assignor from any cost, liability, damage or expense
(including attorneys’ fees) arising out of or relating to Assignee’s failure to perform any of the foregoing obligations assumed by Assignee hereunder. 
  
 5. This Bill of Sale, Assignment and Assumption may be executed in any number of counterparts, each of which shall be deemed
an original, but all of which shall constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Bill of Sale, Assignment and Assumption as of the date first above written. 
  

			
	ASSIGNOR:
	
	X-RITE, INCORPORATED,
	a Michigan corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	ASSIGNEE:
	  

	a limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 EXHIBIT D

  

 –2– 

 EXHIBIT A TO BILL OF SALE  
  
 REAL PROPERTY  
  
 [To be provided.] 
  
 EXHIBIT A TO BILL OF SALE 
  

 –1– 

 EXHIBIT B TO BILL OF SALE  
  
 LIST OF CONTRACTS  
  
 [To be provided.] 
  
 EXHIBIT B TO BILL OF SALE 
  

 –1– 

 EXHIBIT E 
  

NON-FOREIGN CERTIFICATE 
  
 TRANSFEROR’S CERTIFICATION OF NON-FOREIGN STATUS 
  
 To inform American Investment Group, Ltd., a Wisconsin corporation (“Transferee”), that withholding of tax under
Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), will not be required upon the transfer of certain real property, located in the City of Grandville, County of Kent, State of Michigan to Transferee, by X-Rite,
Incorporated, a Michigan corporation (“Transferor”), Transferor hereby certifies to Transferee: 
  
 1. Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Code and the Income
Tax Regulations promulgated thereunder); 
  
 2. Transferor’s
U.S. tax identification number is                     ; and 
  
 3. Transferor’s office address is 3100 44th Street SW, Grandville, MI 49418. 
  
 Transferor understands that this Certification may be disclosed to the
Internal Revenue Service by Transferee and that any false statement contained herein could be punished by fine, imprisonment, or both. 
  
 Transferor understands that Transferee is relying on this Certification in determining whether withholding is required upon said transfer. 
  
 Under penalty of perjury the undersigned declare that it has examined this
Certification and to the best of its knowledge and belief it is true, correct and complete, and it further declares that it has authority to sign this Certification on behalf of Transferor. 
  

			
	 X-RITE, INCORPORATED,
 a Michigan
corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 EXHIBIT E

  

 –1– 

 EXHIBIT F 
  

X-RITE LEASE 
  
 EXHIBIT F 
  

 –1– 

 SCHEDULE 4.1 
  
 PROPERTY INFORMATION 
  

	1.	Property Tax Bill for Fiscal Year July 1, 2004 to June 30, 2004 [VERIFY] 

  

	2.	Title Commitment Dated 7/18/05 

  

	3.	ALTA Survey Dated: 7/15/05

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