Document:

EX-10.1

 

Exhibit 10.1

PURCHASE AND SALE AGREEMENT

BY AND BETWEEN

UST Inc.

as Seller,

AND

ANTARES 100WP LLC,

as Purchaser

pertaining to

100 West Putnam Avenue

Greenwich, Connecticut

January 31, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	1	 
	 

	 	Section 1.1
	 	Definitions
	 	 	1	 
	 

	 	Section 1.2
	 	References; Exhibits and Schedules
	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II AGREEMENT OF PURCHASE AND SALE	 	 	5	 
	 

	 	Section 2.1
	 	Agreement
	 	 	5	 
	 

	 	Section 2.2
	 	Indivisible Economic Package
	 	 	5	 
	 

	 	Section 2.3
	 	Approval by Seller’s Board
	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III CONSIDERATION	 	 	6	 
	 

	 	Section 3.1
	 	Purchase Price
	 	 	6	 
	 

	 	Section 3.2
	 	Assumption of Obligations
	 	 	6	 
	 

	 	Section 3.3
	 	Method of Payment of Purchase Price
	 	 	6	 
	 

	 	Section 3.4
	 	Lease
	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV DEPOSIT AND ESCROW INSTRUCTIONS	 	 	6	 
	 

	 	Section 4.1
	 	The Deposit
	 	 	6	 
	 

	 	Section 4.2
	 	Escrow Instructions
	 	 	7	 
	 

	 	Section 4.3
	 	Documents Deposited into Escrow
	 	 	7	 
	 

	 	Section 4.4
	 	Close of Escrow
	 	 	7	 
	 

	 	Section 4.5
	 	[INTENTIONALLY OMITTED]
	 	 	8	 
	 

	 	Section 4.6
	 	Indemnification of Title Company
	 	 	8	 
	 

	 	Section 4.7
	 	Maintenance of Confidentiality by Title Company
	 	 	8	 
	 

	 	Section 4.8
	 	[INTENTIONALLY OMITTED]
	 	 	8	 
	 

	 	Section 4.9
	 	Designation of Reporting Person
	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V CONDITION OF PROPERTY	 	 	9	 
	 

	 	Section 5.1
	 	Sale “As Is”
	 	 	9	 
	 

	 	Section 5.2
	 	Connecticut Transfer Act
	 	 	10	 
	 

	 	Section 5.3
	 	Purchaser’s Release of Seller
	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VI TITLE AND SURVEY MATTERS	 	 	12	 
	 

	 	Section 6.1
	 	Survey
	 	 	12	 
	 

	 	Section 6.2
	 	Title Commitment
	 	 	12	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VII INTERIM OPERATING COVENANTS AND ESTOPPELS	 	 	13	 
	 

	 	Section 7.1
	 	Interim Operating Covenants
	 	 	13	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VIII REPRESENTATIONS AND WARRANTIES	 	 	14	 
	 

	 	Section 8.1
	 	Seller’s Representations and Warranties
	 	 	14	 
	 

	 	Section 8.2
	 	Purchaser’s Representations and Warranties
	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IX CONDEMNATION AND CASUALTY	 	 	16	 
	 

	 	Section 9.1
	 	Material Casualty
	 	 	16	 
	 

	 	Section 9.2
	 	Casualty of Less Than a Material Portion
	 	 	17	 
	 

	 	Section 9.3
	 	Condemnation of Property
	 	 	17	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE X CLOSING	 	 	17	 

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	 	Section 10.1
	 	Closing
	 	 	17	 
	 

	 	Section 10.2
	 	Purchaser’s Closing Obligations
	 	 	18	 
	 

	 	Section 10.3
	 	Seller’s Closing Obligations
	 	 	18	 
	 

	 	Section 10.4
	 	Prorations
	 	 	20	 
	 

	 	Section 10.5
	 	Delivery of Real Property
	 	 	20	 
	 

	 	Section 10.6
	 	Costs of Title Company and Closing Costs
	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XI BROKERAGE	 	 	21	 
	 

	 	Section 11.1
	 	Brokers
	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XII CONFIDENTIALITY	 	 	21	 
	 

	 	Section 12.1
	 	Confidentiality
	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XIII REMEDIES	 	 	22	 
	 

	 	Section 13.1
	 	Default by Seller
	 	 	22	 
	 

	 	Section 13.2
	 	Default by Purchaser
	 	 	22	 
	 

	 	Section 13.3
	 	Consequential and Punitive Damages
	 	 	22	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XIV NOTICES	 	 	23	 
	 

	 	Section 14.1
	 	Notices
	 	 	23	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XV ASSIGNMENT AND BINDING EFFECT	 	 	24	 
	 

	 	Section 15.1
	 	Assignment; Binding Effect
	 	 	24	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XVI PROCEDURE FOR INDEMNIFICATION AND LIMITED SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	24	 
	 

	 	Section 16.1
	 	Survival of Representations, Warranties and Covenants
	 	 	24	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XVII 1031 EXCHANGE	 	 	25	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XVIII MISCELLANEOUS	 	 	25	 
	 

	 	Section 18.1
	 	Waivers
	 	 	25	 
	 

	 	Section 18.2
	 	Recovery of Certain Fees
	 	 	25	 
	 

	 	Section 18.3
	 	Time of Essence
	 	 	26	 
	 

	 	Section 18.4
	 	Construction
	 	 	26	 
	 

	 	Section 18.5
	 	Counterparts
	 	 	26	 
	 

	 	Section 18.6
	 	Severability
	 	 	26	 
	 

	 	Section 18.7
	 	Entire Agreement
	 	 	26	 
	 

	 	Section 18.8
	 	Governing Law
	 	 	27	 
	 

	 	Section 18.9
	 	No Recording
	 	 	27	 
	 

	 	Section 18.10
	 	Further Actions
	 	 	27	 
	 

	 	Section 18.11
	 	No Other Inducements
	 	 	27	 
	 

	 	Section 18.12
	 	No Partnership
	 	 	27	 
	 

	 	Section 18.13
	 	Limitations on Benefits
	 	 	27	 
	 

	 	Section 18.14
	 	Limitation of Liability
	 	 	27	 
	 

	 	Section 18.15
	 	Reference to Time.
	 	 	27	 
	 
	 	 	 	 	 	 	 	 

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	EXHIBITS	 	 	 	 
	 
	Exhibit A — Legal Description of Real Property	 	 	 	 
	Exhibit B — List of Excluded Personal Property	 	 	 	 
	Exhibit C — List of Service Contracts	 	 	 	 
	Exhibit D — List of Pending Lawsuits	 	 	 	 
	Exhibit E — Non-Foreign Entity Certification	 	 	 	 
	Exhibit F — Bill of Sale, Assignment and Assumption	 	 	 	 
	Exhibit G — Special Warranty Deed	 	 	 	 
	Exhibit H — Environmental Reports and Studies	 	 	 	 
	Exhibit I — Lease	 	 	 	 

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PURCHASE AND SALE AGREEMENT

          AGREEMENT OF PURCHASE AND SALE (“Agreement”) entered into and effective for all purposes as of
January 31, 2007 (the “Effective Date”), by and between , UST INC., a Delaware corporation
(“Seller”), and ANTARES 100WP LLC, a Delaware Limited Liability Company (“Purchaser”).

          Seller and Purchaser covenant and agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions For purposes of this Agreement, the following capitalized terms have the
meanings set forth in this Section 1.1:

          “Affiliate” means any person or entity that directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with Purchaser or Seller, as
the case may be. For the purposes of this definition, “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a person
or entity, whether through the ownership of voting securities, by contract or otherwise, and the
terms “controlling” and “controlled” have the meanings correlative to the foregoing.

          “Agreement” has the meaning ascribed to such term in the opening paragraph.

          “Authorities” means all governmental and quasi-governmental bodies or agencies having
jurisdiction over Seller, the Real Property or the Improvements (or any portion thereof).

          “Bill of Sale” has the meaning ascribed to such term in Section 10.2(b).

          “Board Approval Date” has the meaning ascribed to such term in Section 2.3.

          “Broker” has the meaning ascribed to such term in Section 11.1.

          “Business Day” means any day other than a Saturday, Sunday or a day on which national banking
associations are authorized or required to close.

          “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of
1980 (42 U.S.C. § 9601 et seq.), as amended by the Superfund Amendments and Reauthorization Act of
1986 (42 U.S.C. § 9601 et seq.), as the same may be amended.

          “Certificate as to Foreign Status” has the meaning ascribed to such term in Section 10.3(d).

          “Closing” means the consummation of the purchase and sale of the Property contemplated by this
Agreement, as provided for in Article X.

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          “Closing Date” means the date on which the Closing occurs, which date will be March 2, 2007,
or such earlier or later Business Day to which Purchaser and Seller may hereafter agree in writing.

          “Closing Statement” has the meaning ascribed to such term in Section 10.4.

          “Code” means the Internal Revenue Code of 1986, as amended.

          “Commitment” has the meaning ascribed to such term in Section 6.2(a).

          “Confidentiality Agreement” means that certain Confidentiality Agreement dated January
3, 2007 executed by Purchaser.

          “Deed” has the meaning ascribed to such term in Section 10.3(a).

          “Deposit” has the meaning ascribed to such term in Section 4.1.

          “Documents” has the meaning ascribed to such term in Section 5.2(a).

          “Effective Date” has the meaning ascribed to such term in the opening paragraph of this
Agreement.

          “Environmental Laws” means all federal, state and local environmental laws, rules, statutes,
directives, binding written interpretations, binding written policies, ordinances and regulations
issued by any Authorities and in effect as of the date of this Agreement with respect to or which
otherwise pertain to or affect (i) the Real Property or the Improvements (or any portion thereof),
(ii) the use, ownership, occupancy or operation of the Real Property or the Improvements (or any
portion thereof), (iii) Seller, or (iv) Purchaser, and as same have been amended, modified or
supplemented from time to time prior to and are in effect as of the date of this Agreement,
including but not limited to CERCLA, the Hazardous Substances Transportation Act (49 U.S.C. § 1802
et seq.), RCRA, the Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water
Act (42 U.S.C. § 300f et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances
Control Act (15 U.S.C. § 2601 et seq.), the Emergency Planning and Community Right-to-Know Act of
1986 (42 U.S.C. § 11001 et seq.), the Radon and Indoor Air Quality Research Act (42 U.S.C. § 7401
note, et seq.), comparable state and local laws, and any and all rules and regulations which are in
effect as of the date of this Agreement under any and all of the aforementioned laws.

          “Existing Survey” has the meaning ascribed to such term in Section 6.1.

          “Expiration Date” has the meaning ascribed to such term in Section 8.1(f).

          “Governmental Regulations” means all laws, ordinances, rules and regulations of the
Authorities applicable to Seller or Seller’s use and operation of the Real Property or the
Improvements or any portion thereof.

          “Hazardous Substances” means all (a) electromagnetic waves, urea formaldehyde foam insulation
and transformers or other equipment that contains dielectric fluid

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containing polychlorinated biphenyls of 50 ppm or greater, (b) any solid, liquid, gaseous or
thermal contaminant, including smoke vapor, soot, fumes, acids, alkalis, chemicals, waste,
petroleum products or byproducts, asbestos, PCBs, phosphates, lead or other heavy metals, chlorine
or radon gas, (c) any solid or liquid wastes (including hazardous wastes), hazardous air
pollutants, hazardous substances, hazardous chemical substances and mixtures, toxic substances,
pollutants and contaminants, as such terms are defined in any Environmental Law, including, without
limitation CERCLA, RCRA, the National Environmental Policy Act (42 U.S.C. § 4321 et seq.), the
Hazardous Substances Transportation Act, the Toxic Substances Control Act, the Clean Water Act (33
U.S.C. § 1321 et seq.), the Clean Air Act, the Occupational Safety and Health Act (29 U.S.C. § 651
et seq.), as such Environmental Laws have been amended and/or supplemented from time to time prior
to the date of this Agreement, and any and all rules and regulations promulgated under any of the
above, and (d) any other chemical, material or substance, the use or presence of which, or exposure
to the use or presence of which, is prohibited, limited or regulated by any Environmental Laws, in
effect as of or prior to the date of this Agreement or as the same may be amended or supplemented
after the date of this Agreement.

          “Improvements” means all buildings, structures, fixtures, parking areas and other improvements
owned by Seller and located on the Real Property.

          “Lease” has the meaning ascribed to such term in Section 3.4.

          “Licenses and Permits” means, any and all of Seller’s right, title and interest, to the extent
assignable without the necessity of consent, in and to, collectively, licenses, permits,
certificates of occupancy, approvals, dedications, subdivision maps and entitlements issued,
approved or granted by the Authorities prior to Closing in connection with the Real Property and
the Improvements, together with all renewals and modifications thereof.

          “Material Portion” means damage by fire or other casualty to the Real Property and the
Improvements or a portion thereof requiring repair costs in excess of 10% of the Purchase Price as
such repair costs are reasonably estimated by Seller.

          “Permitted Exceptions” has the meaning ascribed to such term in Section 6.2(a).

          “Personal Property” means all of Seller’s right, title and interest in and to, collectively,
the equipment, appliances, tools, supplies, machinery, furnishings and other tangible personal
property attached to, appurtenant to, located in and used exclusively by Seller in connection with
its ownership or operation of the Improvements, but specifically excluding (i) the personal
property set forth on Exhibit B attached hereto, and (ii) any items of personal property
owned by third parties and leased to Seller.

          “Property” has the meaning ascribed to such term in Section 2.1.

          “Proration Items” has the meaning ascribed to such term in Section 10.4.

          “Purchase Price” has the meaning ascribed to such term in Section 3.1.

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          “Purchaser” has the meaning ascribed to such term in the opening paragraph of this Agreement.

          “RCRA” means the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), as amended
by the Hazardous and Solid Wastes Amendments of 1984, and as further amended.

          “Real Property” means those certain parcels of or interests in real property commonly known as
100 West Putnam Avenue in Greenwich, Connecticut, as more particularly described on Exhibit
A attached hereto and made a part hereof, together with all of Seller’s right, title and
interest, if any, in and to the appurtenances pertaining thereto, including but not limited to
Seller’s right, title and interest in and to the streets, alleys and right-of-ways which abut such
real property, and any easement rights, air rights, subsurface rights, development rights and water
rights appurtenant to such real property.

          “Representatives” has the meaning ascribed to such term in Section 12.1.

          “Seller” has the meaning ascribed to such term in the opening paragraph of this Agreement.

          “Seller Released Parties” has the meaning ascribed to such term in Section 5.3(a).

          “Service Contracts” means all of Seller’s right, title and interest in and to, collectively,
the service agreements, maintenance contracts, equipment leasing agreements, leasing commission
agreements, warranties, guarantees, bonds and other contracts for the provision of labor, services,
materials or supplies relating solely to the Real Property, Improvements or Personal Property and
under which Seller is currently paying for services rendered in connection therewith, as listed on
Exhibit C attached hereto, together with any and all renewals, supplements, amendments and
modifications thereof, and any and all new such agreements entered into after the Effective Date,
to the extent permitted by Section 7.1(f), except that any existing management agreements will be
terminated at Closing and are excluded from such term.

          “Title Company” means First American Title Insurance Company, 1150 Summer Street, Stamford, CT
06905, Attn: Mark Kavanagh, Phone: (203) 325-1555.

          “Title Policy” has the meaning ascribed to such term in Section 6.2(a).

          “Title Standards” has the meaning ascribed to such timer in Section 6.2(c).

          “To Seller’s Knowledge” means the present actual (as opposed to constructive or imputed)
knowledge solely of Donna Mecca, Facilities Manager, without any independent investigation or
inquiry whatsoever. Such individuals are named in this Agreement solely for the purpose of
establishing the scope of Seller’s knowledge. Such individuals shall not be deemed to be parties
to this Agreement nor to have made any representations or warranties hereunder, and no recourse
shall be had to such individuals for any of Seller’s representations and warranties hereunder (and
Purchaser hereby waives any liability of or recourse against such individuals).

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          “Town” means the Town of Greenwich, Connecticut.

     Section 1.2 References; Exhibits and Schedules Except as otherwise specifically indicated, all
references in this Agreement to Articles or Sections refer to Articles or Sections of this
Agreement, and all references to Exhibits or Schedules refer to Exhibits or Schedules attached
hereto, all of which Exhibits and Schedules are incorporated into, and made a part of, this
Agreement by reference. The words “herein,” “hereof,” “hereinafter” and words and phrases of
similar import refer to this Agreement as a whole and not to any particular Section or Article.

ARTICLE II

AGREEMENT OF PURCHASE AND SALE

     Section 2.1 Agreement. Seller hereby agrees to sell, convey and assign to Purchaser, and Purchaser
hereby agrees to purchase and accept from Seller, on the Closing Date and subject to the terms and
conditions of this Agreement, all of the following (collectively, the
“Property”):

          (a) the Real Property;

          (b) the Improvements;

          (c) the Personal Property;

          (d) any and all of Seller’s right, title and interest in and to the Service Contracts and the
Licenses and Permits, in each case to the extent assignable without the necessity of consent or
approval and, if consent or approval is required, to the extent any necessary consent or approval
has been obtained.

     Section 2.2 Indivisible Economic Package. Purchaser has no right to purchase, and Seller has no
obligation to sell, less than all of the Property, it being the express agreement and understanding
of Purchaser and Seller that, as a material inducement to Seller and Purchaser to enter into this
Agreement, Purchaser has agreed to purchase, and Seller has agreed to sell, all of the Property,
subject to and in accordance with the terms and conditions hereof.

     Section 2.3 Approval by Seller’s Board

Notwithstanding any contrary or inconsistent provision contained herein, this Agreement, and
the obligation of the parties hereunder is contingent upon approval of this Agreement, and the
transactions contemplated herein, by the Seller’s Board of Directors, not later than February 2,
2006 (“Board Approval Date”). If Seller shall fail to obtain such approval by the Board Approval
Date, Seller shall so notify Purchaser, whereupon the Deposit shall, by wire transfer, be returned
to Purchaser and thereupon this Agreement shall terminate and neither party shall have any further
rights or remedies hereunder, except as otherwise specifically provided herein.
If Seller shall fail to so notify Purchaser, Seller shall have no further right to terminate this
Agreement pursuant to this Section 2.3.

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ARTICLE III

CONSIDERATION

     Section 3.1 Purchase Price. The purchase price for the Property (the “Purchase Price”) will be ONE
HUNDRED THIRTY MILLION and No/100 Dollars ($130,000,000.00) in lawful currency of the United States
of America, payable as provided in Section 3.3.

     Section 3.2 Assumption of Obligations. As additional consideration for the sale and purchase of the
Property, effective as of Closing, Purchaser will be deemed to have, and by virtue of closing the
purchase of the Property Purchaser shall have assumed and agreed to perform, pay, discharge,
observe and comply with, as applicable, all of the covenants, liabilities, duties, debts,
obligations and responsibilities of Seller, Seller’s predecessors in title (if any) and Seller’s
Affiliates pursuant to the Service Contracts and the Licenses and Permits assigned to Purchaser
and which arise, accrue or are to be performed, paid, discharged, observed or complied with on or
after the Closing Date. Purchaser hereby indemnifies, defends, and holds Seller and its Affiliates
harmless from and against any and all claims, liens, damages, demands, causes of action,
liabilities, lawsuits, judgments, losses, costs and expenses (including without limitation,
reasonable attorneys’ fees and expenses) asserted against or incurred by Seller or its Affiliates
and arising out of the failure of Purchaser to perform its obligations pursuant to this Section
3.2. The provisions of this Section 3.2 shall fully survive the Closing without limitation.

     Section 3.3 Method of Payment of Purchase Price. Purchaser, shall in accordance with Section 4.3(a),
deposit with the Title Company the Purchase Price (subject to adjustments described in Section
10.4), together with all other costs and amounts to be paid by Purchaser at Closing pursuant to the
terms of this Agreement, by Federal Reserve wire transfer of immediately available funds to an
account to be designated by the Title Company. No later than 11:00 a.m. on the Closing Date: (a)
Purchaser will cause the Title Company to (i) pay to Seller by Federal Reserve wire transfer of
immediately available funds to an account to be designated by Seller, the Purchase Price (subject
to adjustments described in Section 10.4), less any costs or other amounts to be paid by Seller at
Closing pursuant to the terms of this Agreement, and (ii) pay to all appropriate payees the other
costs and amounts to be paid by Purchaser at Closing pursuant to the terms of this Agreement; and
(b) Seller will direct the Title Company to pay to the appropriate payees out of the proceeds of
Closing payable to Seller all costs and amounts to be paid by Seller at Closing pursuant to the
terms of this Agreement.

     Section 3.4 Lease. As a material element of the transactions contemplated herein, Seller and Purchaser
shall execute and deliver at Closing a lease for the Premises in substantially the form attached
hereto
as Exhibit I and made a part hereof (the “Lease”). Seller and Purchaser acknowledge and agree that
the conveyance of the premises to Purchaser and Seller’s leasing of the Premises from Purchaser
pursuant to the Lease shall occur simultaneously at the Closing. The Commencement Date of the
Lease (as defined therein) shall be the date of Closing.

ARTICLE IV

DEPOSIT AND ESCROW INSTRUCTIONS

     Section 4.1 The Deposit. Simultaneously with the execution and delivery of this Agreement, Purchaser
has deposited with Seller, in good funds immediately collectible by Seller,

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the sum of Ten
Million  and No/100 Dollars ($10,000,000.00) (the “Deposit”), which will be held by Seller
pursuant to the terms of this Agreement. All interest earned on the Deposit shall be deemed part
of the Deposit for all purposes of this Agreement.

     Section 4.2 Escrow Instructions. Article IV of this Agreement constitutes the escrow instructions of
Seller and Purchaser to the Title Company with regard to the Deposit and the Closing. By its
execution of the joinder attached hereto, the Title Company agrees to be bound by the provisions of
this Article IV. If any requirements relating to the duties or obligations of the Title Company
hereunder are not acceptable to the Title Company, or if the Title Company requires additional
instructions, the parties agree to make such deletions, substitutions and additions to these escrow
instructions as Purchaser and Seller hereafter mutually approve in writing and which do not
substantially alter this Agreement or its intent. In the event of any conflict between this
Agreement and such additional escrow instructions, this Agreement will control.

     Section 4.3 Documents Deposited into Escrow. On or before 10:00 a.m. of the Closing Date,

          (a) Purchaser will cause the difference between the Purchase Price and the Deposit and
interest thereon (subject to the prorations provided for in Section 10.4 and with the addition of
all Closing costs to be paid by Purchaser) to be transferred to the Title Company’s escrow account,
in accordance with the timing and other requirements of Section 3.3,

          (b) Purchaser will deliver in escrow to the Title Company the documents described and provided
for in Section 10.2(b), (c), (d) (e) and (f) below; and

          (c) Seller will deliver in escrow to the Title Company the documents described and provided
for in Section 10.3(a), (b), (c), (d), (h), (i) and (j) below.

     Section 4.4 Close of Escrow. Provided that Purchaser and Seller have delivered the documents required
by Section 4.3, the Title Company will:

          (a) If applicable and when required, file with the Internal Revenue Service (with copies to
Purchaser and Seller) the reporting statement required under section 6045(e) of the Code and
Section 4.9;

          (b) Insert the applicable Closing Date as the date of any document delivered to the Title
Company undated, and assemble counterparts into single instruments;

          (c) Disburse to Seller, by wire transfer to Seller of immediately available federal funds, in
accordance with wiring instructions to be obtained by the Title Company from Seller, all sums to be
received by Seller from Purchaser at the Closing, comprised of the Purchase Price as adjusted in
accordance with the provisions of this Agreement;

          (d) Deliver the Deed to Purchaser;

          (e) Deliver to Seller, in addition to Seller’s Closing proceeds, all documents deposited with
the Title Company for delivery to Seller at the Closing; and

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          (f) Deliver to Purchaser (i) all documents deposited with the Title Company for delivery to
Purchaser at the Closing and (ii) any funds deposited by Purchaser in excess of the amount required
to be paid by Purchaser pursuant to this Agreement.

     Section 4.5 [INTENTIONALLY OMITTED]

     Section 4.6 Indemnification of Title Company. If this Agreement or any matter relating hereto becomes
the subject of any litigation or controversy, Purchaser and Seller jointly and severally, will hold
Title Company free and harmless from any loss or expense, including reasonable attorneys’ fees,
that may be suffered by it by reason thereof other than as a result of Title Company’s gross
negligence or willful misconduct. In the event conflicting demands are made or notices served upon
Title Company with respect to this Agreement, or if there is uncertainty as to the meaning or
applicability of the terms of this Agreement or the escrow instructions set forth in this Article
IV, Purchaser and Seller expressly agree that the Title Company will be entitled to file a suit in
interpleader and to obtain an order from the court requiring Purchaser and Seller to interplead and
litigate their several claims and rights among themselves. Upon the filing of the action in
interpleader and the deposit of the Deposit into the registry of the court, the Title Company will
be fully released and discharged from any further obligations imposed upon it by this Agreement
after such deposit.

     Section 4.7 Maintenance of Confidentiality by Title Company. Except as may otherwise be required by
law or by this Agreement, the Title Company will maintain in strict confidence and without the
prior written consent of Purchaser and Seller in each instance, will not disclose to anyone the
existence of this Agreement, the identity of the parties hereto, the amount of the Purchase Price,
the provisions of this Agreement or any other information concerning the transactions contemplated
hereby.

     Section 4.8 [INTENTIONALLY OMITTED].

     Section 4.9 Designation of Reporting Person. In order to assure compliance with the requirements of
section 6045 of the Code, and any related reporting requirements of the Code, the parties hereto
agree as follows:

          (a) The Title Company, by its execution hereof, hereby assumes all responsibilities for
information reporting required under section 6045(e) of the Code.

          (b) Seller and Purchaser each hereby agree:

     (i) to provide to the Title Company all information and certifications regarding such
party, as reasonably requested by the Title Company or otherwise required to be provided by
a party to the transaction described herein under section 6045 of the Code; and

     (ii) to provide to the Title Company such party’s taxpayer identification number and a
statement (on Internal Revenue Service Form W-9 or an acceptable substitute form, or on any
other form the applicable current or future Code sections and regulations might require
and/or any form requested by the Title Company),

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signed under penalties of perjury, stating
that the taxpayer identification number supplied by such party to the Title Company is
correct.

             (c) Each party hereto agrees to retain this Agreement for not less than four years from the
end of the calendar year in which Closing occurred, and to produce it to the Internal Revenue
Service upon a valid request therefor.

             (d) The addresses for Seller and Purchaser are as set forth in Section 14.1 hereof, and the
real estate subject to the transfer provided for in this Agreement is described in Exhibit
A.

ARTICLE V

CONDITION OF PROPERTY

     Section 5.1 Sale “As Is”. THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT HAS BEEN NEGOTIATED BETWEEN
SELLER AND PURCHASER, THIS AGREEMENT REFLECTS THE MUTUAL AGREEMENT OF SELLER AND PURCHASER, AND
PURCHASER HAS CONDUCTED ITS OWN INDEPENDENT EXAMINATION OF THE PROPERTY AND THE DOCUMENTS. OTHER
THAN THE SPECIFIC MATTERS REPRESENTED IN SECTION 8.1 HEREOF (AS LIMITED BY SECTION 16.1 OF THIS
AGREEMENT), WHICH EXCEPTIONS SHALL APPLY TO ALL OF THE FOLLOWING PROVISIONS OF THIS SECTION 5.1,
PURCHASER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY
REPRESENTATION, WARRANTY OR STATEMENT OF SELLER OR ANY OF SELLER’S AFFILIATES, AGENTS OR
REPRESENTATIVES, AND PURCHASER HEREBY ACKNOWLEDGES THAT NO SUCH REPRESENTATIONS, WARRANTIES OR
STATEMENTS HAVE BEEN MADE. SELLER SPECIFICALLY DISCLAIMS, AND NEITHER IT NOR ANY OF ITS AFFILIATES
NOR ANY OTHER PERSON IS MAKING, ANY REPRESENTATION, WARRANTY, STATEMENTS OR ASSURANCE WHATSOEVER TO
PURCHASER AND NO WARRANTIES, REPRESENTATIONS, STATEMENTS OR ASSURANCES OF ANY KIND OR CHARACTER,
EITHER EXPRESS OR IMPLIED, ARE MADE BY SELLER OR RELIED UPON BY PURCHASER WITH RESPECT TO THE
STATUS OF TITLE TO OR THE MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY,
OR ANY PORTION THEREOF, INCLUDING BUT NOT LIMITED TO (a) ANY IMPLIED OR EXPRESS WARRANTY OF
MERCHANTABILITY, (b) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (c) ANY
IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS OF
PURCHASER UNDER APPROPRIATE STATUTES OR OTHER LEGAL AUTHORITY TO CLAIM DIMINUTION OF CONSIDERATION,
(e) ANY CLAIM BY PURCHASER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN, OR UNKNOWN, OR LATENT,
WITH RESPECT TO THE PROPERTY, (f) THE FINANCIAL CONDITION OR PROSPECTS OF THE PROPERTY AND (g) THE
COMPLIANCE OR LACK THEREOF OF THE PROPERTY WITH GOVERNMENTAL REGULATIONS, IT BEING THE EXPRESS
INTENTION OF SELLER AND PURCHASER THAT THE PROPERTY WILL BE CONVEYED AND TRANSFERRED TO PURCHASER
IN ITS PRESENT CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS”, WITH ALL FAULTS. Purchaser
represents that it is a knowledgeable, experienced and

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sophisticated purchaser of real estate and
the other types of interests contemplated to be sold hereunder, and that it is relying solely on
its own expertise and that of Purchaser’s consultants in purchasing the Property. Purchaser has
conducted such inspections, investigations and other independent examinations of the Property and
related matters as Purchaser deems necessary, including but not limited to the physical and
environmental conditions thereof, and will rely upon same and not upon any statements of Seller or
any of its Affiliates, or any of their respective partners, members, owners, officers, directors,
employees, agents, representatives or attorneys. Purchaser acknowledges that all information
obtained by Purchaser was obtained from a variety of sources and Seller will not be deemed to have
represented or warranted the completeness, truth or accuracy of any of the information heretofore
or hereafter furnished to Purchaser. Upon Closing, Purchaser will assume the risk that adverse
matters, including, but not limited to, adverse physical and environmental conditions, may not have
been revealed by Purchaser’s inspections and investigations. Purchaser further hereby assumes the
risk of changes in applicable Environmental Laws relating to past, present and future environmental
health conditions on, or resulting from the ownership or operation of, the Property. Purchaser
further acknowledges and agrees that there are no oral agreements, warranties or representations,
collateral to or affecting the Property, by Seller, any Affiliate of Seller, any agent of Seller or
its Affiliates or any third party. Seller is not liable or bound in any manner by any oral or
written statements, representations or information pertaining to the Property furnished by any real
estate broker, agent, employee, servant or other person, unless the same are specifically set forth
or referred to herein. Purchaser acknowledges that the Purchase Price reflects the “AS IS, WHERE
IS” nature of this sale and any faults, liabilities, defects or other adverse matters that may be
associated with the Property. Purchaser, with Purchaser’s counsel, has fully reviewed the
disclaimers and waivers set forth in this Agreement, and understands the significance and effect
thereof. Purchaser 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 Purchaser for the Purchase Price without the disclaimer and other agreements set forth
in this Agreement. The terms and conditions of this Section 5.1 will expressly survive the Closing
without limitation and will not merge with the provisions of any Closing documents.

     Section 5.2 Connecticut Transfer Act.. The parties acknowledge and agree that neither of them,
respectively, has sufficient information to determine whether the Property constitutes an
“establishment” and therefore, whether the transaction contemplated by this Agreement constitutes a
“transfer of establishment” subject to the Connecticut Transfer Act, Conn. Gen. Stat. Section
22a-134 et seq., as amended (the “Act”). However, in the event that it is later
determined, whether prior to the Closing or after the Closing, that the Property is in fact an
“establishment”, Purchaser hereby assumes all liability for compliance with the Act, including
without limitation, executing the appropriate form as the “certifying party”, filing the form
together with the “environmental condition assessment form” with the Connecticut Commissioner of
Environmental Protection in a timely manner and paying any and all fees or other charges required
under the Act. The terms “establishment”, “transfer of establishment”, “certifying party”, and
“environmental condition assessment form” shall be defined as they are defined in the Act.
Purchaser hereby indemnifies and holds Seller harmless from any and all causes of action, claims,
liabilities, losses, damages (compensatory, punitive or other), obligations, reimbursements, fees,
assessments, expenses and costs of any kind or nature, actual, contingent, present, future, known
or unknown, suspected or unsuspected (including, without limitation, fines, penalties, interest,
experts and attorney’s fees) arising out of, caused by, or

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related to (i) any failure by Purchaser
or any person or entity acting through Purchaser to comply with Purchaser’s obligations under this
Section 5.2 and/or (ii) any actual and/or alleged non-compliance under the Act (including, without
limitation, any actual and/or alleged non-compliance under the Act by Seller). The provision of
this Section 5.2 shall survive, without limitation, Closing hereunder.

     Section 5.3 Purchaser’s Release of Seller

          (a) Seller Released From Liability. Purchaser, on behalf of itself and its
Affiliates, and their respective partners, members, owners, officers, directors, agents,
representatives and controlling persons, hereby releases Seller and Seller’s Affiliates, and their
respective partners, members, owners, officers, directors, agents, representatives and controlling
persons (collectively, the “Seller Released Parties”) from any and all liability, responsibility,
claims, damages, losses and expenses arising out of or related to the condition (including the
presence in the soil, air, structures and surface and subsurface waters, of Hazardous 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, except to the
extent that such responsibility or liability is the result of the material inaccuracy (if any) of
Seller’s representation under Section 8.1(i) hereof (as limited by Section 16.1 of this
Agreement). Without limiting the foregoing, Purchaser, on behalf of itself and its
Affiliates, and their respective partners, members, owners, officers, directors, agents,
representatives and controlling persons, specifically releases the Seller Released Parties from any
and all responsibility, claims, damages, losses and expenses Purchaser may have against any of the
Seller Released Parties now or in the future arising from the environmental condition of the
Property or the presence of Hazardous Substances or contamination on or emanating from the
Property.

          (a) Purchaser’s Waiver of Objections. Subject only to Seller’s responsibility for any
breach of the warranty and representation contained in Section 8.1(i) of this Agreement (as limited
by Section 16.1 of this Agreement), Purchaser, on behalf of itself and its Affiliates, and their
respective partners, members, owners, officers, directors, agents, representatives and controlling
persons, hereby waives any and all objections to or complaints (including but not limited to
actions based on federal, state or common law and any private right of action under CERCLA, RCRA or
any other state and federal law to which the Property is or may be subject) against any of the
Seller Released Parties regarding physical characteristics and existing conditions, including
without limitation structural and geologic conditions, subsurface soil and water conditions and
solid and hazardous waste and Hazardous Substances on, under, adjacent to or otherwise affecting
the Property or related to existing or prior uses of the Property.

          (b) Purchaser further hereby assumes the risk of changes in applicable laws and regulations
relating to past, present and future environmental, safety or health conditions on, or resulting
from the ownership or operation of, the Property, and the risk that adverse physical
characteristics and conditions, including without limitation the presence of Hazardous Substances
or other substances, may not be revealed by its investigation.

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          (c) Survival. The provisions of this Section 5.3 shall survive, without limitation, either
(i) the Closing and shall not be deemed merged into the provisions of any closing documents or (ii)
any termination of this Agreement.

ARTICLE VI

TITLE AND SURVEY MATTERS

     Section 6.1 Survey. Prior to the execution and delivery of this Agreement, Seller has delivered to
Purchaser a copy of that certain survey of the Real Property, dated January 31, 2007, prepared by
Rocco V. D’Andrea, Inc. (the “Existing Survey”). Seller shall have no obligation to obtain any
modification, update or recertification of the Existing Survey.

     Section 6.2 Title Commitment. Prior to the execution and delivery hereof, Purchaser has caused the
Title Company to furnish to Purchaser a preliminary title report or title commitment, No.
CTSTA4331C,dated October 20, 2006 (the “Commitment”), by the terms of which the Title Company
agrees to issue to Purchaser at Closing an owner’s policy of title insurance (the “Title Policy”)
in the amount of the Purchase Price on the ALTA Owner Policy of Title Insurance with extended
coverage, Standard Form Rev. 10/17/92 (as amended to date) insuring Purchaser’s fee simple title to
the
Real Property to be good and indefeasible, subject to the terms of such policy and the exceptions
described therein. Subject to Section 6.2(b), all matters shown on the Existing Survey and
exceptions listed in Schedule B of the Commitment are conclusively deemed to be acceptable to
Purchaser. The term “Permitted Exceptions” means taxes and assessments for the year of Closing and
for any other year if not yet due and payable as of Closing and all matters either shown on the
Existing Survey or listed in Schedule B of the Commitment.

          (a) Notwithstanding any provision of this Article VI to the contrary, Seller will be obligated
to cure exceptions to title to the Real Property and Improvements relating to (or, as to (ii)
below, cure or cause deletion from the Title Policy or affirmative title insurance over) (i) liens
and security interests securing any loan to Seller and (ii) any other liens or security interests
created by documents executed by Seller to secure monetary obligations, other than liens for ad
valorem taxes and assessments for the current calendar year; provided nevertheless that in the
event that Seller is unable to obtain either (i) a release in recordable form, of the mortgage
dated April 30, 1970 listed as exception No. 13 on Schedule A, or (b) an undertaking by the Title
Company to issue the Title Policy to Purchaser at Closing, without exception for said mortgage,
Seller shall, notwithstanding any contrary provision contained in Section 16.1, indemnify
Purchaser, with counsel of Seller’s choosing, against all loss, damage, costs and expense
(including reasonable legal fees) incurred by Purchaser as a result of any attempt by the holder of
said mortgage to collect the debt secured thereby.

          (b) Purchaser shall also provide to Seller’s attorneys a copy of any update to the Commitment
issued by the Title Company on or prior to the Closing Date (an “Update”), together with copies of
all exceptions listed thereon that Purchaser has not previously delivered copies of to Seller,
promptly after Purchaser’s receipt thereof. If the Update discloses any Exception that is not a
Permitted Exception and to which Purchaser objects, then Purchaser shall give a written notice (a
“Title Notice”) to Seller on or prior to the tenth (10th) day after the date upon which Purchaser
receives the Update first containing such exception (but in any event not

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later than the Closing),
as applicable, which notice shall identify any such exception. Any exceptions contained in any
Update not included in a Title Notice timely given in accordance with the preceding sentence shall
be deemed Permitted Exceptions. If Seller elects not to eliminate any such exception set forth in
a Title Notice that is not a Permitted Exception and that Seller is not obligated to remove
pursuant to this Section 6, then Seller shall so notify Purchaser within fifteen (15) days after
Seller’s receipt of such Title Notice (but in any event not later than the Closing); provided,
however, if Seller fails to so notify Purchaser within such 15-day period, then Seller shall be
deemed to have elected not to eliminate such exception. Purchaser, within ten (10) days after
Seller’s giving of such notice, or failure to give such notice, but in any event not later than the
Closing, shall either (i) elect to terminate this Agreement by notice given to Seller (in which
event this Agreement shall terminate and neither party shall have any further rights or obligations
under this Agreement (except to the extent otherwise specifically provided in this Agreement) and
the Deposit shall be promptly returned to Purchaser), or (ii) elect to accept title to the Property
subject to such exception, without any abatement of the Purchase Price (it being understood that if
Purchaser elects, or is deemed to have elected, to proceed under this clause (ii), then such
exception shall constitute a Permitted Exception for purposes hereof). If Purchaser fails to make
such election to terminate this Agreement within such ten (10) day period, then Purchaser shall be
deemed to have elected clause (ii) above with the same force and effect as if Purchaser had elected
clause (ii) within such ten (10) day period. Notwithstanding
anything to the contrary contained in this Section 6.2, any and all defects in or encumbrances
against the title which come within the scope of the Standards of Title of the Connecticut Bar
Association currently in force (“Title Standards”) shall not constitute valid exceptions on the
part of Purchaser, if the Title Standards do not so provide, and provided that the Seller furnishes
any affidavits or other instruments which may be required by the applicable Title Standards, and
further provided title will be insurable at standard premiums by a the Title Company.

          (c) Notwithstanding anything to the contrary contained in this Article VI, if the Commitment
discloses judgments, bankruptcies or other returns against other persons or entities having names
the same as or similar to that of Seller, then Seller, on request and to the extent applicable,
shall deliver to Purchaser or the Title Company affidavits to the effect that such judgments,
bankruptcies or other returns are not against Seller. Seller shall be entitled to one (1) or more
adjournments of the Closing for a period of time not to exceed sixty (60) days in the aggregate in
order to remove any title exceptions as contemplated by this Article VI.

ARTICLE VII

INTERIM OPERATING COVENANTS AND ESTOPPELS

     Section 7.1 Interim Operating Covenants. Seller covenants to Purchaser that Seller will:

          (a) Operations. From the Effective Date until Closing, continue to operate, manage
and maintain the Improvements in the ordinary course of Seller’s business and substantially in
accordance with Seller’s present practice, subject to ordinary wear and tear and further subject to
Article IX of this Agreement.

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          (b) Maintain Insurance. From the Effective Date until Closing, maintain fire and
extended coverage insurance on the Improvements which is at least equivalent in all material
respects to Seller’s insurance policies covering the Improvements as of the Effective Date.

          (c) Personal Property. From the Effective Date until Closing, not transfer or remove
any Personal Property from the Improvements except for the purpose of repair or replacement
thereof. Any items of Personal Property replaced after the Effective Date will be installed prior
to Closing and will be of substantially similar quality of the item of Personal Property being
replaced.

          (d) Comply with Governmental Regulations. From the Effective Date until Closing, not
knowingly take any action that Seller knows would result in a failure to comply in all material
respects with all Governmental Regulations applicable to the Property, it being understood and
agreed that prior to Closing, Seller will have the right to contest any such Governmental
Regulations.

          (e) Leases. From the Effective Date until Closing, not enter into any new lease,
rental agreement, license agreement, franchise agreement or other occupancy agreement permitting
use or occupancy of any portion of the Real Property or Improvements, without the prior written
consent of Purchaser.

          (f) Service Contracts. From the Effective Date until Closing, not enter into any
service contract, except for service contracts that are reasonably required for the operation of
the Property and that are terminable on thirty (30) days of advance notice without penalty.

          (g) Notices. To the extent received by Seller, from the Effective Date until Closing,
promptly deliver to Purchaser copies of written default notices, notices of lawsuits and notices of
violations affecting the Property.

ARTICLE VIII

REPRESENTATIONS AND WARRANTIES

     Section 8.1 Seller’s Representations and Warranties. The representations and warranties of Seller set
forth below in this Section 8.1 constitute the sole representations and warranties of Seller. If
any such representations and warranties contained in this Section 8.1 are, or have become, not true
and correct prior to Closing, then Seller shall not be in breach of this Agreement with respect
thereto and Purchaser’s sole and exclusive remedy (Purchaser hereby waiving all other remedies it
may have, whether at law or in equity or otherwise) with respect thereto shall be (i) to waive same
and consummate the transaction contemplated in this Agreement or (ii) to terminate this Agreement
by furnishing written notice thereof to the Seller on or prior to the Closing Date (in which event
this Agreement shall terminate and neither party shall have any further rights or obligations under
this Agreement (except to the extent otherwise specifically provided in this Agreement) and the
Deposit shall be promptly returned to Purchaser). Subject to the limitations set forth in Article
XVI of this Agreement (including, without limitation, Seller’s right to disclose information to
Purchaser contrary to such representations and warranties), Seller represents and warrants to
Purchaser the following (which

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representations and warranties are made, subject to Section 16.1(b),
as of the Effective Date and shall be deemed remade, subject to Section 16.1(b), as of the time
immediately prior to Closing):

          (a) Status. Seller is a corporation duly organized and validly existing under the
laws of the State of Delaware.

          (b) Authority. The execution and delivery of this Agreement and the performance of
Seller’s obligations hereunder have been or will be duly authorized by all necessary action on the
part of Seller, and this Agreement constitutes the legal, valid and binding obligation of Seller,
subject to equitable principles and principles governing creditors’ rights generally.

          (c) Suits and Proceedings. To Seller’s Knowledge as of the Effective Date, except as
listed in Exhibit D, there are no legal actions, suits or similar proceedings pending and
served, or threatened against Seller relating to the Property or Seller’s ownership or operation of
the Property, which are not adequately covered by existing insurance or, if adversely determined,
would materially adversely affect the value of the Property, the continued operations thereof or
Seller’s ability to perform Seller’s obligations under this Agreement.

          (d) Non-Foreign Entity. Seller is not a “foreign person” or “foreign corporation” as
those terms are defined in the Code (and the regulations promulgated thereunder).

          (e) Tenants. As of the Effective Date, (i) there are no written leases, rental
agreement, license agreement, franchise agreements or other occupancy agreements in force or
effect, and permitting use or occupancy of any portion of the Real Property or Improvements, to
which Seller is a party and bound.

          (f) Service Contracts. To Seller’s Knowledge, (a) Seller has made available to
Purchaser copies of all Service Contracts to which Seller is a party, which contracts are listed on
Exhibit C under which Seller is currently paying for services rendered in connection with
the Property and which may be binding on Purchaser or the Property after the later of the Closing
or the expiration or earlier termination of the Lease (“Expiration Date”); and (b) all of the
Service Contracts are subject to cancellation by the Property owner on thirty (30) days notice,
without penalty.

          (g) No Violations. To Seller’s Knowledge, Seller has not received prior to the
Effective Date any written notification from an Authority (i) that the Real Property and
Improvements are in violation of any applicable fire, health, building, use, occupancy or zoning
laws or (ii) that any work is required to be done to the Real Property and Improvements by Seller
to comply with applicable laws and regulations where such work remains outstanding and, if
unaddressed, would have a material adverse affect on the Property or use of the Property as
currently operated.

          (h) Insurance. To Seller’s Knowledge, Seller has not received prior to the Effective
Date any written notice from any insurance company or board of fire underwriters of any defects or
inadequacies in or on the Improvements or any part or component thereof that

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would adversely affect
the insurability of the Improvements or cause any increase in the premiums for insurance for the
Improvements.

          (i) Environmental. Except as shown in any environmental reports listed on Exhibit
H, to Seller’s Knowledge, Seller has not received prior to the Effective Date any written
notice from any Authorities of the Real Property or Improvements being in violation of any
Environmental Law.

     Section 8.2 Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller
the following (which representations and warranties are made as of the Effective Date and shall be
deemed remade as of Closing):

          (a) Status. Purchaser is a limited liability company duly organized and validly
existing under the laws of the State of Delaware.

          (b) Authority. The execution and delivery of this Agreement and the performance of
Purchaser’s obligations hereunder have been duly authorized by all necessary action on the part of
Purchaser and its constituent owners and/or beneficiaries and this
Agreement constitutes the legal, valid and binding obligation of Purchaser, subject to
equitable principles and principles governing creditors’ rights generally.

          (c) Non-Contravention. The execution and delivery of this Agreement by Purchaser and
the consummation by Purchaser of the transactions contemplated hereby will not violate any
judgment, order, injunction, decree, regulation or ruling of any court or Authority or conflict
with, result in a breach of, or constitute a default under the organizational documents of
Purchaser, any note or other evidence of indebtedness, any mortgage, deed of trust or indenture, or
any lease or other material agreement or instrument to which Purchaser is a party or by which it is
bound.

          (d) Consents. No consent, waiver, approval or authorization is required from any
person or entity (that has not already been obtained or will be obtained on or prior to the Closing
Date) in connection with the execution and delivery of this Agreement by Purchaser or the
performance by Purchaser of the transactions contemplated hereby.

ARTICLE IX

CONDEMNATION AND CASUALTY

     Section 9.1 Material Casualty. If, prior to the Closing Date, all or a Material Portion of the Real
Property and Improvements is destroyed or damaged by fire or other casualty, Seller will notify
Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon notice
to Seller given not later than the earlier to occur of (x) the Closing Date or (y) ten (10) days
after receipt of Seller’s notice. If this Agreement is so terminated, the Deposit will be promptly
returned to Purchaser and thereafter neither Seller nor Purchaser will have any further rights or
obligations to the other hereunder except to the extent otherwise specifically provided in this
Agreement. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated
to repair such damage or destruction but (a) as to the Real Property and/or Improvements, Seller
will assign and turn over to Purchaser all of the insurance proceeds paid to Seller (or, if such
proceeds have not been awarded, any and all of Seller’s right, title and

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interest therein), net of
reasonable collection costs, with respect to such fire or other casualty, and (b) the parties will
proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except
that, as to the Real Property and/or Improvements Purchaser will receive a credit for the lesser of
(i) any insurance deductible amount or (ii) the cost of such repairs as reasonably estimated by
Seller.

     Section 9.2 Casualty of Less Than a Material Portion. If less than a Material Portion of the Real
Property and/or Improvements is damaged as aforesaid, Purchaser shall not have the right to
terminate this Agreement and Seller will not be obligated to repair such damage or destruction but
(a) as to the Real Property and/or Improvements, Seller will assign and turn over to Purchaser all
of the insurance proceeds paid to Seller (or, if such proceeds have not been awarded, any and all
of its right, title and interest therein), net of reasonable collection costs, with respect to such
fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof
without abatement of the Purchase Price, except that, as to the Real Property and/or Improvements,
Purchaser will receive a credit
for the lesser of (i) any insurance deductible amount or (ii) the cost of such repairs as
reasonably estimated by Seller.

     Section 9.3 Condemnation of Property. In the event of condemnation or sale in lieu of condemnation of
all or any portion of the Real Property and/or Improvements prior to the Closing, Purchaser will
have the option, by providing Seller written notice prior to the earlier of (x) the Closing Date or
(y) ten (10) days after receipt of Seller’s notice of such condemnation or sale, of terminating
Purchaser’s obligations under this Agreement or electing to have this Agreement remain in full
force and effect. In the event Purchaser does not terminate this Agreement pursuant to the
preceding sentence, Seller will assign to Purchaser any and all claims for the proceeds of such
condemnation or sale to the extent the same are applicable to the Real Property and/or
Improvements, and Purchaser will take title to the Property with the assignment of such proceeds
and subject to such condemnation and without reduction of the Purchase Price. Should Purchaser
elect to terminate Purchaser’s obligations under this Agreement under the provisions of this
Section 9.3, the Deposit will be promptly returned to Purchaser, and neither Seller nor Purchaser
will have any further obligation under this Agreement except to the extent otherwise specifically
provided in this Agreement for the Termination Surviving Obligations. Notwithstanding anything to
the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of
same is given) solely for the taking of any subsurface rights for utility easements or for any
right-of-way easement, and the surface may, after such taking, be used in substantially the same
manner as though such rights have not been taken, Purchaser will not be entitled to terminate this
Agreement as to any part of the Property, but any award resulting therefrom will be assigned to
Purchaser at Closing and will be the exclusive property of Purchaser upon Closing.

ARTICLE X

CLOSING

     Section 10.1 Closing. The Closing of the sale of the Property by Seller to Purchaser will occur on the
Closing Date through the escrow established with the Title Company. At Closing, the events set
forth in this Article X will occur, it being understood that the performance or tender of
performance of all matters set forth in this Article X are mutually concurrent conditions which may
be waived by the party for whose benefit they are intended.

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     Section 10.2 Purchaser’s Closing Obligations. At or before 10:00 a.m. of the Closing Date, Purchaser,
at its sole cost and expense, will deliver the following items in escrow with the Title Company
pursuant to Section 4.3, for delivery to Seller at Closing as provided herein:

          (a) The Purchase Price, after all adjustments are made at the Closing as herein provided, by
Federal Reserve wire transfer of immediately available funds, in accordance with the timing and
other requirements of Section 3.3;

          (b) Four (4) counterparts of the Bill of Sale and Assignment and Assumption substantially in
the form attached hereto as Exhibit F (the “Bill of Sale”) duly executed by Purchaser;

          (c) Evidence reasonably satisfactory to Seller that the person executing the Closing documents
on behalf of Purchaser has full right, power, and authority to do so;

          (d) A counterpart of any required State or Town conveyance tax returns; and

          (e) Four (4) counterparts of the Lease in the form attached hereto as Exhibit I duly executed
by Purchaser, as Landlord thereunder.

          (f) Such other documents as may be reasonably necessary or appropriate to effect the
consummation of the transactions which are the subject of this Agreement.

     Section 10.3 Seller’s Closing Obligations. At or before 10:00 a.m. of the Closing Date, Seller, at its
sole cost and expense, will deliver the following items (a), (b), (c), (d), (h), (i) and (j) in
escrow with the Title Company pursuant to Section 4.3; and upon receipt of the Purchase Price,
Seller shall deliver the following items (e), (f) and (g) to Purchaser at the Improvements:

          (a) A deed or deeds substantially in the form attached hereto as Exhibit G (the
“Deed”), duly executed and acknowledged by Seller conveying to Purchaser the Real Property and the
Improvements subject only to the Permitted Exceptions;

          (b) Four (4) counterparts of the Bill of Sale duly executed by Seller;

          (c) Evidence reasonably satisfactory to Title Company and Purchaser that the person executing
the Closing documents on behalf of Seller has full right, power and authority to do so;

          (d) A certificate in the form attached hereto as Exhibit E (“Certificate as to Foreign
Status”), duly executed by Seller, certifying that Seller is not a “foreign person” as defined in
section 1445 of the Code;

          (e) The Personal Property;

          (f) Originals (if any) of the Licenses and Permits and the Service Agreements in Seller’s
possession and control, except to the extent that an such Licenses and Permits or Service
Agreements relate to matters, work, services or equipment that are to remain Seller’s

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responsibility (as Tenant, pursuant to the Lease) in which case Seller shall retain the same until
the Expiration Date of the Lease and at such time Seller shall assign and deliver the same to
Purchaser;

          (g) All keys to the Improvements which are in Seller’s possession; and

          (h) A counterpart of any required State and Town conveyance tax returns; and

          (i) Four (4) counterparts of the Lease in the form attached hereto as Exhibit I duly executed
by Seller, as Tenant thereunder; and

          (j) Such other documents as may be reasonably necessary or appropriate to effect the
consummation of the transactions which are the subject of this Agreement.

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     Section 10.4 Prorations. Seller and Purchaser agree to adjust, as of 11:59 p.m. on the day immediately
preceding the Closing Date, the following (collectively, the “Proration Items”): real estate and
personal property taxes and assessments which are required to be paid for the calendar year in
which the Closing occurs, utility bills, and operating expenses payable by the owner of the
Property, to the extent not payable by Seller as Tenant under the Lease. Seller will be charged
with and credited for the amounts of all of the Proration Items relating to the period up to the
Closing Date, and Purchaser will be charged with and credited for all of the Proration Items
relating to the period on and after the Closing Date. Such preliminary estimated Closing
prorations shall be set forth on a preliminary closing statement to be prepared by Seller and
submitted to Purchaser for Purchaser’s approval (which approval shall not be unreasonably withheld,
delayed or conditioned) five (5) days prior to the Closing Date (the “Closing Statement”). The
Closing Statement, once agreed upon, shall be signed by Purchaser and Seller and delivered to the
Title Company for purposes of making the preliminary proration adjustment at Closing subject to the
final cash settlement provided for below. The preliminary proration shall be paid at Closing by
Purchaser to Seller (if the preliminary prorations result in a net credit to Seller) or by Seller
to Purchaser (if the preliminary prorations result in a net credit to Purchaser) by increasing or
reducing the cash to be delivered by Purchaser in payment of the Purchase Price at the Closing. If
the actual amounts of the Proration Items are not known as of the Closing Date, the prorations will
be made at Closing on the basis of the best evidence then available; thereafter, when actual
figures are received, re-prorations will be made on the basis of the actual figures, and a final
cash settlement will be made between Seller and Purchaser. No prorations will be made in relation
to insurance premiums, and Seller’s insurance policies will not be assigned to Purchaser. Final
readings and final billings for utilities will be made if possible as of the day preceding the
Closing Date, in which event no proration will be made at the Closing with respect to utility
bills. Seller will be entitled to all deposits presently in effect with the utility providers, and
Purchaser will be obligated to make its own arrangements for deposits with the utility providers.
A final reconciliation of Proration Items shall be made by Purchaser and Seller within six (6)
months following the Closing Date. The provisions of this Section 10.4 will survive the Closing
for four (4) months following the Expiration Date of the Lease.

     Section 10.5 Delivery of Real Property. Upon completion of the Closing, Seller will deliver to
Purchaser possession of the Real Property and Improvements, subject to the Permitted Exceptions,
and subject further to all rights of Seller as Tenant under the Lease.

     Section 10.6 Costs of Title Company and Closing Costs. Costs of the Title Company and other Closing costs incurred in connection with the Closing will
be allocated as follows:

          (a) Purchaser will pay (i) all premium and other costs for the Title Policy and any
endorsements, (ii) all premiums and other costs for any mortgagee policy of title insurance,
including but not limited to any endorsements or deletions, (iii) the costs associated with any
modifications, updates or recertifications of the Existing Survey, (iv) Purchaser’s attorneys’
fees, (v) 1/2 of all of the Title Company’s escrow and closing fees, if any, (vi) all recording
fees, and (vii) the documentary fee payable at the time of recording the Deed;

-20-

 

          (b) Seller will pay (i) to the extent applicable, the State of Connecticut and Town Real
Estate Conveyance Taxes, (ii) 1/2 of all of the Title Company’s escrow and closing fees, and (iii)
Seller’s attorneys’ fees;

          (c) Any other costs and expenses of Closing not provided for in this Section 10.6 or in other
provisions of this Agreement shall be allocated between Purchaser and Seller in accordance with the
custom in the Town; and

          (d) If the Closing does not occur on or before the Closing Date for any reason whatsoever, the
costs incurred through the date of termination will be borne by the party incurring same.

ARTICLE XI

BROKERAGE

     Section 11.1 Brokers. Seller agrees to pay to Cushman & Wakefield of Connecticut, Inc. (“Broker”) a
real estate commission at Closing (but only in the event of Closing in compliance with this
Agreement) pursuant to a separate agreement. The payment of the commission by Seller to Broker
will fully satisfy the obligations of the Seller for the payment of a real estate commission
hereunder. Other than as stated in the first sentence of this Section 11.1, Purchaser and Seller
represent to the other that no real estate brokers, agents or finders’ fees or commissions are due
or will be due or arise in conjunction with the execution of this Agreement or consummation of this
transaction by reason of the acts of such party, and Purchaser and Seller will indemnify, defend
and hold the other party harmless from any brokerage or finder’s fee or commission claimed by any
person asserting his entitlement thereto by virtue of any action alleged to have been taken by the
indemnifying party for or on account of this Agreement or the transactions contemplated hereby.
The provisions of this Article XI will survive, without limitation, any Closing or termination of
this Agreement.

ARTICLE XII

CONFIDENTIALITY

     Section 12.1 Confidentiality. Seller and Purchaser each expressly acknowledges and agrees that, until
the Closing occurs, the transactions contemplated by this Agreement and the terms, conditions and
negotiations
concerning the same will be held in the strictest confidence by each of them and will not be
disclosed by either of them except to their respective legal counsel, accountants, consultants,
officers, investors, lenders, clients, partners, members, owners, directors and shareholders
(collectively, the “Representatives”), and except and only to the extent that such disclosure to
such Representatives may be necessary for their respective performances hereunder or as otherwise
required by applicable law (INCLUDING, IN THE CASE OF EITHER PARTY, IF ANY AFFILIATE (OR ENTITY
ADVISED BY ANY AFFILIATE) OF A PARTY MUST DISCLOSE THE TRANSACTION AND/OR THE TERMS OF THE
TRANSACTION IN ANY DOCUMENT AS REQUIRED BY THE FEDERAL SECURITIES OR SIMILAR LAWS, OR ANY RULES OR
REGULATIONS PROMULGATED THEREUNDER). Purchaser further acknowledges and agrees that, until the
Closing occurs, all information obtained by Purchaser in connection with the Property will not be
disclosed by Purchaser to any third persons without the prior written consent of Seller other than

-21-

 

to the Representatives in accordance with the other provisions of this Article XII. Nothing
contained in this Article XII will preclude or limit either party to this Agreement from disclosing
or accessing any information otherwise deemed confidential under this Article XII in connection
with that party’s enforcement of its rights or its defense against claims (as to each other and as
to third parties) under this Agreement, or in response to lawful process or subpoena or other valid
or enforceable order of a court of competent jurisdiction or any filings (including those for
financial reporting purposes) with governmental authorities required by reason of the transactions
provided for herein pursuant to an opinion of counsel. Nothing in this Article XII will negate,
supersede or otherwise affect the obligations of either party under the Confidentiality Agreement.
The provisions of this Article XII will survive, without limitation, any termination of this
Agreement.

ARTICLE XIII

REMEDIES

     Section 13.1 Default by Seller. In the event the Closing of the purchase and sale transaction provided
for herein does not occur as herein provided by reason of any default of Seller, Purchaser may, as
Purchaser’s sole and exclusive remedy, elect by notice to Seller within ten (10) Business Days
following the scheduled Closing Date, either of the following: (a) terminate this Agreement, in
which event Purchaser will receive from Seller the Deposit, whereupon Seller and Purchaser will
have no further rights or obligations under this Agreement, except to the extent otherwise
specifically provided in this Agreement; or (b) seek to enforce specific performance of the
Agreement, and in either event, Purchaser hereby waives all other remedies, including without
limitation, any claim against Seller for damages of any type or kind including, without limitation,
consequential or punitive damages. Failure of Purchaser to make the foregoing election within the
foregoing ten (10) Business Day period shall be deemed an election by Purchaser to terminate this
Agreement and receive from Seller the Deposit, whereupon Seller and Purchaser will have no further
rights or obligations under this Agreement, except to the extent otherwise specifically provided
herein.

     Section 13.1 Default by Purchaser. In the event the Closing and the consummation of the transactions
contemplated herein do not occur as provided herein by reason of any default of Purchaser,
Purchaser and Seller agree it
would be impractical and extremely difficult to fix the damages which Seller may suffer. Purchaser
and Seller hereby agree that (i) an amount equal to the Deposit, together with all interest accrued
thereon, is a reasonable estimate of the total net detriment Seller would suffer in the event
Purchaser defaults and fails to complete the purchase of the property, and (ii) such amount will be
the full, agreed and liquidated damages for Purchaser’s default and failure to complete the
purchase of the property, and will be Seller’s sole and exclusive remedy (whether at law or in
equity) for any default of Purchaser resulting in the failure of consummation of the Closing,
whereupon this agreement will terminate and Seller and Purchaser will have no further rights or
obligations hereunder, except with respect to the termination surviving obligations.
Notwithstanding the foregoing, nothing contained herein will limit Seller’s remedies at law, in
equity or as herein provided in the event of a breach by Purchaser of any its obligations which, by
the specific terms hereof, survive termination.

     Section 13.1 Consequential and Punitive Damages. Each of Seller and Purchaser waive any right to
sue the other for any consequential or punitive damages for matters arising

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under this Agreement.
This Section 13.3 shall survive, without limitation, Closing or termination of this Agreement.

ARTICLE XIV

NOTICES

     Section 14.1 Notices. All notices or other communications required or permitted hereunder will be in
writing, and will be given by (a) personal delivery, or (b) professional expedited delivery service
with proof of delivery, or (c) United States mail, postage prepaid, registered or certified mail,
return receipt requested, or (d) facsimile (provided that such facsimile is confirmed by the sender
by personal delivery or expedited delivery service in the manner previously described), sent to the
intended addressee at the address set forth below, or to such other address or to the attention of
such other person as the addressee will have designated by written notice sent in accordance
herewith and will be deemed to have been given either at the time of personal delivery, or, in the
case of expedited delivery service or mail, as of the date of first attempted delivery on a
Business Day at the address or in the manner provided herein, or, in the case of facsimile
transmission, upon receipt if on a Business Day and, if not on a Business Day, on the next Business
Day. Unless changed in accordance with the preceding sentence, the addresses for notices given
pursuant to this Agreement will be as follows:

	 	 	 	 	 
	 

	 	To Purchaser:	 	 
	 
	 	 	 	 
	 

	 	 	 	ANTARES 100WP LLC
	 

	 	 	 	c/o Antares Real Estate Partners, LLC
	 

	 	 	 	52 Mason Street
	 

	 	 	 	Greenwich, CT 06830
	 

	 	 	 	Attn: Joseph P. Beninati
	 

	 	 	 	Fax: (203) 653-6932
	 

	 	 	 	Email: jbeninati@antaresrealestate.com
	 
	 	 	 	 
	 

	 	with copy to:	 	 
	 

	 	 	 	Antares Investment Partners, LLC
	 

	 	 	 	333 Ludlow Street, 8th Floor
	 

	 	 	 	Stamford, CT 06902
	 

	 	 	 	Attn: Bret R. Salzer, Esq.
	 

	 	 	 	Fax: (203) 653-6925
	 

	 	 	 	Email: bsalzer@antaresrealestate.com
	 
	 	 	 	 
	 

	 	To Seller:
	 	UST Inc.
	 

	 	 	 	100 West Putnam Avenue
	 

	 	 	 	Greenwich, CT 06830
	 

	 	 	 	Attn: Amy Abbott
	 

	 	 	 	Fax: (203) 863-7268

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	 	with copy to:
	 	UST Inc.
	 

	 	 	 	100 West Putnam Avenue
	 

	 	 	 	Greenwich, CT 06830
	 

	 	 	 	Attn: Richard Kohlberger, Sr. Vice President
	 

	 	 	 	Fax: (203) 622-3315
	 
	 	 	 	 
	 

	 	with copy to:
	 	Fogarty Cohen Selby & Nemiroff LLC
	 

	 	 	 	88 Field Point Road
	 

	 	 	 	Greenwich, CT 06830
	 

	 	 	 	Attn: Bruce F. Cohen, Esq.
	 

	 	 	 	Fax: (203) 629-7347

ARTICLE XV

ASSIGNMENT AND BINDING EFFECT

     Section 15.1 Assignment; Binding Effect. Purchaser will not have the right to assign this Agreement
without Seller’s prior written consent. Notwithstanding the foregoing, Purchaser and Seller may
each assign its rights under this Agreement to an Affiliate of such assigning party without the
consent of the non-assigning party, provided that any such assignment does not relieve the
assigning party of its obligations hereunder. This Agreement will be binding upon and inure to the
benefit of Seller and Purchaser and their respective successors and permitted assigns, and no other
party will be conferred any
rights by virtue of this Agreement or be entitled to enforce any of the provisions hereof.
Whenever a reference is made in this Agreement to Seller or Purchaser, such reference will include
the successors and permitted assigns of such party under this Agreement.

ARTICLE XVI

PROCEDURE FOR INDEMNIFICATION AND LIMITED SURVIVAL OF

REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 16.1 Survival of Representations, Warranties and Covenants.

          (a) Notwithstanding anything to the contrary contained in this Agreement, the representations
and warranties of Seller set forth in Section 8.1 and Seller’s liability under Section 8.1 will
survive the Closing for a period of three (3) months. With respect to any suit, claim or cause of
action that Purchaser has or may have as a result of any alleged untruth, inaccuracy or breach of
such representations or warranties under Section 8.1, Purchaser must give Seller written notice of
any such claims, and must file any such suits, claims or causes of action against Seller based
thereon, in each instance prior to the expiration of said three (3) month period. In the event
Purchaser fails to provide such notice and file such suits, claims or causes of action within such
three (3) month period, Seller shall have no liability whatsoever to Purchaser with respect to the
representations and warranties set forth in Section 8.1. Purchaser agrees to first seek recovery
under any insurance policies, and Service Contracts prior to seeking recovery from Seller, and
Seller shall not be liable to Purchaser for such untruths, inaccuracies and/or breaches under
Section 8.1 if Purchaser’s claim is satisfied from such insurance policies, or Service Contracts.
In addition, notwithstanding anything to the contrary contained in this Agreement or any of the
Closing documents, in no event shall Seller’s liability for all such

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untruths, inaccuracies and/or
breaches under Section 8.1 (including Seller’s liability for attorneys’ fees and costs in
connection with such untruths, inaccuracies and/or breaches) exceed, in the aggregate, $500,000.00.

          (b) Notwithstanding anything to the contrary contained in this Agreement, Seller shall have no
liability with respect to any of Seller’s representations, warranties and covenants herein if,
prior to the Closing, Purchaser has actual knowledge of any breach of a representation, warranty or
covenant of Seller herein, or Purchaser obtains actual knowledge (from whatever source, including,
without limitation, as a result of Purchaser’s due diligence tests, investigations and inspections
of the Property; or as a result of written disclosure by Seller or any of Seller’s agents,
representatives or employees) that contradicts any of Seller’s representations, warranties or
covenants herein (and the representations and warranties of Seller shall be deemed modified thereby
to be accurate), and Purchaser nevertheless consummates the transaction contemplated by this
Agreement (in which event any such breach or contradiction shall be deemed waived by Purchaser).

          (c) All representations, warranties, covenants and agreements made or undertaken by Seller
under this Agreement, except to the extent otherwise specifically provided herein, will not survive
the Closing Date but will be merged into the Closing documents
delivered at the Closing. Obligations shall survive termination of this Agreement without
limitation unless a specified period is otherwise provided in this Agreement.

ARTICLE XVII

1031 EXCHANGE

     Seller and Buyer agree that either party may elect to structure the purchase and sale of the
Property within the meaning of Section 1031 of the Internal Revenue Code by assigning its rights,
but not its obligations, hereunder to a qualified intermediary as provided in Income Tax
Regulations Section 1.1031(k)-1(g)(4) on or before the Closing Date, provided that (a) the other
party will not be required to incur any costs as a result of such like-kind exchange, (b) the
Closing Date shall not be adjourned by reason thereof, (c) the other party will incur no expense,
liability or obligation, in connection with said structuring, other than acknowledging and
consenting to exchanging party’s assignment in connection with such exchange.

ARTICLE XVIII

MISCELLANEOUS

     Section 18.1 Waivers. No waiver of any breach of any covenant or provisions contained herein will be
deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or
provision contained herein. No extension of time for performance of any obligation or act will be
deemed an extension of the time for performance of any other obligation or act.

     Section 18.1 Recovery of Certain Fees. In the event a party hereto files any action or suit against
another party hereto by reason of any breach of any of the covenants, agreements or provisions
contained in this Agreement, then in that event the prevailing party will be entitled to have and
recover of and from the other party all attorneys’ fees and costs resulting therefrom,

-25-

 

subject,
however, in the case of Seller, to the limitations set forth in Section 16.1 above. For purposes
of this Agreement, the term “attorneys’ fees” or “attorneys’ fees and costs” shall mean all court
costs and the fees and expenses of counsel to the parties hereto, which may include printing,
photostatting, duplicating and other expenses, air freight charges, and fees billed for law clerks,
paralegals and other persons not admitted to the bar but performing services under the supervision
of an attorney, and the costs and fees incurred in connection with the enforcement or collection of
any judgment obtained in any such proceeding. The provisions of this Section 18.2 shall survive
the entry of any judgment, and shall not merge, or be deemed to have merged, into any judgment.

     Section 18.3 Time of Essence. Seller and Purchaser hereby acknowledge and agree that time is strictly
of the essence with respect to each and every term, condition, obligation and provision hereof.

     Section 18.4 Construction. Headings at the beginning of each article and section are solely for the convenience of the
parties and are not a part of this Agreement. Whenever required by the context of this Agreement,
the singular will include the plural and the masculine will include the feminine and vice versa.
This Agreement will not be construed as if it had been prepared by one of the parties, but rather
as if both parties had prepared the same. All exhibits and schedules referred to in this Agreement
are attached and incorporated by this reference, and any capitalized term used in any exhibit or
schedule which is not defined in such exhibit or schedule will have the meaning attributable to
such term in the body of this Agreement. In the event the date on which Purchaser or Seller is
required to take any action under the terms of this Agreement is not a Business Day, the action
will be taken on the next succeeding Business Day.

     Section 18.5 Counterparts. To facilitate execution of this Agreement, this Agreement may be executed in
multiple counterparts, each of which, when assembled to include an original or faxed signature for
each party contemplated to sign this Agreement, will constitute a complete and fully executed
agreement. All such fully executed original or faxed counterparts will collectively constitute a
single agreement.

     Section 18.6 Severability. If any term or other provision of this Agreement is invalid, illegal, or
incapable of being enforced by any rule of law or public policy, all of the other conditions and
provisions of this Agreement will nevertheless remain in full force and effect, so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any adverse
manner to either party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto will negotiate in good faith to modify
this Agreement so as to reflect the original intent of the parties as closely as possible in an
acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent
possible.

     Section 18.7 Entire Agreement. This Agreement is the final expression of, and contains the entire
agreement between, the parties with respect to the subject matter hereof and supersedes all prior
understandings with respect thereto. This Agreement may not be modified, changed, supplemented or
terminated, nor may any obligations hereunder be waived, except by written instrument, signed by
the party to be charged or by its agent duly authorized in writing, or as otherwise expressly
permitted herein.

-26-

 

     Section 18.8 Governing Law. This agreement will be construed, performed and enforced in accordance with
the laws of the State of Connecticut.

     Section 18.9 No Recording. The parties hereto agree that neither this Agreement nor any affidavit
concerning it will be recorded.

     Section 18.10 Further Actions. The parties agree to execute such instructions to the Title Company and
such other instruments and to do such further acts as may be reasonably necessary to carry out the
provisions of this Agreement.

     Section 18.11 No Other Inducements. The making, execution and delivery of this Agreement by the parties
hereto has been induced by no representations, statements, warranties or agreements other than
those expressly set forth herein.

     Section 18.12 No Partnership. Notwithstanding anything to the contrary contained herein, this Agreement
shall not be deemed or construed to make the parties hereto partners or joint venturers, it being
the intention of the parties to merely create the relationship of Seller and Purchaser with respect
to the Property to be conveyed as contemplated hereby.

     Section 18.13 Limitations on Benefits. It is the explicit intention of Purchaser and Seller that no
person or entity other than Purchaser and Seller and their permitted successors and assigns is or
shall be entitled to bring any action to enforce any provision of this Agreement against any of the
parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be
solely for the benefit of, and shall be enforceable only by, Purchaser and Seller or their
respective successors and assigns as permitted hereunder. Nothing contained in this Agreement
shall under any circumstances whatsoever be deemed or construed, or be interpreted, as making any
third party a beneficiary of any term or provision of this Agreement or any instrument or document
delivered pursuant hereto, and Purchaser and Seller expressly reject any such intent, construction
or interpretation of this Agreement.

     Section 18.14 Limitation of Liability. In no event whatsoever shall recourse be had or liability
asserted against any of Seller’s partners, members, shareholders, employees, agents, directors,
officers or other owners of Seller or their respective constituent partners or members. Seller’s
direct and indirect shareholders, beneficiaries and owners and their respective trustees, officers,
directors, employees, agents and security holders, assume no personal liability for any obligations
entered into on behalf of Seller under this Agreement and the Closing documents.

     Section 18.15 Reference to Time. Whenever reference is made herein to a time of day, the said reference
shall be deemed to refer to Eastern Standard Time.

[SIGNATURES FOLLOW ON NEXT SUCCEEDING PAGE]

-27-

 

          IN WITNESS WHEREOF, Seller and Purchaser have respectively executed this Agreement to be
effective as of the date first above written.

	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 
	 	 	UST INC., Seller
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	PURCHASER:
	 	 	ANTARES 100WP LLC
	 
	 	 	 	 
	 

	 	By:
	 	Antares Manager Group, LLC

          its manager
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title: Manager

-28-

 

JOINDER BY TITLE COMPANY

     First American Title Insurance Company, referred to in this Agreement as the “Title Company,”
hereby acknowledges that it received this Agreement executed by Seller and Purchaser on the
                     day of                     , 2007, and accepts the obligations of the Title Company as set forth
herein. The Title Company hereby agrees to hold and distribute the Closing proceeds in accordance
with the terms and provisions of this Agreement. It further acknowledges that it hereby assumes
all responsibilities for information reporting required under section 6045(e) of the Internal
Revenue Code of 1986, as amended.

	 	 	 	 	 
	 	 	First American Title Insurance Company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 

	 

	 	Printed Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 

-29-

 

EXHIBIT A

Legal Description

PARCEL ONE:

ALL THAT CERTAIN tract, piece or parcel of land with the buildings and improvements thereon,
situated in the Town of Greenwich, County of Fairfield and State of Connecticut, bounded and
described as follows:

BEGINNING at the point formed by the intersection of the southerly line of West Putnam Avenue with
the westerly line of Benedict Place and running thence along the westerly line of Benedict Place,
South 49° 42’ East 132.07 feet, 87.52 feet on the arc of a circle curving to the right on a radius
of 90.0 feet, South 6° 01’ West 142.13 feet, South 83° 59’ East 4.0 feet, South 6° 01’ West 150
feet to land now or formerly of Loretta’s Investment Company, Inc.; thence along land now or
formerly of said Loretta’s Investment Company, Inc. North 83° 59’ West 143.725 feet to land now or
formerly of Carlsson; thence along land now or formerly of Carlsson to and along land now or
formerly of Slagle and land now or formerly of Howland, North 0° 42’ East 152.925 feet, South 84°
40’ West 167.6 feet to the easterly line of Field Point Road; thence along the easterly line of
Field Point Road North 5° 20’ West 18.64 feet North 20° 05’ East 65.3 feet to the southerly line of
West Putnam Avenue thence along the southerly line of West Putnam Avenue North 38° 14’ East 135.1
feet, North 40° 18’ East 152.0 feet to the westerly line of Benedict Place being the point and
place of beginning.

PARCEL TWO:

ALL THOSE CERTAIN lots of land with the buildings and improvements thereon, situated in the
Town of Greenwich, County of Fairfield and State of Connecticut, known and designated as the
southerly one-half of Lot No. 13 and all of Lot No. 14 on a certain map entitled “The Maples, at
Greenwich, Conn.” now on file in the Town Clerk’s Office in said Greenwich and there known and
designated as Map No. 268, reference thereto being had.

SAID southerly one-half of Lot No. 13 and Lot No. 14 taken together are bounded:

	 	 	 
	NORTHERLY:

	 	by the Northerly one-half of said Lot No. 13;
	 
	 	 
	EASTERLY:

	 	by Benedict Place;
	 
	 	 
	SOUTHERLY:

	 	by Lot No. 15; and
	 
	 	 
	WESTERLY:

	 	by Lots Nos. 26 and 27 as shown on said map.

A-1 

 

     SAID PREMISES are more particularly shown and delineated on a certain survey or plot plan
entitled “Property of Michael Spezzano, Jr. Greenwich, Conn.” prepared by S. E. Minor & Co., Inc.,
Civil Engineers, and dated April 14, 1967 (See Volume 952 at Page 330), as follows:

PARCEL TWO:

     BEGINNING at a point formed by the intersection of Lots Nos. 14 and 15 with the Westerly
side of Benedict Place and running North 83° 59’ West 136.75 feet along Lot No. 15, now or formerly
of Clarence Fortin and Catherine Fortin, thence North 0° 42’ East 75.31 feet partly along Lot No.
27, now or formerly of John G. Howland and partly along Lot No. 26, now or formerly of Charles J.
Slagle and Nancy Jean Slagle; thence South 83° 59’ East 143.72 feet along the Northerly one-half of
Lot No. 13, now or formerly of the Grantee, and thence South 6° 01’ West 75.0 feet along the
Westerly side of Benedict Place to the point or place of beginning.

PARCEL THREE:

ALL THAT CERTAIN tract, piece or parcel of land with the buildings and improvements thereon,
situated in the Town of Greenwich, County of Fairfield and State of Connecticut, comprising Lot No.
25 and the northerly portion of Lot No. 26 as shown on a certain map entitled “The Maples at
Greenwich, Conn.”, numbered 268 on file in the office of the Town Clerk of said Town of Greenwich,
reference thereto being had.

SAID PREMISES are bounded:

	 	 	 
	NORTHERLY:

	 	159.67 feet by Lot No. 24 on said map, being land now or formerly of Fannie L. Barton;
	 
	 	 
	EASTERLY:

	 	100.56 feet by Lots Nos. 11, 12 and 13 on said map;
	 
	 	 
	SOUTHERLY:

	 	149.10 feet by the remaining portion of Lot No. 26, being land now or formerly of Maud
Pollard Carson; and
	 
	 	 
	WESTERLY:

	 	100 feet by the highway, Field Point Road.

PARCEL FOUR:

ALL THAT CERTAIN lot of land, together with the buildings and improvements thereon, situated
in the Town of Greenwich, County of Fairfield and State of Connecticut, bounded and described as
follows:

BEGINNING at the point formed by the intersection of the division line between Lot No. 14 and Lot
No. 5, shown on a certain map of “The Maples” made by S. E. Minor, C. E., dated March 5, 1906, and
on file in the Town Clerk’s Office of said Town of Greenwich as Map No. 268, with the westerly line
of the road known as Benedict Place, and running thence along said road, South

A-2 

 

6 1” West 66.67 feet, thence leaving the said road and running North 87° 16’ West 130.08 feet,
thence North 0° 42’ East 74.43 feet, thence South 83° 59’ East 136.75 feet to the place of
beginning.

PARCEL FOUR:

THE above described tract being all of Lot No. 15 and the northerly portion of Lot No. 16 on
the above mentioned map and is bounded:

	 	 
	NORTHERLY:

	by land now or formerly of Theodore K. Lindstedt;
	 
	 
	EASTERLY:

	by said Benedict Place;
	 
	 
	SOUTHERLY
and WESTERLY:

	by land now or formerly of Elizabeth McCutcheon; and in part
	 
	 
	WESTERLY:

	by land now or formerly of Alice E. Munroe, et al.

PARCEL FIVE:

ALL THAT CERTAIN lot, piece or parcel of land, situated in the Town of Greenwich, County of
Fairfield and State of Connecticut, and more particularly described as follows:

BEING the southerly portion of Lot No. 16 and the northerly portion of Lot No. 17 on a certain map
entitled “The Maples” made by S. E. Minor, C. E., dated March 5, 1906, numbered 268 on file in the
Town Clerk’s Office of said Town of Greenwich, bounded and described as follows:

BEGINNING at a stone boundary post standing at the southeast corner of Lot No. 28 and the southwest
corner of the southerly portion of Lot 17 on said map and running thence North 0° 42’ East 74.43
feet; thence South 87° 16’ East 130.08 feet to the Westerly line of Benedict Place; thence along
the Westerly line of said Benedict Place South 6° 1’ West 66.67 feet; thence South 89° 7’ West
123.87feet to the point of beginning.

PARCEL SIX:

(NOTE: Title to Parcel Six is held by United States Tobacco Company, an affiliate of Seller,
and will be conveyed by separate deed, or as directed by Purchaser.)

ALL THAT CERTAIN piece, parcel or tract of land, with the buildings and improvements thereon,
situated in the Town of Greenwich, County of Fairfield and State of Connecticut, bounded and
described as follows:

A-3 

 

SAID PREMISES are designated as Lot No. 24 on a certain map entitled, “‘The Maples’ at Greenwich,
Conn.” made by S.E. Minor, Civil Engineer, Greenwich, Conn., March 5, 1906”, which map is on file
in the office of the Town Clerk of said Greenwich, and therein numbered 268; and said lot is
bounded:

	 	 
	NORTHERLY:

	 by Lot No. 23 on said map;
	 
	 
	EASTERLY:

	 by Lots 10 and 11 on said map;
	 
	 
	SOUTHERLY:

	 by Lot No. 25 on said map; and
	 
	 
	WESTERLY:

	by Field Point Road.

     TOGETHER WITH a permanent easement as reserved in a Warranty Deed from UST Inc. to 6 Benedict
Place, LLC, dated August 26, 1999 and recorded August 30, 1999 in Volume 3324 at Page 79 of the
Greenwich Land Records.

EXCEPTIONS

	1.	 	Rights of Seller pursuant to the Lease.

	2.	 	Any and all provisions of any ordinance, municipal regulation, or other Legal Requirements,
inclusive of planning, zoning, building and inland wetlands rules and regulations established
for the Town.
	 
	3.	 	Restrictive covenants and agreements set forth in:

	 	a)	 	Deed from E.C. Benedict to Fannie L. Barton, dated April 28, 1906 and
recorded May 12, 1906 in Volume 105 at Page 487 of the Greenwich Land Records.
	 
	 	b)	 	Deed from E. C. Benedict to William E. Anthony, dated April 28, 1906
and recorded May 12, 1906 in Volume 105 at Page 488 of the Greenwich Land Records.
	 
	 	c)	 	Warranty Deed from Elias C. Benedict to Henry Webb, dated April 28,
1906 and recorded May 12, 1906 in Volume 105 at Page 494 of the Greenwich Land
Records.
	 
	 	d)	 	Warranty Deed from Elias C. Benedict to Louise B. Willard, dated
September 6, 1906 and recorded September 8, 1906 in Volume 107 at Page 233 of the
Greenwich Land Records.
	 
	 	e)	 	Warranty Deed from Louise B. Willard to The Maples Corporation, dated
and recorded October 26, 1906 in Volume 107 at Page 344 of the Greenwich Land
Records.
	 
	 	 	 	Said restrictive covenants and agreements are modified by:
	 
	 	f)	 	The terms and provisions of an Agreement by and between “The Maples

A-4 

 

	 	 	 	Corporation” and William E. Anthony, dated August 14, 1907 and recorded June 5,
1908 in Volume 117 at Page 102 of the Greenwich Land Records.
	 	g)	 	The terms and provisions set forth in a certain Deed from Elias C.
Benedict to William E. Anthony, dated September 20, 1907 and recorded June 5, 1908
in Volume 117 at Page 104 of the Greenwich Land Records.
	 
	 	h)	 	Agreements in Volume 732 at Pages 120 and 124 of the Greenwich Land
Records, and a Judgment of Superior Court for Fairfield County at Bridgeport dated
November 30, 1967 in Docket #131187, and recorded in Volume 766 at Page 596 of the
Greenwich Land Records.

	4.	 	Agreement by and between Jeannette S. Foster et als. And William S. Meany, dated December 10,
1923 and recorded January 8, 1924 in Volume 203 at Page 438 of the Greenwich Land Records.

	5.	 	Grant from Harriet W. R. Leech to The Connecticut Light and Power Company, dated February 5,
1927 and recorded February 25, 1927 in Volume 238 at Page 61 of the Greenwich Land Records.

	6.	 	Grant from Dorothy M. Lindstedt to The Connecticut Light and Power Company, dated
February 12, 1927 and recorded February 25, 1927 in Volume 238 at Page 63 of the Greenwich
Land Records.

	7.	 	Grant from Abigail B. Schirmer to The Connecticut Light and Power Company, dated
February 11, 1927 and recorded February 25, 1927 in Volume 238 at Page 65 of the Greenwich
Land Records.

	8.	 	Grant from Lillian K. Thornton to The Connecticut Light and Power Company, dated
February 11, 1927 and recorded February 25, 1967 in Volume 238 at Page 66 of the Greenwich
Land Records.

	9.	 	Variance as set forth in Appeal No. 6071 by the Planning and Zoning Board of Appeals, dated
and recorded June 5, 1978 in Volume 1076 at Page 75 of the Greenwich Land Records.

	10.	 	Variance as set forth in Appeal No. 6716 by the Planning and Zoning Board of Appeals,
recorded December 30, 1983 in Volume 1360 at Page 173 of the Greenwich Land Records.

	11.	 	Rights of 6 Benedict Place, LLC as set forth in a Warranty Deed from UST Inc. to 6
Benedict Place, LLC, dated August 26, 1999 and recorded August 30, 1999 in Volume 3324 at Page
79 of the Greenwich Land Records.

	12.	 	Rights of 21-25 Field Point Realty LLC as set forth in a Warranty Deed from UST Enterprises,
Inc. to 21-25 Field Point Realty LLC dated March 27, 1998 and recorded in Volume 3055 at Page
14 of the Greenwich Land Records.

A-5 

 

	13.	 	Mortgage Deed from 100 West Putnam Avenue Corporation to Metropolitan Life Insurance Company,
principal sum $4,600,000.00 dated April 30, 1970 and recorded April 30, 1970 in Volume 798 at
Page 629 of the Greenwich Land Records.

A-6 

 

EXHIBIT B

List of Excluded Personal Property

UST Assets

	•	 	All data and telephone equipment

	•	 	All furniture presently located on the 4th floor of Buildings #1 & 2

	•	 	All security equipment with the exception of the card readers

	•	 	All A/V equipment

	•	 	All Artwork

	•	 	All Mail Center equipment

	•	 	All Duplicating Equipment

	•	 	All fax machines

	•	 	All portable air conditioning units

	•	 	All portable heaters

	•	 	All medical equipment

B-1 

 

EXHIBIT C

Service Contracts

C-1 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	NAME OF COMPANY	 	STREET ADDRESS	 	CITY	 	ST.	 	ZIP CODE	 	TELEPHONE	 	Contract Date	 	Termination	 	 
	ABM Cleaning Services, Inc.

	 	P.O. Box 204
	 	Hawthorne
	 	NY
	 	 	10532	 	 	914-747-0910
	 	1/1/06-12/31/08
	 	60 Days	 	 
	Academy Overhead Door Corp.

	 	130 Lenox Avenue Unit #2
	 	Stamford
	 	CT
	 	 	06906	 	 	914-664-8414
	 	5/15/06-5/15/07
	 	30 Days	 	 
	Array Systems, LLC

	 	205 Research Drive #4
	 	Milford
	 	CT
	 	 	06460	 	 	203-966-1242
	 	4/1/05-4/1/06
	 	60 Days	 	 
	Air, Water & Soil Consultants

	 	P.O. Box 2965
	 	Westerly
	 	RI
	 	 	02891	 	 	401-348-8351
	 	Rate Sheet	 	 	 	 
	Atria Inc.

	 	252 Farm Meadow Lane
	 	Cheshire
	 	CT
	 	 	06410	 	 	203-753-6200
	 	9/1/2001
	 	60 Days	 	 
	Clancy Moving Systems, Inc.

	 	P.O. Box 6636
	 	Ithica
	 	NY
	 	 	14851-6636	 	 	800-836-0031
	 	Rate Sheet	 	 	 	 
	ClearWater Industries

	 	911 Bridgeport Avenue
	 	Shelton
	 	CT
	 	 	06484	 	 	 	 	3/6/06-3/6/07
	 	30 Days	 	 
	Commercial Kitchens

	 	290 Bic Drive
	 	Milford
	 	CT
	 	 	06460	 	 	203-877-6591
	 	8/1/06-8/1/07
	 	30 Days	 	 
	Cummins Metropower, Inc.

	 	914 Cromwell Avenue
	 	Rocky Hill
	 	CT
	 	 	06067	 	 	860-529-7474
	 	3/1/06-2/28/07
	 	30 Days	 	 
	Directv

	 	P.O. Box 60036
	 	Los Angeles
	 	CA
	 	 	90060-0036	 	 	888-200-4388
	 	no expiration date	 	 	 	 
	EOI

	 	P.O. Box 9488
	 	New Haven
	 	CT
	 	 	06534	 	 	203-799-7517
	 	Rate Sheet	 	 	 	 
	East Coast Testing & Balancing LLC

	 	53 James Vincent Dr.
	 	Clinton
	 	CT
	 	 	06413	 	 	860-669-9377
	 	Rate Sheet	 	 	 	 
	Emcor — New England Mechanical

	 	30 Lindeman Drive
	 	Trumbull
	 	CT
	 	 	06611	 	 	203-373-0004
	 	11/1/2005 — xxx
	 	30 Days	 	 
	Excel Electric llc.

	 	P.O. Box 8155
	 	New Fairfield
	 	CT
	 	 	06812	 	 	866-316-0042
	 	3/1/06-3/1/07
	 	30 Days	 	 
	Fire Protection Testing Inc.

	 	170 Highland Avenue
	 	Cheshire
	 	CT
	 	 	06410	 	 	 	 	3/13/06-3/13/2007
	 	30 Days	 	 
	Fire Systems, Inc.

	 	375 Morgan Lane Unit #305
	 	West Haven
	 	CT
	 	 	06516	 	 	203 934-8644
	 	3/13/06-3/13/2007
	 	30 Days
	 	HQ
	 

	 	375 Morgan Lane Unit #305
	 	West Haven
	 	CT
	 	 	06820	 	 	203-256-0800
	 	3/13/06-3/13/2007
	 	30 Days
	 	Hangar
	Flik

	 	3 International Drive
	 	Rye Brook
	 	NY
	 	 	10573	 	 	845-398-2848
	 	3/1/06-3/1/2011
	 	60 Days	 	 
	Hess Corporation

	 	P.O. Box 905243
	 	Charlotte
	 	NC
	 	 	28290	 	 	800-437-7265
	 	12/1/05-1/1/2008	 	 	 	 
	M & A Sanitation Service

	 	P.O. Box 4660
	 	Greenwich
	 	CT
	 	 	06830	 	 	203-325-1955
	 	12/31/2006	 	 	 	 
	Nationwide Power

	 	7380 Eastgate Road
	 	Henderson
	 	NV
	 	 	89015	 	 	800-868-2780
	 	6/29/06-6/28/07	 	 	 	 
	Office Furniture Systems, Inc.

	 	140-58th Street — Box #11
	 	Brooklyn
	 	NY
	 	 	11220	 	 	718-567-7400
	 	Rate Sheet	 	 	 	 
	Paul Tepfer Architect

	 	56 Holmes Road
	 	Ridgefield
	 	CT
	 	 	06877	 	 	203-438-8707
	 	Rate Sheet	 	 	 	 
	Putnam Plumbing & Heating, Inc.

	 	P.O. B ox 405
	 	Cos Cob
	 	CT
	 	 	06807-0405	 	 	203-661-6806
	 	Rate Sheet	 	 	 	 
	Securitas

	 	30 Oak Street
	 	Stamford
	 	CT
	 	 	06905	 	 	203-327-9661	 	 	 	 	 	 
	Shred-It

	 	325 Sandbank Road Unit B3
	 	Cheshire
	 	CT
	 	 	06410	 	 	203-699-2458
	 	Rate Sheet	 	 	 	 
	Stuttig Locksmith, Inc.

	 	158 Greenwich Ave.
	 	Greenwich
	 	Ct
	 	 	06830	 	 	203869-6260
	 	Rate Sheet	 	 	 	 
	Summer Rain

	 	288 Valley Road
	 	Cos Cob
	 	CT
	 	 	06807	 	 	203-629-8050
	 	Rate Sheet	 	 	 	 
	Tennant

	 	P.O. Box 71414
	 	Chicago
	 	IL
	 	 	60694-1414	 	 	201-245-2270
	 	Rate Sheet	 	 	 	 
	Trans-Clean

	 	45 Mayfair Place
	 	Stratford
	 	CT
	 	 	06615-6710	 	 	203-377-3171
	 	Rate Sheet	 	 	 	 
	Western Pest Services

	 	20 W. Ridgewood Avenue
	 	Pramus
	 	NJ
	 	 	07652	 	 	201-265-1600
	 	2/15/05-2/15/06
	 	30 Days	 	 

 

 

EXHIBIT D

LAWSUITS

None

D-2 

 

EXHIBIT E

Non-Foreign Entity Certification

     Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property
interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including
Section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property
interest under local law) will be the transferor of the property and not the disregarded entity.
To inform the transferee that withholding of tax is not required upon the disposition of a U.S.
real property interest by National Office Partners Limited Partnership, a Delaware limited
partnership (the “Transferor”), the undersigned hereby certifies the following on behalf of the
Transferor:

     1. Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign
estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations);

     2. Transferor is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii);

     3. Transferor’s U.S. employer identification number is ___; and

     3. Transferor’s office address is

     Transferor understands that this certification may be disclosed to the Internal Revenue
Service and that any false statement made within this certification could be punished by fine,
imprisonment, or both.

     Under penalties of perjury the undersigned declares that he has examined this certification
and that to the best of his knowledge and belief it is true, correct and complete, and the
undersigned further declares that he has the authority to sign this document on behalf of the
Transferor.

	 	 	 	 	 	 	 
	 	 	TRANSFEROR:	 	 
	 	 	UST INC. Seller	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

E-1 

 

EXHIBIT F

Bill Of Sale,

Assignment And Assumption

     UST Inc., a Delaware corporation (“Seller”), for and in consideration of the sum of Ten and
No/100 Dollars ($10.00) and other good and valuable consideration to Seller paid by
                                        , a                                         
(“Purchaser”), the receipt of which is hereby
acknowledged, hereby bargains, sells, transfers, conveys and assigns to Purchaser the following
described property:

     (a) Seller’s right, title and interest in and to all equipment, appliances, tools, supplies,
machinery, furnishings and other tangible personal property attached to, appurtenant to, located in
the improvements (the “Improvements”) located on the real property described on Exhibit A
attached hereto and made a part hereof for all purposes (the “Real Property”) and used exclusively
by Seller in connection with its ownership or operation of the Improvements (the “Personal
Property”), but specifically excluding (i) the items of personal property set forth on Exhibit
B attached hereto, and (ii) any items of personal property owned by third parties and leased to
Seller;

     (b) Any and all of Seller’s right, title and interest in and to the service agreements,
maintenance contracts, equipment leasing agreements, leasing commission agreements, warranties,
guarantees, bonds and other contracts for the provision of labor, services, materials or supplies
relating solely to the Real Property, the Improvements or the Personal Property and under which
Seller is currently paying for services rendered in connection therewith, as listed on Exhibit
C attached hereto, in each instance to the extent assignable without the necessity of consent
or assignable only with consent and such consent has been obtained (“Service Contracts”);

     (c) Any and all of Seller’s right, title and interest in and to all licenses, permits,
certificates of occupancy, approvals, dedications, subdivision maps and entitlements issued,
approved or granted by governmental authorities prior to the date hereof in connection with the
Real Property and the Improvements, together with all renewals and modifications thereof, in each
instance to the extent assignable without the necessity of consent or assignable only with consent
and such consent has been obtained (the “Licenses and Permits”); and

The Personal Property, Service Contracts and Licenses and Permits are hereinafter collectively
referred to as the “Assigned Property.”

     Notwithstanding any contrary or inconsistent provision contained herein, to the extent that
any of such Service Contracts or Licenses and Permits relate to matters, work, services or
equipment at the Real Property or Improvements that remain Seller’s responsibility, as Tenant
pursuant to that certain Lease between Purchaser, as Landlord, and Seller, as Tenant, dated of even
date herewith (‘Lease”), such Service Contracts and Licenses and Permits are retained by Seller and
shall be assigned and delivered to Purchaser upon the expiration or earlier termination of the
Lease.

F-2 

 

     Seller has executed this Bill of Sale, Assignment and Assumption (“Bill of Sale”) and
BARGAINED, SOLD, TRANSFERRED, CONVEYED and ASSIGNED the Assigned Property and Purchaser has
accepted this Bill of Sale and purchased the Assigned Property AS IS AND WHEREVER LOCATED, WITH ALL
FAULTS AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF WHATSOEVER NATURE, EXPRESS, IMPLIED, OR
STATUTORY, EXCEPT AS EXPRESSLY SET FORTH IN THE AGREEMENT OF SALE AND PURCHASE BETWEEN SELLER AND
PURCHASER DATED ___, 20___, REGARDING THE REAL PROPERTY (the “Purchase Agreement”) AND
THE WARRANTIES SET FORTH HEREIN, IT BEING THE INTENTION OF SELLER AND PURCHASER TO EXPRESSLY NEGATE
AND EXCLUDE ALL WARRANTIES WHATSOEVER, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, ANY IMPLIED OR EXPRESS WARRANTY OF
CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, ANY RIGHTS OF PURCHASER UNDER APPROPRIATE STATUTES TO
CLAIM DIMINUTION OF CONSIDERATION, ANY CLAIM BY PURCHASER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER
KNOWN OR UNKNOWN WITH RESPECT TO THE ASSIGNED PROPERTY, WARRANTIES CREATED BY AFFIRMATION OF FACT
OR PROMISE AND ANY OTHER WARRANTIES CONTAINED IN OR CREATED BY THE UNIFORM COMMERCIAL CODE AS NOW
OR HEREAFTER IN EFFECT IN THE STATE IN WHICH THE REAL PROPERTY IS LOCATED, OR CONTAINED IN OR
CREATED BY ANY OTHER LAW.

     Purchaser accepts the foregoing bargain, sale, transfer, conveyance and assignment and assumes
and agrees to be bound by and to perform, pay, discharge, observe and comply with, as applicable,
all of the covenants, liabilities, duties, debts, obligations and responsibilities of Seller
pursuant to the Service Contracts and the Licenses and Permits assigned to Purchaser and which
arise, accrue or are to be performed, paid, discharged, observed or complied with on or after the
date hereof.

     Purchaser hereby indemnifies, defends, and holds Seller and its Affiliates harmless from and
against any and all claims, liens, damages, demands, causes of action, liabilities, lawsuits,
judgments, losses, costs and expenses (including without limitation, reasonable attorneys’ fees and
expenses) asserted against or incurred by Seller or its Affiliates and arising out of the failure
of Purchaser to perform, pay, discharge, observe or comply with the covenants, liabilities, duties,
debts, obligations and responsibilities assumed by Purchaser hereunder.

     To facilitate execution of this Bill of Sale, this Bill of Sale may be executed in multiple
counterparts, each of which, when assembled to include an original signature for each party
contemplated to sign this Bill of Sale , will constitute a complete and fully executed original.
All such fully executed original counterparts will collectively constitute a single agreement.

F-3 

 

EXECUTED as of the                      day of                                         , 200__.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 	 	SELLER:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	UST Inc., Seller	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 	 	PURCHASER:	 	 	 	 
	 
	 	 	 	,	 	 	 
	 
	 	a	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

F-4 

 

EXHIBIT G

Form of Deed

SPECIAL WARRANTY DEED

TO ALL PEOPLE TO WHOM THESE PRESENTS SHALL COME, GREETING:

     KNOW YE, THAT UST Inc. a Delaware corporation, having an address at 100 West Putnam Avenue,
Greenwich, Connecticut 06830 (hereinafter referred to as “Grantor”), for the consideration of One
($1.00) Dollar and other good and valuable consideration received to its full satisfaction from
               
              
              
               
              
              
              , a
               
              
           , having an address
                                                                   
              (hereinafter referred to as “Grantee”), does give,
grant, bargain, sell and confirm unto the Grantee and unto its successors and assigns forever, all
of that certain real property situated in the Town of Greenwich, County of Fairfield and State of
Connecticut, described in Schedule “A” attached hereto and made a part hereof (hereinafter
called the “Premises”).

     TO HAVE AND TO HOLD the above granted and bargained Premises with the privileges and
appurtenances thereof, and unto the successors and assigns of the Grantee forever, so that neither
the Grantor nor its successors and assigns nor any other person under it or them shall hereafter
have any claim, right or title in or to the Premises or any part thereof, but therefrom it and they
are by these presents forever barred and excluded.

     AND FURTHERMORE, the said Grantor does by these presents bind itself and its successors and
assigns forever to WARRANT AND DEFEND the above granted and bargained Premises to the said Grantee,
and to the Grantee’s successors and assigns, against the claims and demands of the Grantor and all
persons claiming or to claim by, through or under the Grantor, except as are mentioned in
Schedule A attached hereto.

     In Witness Whereof, the Grantor has hereunto set its hand this ___day of                                         , 2007.

	 	 	 	 	 	 	 	 	 
	Signed and Delivered by	 	 	 	UST Inc.	 	 
	the Grantor in the presence of:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 
 Name:

	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 
 Name:

	 	 	 	 	 	 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 

G-1 

 

	 	 	 	 	 	 	 
	STATE OF CONNECTICUT
	 	 	)	 	 	 
	 

	 	 	)	ss:	 	                                        , 2007
	COUNTY OF FAIRFIELD

	 	 	)	 	 	 

     Personally appeared
               
              
              
               
              
              
                            
      ,        
              
               
                
  
of UST Inc. as aforesaid, duly authorized signer and sealer of the foregoing instrument, and
acknowledged the same to be his free act and deed, and the free act and deed of said corporation
before me.

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 
	 

	 	Commissioner of the Superior Court	 	 

	 	 	 	 	 	 	 
	STATE OF CONNECTICUT

	 	 	)	 	 	 
	 

	 	 	)	ss:	 	                                        , 2007
	COUNTY OF FAIRFIELD

	 	 	)	 	 	 

     Personally
 appeared               
               
               
                
               
               
               
               ,
               
              
              
                of UST Inc. as aforesaid, duly authorized signer and sealer of the foregoing instrument, and
acknowledged the same to be his free act and deed, and the free act and deed of said corporation
before me.

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 
	 

	 	Commissioner of the Superior Court	 	 

G-2 

 

[SCHEDULE “A” OF FORM OF LIMITED WARRANTY DEED]

SCHEDULE “A”

PARCEL ONE:

ALL THAT CERTAIN tract, piece or parcel of land with the buildings and improvements thereon,
situated in the Town of Greenwich, County of Fairfield and State of Connecticut, bounded and
described as follows:

BEGINNING at the point formed by the intersection of the southerly line of West Putnam Avenue with
the westerly line of Benedict Place and running thence along the westerly line of Benedict Place,
South 49° 42’ East 132.07 feet, 87.52 feet on the arc of a circle curving to the right on a radius
of 90.0 feet, South 6° 01’ West 142.13 feet, South 83° 59’ East 4.0 feet, South 6° 01’ West 150
feet to land now or formerly of Loretta’s Investment Company, Inc.; thence along land now or
formerly of said Loretta’s Investment Company, Inc. North 83° 59’ West 143.725 feet to land now or
formerly of Carlsson; thence along land now or formerly of Carlsson to and along land now or
formerly of Slagle and land now or formerly of Howland, North 0° 42’ East 152.925 feet, South 84°
40’ West 167.6 feet to the easterly line of Field Point Road; thence along the easterly line of
Field Point Road North 5° 20’ West 18.64 feet North 20° 05’ East 65.3 feet to the southerly line of
West Putnam Avenue thence along the southerly line of West Putnam Avenue North 38° 14’ East 135.1
feet, North 40° 18’ East 152.0 feet to the westerly line of Benedict Place being the point and
place of beginning.

PARCEL TWO:

ALL THOSE CERTAIN lots of land with the buildings and improvements thereon, situated in the
Town of Greenwich, County of Fairfield and State of Connecticut, known and designated as the
southerly one-half of Lot No. 13 and all of Lot No. 14 on a certain map entitled “The Maples, at
Greenwich, Conn.” now on file in the Town Clerk’s Office in said Greenwich and there known and
designated as Map No. 268, reference thereto being had.

SAID southerly one-half of Lot No. 13 and Lot No. 14 taken together are bounded:

	 	 
	NORTHERLY:

	 by the Northerly one-half of said Lot No. 13;
	 
	 
	EASTERLY:

	 by Benedict Place;
	 
	 
	SOUTHERLY:

	 by Lot No. 15; and
	 
	 
	WESTERLY:

	 by Lots Nos. 26 and 27 as shown on said map.

G-3 

 

     SAID PREMISES are more particularly shown and delineated on a certain survey or plot plan
entitled “Property of Michael Spezzano, Jr. Greenwich, Conn.” prepared by S. E. Minor & Co., Inc.,
Civil Engineers, and dated April 14, 1967 (See Volume 952 at Page 330), as follows:

PARCEL TWO:

     BEGINNING at a point formed by the intersection of Lots Nos. 14 and 15 with the Westerly
side of Benedict Place and running North 83° 59’ West 136.75 feet along Lot No. 15, now or formerly
of Clarence Fortin and Catherine Fortin, thence North 0° 42’ East 75.31 feet partly along Lot No.
27, now or formerly of John G. Howland and partly along Lot No. 26, now or formerly of Charles J.
Slagle and Nancy Jean Slagle; thence South 83° 59’ East 143.72 feet along the Northerly one-half of
Lot No. 13, now or formerly of the Grantee, and thence South 6° 01’ West 75.0 feet along the
Westerly side of Benedict Place to the point or place of beginning.

PARCEL THREE:

ALL THAT CERTAIN tract, piece or parcel of land with the buildings and improvements thereon,
situated in the Town of Greenwich, County of Fairfield and State of Connecticut, comprising Lot No.
25 and the northerly portion of Lot No. 26 as shown on a certain map entitled “The Maples at
Greenwich, Conn.”, numbered 268 on file in the office of the Town Clerk of said Town of Greenwich,
reference thereto being had.

SAID PREMISES are bounded:

	 	 
	NORTHERLY:

	159.67 feet by Lot No. 24 on said map, being land now or formerly of Fannie L. Barton;
	 
	 
	EASTERLY:

	100.56 feet by Lots Nos. 11, 12 and 13 on said map;
	 
	 
	SOUTHERLY:

	149.10 feet by the remaining portion of Lot No. 26, being land now or formerly of Maud
Pollard Carson; and
	 
	 
	WESTERLY:

	100 feet by the highway, Field Point Road.

PARCEL FOUR:

ALL THAT CERTAIN lot of land, together with the buildings and improvements thereon, situated
in the Town of Greenwich, County of Fairfield and State of Connecticut, bounded and described as
follows:

BEGINNING at the point formed by the intersection of the division line between Lot No. 14 and Lot
No. 5, shown on a certain map of “The Maples” made by S. E. Minor, C. E., dated March 5,

G-4 

 

1906, and on file in the Town Clerk’s Office of said Town of Greenwich as Map No. 268, with the
westerly line of the road known as Benedict Place, and running thence along said road, South 6 1”
West 66.67 feet, thence leaving the said road and running North 87° 16’ West 130.08 feet, thence
North 0° 42’ East 74.43 feet, thence South 83° 59’ East 136.75 feet to the place of beginning.

PARCEL FOUR:

THE above described tract being all of Lot No. 15 and the northerly portion of Lot No. 16 on
the above mentioned map and is bounded:

	 	 
	NORTHERLY:

	by land now or formerly of Theodore K. Lindstedt;
	 
	 
	EASTERLY:

	by said Benedict Place;
	 
	 
	SOUTHERLY
and WESTERLY:

	by land now or formerly of Elizabeth
McCutcheon; and in part
	 
	 
	WESTERLY:

	by land now or formerly of Alice E. Munroe, et al.

PARCEL FIVE:

ALL THAT CERTAIN lot, piece or parcel of land, situated in the Town of Greenwich, County of
Fairfield and State of Connecticut, and more particularly described as follows:

BEING the southerly portion of Lot No. 16 and the northerly portion of Lot No. 17 on a certain map
entitled “The Maples” made by S. E. Minor, C. E., dated March 5, 1906, numbered 268 on file in the
Town Clerk’s Office of said Town of Greenwich, bounded and described as follows:

BEGINNING at a stone boundary post standing at the southeast corner of Lot No. 28 and the southwest
corner of the southerly portion of Lot 17 on said map and running thence North 0° 42’ East 74.43
feet; thence South 87° 16’ East 130.08 feet to the Westerly line of Benedict Place; thence along
the Westerly line of said Benedict Place South 6° 1’ West 66.67 feet; thence South 89° 7’ West
123.87feet to the point of beginning.

PARCEL SIX: (to be conveyed by Separate Deed)

ALL THAT CERTAIN piece, parcel or tract of land, with the buildings and improvements thereon,
situated in the Town of Greenwich, County of Fairfield and State of Connecticut, bounded and
described as follows:

SAID PREMISES are designated as Lot No. 24 on a certain map entitled, “‘The Maples’ at Greenwich,
Conn.” made by S.E. Minor, Civil Engineer, Greenwich, Conn., March 5, 1906”,
 

G-5 

 

which map is on file in the office of the Town Clerk of said Greenwich, and therein numbered 268;
and said lot is bounded:

	 	 
	NORTHERLY:

	 by Lot No. 23 on said map;
	 
	 
	EASTERLY:

	 by Lots 10 and 11 on said map;
	 
	 
	SOUTHERLY:

	by Lot No. 25 on said map; and
	 
	 
	WESTERLY:

	by Field Point Road.

     TOGETHER WITH a permanent easement as reserved in a Warranty Deed from UST Inc. to 6 Benedict
Place, LLC, dated August 26, 1999 and recorded August 30, 1999 in Volume 3324 at Page 79 of the
Greenwich Land Records.

     SUBJECT TO Grantor as tenant:

	1.	 	Rights of Seller pursuant to the Lease.

	2.	 	Any and all provisions of any ordinance, municipal regulation, or other Legal Requirements,
inclusive of planning, zoning, building and inland wetlands rules and regulations established
for the Town.

	3.	 	Restrictive covenants and agreements set forth in:

	 	a)	 	Deed from E.C. Benedict to Fannie L. Barton, dated April 28, 1906 and
recorded May 12, 1906 in Volume 105 at Page 487 of the Greenwich Land Records.
	 
	 	b)	 	Deed from E. C. Benedict to William E. Anthony, dated April 28, 1906
and recorded May 12, 1906 in Volume 105 at Page 488 of the Greenwich Land Records.
	 
	 	c)	 	Warranty Deed from Elias C. Benedict to Henry Webb, dated April 28,
1906 and recorded May 12, 1906 in Volume 105 at Page 494 of the Greenwich Land
Records.
	 
	 	d)	 	Warranty Deed from Elias C. Benedict to Louise B. Willard, dated
September 6, 1906 and recorded September 8, 1906 in Volume 107 at Page 233 of the
Greenwich Land Records.
	 
	 	e)	 	Warranty Deed from Louise B. Willard to The Maples Corporation, dated
and recorded October 26, 1906 in Volume 107 at Page 344 of the Greenwich Land
Records.
	 
	 	 	 	Said restrictive covenants and agreements are modified by:
	 
	 	f)	 	The terms and provisions of an Agreement by and between “The Maples
Corporation” and William E. Anthony, dated August 14, 1907 and recorded June 5,
1908 in Volume 117 at Page 102 of the Greenwich Land Records.

G-6 

 

	 	g)	 	The terms and provisions set forth in a certain Deed from Elias C.
Benedict to William E. Anthony, dated September 20, 1907 and recorded June 5, 1908
in Volume 117 at Page 104 of the Greenwich Land Records.
	 
	 	h)	 	Agreements in Volume 732 at Pages 120 and 124 of the Greenwich Land
Records, and a Judgment of Superior Court for Fairfield County at Bridgeport dated
November 30, 1967 in Docket #131187, and recorded in Volume 766 at Page 596 of the
Greenwich Land Records.

	4.	 	Agreement by and between Jeannette S. Foster et als. And William S. Meany, dated December 10,
1923 and recorded January 8, 1924 in Volume 203 at Page 438 of the Greenwich Land Records.

	5.	 	Grant from Harriet W. R. Leech to The Connecticut Light and Power Company, dated February 5,
1927 and recorded February 25, 1927 in Volume 238 at Page 61 of the Greenwich Land Records.

	6.	 	Grant from Dorothy M. Lindstedt to The Connecticut Light and Power Company, dated
February 12, 1927 and recorded February 25, 1927 in Volume 238 at Page 63 of the Greenwich
Land Records.

	7.	 	Grant from Abigail B. Schirmer to The Connecticut Light and Power Company, dated
February 11, 1927 and recorded February 25, 1927 in Volume 238 at Page 65 of the Greenwich
Land Records.

	8.	 	Grant from Lillian K. Thornton to The Connecticut Light and Power Company, dated
February 11, 1927 and recorded February 25, 1967 in Volume 238 at Page 66 of the Greenwich
Land Records.

	9.	 	Variance as set forth in Appeal No. 6071 by the Planning and Zoning Board of Appeals, dated
and recorded June 5, 1978 in Volume 1076 at Page 75 of the Greenwich Land Records.

	10.	 	Variance as set forth in Appeal No. 6716 by the Planning and Zoning Board of Appeals,
recorded December 30, 1983 in Volume 1360 at Page 173 of the Greenwich Land Records.

	11.	 	Rights of 6 Benedict Place, LLC as set forth in a Warranty Deed from UST Inc. to 6 Benedict
Place, LLC, dated August 26, 1999 and recorded August 30, 1999 in Volume 3324 at Page 79 of
the Greenwich Land Records.

	12.	 	Rights of 21-25 Field Point Realty LLC as set forth in a Warranty Deed from UST Enterprises,
Inc. to 21-25 Field Point Realty LLC dated March 27, 1998 and recorded in Volume 3055 at Page
14 of the Greenwich Land Records.

	13.	 	Mortgage Deed from 100 West Putnam Avenue Corporation to Metropolitan Life Insurance

G-7 

 

	 	 	Company, principal sum $4,600,000.00 dated April 30, 1970 and recorded April 30, 1970 in
Volume 798 at Page 629 of the Greenwich Land Records.

G-8 

 

EXHIBIT H

Environmental Reports and Studies

Phase I Environmental Site Assessment Report, dated October 23, 2006
prepared by URS Corporation AES, 500 Enterprise Drive, Suite 3B Rocky Hill, Connecticut 06067.

H-1 

 

PHASE I

ENVIRONMENTAL SITE ASSESSMENT

UST INC.

100 WEST PUTNAM AVENUE

GREENWICH, CONNECTICUT

Prepared for:

Gerard T. Smith

URS Project No.: 36936859.00001

October 23, 2006

URS Corporation AES

500 Enterprise Drive, Suite 3B

Rocky Hill, Connecticut 06067

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	EXECUTIVE SUMMARY
	 	 	i	 
	1.0 INTRODUCTION
	 	 	1	 
	1.1 OBJECTIVE
	 	 	1	 
	1.2 SCOPE OF WORK
	 	 	2	 
	1.3 LIMITING CONDITIONS
	 	 	2	 
	1.4 LIMITATIONS OF THE ASSESSMENT
	 	 	2	 
	2.0 SITE DESCRIPTION
	 	 	4	 
	2.1 PHYSICAL LOCATION AND DESCRIPTION OF PROPERTY
	 	 	4	 
	2.2 ENVIRONMENTAL SETTING
	 	 	4	 
	2.2.1 Topography
	 	 	4	 
	2.2.2 Geology/Hydrogeology
	 	 	5	 
	2.2.3 Soils
	 	 	5	 
	2.2.4 Surface Water
	 	 	6	 
	2.2.5 Wetland Area
	 	 	6	 
	3.0 SITE INSPECTION
	 	 	7	 
	3.1 CURRENT USES OF THE PROPERTY
	 	 	7	 
	3.2 EXTERIOR AND INTERIOR SITE OBSERVATIONS
	 	 	7	 
	3.2.1 Hazardous Substances and Oil
	 	 	8	 
	3.2.2 Hazardous and Special Regulated Waste Generation
	 	 	8	 
	3.2.3 Underground/Aboveground Storage Tanks
	 	 	8	 
	3.2.4 Drums and Containers
	 	 	8	 
	3.2.5 Polychlorinated Biphenyls (PCB)-Containing Equipment
	 	 	8	 
	3.2.6 Solid Waste Generation
	 	 	9	 
	3.2.7 Air Emission Sources
	 	 	9	 
	3.2.8 Drains and Sumps
	 	 	9	 
	3.2.9 Sanitary and Industrial Wastewater Discharges
	 	 	10	 
	3.2.10 Wells
	 	 	10	 
	3.2.11 Asbestos Containing Materials
	 	 	10	 
	3.2.12 Pits, Ponds and Lagoons
	 	 	10	 
	3.2.13 Other Physical Evidence of Contamination
	 	 	10	 
	3.2.14 Emergency Generators
	 	 	11	 
	3.2.15 Other Environmental Concerns
	 	 	11	 
	4.0 ADJOINING AND SURROUNDING LAND USE
	 	 	12	 
	4.1 CURRENT USES OF ADJOINING PROPERTIES
	 	 	12	 
	4.2 SURROUNDING PROPERTIES OF POTENTIAL ENVIRONMENTAL
CONCERN
	 	 	12	 
	5.0 HISTORIC SITE AND SURROUNDING PROPERTY CONDITIONS
	 	 	14	 
	5.1 CURRENT AND PRIOR OWNERSHIP
	 	 	14	 
	5.2 AERIAL PHOTOGRAPHS
	 	 	14	 
	5.3 SANBORN MAPS
	 	 	15	 
	5.4 HISTORICAL TOPOGRAPHIC MAPS
	 	 	16	 

					
	 	 	 	 	 
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	5.5 CITY DIRECTORY ABSTRACT
	 	 	17	 
	6.0 REGULATORY AGENCY REVIEW
	 	 	18	 
	6.1 ENVIRONMENTAL DATABASES REVIEW
	 	 	18	 
	6.2 REGULATORY AGENCY CONTACT
	 	 	22	 
	7.0 CONCLUSIONS
	 	 	23	 
	7.1 ON-SITE RECOGNIZED ENVIRONMENTAL CONDITIONS
	 	 	23	 
	7.2 OFF-SITE RECOGNIZED ENVIRONMENTAL CONDITIONS
	 	 	24	 
	8.0 REFERENCES
	 	 	26	 

FIGURES

Figure 1 — Site Location Map

Figure 2 — Site Layout Map

APPENDICES

Appendix A  —  Curricula Vitae of URS Personnel

Appendix B  —  Site Photographs

Appendix C  —  Assessor’s and Fire Department’s Information

Appendix D  —  Aerial Photographs

Appendix E  —  Sanborn Maps

Appendix F  —  Historic Topographic Maps

Appendix G  —  City Directory Abstract

Appendix H  —  EDR Report

					
	 	 	 	 	 
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EXECUTIVE SUMMARY

This report presents the results of URS Corporation AES (URS)’ Phase I Environmental Site
Assessment (Phase I ESA) of the property at 100 West Putnam Avenue (the “Site” or “subject
property”) in Greenwich, Connecticut. The Phase I ESA was conducted to identify if Recognized
Environmental Conditions (RECs) are present at the subject property. The Phase I ESA was conducted
in accordance with the methods and procedures described in the American Society for Testing and
Materials (ASTM) “Standard Practice for Site Assessments: Phase I Environmental Site Assessment
Process” (E 1527-00 as currently amended). The Phase I ESA was conducted pursuant to, and in
accordance with, URS’ October 13, 2006 Proposal HAR-148-1411.

The Site consists of 2.743-acres currently improved with four multi-story buildings used for office
space. The main structure at the Site (Building 1 and Building 2) consists of approximately
260,500 square feet and houses UST Inc. There is a small museum near the entrance to the property
and an additional residential/commercial building (17 Field Point Road) on the property. The
remainder of the subject property is covered with asphalt paving, landscaping and manicured lawn.
Properties adjacent to the Site are primarily used for commercial purposes.

URS observed two recognized environmental conditions (RECs) at the subject property during the Site
reconnaissance.

	 	•	 	A small area of staining caused by a leaking gasket from a natural gas garage generator.
The garage generator was not located within an area capable of containing spills or
overfills, or the contents of the generator if a release were to occur.
	 
	 	•	 	The release of approximately one-gallon of PCB oil from a former transformer replacement
that was cleaned by the utility company is considered a historical REC.

URS observed the following Area of Concern (AOC) at the subject property during the Site
reconnaissance.

					
	 	 	 	 	 
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	 	•	 	Hazardous substances and petroleum products used in servicing HVAC equipment are stored
on the property until used by contractors. No visible evidence of spills or releases were
observed on the storage surface immediately surrounding the containers. However, the
containers were not stored on a secondary containment device.

Based on the data presented in the EDR report, proximity, and the hydrogeologic location of the EDR
listed sites relative to the subject property, the following former properties of potential RECs
were identified. Although the establishments are no longer in business, the potential for these
properties to have created a REC exists:

	 	•	 	Greenwich Cadillac Olds, Inc., located at 53 West Putnam Avenue, was identified in the
RCRA-SQG and CT manifest databases.
	 
	 	•	 	Grassi Oldsmobile-Cadillac, Inc., located at 53 West Putnam Avenue, was identified in
the SDADB, UST and CT manifest databases.
	 
	 	•	 	Bestever Valet, Inc., located at 69 Greenwich Avenue, was identified in the RCRA-SQG
list database. However, Bestever Cleaners is present at that location.
	 
	 	•	 	Hilltop Texaco, located at 69 West Putnam Avenue, was identified in the CT manifest
database.
	 
	 	•	 	Sunoco Service Station, located at 23 West Putnam Avenue, was identified in the RCRA-SQG
and UST databases.

Based on the results of the Phase I ESA, URS recommends the following activities regarding the
identified RECs and AOCs:

	 	•	 	Best management practices should be used to contain potential spills that may occur in
the storage area for the 5-gallon containers. The size of the containment system should be
150

	 	 	 	 	 
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	 	 	 	percent of the amount of the stored material.
	 
	 	•	 	The garage generator should be equipped with a drip pan capable of containing the
contents of the lubrication system in the event of a release.

	 	 	 	 	 
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1.0 INTRODUCTION

URS Corporation AES (URS) conducted a Phase I Environmental Site Assessment (Phase I ESA) of the
property located at 100 West Putnam Avenue, Greenwich, Connecticut (the “Site” or “subject
property”). The Phase I ESA was conducted to identify if Recognized Environmental Conditions
(RECs) are present at the subject property. The Phase I ESA was conducted in general accordance
with the methods and procedures described in the American Society for Testing and Materials (ASTM)
“Standard Practice for Site Assessments: Phase I Environmental Site Assessment Process” (E 1527-00
as currently amended). The Phase I ESA was conducted pursuant to, and in accordance with, URS’
October 13, 2006 Proposal HAR-148-1411. The Phase I ESA’s objectives, scope and limitations are
presented in the following sections.

1.1 OBJECTIVE

The objective of URS’ Phase I ESA was to determine if RECs are present that may impact the subject
property. ASTM E 1527-00 defines a REC as:

“The presence or likely presence of any hazardous substances or petroleum products
on a property under conditions that indicate an existing release, a past release, or
a material threat of a release of any hazardous substances or petroleum products
into structures on the property or into the ground, groundwater or surface water of
the property. The term includes hazardous substances or petroleum products even
under conditions in compliance with laws. The term is not intended to include de
minimis conditions that generally do not present a material risk of harm to public
health or the environment and that generally would not be the subject of an
enforcement action if brought to the attention of appropriate governmental
agencies.”

	 	 	 	 	 
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1.2 SCOPE OF WORK

The Scope of Work for the Phase I ESA consisted of an inspection of the subject property and nearby
area, review of readily available regulatory information concerning the subject property and other
nearby properties of environmental concern, interviews with persons familiar with the history of
the subject property, and preparation of a report detailing URS’ results and conclusions. This
assessment was prepared in general conformance with the methods and procedures described in ASTM
Standard E 1527-00. Curricula vitae for URS personnel involved in the preparation of this report
are presented in Appendix A.

1.3 LIMITING CONDITIONS

URS’ Site inspection included a walking inspection of the site and surrounding and adjacent
properties, including those properties identified in the environmental database search. No
conditions were encountered during the performance of the Phase I ESA that might limit URS’ ability
to complete the scope of work.

1.4 LIMITATIONS OF THE ASSESSMENT

The Phase I ESA was prepared in general accordance with the methods and procedures described in the
ASTM “Standard Practice for Site Assessments: Phase I Environmental Site Assessment Process” (E
1527-00 as currently amended). The work conducted by URS is limited to the services agreed to with
Mr. Gerard Smith of UST Inc., and no other services beyond those explicitly stated should be
inferred or are implied.

URS’ Phase I ESA is limited to: visual observations of Site conditions on the day inspected; review
of readily available and relevant data; and, statements made and information provided by the
client, his agents, outside parties, and regulatory agencies. URS has exercised due and customary
care in the conduct of its assessment, but in cases where it was not reasonably ascertainable,
information provided by others was not independently verified. The Phase I ESA is a limited and
non-exhaustive

	 	 	 	 	 
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survey that is intended to evaluate whether readily available information indicates that the
historic or current use of the subject property resulted in contamination by hazardous substances
or waste. As a result, without a comprehensive sampling and analysis program or implementation of
services beyond the original scope of work, certain conditions, including, but not limited to those
summarized below, may not be revealed:

	 	•	 	Naturally occurring toxic substances or elements found in the subsurface soils, rocks, or water;
	 
	 	•	 	Toxic substances commonly found in current habitable environments, such as stored household products, building
materials, and consumables;
	 
	 	•	 	Biological or infectious agents and pathogens;
	 
	 	•	 	Contaminant plumes (liquid or gaseous) below the surface from a remote or unknown source;
	 
	 	•	 	Contaminants or conditions that do not violate current regulatory standards, but may violate such standards in the
future; and,
	 
	 	•	 	Unknown, unreported, and not readily visible site contamination.

This report has been prepared for UST Inc. and it should be emphasized that conditions at the
subject property can change over time. The use of this report by third parties shall be at their
own risk. This report is intended to be used in its entirety, and no excerpts may be taken to be
representative of the findings of this assessment.

	 	 	 	 	 
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2.0 SITE DESCRIPTION

Information concerning the subject property was obtained from an interview with Mr. Gerard Smith
and Mr. Karl Boldt, of UST Inc., and a site inspection conducted by Ms. Alicia Sidlik of URS on
October 17, 2006. Additional information was obtained from a review of the documents referenced in
this report.

2.1 PHYSICAL LOCATION AND DESCRIPTION OF PROPERTY

According to the Assessor’s card, the subject property is located at 100 West Putnam Avenue in a
mixed use area of the Town of Greenwich, Connecticut. The Site is bordered to the west and
southwest by Field Point Road; to the north and northwest by West Putnam Avenue; to the east by
Benedict Place and further east by a residential building. The Site is 2.743-acres in size and
improved with an approximately 270,000 square-feet, four multi-story buildings used to house the
offices of UST Inc. According to information collected during the Site reconnaissance, the main
building was constructed in 1970 and with the expansion in 1980 the building consists of
approximately 260,500 square feet. A Site Location Map and Site Layout Map of the subject property
are presented as Figures 1 and 2, respectively.

2.2 ENVIRONMENTAL SETTING

Environmental characteristics including topography, geology and hydrogeology were evaluated based
on Site observations, published literature and maps.

2.2.1 Topography

According to the United States Geological Survey (USGS) Glenville, Connecticut, 7.5-minute series
quadrangle map (1960, Photo revised 1971), the subject property is located at an approximate
elevation of 125 feet above mean sea level. The Site is relatively flat with a downward
topographical

	 	 	 	 	 
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gradient southwest towards Field Point Road. The general topography of the surrounding properties
slopes in the same direction.

2.2.2 Geology/Hydrogeology

According to the Surficial Materials Map of Connecticut (Stone, et al., 1992), surficial materials
at the subject property consist of thin till. Areas of thin till are areas where till is generally
less than 10 to 15 feet thick and include areas of bedrock outcrop where till is absent. The
surficial materials consist of predominantly upper till; are loose to moderately compacted;
generally sandy, and are commonly stony. Two facies are present in some places; a looser,
coarse-grained ablation facies, melted out from supraglacial position; and a more compact
finer-grained lodgement facies deposited subglacially. In general, both facies of upper till
derived from the red Mesozoic sedimentary rocks of the central lowland of Connecticut are
finer-grained, more compact, less stony and have fewer surface boulders than upper till derived
from crystalline rocks of the eastern and western highlands. According to the Bedrock Geologic Map
of Connecticut (Rodgers, 1985), bedrock beneath the unconsolidated sediments is the Golden Hill
Schist. The bedrock is described as gray to silvery, medium- to coarse-grained schist and
granofels.

According to the Connecticut Department of Environmental Protection (CT DEP) Environmental GIS DATA
for Connecticut, 2005 Edition, groundwater at the subject property is
classified as GA. Groundwater classified as GA groundwater is presumed to be, at a minimum, suitable for drinking or
other domestic uses without treatment.

Based on observations of the general topography of the Site and surrounding properties, shallow
groundwater flow at the Site likely flows north to southwest toward Horseneck Brook

2.2.3 Soils

According to the Soil Survey of Fairfield County, soils at the subject property are classified as
Urban land. This map unit consists of land where more than 85 percent of the surface is covered by

	 	 	 	 	 
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streets,
parking lots, buildings, and other structures. The areas are mostly in densely populated regions of
the county, and they are mostly 5 to 30 acres.

Most of the original soils underlaying Urban land have been altered by excavating or have been
covered with fill material. Included with this map unit in mapping are small, intermingled areas of
Urorthents. Included areas make up to 10 percent of this map unit. This unit requires on-site
investigation and evaluation of most uses.

2.2.4 Surface Water

According to the USGS topographic map, the nearest surface water body is Horseneck Brook located
approximately 1,200 feet to the west of the Site. According to the CT DEP Environmental GIS DATA
for Connecticut, 2005 Edition, the surface water quality of Horseneck Brook is Class B/A. Class B
surface water is designated for habitat for fish and other aquatic life and wildlife; recreation;
navigation; and industrial and agricultural water supply. In this case, the surface water has a
goal of Class A. Reaching this goal would designate the surface waters as existing or proposed
drinking water supplies; habitat for fish and other aquatic life and wildlife; recreation;
navigation; and industrial and agricultural water supply.

2.2.5 Wetland Area

No wetlands were observed on the subject property.

	 	 	 	 	 
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3.0 SITE INSPECTION

Ms. Alicia Sidlik of URS conducted an inspection of the subject property on October 17, 2006. Mr.
Gerard Smith and Karl Boldt, of UST Inc., accompanied URS during the inspection. URS’ inspection
included a walking inspection of the interior and exterior portions of the Site. Photographs of the
subject property were not taken due to a malfunction of the digital camera. The subject property
was revisited on October 19, 2006 and photographs of the property were taken. A photographic log is
included in Appendix B.

3.1 CURRENT USES OF THE PROPERTY

Currently, the Site is improved with multi-story buildings with approximately 270,000 square-foot
office space occupied by UST Inc. The remainder of the Site is covered with asphalt paved parking
areas, landscaping and manicured lawn.

3.2 EXTERIOR AND INTERIOR SITE OBSERVATIONS

The subject property is currently developed with an approximately 260,500 square-foot four-story
commercial building originally constructed in 1970 that was expanded in 1980. Two additional
structures are located on the property; a small museum near the entrance to the property used as
office space (2,700 square-feet) and a residential/commercial building (17 Field Point Road -
(6,600 square-feet).

The four-story building is constructed with a parking garage on the first floor with concrete,
glass and fiberglass exterior walls. The 1970 building has a flat girder roof covered with rubber
roofing material while the 1980 building is covered with recently installed asphaltic rolled
roofing material. The interior of the building has been divided into administrative offices. The
office areas are mixed carpet and tile with drop ceilings. The remainder of the subject property
is covered with asphalt parking areas, landscaping and manicured lawn. Heating, ventilation and air
conditioning is managed with rooftop units and natural gas-fired boilers.

	 	 	 	 	 
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3.2.1 Hazardous Substances and Oil

URS observed small amounts of hazardous substances stored on the property. These substances
consisted of two 5-gallon containers of dichlorotrifluoroethene, three 5-gallon containers of
glycol and two large and two small cylinders of halon. Stored substances are taken off-site by
contractors who service equipment in the buildings. Batteries and ballasts used on-site are stored
outside the office building on the loading dock in the garage area. The universal wastes are
removed and recycled by WERecycle.

3.2.2 Hazardous and Special Regulated Waste Generation

No hazardous or special regulated waste is generated at the Site. The Site was not identified as a
Resource Conservation and Recovery Act (RCRA) generator of hazardous wastes in the Environmental
Data Resources (EDR) report.

3.2.3 Underground/Aboveground Storage Tanks

URS did not observe underground or above ground storage tanks (USTs or ASTs) or evidence of USTs or
ASTs during the Site visit. According to the Mr. Gerard Smith the property is serviced by natural
gas and electric.

3.2.4 Drums and Containers

URS observed two 5-gallon containers of dichlorotrifluoroethene, three 5-gallon containers of
glycol and two large and two small cylinders of halon. No evidence of spills or releases on the
surface around the containers was observed.

	 	 	 	 	 
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3.2.5 Polychlorinated Biphenyls (PCB)-Containing Equipment

No PCB-containing equipment was observed on the Site. Electrical power is supplied to the Site by
underground utilities. URS did not observe any transformers at the Site. Given the date of
construction (1970) it is possible fluorescent light ballasts used during the original
construction, if still present, may contain PCBs.

During the replacement of a 200 parts per million (ppm) PCB transformer on February 23, 1995, an
estimated amount of one gallon of oil was spilled onto the floor of the concrete subgrade vault.
This area was triple washed by the utility company. Reportedly, the replacement transformers do not
contain PCB oil.

3.2.6 Solid Waste Generation

Solid waste generated at the Site is typical for the Site activity. There are two trash dumpsters
located at the Site which are located in the northwestern corner of the Site. One is used for
general trash while the other is used for cardboard only.

3.2.7 Air Emission Sources

URS did not observe any air emission sources at the subject property.

3.2.8 Drains and Sumps

Except for the floor drain in the kitchen, URS did not observe any floor drains at the Site. A
sump pump located in Level D in Building 2 parking garage collects stormwater and discharges to
Town storm drains.

Storm drains were observed in the paved driveway and parking area on the west and south sides of
the site building. The storm drain flows to the municipal storm sewer.

	 	 	 	 	 
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3.2.9 Sanitary and Industrial Wastewater Discharges

According to Mr. Boldt, the Site and surrounding properties are connected to municipal sewer.
Sanitary wastewater discharged from the Site flows to the sanitary sewer.

3.2.10 Wells

No wells were observed at the subject property during the site reconnaissance. Mr. Boldt had no
knowledge of any wells located on the Site.

3.2.11 Asbestos Containing Materials

URS did not observe any suspect asbestos containing materials (ACMs) during the Site visit. An
asbestos survey was conducted around 1996. The roof on Building 2 was replaced in 2006. There is no
asbestos-containing material (ACM) in Building 2. Reportedly, most ACM has been removed from
Building 1.

3.2.12 Pits, Ponds and Lagoons

No pits ponds or lagoons were observed on the Site.

3.2.13 Other Physical Evidence of Contamination

No other physical evidence of contamination was observed at the subject property during the Site
inspection.

	 	 	 	 	 
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3.2.14 Emergency Generators

An emergency generator is located in the garage of Building 1. There was a small area of staining
from a leaking gasket on this generator.

3.2.15 Other Environmental Concerns

According to FIRM Map 090008 0010 B, the Site is not located in an area which is classified as a
flood zone.

	 	 	 	 	 
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4.0 ADJOINING AND SURROUNDING LAND USE

URS performed a visual inspection of readily visible areas of adjacent properties. The following
description of the current uses of adjoining properties and surrounding properties of potential
environmental concern is based on URS’ observations on the date of the inspection.

4.1 CURRENT USES OF ADJOINING PROPERTIES

The subject property is located in an area consisting primarily of residential/commercial use
properties. The adjoining property to the northeast is developed as an office and shopping mall.
The property is bound to the east by Benedict Place. Across West Putnam Avenue to the west is the
Greenwich Library. The adjoining properties to the south are residential/commercial.

4.2 SURROUNDING PROPERTIES OF POTENTIAL ENVIRONMENTAL CONCERN

Based on the Site inspection, surrounding former properties present an REC to the subject property.
Although the establishments are no longer in business, the potential for these properties to have
created a REC exists:

	 	•	 	Hilltop Texaco, located at 69 West Putnam Avenue, is identified in the CT Manifest
database. According to the database, United Industrial Service doing business as Advanced
Liquid Recovery transported waste on October 5, 1992 under manifest CT F006 7350. The
nature and quantity of the waste was not listed in the EDR report.
	 
	 	•	 	Grassi Oldsmobile — Cadillac, Inc. is identified in the UST, CT property and SDADB
databases. According to the UST database, a 500-gallon UST was previously used for
gasoline and has been permanently closed and removed from the site. The UST was installed
in January 1971 and last used in October 1993. A second 500-gallon UST, installed in
January 1993, has been permanently closed and removed from the site. Two 550-gallon

	 	 	 	 	 
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	 	 	 	USTs were previously used for diesel and have been permanently closed and removed from the site.
The USTs were installed in January 1958 and removed in January 1980 and January 1984. A
2,000-gallon UST was previously used for gasoline and has been permanently closed and
removed from the site. The UST was installed in January 1980 and last used in October 1993.
	 
	 	 	 	Four USTs are still in service on the property: two 550-gallon USTs (listed for other
contents) were installed in January 1958; one 550-gallon UST, used for used oil, was
installed in January 1958; and one 2,000-gallon UST, used for gasoline was installed in
January 1980. All of these USTs are steel and are beyond their recommended life span (15
years).
	 
	 	•	 	Greenwich Cadillac Olds, Inc is identified in the RCRA-SQG, FINDS, CT Manifest and NY
manifest databases. According to the CT manifest and NY manifest databases, non-listed
ignitable wastes (D001) and glass were disposed on June 18, 1993. Greenwich Cadillac Olds,
Inc. is listed as a small quantity generator of hazardous waste.

However, in accordance to the Policy On Up Gradient Contamination, dated August 28, 1998, it is the
policy of the Connecticut Department of Environmental Protection that a down gradient property
owner is not responsible for remediating groundwater contamination flowing onto his or her property
from another site, as long as the contamination is present solely as a result of the off-site
source(s).

	 	 	 	 	 
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5.0 HISTORIC SITE AND SURROUNDING PROPERTY CONDITIONS

5.1 CURRENT AND PRIOR OWNERSHIP

Based on tax assessment records obtained from the Town of Greenwich Assessor’s office, the subject
property is currently owned by UST Inc., which purchased the Site in 1970. Prior to the
construction of the office building, the property was used by the Mead Elkanah Agency, Inc. and
John P. Kirwan and Son Real Estate. Since 1909 the property was used for residential dwellings.
Ownership history of the residence was not researched. Copies of information obtained from the
Assessor’s office are included in Appendix C.

5.2 AERIAL PHOTOGRAPHS

URS contracted with EDR to provide historical aerial photographs of the subject property.
Historical aerial photographs for 1953, 1963, 1979, 1985 and 1994 were available subject site. The
aerial photographs are summarized below. Copies of the aerial photographs are included as Appendix
D.

	1953	 	The subject property is developed with residential dwellings. The adjacent properties to the
south, east and west have been developed and appear to be a mix of residential and commercial
buildings.
	 
	1963	 	The subject property appears much the same as the 1953 photograph.
	 
	1979	 	The subject property is developed with a building. Adjacent properties to the north, south,
east and west indicate additional development in the area.
	 
	1985	 	The subject property is developed with an additional building added to the Site. The
adjacent properties to the north, south, east and west show additional development.

	 	 	 	 	 
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	1994	 	The subject property is developed as observed during the Site reconnaissance. The adjacent
properties to the north, south, east and west appear the same as in the 1985 photograph.

5.3 SANBORN MAPS

URS contracted with EDR to provide Sanborn Maps from their internal collection. Sanborn Maps
available for the subject property included the years 1906, 1912, 1920, 1950, 1990 and 1992 through
1996. Copies of the Sanborn Maps are included as Appendix E.

	1906	 	The subject property occupied by one building which is shown as “The Annex”. This building is
part of “The Maples which is a boarding house.
	 
	1912	 	The subject property remains occupied by “The Maples Annex” with several dwellings on the
southern portion of the property. Benedict Place is shown as a new street to the north of the
property.
	 
	1920	 	The subject property is similar to the 1912 map. Adjacent adjoining properties appear to
remain unchanged from the 1912 map.
	 
	1950	 	The subject property is similar to the 1920 map. Three new small office buildings are located
on the west side of the subject property near the junction of West Putnam Avenue and Field
Point Road. Adjacent adjoining properties appear to remain unchanged from the 1920 map.
	 
	1990	 	The subject property is shown with a large office building on the eastern portion. The
“museum” building which was one of the three new buildings shown on the 1950 map still
remains. Adjacent adjoining properties appear to remain unchanged from the 1950 map. There is
one new building to the south of the large office building on the adjacent property.
	 
	1992	 	The subject property is similar to the 1990 map. Adjacent adjoining properties appear to
remain unchanged from the 1990 map.

	 	 	 	 	 
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	1993	 	The subject property is similar to the 1992 map. Adjacent adjoining properties appear to
remain unchanged from the 1992 map.
	 
	1994	 	The subject property is similar to the 1993 map. Adjacent adjoining properties appear to
remain unchanged from the 1993 map.
	 
	1995	 	The subject property is similar to the 1994 map. Adjacent adjoining properties appear to
remain unchanged from the 1994 map.
	 
	1996	 	The subject property is similar to the 1995 map. Adjacent adjoining properties appear to
remain unchanged from the 1995 map.

5.4 HISTORICAL TOPOGRAPHIC MAPS

URS contracted with EDR to provide historical topographic maps for the subject property.
Historical topographic maps were available for 1899, 1947, 1960 and 1971. The historical
topographic maps are summarized below and included in Appendix F.

	1899	 	The subject property and the surrounding area to the northeast are lightly developed on the
1899 topographic map. The adjacent properties to the south and northwest are undeveloped.
	 
	1947	 	The subject property remains lightly developed. The adjacent properties show significant
changes from the 1899 topographic map. Greenwich High School is present to the south of the
subject property and a significant amount of structures are in the surrounding area.
	 
	1960	 	The subject property remains lightly developed and the surrounding area is shown as urban
development.

	 	 	 	 	 
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	1971	 	The subject property is similar to the 1960 map; however Benedict Place and Lewis Street are
now present to the east. Adjacent adjoining properties appear to remain unchanged from the
1960 topographic map.

5.5 CITY DIRECTORY ABSTRACT

URS contracted with EDR to provide a City Directory Abstract for the subject property. The subject
property address was not identified in the City Directory Abstract until 1961 when it was
identified as The Mead Elkanah Agency Inc. and John P. Kirwan & Son Real Estate. In 1971 the
subject property housed U. S. Tobacco Company, the Junior League of Greenwich Connecticut Inc and
the Community Answers Association. In 1980 the subject property continued to house the U. S.
Tobacco Company and corporate offices. The City Directory for 1991 indicates that the U. S. Tobacco
Company and U. S. T. Marketing Communications occupy the property. Adjoining properties identified
in the City Directory Abstract include undeveloped and mixed commercial. According to the City
Directory, as of 1961, the Greenwich Town Library is listed as 101 West Putnam Avenue. The
Greenwich Exxon Service Center Inc. is listed at 111 West Putnam Avenue since 1980. In addition to
the Exxon Service Center, in 1991 the City Directory lists Fitzsimmons Automotive, Greenwich
Automotive Service, Inc. and Hub Mobile Services, Inc. at the 111 West Putnam Avenue address. A
copy of the City Directory Abstract is included as Appendix G.

	 	 	 	 	 
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6.0 REGULATORY AGENCY REVIEW

6.1 ENVIRONMENTAL DATABASES REVIEW

URS reviewed information gathered from several environmental databases by EDR to evaluate whether
activities on, or near, the subject property have the potential to create a REC on the subject
property. EDR reviews databases compiled by federal, state, and local governmental agencies. The
complete list of databases reviewed by EDR is provided in EDR’s report dated October 13, 2006 and
is included as Appendix H. It should be noted that this information is reported as URS received it
from EDR, which in turn reports information as it is provided in various government databases. It
is not possible for either URS or EDR to verify the accuracy or completeness of information
contained in these databases. However, the use of and reliance on this information is a generally
accepted practice in the conduct of environmental due diligence.

The databases searched and the information obtained is summarized in the table below:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Number
	Type of	 	 	 	Search	 	of Sites
	Database	 	Description of Database/Effective Date Reported	 	Radius	 	Identified
	 
	 	 	 	 	 	 	 	 
	NPL

	 	The National Priorities List (NPL) identifies uncontrolled or abandoned
hazardous waste sites. To appear on the NPL, sites must have met or
surpassed a predetermined hazard ranking system score, been chosen as a
state’s top priority site, pose a significant health or environmental
threat, or be a site where the EPA has determined that remedial action is
more cost-effective than removal action.

Effective Date: 7/06.
	 	1 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	Proposed NPL

	 	Proposed NPL sites

Effective Date: 7/06.
	 	1 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	CERCLIS

	 	The Comprehensive Environmental Response, Compensation, and Liability
Information System (CERCLIS) database identifies hazardous waste sites
that require investigation and possible remedial action to mitigate
potential negative impacts on human health or the environment.

Effective Date: 6/06.
	 	1/2 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	CERCLIS-NFRAP

	 	The CERCLIS “No Further Remedial Action Planned” database identifies
sites removed from CERCLIS. NFRAP sites may be sites where, following an
initial investigation, no contamination was found, contamination was
removed quickly without the need for the site to be placed on the NPL, or
the contamination was not serious enough to require Federal Superfund
action or NPL consideration. This is part of the Brownfields
Redevelopment Program, begun in 1995.

Effective Date: 7/06.
	 	1/2 mile
	 	 	0	 

	 	 	 	 	 
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	 	 	 	 	 	 	Number
	Type of	 	 	 	Search	 	of Sites
	Database	 	Description of Database/Effective Date Reported	 	Radius	 	Identified
	 
	 	 	 	 	 	 	 	 
	RCRA TSDs

	 	Sites which generate, transport, store, treat, and/or dispose (TSD) of
hazardous waste as defined by the Resource Conservation & Recover Act
(RCRA).

Effective Date: 6/06.
	 	1/2 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	RCRA Generators

	 	RCRA-regulated hazardous waste generator notifiers list; both Large and
Small Quantity Generators are included in this list.

Effective Date: 6/06.
	 	1/4mile
	 	 	9	 
	 
	 	 	 	 	 	 	 	 
	RCRA CORRACTS

	 	Hazardous Waste handlers with RCRA corrective action activity.

Effective Date: 3/06.
	 	1 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	MANIFEST

	 	Connecticut Department of Environmental Protection’s Hazardous Waste
Manifest Data (Manifest) is a list of hazardous waste manifest data.

Effective Date: 12/04.
	 	1/4 mile
	 	 	12	 
	 
	 	 	 	 	 	 	 	 
	FINDS

	 	EPA’s Facility Index System/Facility Registry System (FINDS) is a list of
information and pointers to other sources that contain mores detail.

Effective Date: 7/06.
	 	Target Property
	 	TP

	 
	 	 	 	 	 	 	 	 
	SHWS

	 	State Inventory of Hazardous Waste Disposal Sites (SHWS)

Effective Date: 8/06.
	 	1 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	SDADB

	 	State Site Discovery and Assessment Database (SDABD) lists sites reported
to the Permitting Enforcement and Remediation Division where it is
suspected that hazardous waste may have been disposed, or sites eligible
for SHWS

Effective Date: 8/06.
	 	1/2 mile
	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	CT PROPERTY

	 	State Property Transfer Filings of hazardous waste establishments (e.g.,
generators) sold to another owner.

Effective Date: 8/06.
	 	Target Property
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	SWF/LS

	 	State inventory of solid waste disposal facilities, landfills, and
transfer stations.

Effective Date: 8/06.
	 	1 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	LUST

	 	List of information pertaining to reported leaking storage tank incidents.

Effective Date: 9/06.
	 	1/2 mile
	 	 	32	 
	 
	 	 	 	 	 	 	 	 
	UST

	 	State storage tank sites listing includes both aboveground and
underground petroleum bulk storage and chemical bulk storage tanks.

Effective Date: 7/06.
	 	1/4 mile
	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	SWRCY

	 	Recycling facilities.

Effective Date: 8/06.
	 	1/2 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	CT LWDS

	 	State Leachate and Wastewater Discharge Sites includes surface and
groundwater discharges that were 1) permitted, 2) historic and now
defunct, or 3) accidental spills, leaks or discharges of liquid or solid
waste.

Effective Date: 9/99.
	 	1 mile
	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	SPILLS

	 	State Oil and Chemical Spill Database.

Effective Date: 8/06.
	 	Target Property
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	VCP

	 	Voluntary Remediation Sites

Effective Date: 8/06.
	 	1/2 mile
	 	 	1	 
	 
	 	 	 	 	 	 	 	 
	CONSENT

	 	Major legal settlements that establish responsibility and standards for
cleanup at NPL (superfund) sites. Released periodically by U.S. District
Courts after settlement by parties to litigation matters.

Effective Date: 12/04.
	 	1 mile
	 	 	0	 
	 
	 	 	 	 	 	 	 	 
	RODS

	 	Record of Decision. ROD documents mandate a permanent remedy at an NPL
(superfund) site containing technical and health information to aid the
cleanup.

Effective Date: 7/06.
	 	1 mile
	 	 	0	 

The subject property was not identified in the databases searched by EDR. There was a release
of

	 	 	 	 	 
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approximately one gallon of oil from a PCB-transformer. The Connecticut Department of Environmental
Protection (CT DEP) was notified for a variance, but none was reportedly necessary.

The following former adjacent and immediately surrounding properties were identified in the EDR
report. Although the establishments are no longer in business, the potential for these properties
to have created a REC exists:

	 	•	 	Hilltop Texaco, located at 69 West Putnam Avenue, is identified in the CT Manifest
database. According to the database, United Industrial Service doing business as Advanced
Liquid Recovery transported waste on October 5, 1992 under manifest CT F006 7350. The
nature and quantity of the waste was not listed in the EDR report.
	 
	 	•	 	Grassi Oldsmobile — Cadillac, Inc. is identified in the UST, CT property and SDADB
databases. According to the UST database, a 500-gallon UST was previously used for
gasoline and has been permanently closed and removed from the site. The UST was installed
in January 1971 and last used in October 1993. A second 500-gallon UST, installed in
January 1993, has been permanently closed and removed from the site. Two 550-gallon USTs
were previously used for diesel and have been permanently closed and removed from the site.
The USTs were installed in January 1958 and removed in January 1980 and January 1984. A
2,000-gallon UST was previously used for gasoline and has been permanently closed and
removed from the site. The UST was installed in January 1980 and last used in October 1993.
	 
	 	 	 	Four USTs are still in service on the property: two 550-gallon USTs (listed for other
contents) were installed in January 1958; one 550-gallon UST, used for used oil, was
installed in January 1958; and one 2,000-gallon UST, used for gasoline was installed in
January 1980. All of these USTs are steel and are beyond their recommended life span (15
years).
	 
	 	•	 	Greenwich Cadillac Olds, Inc is identified in the RCRA-SQG, FINDS, CT Manifest and NY
manifest 

	 	 	 	 	 
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	 	 	 	databases. According to the CT manifest and NY manifest
databases, non-listed ignitable wastes (D001) and glass were disposed on June 18, 1993. Greenwich Cadillac Olds,
Inc. is listed as a small quantity generator of hazardous waste.

Based on the data presented in the EDR report, proximity, and the hydrogeologic location of the EDR
listed sites relative to the subject property, the following former properties of potential
environmental concern were identified. . Although the establishments are no longer in business,
the potential for these properties to have created a REC exists:

	 	•	 	Greenwich Cadillac Olds, Inc., located at 53 West Putnam Avenue, was identified in the
RCRA-SQG and CT manifest databases.
	 
	 	•	 	Grassi Oldsmobile-Cadillac, Inc., located at 53 West Putnam Avenue, was identified in
the SDADB, UST and CT manifest databases.
	 
	 	•	 	Bestever Valet, Inc., located at 69 Greenwich Avenue, was identified in the RCRA-SQG
list database. However, Bestever Cleaners is present at that location.
	 
	 	•	 	Hilltop Texaco, located at 69 West Putnam Avenue, was identified in the CT manifest
database.
	 
	 	•	 	Sunoco Service Station, located at 23 West Putnam Avenue, was identified in the RCRA-SQG
and UST databases.

Although the above sites have the potential to have created a REC on the subject property, in
accordance with the CT DEP Policy on Upgradient Contamination, a downgradient property owner is not
responsible for remediating groundwater contamination flowing onto his or her property from another
site, as long as the contamination is present solely as a result of the off-site source(s).

	 	 	 	 	 
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6.2 REGULATORY AGENCY CONTACT

During the performance of an environmental assessment, federal, state and local regulatory agencies
having jurisdiction over the subject property are contacted to determine the following information:
the status of relevant environmental permits; whether there have been any violations, or other
similar correspondence from such agencies; whether any corrective action or remediation is planned,
currently taking place, or has been completed at the subject property; whether there have been any
reported violations or complaints that the subject property is not in compliance with environmental
laws, regulations, or standards, and whether the subject property is under investigation for such
non-compliance; whether the subject property is listed on any of the regulatory databases; and
whether there is any other pertinent documentation on file with such regulatory agencies regarding
the subject property or surrounding sites of concern. Regulatory agencies contacted and a summary
of the information obtained from these agencies is included in the following sections.

On October 17, 2006, URS contacted the Town of Greenwich Tax Assessor’s office, Building
Department, Fire Marshall, Engineering Department and Clerk’s office to obtain information
pertaining to the subject property. Copies of these documents are included in Appendix C.

According to the Assessor’s records, the subject property is 2.743-acres. The Assessor’s records
indicate the subject property is owned by UST Inc. Personnel at the Engineers office stated that
the Site and all surrounding properties are currently serviced with public water and municipal
sewer and have been since buildings were constructed in this area. The Building Department had no
records relating to the environmental quality of the Site. The Fire Marshal’s office was contacted
and a request for information has been submitted. The response from the Greenwich Fire Department
stated that the files show nothing on record for USTs, ASTs or spills for the subject property.
UST Inc. took ownership of the site in 1970. Prior to that time the property was developed with
residential dwellings. No other relevant information was obtained by this records review.

	 	 	 	 	 
	Phase I Environmental Site Assessment

	 	 	 	100 West Putnam Avenue, Greenwich, CT
	URS Corporation AES

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	 	October 20, 2006

 

7.0 CONCLUSIONS

URS has performed a Phase I ESA in conformance with the scope and limitations of the USEPA 30 Part
12 Standards and Practices for All Appropriate Inquiries and ASTM Practice E 1527-00 of the
2.743-acre parcel located at identified 100 West Putnam Avenue, Greenwich Connecticut. URS’
conclusions and recommendations are presented below.

7.1 ON-SITE RECOGNIZED ENVIRONMENTAL CONDITIONS

URS identified the following RECs at the subject property during the site reconnaissance.

	 	•	 	A small area of staining caused by a leaking gasket from a natural gas garage generator.
The garage generator was not located within an area capable of containing spills or
overfills, or the contents of the generator if a release were to occur.
	 
	 	•	 	The release of approximately one-gallon of PCB oil from a former transformer that was
cleaned by the utility company is considered a historical REC.

The following Areas of Concern (AOC) was observed during the site reconnaissance.

	 	•	 	Hazardous substances and petroleum products used in servicing HVAC equipment are stored
on the property until used by contractors who service equipment. No visible evidence of
spills or releases was observed on the storage surface immediately surrounding the
containers. However, the containers were not stored on a secondary containment device.

Based on the results of the Phase I ESA, URS recommends the following activities regarding the
identified RECs and AOC:

	 	 	 	 	 
	Phase I Environmental Site Assessment

	 	 	 	100 West Putnam Avenue, Greenwich, CT
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	 	23
	 	October 20, 2006

 

	 	•	 	Best management practices should be used to contain potential spills that may occur in
the storage area for the 5-gallon containers. The size of the containment system should be
150 percent of the amount of the stored material.
	 
	 	•	 	The garage generator should be equipped with a drip pan capable of containing the
contents of the lubrication system in the event of a release.

7.2 OFF-SITE RECOGNIZED ENVIRONMENTAL CONDITIONS

URS identified the following former off-Site properties with the potential to create a REC at the
subject property. The RECs are discussed in greater detail above in the report.

	 	•	 	Greenwich Cadillac Olds, Inc., located at 53 West Putnam Avenue, was identified in the
RCRA-SQG and CT manifest databases.
	 
	 	•	 	Grassi Oldsmobile-Cadillac, Inc., located at 53 West Putnam Avenue, was identified in
the SDADB, UST and CT manifest databases.
	 
	 	•	 	Bestever Valet, Inc., located at 69 Greenwich Avenue, was identified in the RCRA-SQG
list database.
	 
	 	•	 	Hilltop Texaco, located at 69 West Putnam Avenue, was identified in the CT manifest
database.
	 
	 	•	 	Sunoco Service Station, located at 23 West Putnam Avenue, was identified in the RCRA-SQG
and UST databases.

Although the above sites have the potential to have created a REC on the subject property, in
accordance with the CT DEP Policy on Upgradient Contamination, a downgradient property owner is
not responsible for remediating groundwater contamination flowing onto his or her property from

	 	 	 	 	 
	Phase I Environmental Site Assessment

	 	 	 	100 West Putnam Avenue, Greenwich, CT
	URS Corporation AES

	 	24
	 	October 20, 2006

 

another site, as long as the contamination is present solely as a result of the off-site source(s).

	 	 	 	 	 
	Phase I Environmental Site Assessment

	 	 	 	100 West Putnam Avenue, Greenwich, CT
	URS Corporation AES

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8.0 REFERENCES

Interview: Mr. Gerard Smith and Karl Boldt, UST Inc. October 17, 2006.

Town of Greenwich Building Department, Assessors Office, Clerks Office, Engineers Office, reviewed
October 17, 2006.

Environmental Data Resources EDR Historical Topographic Map Report, Inquiry No. 1775231.4, UST
Inc., 100 West Putnam Avenue, Greenwich, CT. October 16, 2006

Environmental Data Resources EDR City Directory Abstract, Inquiry No. 1775231.6, UST Inc., 100 West
Putnam Avenue, Greenwich, CT. September 13, 2006

Environmental Data Resources Radius Map, Inquiry No. 1775231.2s, UST Inc., 100 West Putnam Avenue,
Greenwich, CT. October 13, 2006

Environmental Data Resources Sanborn Map Report, Inquiry No. 1775231.3s, UST Inc., 100 West Putnam
Avenue, Greenwich, CT. October 13, 2006

Environmental Data Resources Aerial Photo Decade Package, Inquiry No. 1775231.5, UST Inc., 100 West
Putnam Avenue, Greenwich, CT. October 13, 2006

Connecticut Department of Environmental Protection Environmental GIS Data for Connecticut,
2005 Edition.

Soil Survey of Fairfield County, Connecticut, United States Department of Agriculture, Soil
Conservation Service, 1981.

Surficial Material Map of Connecticut, Stone, et al, State of Connecticut Department of
Environmental Protection Geological and Natural History Survey, 1992.

	 	 	 	 	 
	Phase I Environmental Site Assessment

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Bedrock Geologic Map of Connecticut, John Rodgers, United States Department of Interior, U.S.
Geological Survey, 1985.

U.S. Geological Survey Map, 1961 (revised 1971), 7.5 Minute Topographic Map of Glenville, CT
Quadrangle.

	 	 	 	 	 
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EXHIBIT I

LEASE

J-1

 

LEASE

	 	 	 	 	 	 	 
	LANDLORD:
	 	 	 	 	 	 
	 

	 	 

	 	 	 	 
	 
	 	 	 	 	 	 
	TENANT:

	 	U.S.T., INC.	 	 	 	 
	 
	 	 	 	 	 	 
	ADDRESS OF PREMISES:

	 	100 West Putnam Avenue	 	 	 	 
	 

	 	Greenwich, Connecticut	 	 	 	 
	 
	 	 	 	 	 	 
	DATE OF LEASE:

	 	 	,	2007	 	 
	 

	 	 

	 	 	 	 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Articles	 	Page	 
	 

	ARTICLE 1
	 	 	1	 
	Basic Lease Provisions; Definitions
	 	 	1	 
	ARTICLE 2
	 	 	2	 
	Demised Premises, Term; Termination Right
	 	 	2	 
	ARTICLE 3
	 	 	3	 
	Condition of Demised Premises
	 	 	3	 
	ARTICLE 4
	 	 	3	 
	Rent and Additional Rent
	 	 	3	 
	ARTICLE 5
	 	 	3	 
	Use
	 	 	3	 
	ARTICLE 6
	 	 	4	 
	Improvements, Alterations and Fixtures
	 	 	4	 
	ARTICLE 7
	 	 	5	 
	Repairs
	 	 	5	 
	ARTICLE 8
	 	 	6	 
	Floor Load
	 	 	6	 
	ARTICLE 9
	 	 	6	 
	Laws, Ordinances, Requirements of
	 	 	6	 
	Public Authorities and Environmental Matters
	 	 	6	 
	ARTICLE 10
	 	 	7	 
	Insurance
	 	 	7	 
	ARTICLE 11
	 	 	10	 
	Damage by Fire or Other Cause
	 	 	10	 
	ARTICLE 12
	 	 	11	 
	Assignment, Subletting, Mortgaging
	 	 	11	 
	ARTICLE 13
	 	 	13	 
	Liability
	 	 	13	 
	ARTICLE 14
	 	 	14	 
	Condemnation
	 	 	14	 
	ARTICLE 15
	 	 	14	 
	Entry, Right to Change Public Portions
	 	 	14	 
	of the Building
	 	 	14	 
	ARTICLE 16
	 	 	15	 
	Bankruptcy
	 	 	15	 
	ARTICLE 17
	 	 	15	 
	Defaults and Remedies and Waiver of Redemption
	 	 	15	 
	ARTICLE 18
	 	 	17	 
	Landlord’s Right to Perform Tenant’s Obligations
	 	 	17	 
	ARTICLE 19
	 	 	17	 
	Covenant of Quiet Enjoyment
	 	 	17	 
	ARTICLE 20
	 	 	17	 
	Services and Equipment
	 	 	17	 
	ARTICLE 21
	 	 	17	 
	Real Estate Taxes and Utility Payments
	 	 	17	 
	ARTICLE 22
	 	 	18	 
	Electric Service to Demised Premises
	 	 	18	 
	ARTICLE 23
	 	 	18	 
	Broker
	 	 	18	 
	ARTICLE 24
	 	 	19	 
	Subordination
	 	 	19	 
	ARTICLE 25
	 	 	19	 
	Estoppel Certificate
	 	 	19	 

ii

 

	 	 	 	 	 
	Articles	 	Page	 
	 

	ARTICLE 26
	 	 	20	 
	Surrender of Premises
	 	 	20	 
	ARTICLE 27
	 	 	20	 
	Miscellaneous
	 	 	20	 

SCHEDULES

	 	 	A Description of Land

iii

 

     AGREEMENT OF LEASE made this ___day of                                         , 2007 between
                                                            , a                     
                                         with offices at
___(hereinafter referred to as “Landlord”), and U.S.T., Inc., a Delaware
corporation having its offices at 100 West Putnam Avenue, Greenwich, Connecticut 06830 (hereinafter
referred to as “Tenant”).

W I T N E S S E T H:

ARTICLE 1

Basic Lease Provisions; Definitions

	 	 	 	 	 	 	 	 	 
	Section 1.01	 	Basic Lease Provisions.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	(a)
	 	DATE:
	 	                                                             ___, 2007	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	(b)
	 	LANDLORD:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	(c)
	 	TENANT:
	 	U.S.T. Inc.	 	 
	 

	 	 	 	                    Address:
	 	100 West Putnam Avenue	 	 
	 

	 	 	 	 	 	Greenwich, CT 06830	 	 

     (d) DEMISED PREMISES: The Land and Building located at, and known as 100 West Putnam Avenue
and more particularly described in Section 2.01.

     (e) LEASE TERM: Approximately                      (___) months from the Commencement Date, as more
particularly described in Section 2.02, subject to Tenant right to terminate set forth therein.

     (f) FIXED MINIMUM RENT: The sum set forth in Article 4.

     (g) PERMITTED USE: General office use and as more particularly described in Article 5.

     Section 1.02. Definitions. As used in this Lease, the following terms have the
meanings set forth below:

(a) Building: As defined in Section 2.01

(b) Commencement Date: The day upon which the Lease commences, as provided in
Section 2.02.

(c) Fixed Minimum Rent: As defined in Article 4

 

 

(d) Insurance Requirements: All terms of any insurance policy covering or
applicable to the Demised Premises, the Building, Land or any part thereof, all
requirements of the issuer of any such policy, and all orders, rules, regulations
and other requirements of the National Board of Fire Underwriters or any other body
exercising similar functions) applicable to or affecting the Demised Premises, the
Building, Land or any part thereof, or any use or condition with respect thereto.

(e) Lease Term: As defined in Section 2.02

(f) Legal Requirements: All laws, statutes, codes, acts, ordinances, orders,
judgments, decrees, injunctions, rules, regulations, permits, licenses, certificates
of occupancy, authorizations, directions and requirements of and agreements with all
government departments, commissions, boards, courts, authorities, agencies,
officials and officers (collectively “Governmental Authority(ies)”, foreseen or
unforeseen, ordinary or extraordinary, which now or at any time hereafter may be
applicable to the Demised Premises or the Building or Land or any part thereof, or
any of the adjoining sidewalks, streets or ways, or any use or condition of the
Demised Premises or any part thereof.

(g) Rent: The term “Rent” shall include the Minimum Rent, Additional Rent and all
other charges or payments which Tenant is or becomes obligated to make hereunder,
including without limitation, monies owned Landlord as a result of any default by
Tenant, or arising out of Landlord’s performance of any obligation of Tenant
hereunder.

(h) Taxes: As defined in Section 22.01.

(i) “Utility Expenses”: As defined in Section 22.01.

(j) “Termination Date”: As defined in Section 2.02.

ARTICLE 2

Demised Premises, Term; Termination Right

     Section 2.01. Landlord hereby leases to Tenant and Tenant hereby hires from Landlord
the land described in Exhibit A attached hereto and made a part thereof (the “Land”) together with
all buildings thereon (collectively, “Building”), together with any related land, improvements,
parking areas, driveways, sidewalks, easements, and utility services (hereinafter referred to in
the aggregate as the “Demised Premises”).

     Section 2.02. The term of this Lease (“Term” or “Lease Term”) shall commence on the
date of full Lease execution by both parties hereto (the “Commencement Date”) and end, unless
sooner terminated, at 6:00 p.m. on                                         , 2007 (hereinafter referred to as the “Termination
Date”), yielding and paying the Fixed Minimum Rent and Additional Rent hereinafter set forth, all
on the covenants, conditions and agreements hereinbefore and hereinafter stated. Notwithstanding
any contrary provision contained herein, Tenant shall have

2

 

the option, at any time, to terminate this Lease upon thirty (30) days notice to be given prior the
effective date of such termination.

ARTICLE 3

Condition of Demised Premises

     Section 3.01. It is understood and agreed that Tenant, having owned and occupied the
Demised Premises prior to the Commencement Date, is familiar with the condition thereof and accepts
the Demised Premises, the Land and interior of the Building in an “as is” condition.

     Section 3.02. It is expressly understood and agreed that all installations and
improvements required or desirable in connection with Tenant’s occupancy of the Demised Premises
shall be performed by Tenant, at the sole cost and expense of Tenant.

ARTICLE 4

Rent and Additional Rent

     Section 4.01. Tenant covenants and agrees to pay, in lawful money of the United
States, annual Fixed Minimum Rent and Additional Rent, as follows:

     (a) Fixed minimum rent (the “Fixed Minimum Rent”) as follows: $10.00 applicable to the entire
Lease Term, which sum shall be paid in advance on the Commencement Date.

     (b) Additional rent (the “Additional Rent”) consisting of all other sums of money as shall
become due from and payable by Tenant to Landlord hereunder, including without limitation Taxes
and Utility Expenses (for default in payment of which Landlord shall have the same remedies as
for a default in payment of Fixed Minimum Rent).

     Section 4.02. Tenant covenants to pay the Fixed Minimum Rent, Additional Rent and any
adjustments of rent as in this Lease provided, when due. Fixed Minimum Rent, Additional Rent,
adjustment of rent and other charges which are past due shall bear interest, commencing thirty (30)
days following their respective due dates until paid, at a rate equal to two (2%) percent above the
Prime Rate or if such rate under the circumstances then prevailing shall not be lawful, then at the
maximum lawful rate permitted. Tenant shall also reimburse Landlord all of Landlord’s reasonable
legal fees incurred in connection with any failure by Tenant to pay Fixed Minimum Rent, Additional
Rent or other payments due to Landlord in accordance with this Lease. The foregoing shall be in
addition to any other right or remedy which may be available to Landlord in the event of default by
Tenant.

ARTICLE 5

Use

     Section 5.01. Tenant shall use and occupy the Demised Premises for any use permitted
by applicable Legal Requirements, including without limitation general office purposes and any use
related or accessory thereto.

3

 

     Section 5.02. Tenant shall not at any time use or occupy or suffer or permit anyone
to use or occupy the Demised Premises, or do or permit anything to be done in the Demised Premises,
in violation of the Certificate of Occupancy for the Demised Premises or for the Building, or in
violation of Legal Requirements or Insurance Requirements.

ARTICLE 6

Improvements, Alterations and Fixtures

     Section 6.01. (a) Tenant may make any changes, modification or alterations
(“Alterations”) in or to the Demised Premises without Landlord’s consent provided that such
Alterations are decorative or cosmetic in nature or relate to Tenant’s telecommunications
facilities, and do not (i) reduce the Building footprint or affect safety or the proper operation
of the Building’s mechanical systems, (ii) reduce the fair market value of the Demised Premises
below its value immediately prior to such Alterations, or (iii) adversely affect the Building or
the structural components thereof, and provided further that Tenant gives prior notice to Landlord
of such work.

     (b) In the event that Tenant wishes to undertake any Alterations other than those described
in subparagraph (a) of this Section 6.01, Tenant shall (i) submit plans and specifications for the
work to be done to Landlord, and Tenant shall not proceed with such work until Landlord has
reviewed and approved the same, which approval shall not be unreasonably withheld, provided that
Landlord may not disapprove any Alterations unless the same would (A) reduce the Building
footprint or affect safety or the proper operation of the Building’s mechanical systems, (B)
reduce the fair market value of the Demised Premises below its value immediately prior to such
Alterations, or (C) adversely affect the Building or the structural components thereof; (ii) pay
to Landlord upon demand the actual cost and expense which Landlord paid to third parties in
reviewing said plans and specifications including, without limitation, the fees of any architect
or engineer employed by Landlord for such purpose; and (iii) fully and promptly comply with and
observe all Legal Requirements and Insurance Requirements applicable to such Alterations. If any
mechanics’ lien is filed against the Demised Premises, or the Building or Land, for work claimed
to have been done for, or materials claimed to have been furnished to, Tenant, it shall be
discharged by Tenant within thirty (30) days thereafter, at Tenant’s expense by filing the bond
required by law or payment or otherwise. Landlord shall not be liable for any failure of any
Building facilities or services, including but not limited to the air conditioning and ventilating
equipment, in the Demised Premises installed by Landlord caused by alterations, installations,
decorations, and/or additions by Tenant and Tenant shall correct any such faulty installation.
Upon Tenant’s failure to correct same, Landlord may make such correction and charge Tenant for the
cost thereof. Such sum due Landlord shall be deemed Additional Rent and shall be paid by Tenant
promptly upon being billed therefor.

     Section 6.02. Prior to commencing any work pursuant to the provisions of Section
6.01, Tenant shall furnish to Landlord:

     (i) Copies of all governmental permits and authorizations which may be required

4

 

in connection with such work.

     (ii) A certificate evidencing that Tenant or Tenant’s contractors have procured
comprehensive general liability and workmen’s compensation insurance in statutory limits
covering all persons employed in connection with the work who might assert claims for death
or bodily injury against Landlord, Tenant or the Building.

     (iii) Such additional personal injury and property damage insurance (over and above the
insurance required to be carried by Tenant pursuant to the provisions of Section 10.02) as
Landlord may reasonably require, because of the nature of the work to be done by Tenant,
including without limitation contractors’ protective, blanket contractual, and completed
operations coverages.

     (iv) Except for work of a cosmetic or a decorative nature, a complete set of plans and
specifications in sufficient detail to fully disclose all work proposed to be done by
Tenant, said plans and specifications to be subject to Landlord’s approval prior to the
commencement of any work.

     Section 6.03. Where furnished by or at the expense of Tenant all Alterations may at
Tenant’s option and at Tenant’s expense, together with all moveable property, furniture,
furnishings and trade fixtures, shall be removed from the Demised Premises, and in case of damage
by reason of such removal, Tenant shall restore the Demised Premises to good order and condition,
reasonable wear and tear excepted. If Tenant shall fail to so do, Landlord shall, at Tenant’s
expense, take all action necessary to remove such property and to so restore the Demised Premises.

ARTICLE 7

Repairs

     Section 7.01. Tenant shall take good care of the Demised Premises and the fixtures
and appurtenances therein and at its sole cost and expense make all repairs thereto as and when
needed to preserve them in good working order and condition and, in addition, shall be responsible
for all ordinary maintenance and repair of walkways, drives, parking areas and landscaped areas.
All damage or injury to the Demised Premises and to its fixtures, glass, appurtenances and
equipment or to any other portion of the Land or Building, caused by Tenant moving property in or
out of the Building or by installation or removal of furniture, fixtures or other property, or
resulting from fire, explosion, short circuits, flow or leakage of water, sewerage or odors or by
frost or by bursting or leaking of pipes or plumbing works or gas, or from any other cause or any
other kind of nature, whatsoever, which is due to the carelessness, omission, neglect, improper
conduct or other cause of Tenant, its servants, employees, agents, visitors or licensees shall be
repaired, restored or replaced promptly by Tenant at its sole cost and expense.

     Section 7.02. Landlord shall, at its expense, make all repairs and replacements, the
need for which Landlord shall have knowledge, structural and otherwise, necessary in order to keep
in good order and repair the slab, foundation, roof, structural support walls and other

5

 

structural elements of the Building. Tenant agrees to notify Landlord of the necessity for any
repairs of which Tenant may have knowledge and for which Landlord may be responsible under the
provisions of the preceding sentence.

     Section 7.03. Landlord shall have no liability to Tenant by reason of any
inconvenience, annoyance, interruption or injury to business arising by virtue of Landlord making
any repairs or changes or performing maintenance services, whether or not Landlord is required or
permitted by this Lease or by law to make such repairs or changes or to perform such services in or
to any portion of the Building or the Demised Premises, or in or to the fixtures, equipment or
appurtenances of the Building or the Demised Premises, provided that Landlord shall perform such
work, except in case of emergency, at times reasonably convenient to Tenant and otherwise in such
manner and to the extent practical as will not unreasonably interfere with Tenant’s use and
occupancy of the Demised Premises.

ARTICLE 8

Floor Load

     Section 8.01. Tenant shall not place a load upon any floor of the Demised Premises
which exceeds the load per square foot which such floor was designed to carry and which is allowed
by law.

ARTICLE 9

Laws, Ordinances, Requirements of 

Public Authorities and Environmental Matters 

     Section 9.01. Tenant shall, at its expense, comply with all Legal Requirements and
with any direction made pursuant to law by any public officer or officers which shall, with respect
to the occupancy, use or manner of use of the Demised Premises or to any abatement of nuisance,
impose any violation, order or duty upon Landlord or Tenant arising from Tenant’s occupancy, use or
manner of use of the Demised Premises or any installations made therein by or at Tenant’s request
or required by reason of a breach of any of Tenant’s covenants or agreements hereunder; provided
nevertheless that Tenant shall not be responsible for complying with Legal Requirements for those
portions of the Demised Premises that are Landlord’s responsibility pursuant to Section 7.02 (with
respect to which Landlord shall be responsible, at Landlord’s sole cost).

     Section 9.02. If Tenant receives written notice of any violation of law, ordinance,
rule, order or regulation applicable to the Demised Premises it shall give prompt notice thereof to
Landlord. Landlord represents to Tenant that it has received no such notices.

     Section 9.03. Tenant shall not (i) cause or permit any Hazardous Substances (as
hereinafter defined) to be used, stored, generated, released, discharged or disposed of on, in or
from the Demised Premises or the Building or Land by Tenant, its agents, employees, contractors,
licensees or invitees, without Landlord’s prior written approval, except in small quantities
customarily employed in the operation, maintenance and cleaning of general office

6

 

space, and (ii) operate or use the Demised Premises in violation of any applicable Environmental
Laws (as hereinafter defined). If Tenant causes or permits the presence of any Hazardous Substances
on or in the Demised Premises or the Building or Land, Tenant shall (A) give written notice thereof
to Landlord, and (B) at its sole cost and expense, promptly take all actions (x) required by
Landlord, any Regulatory Authority (as hereinafter defined) and/or mortgagee, and (y) necessary to
restore the Demised Premises and/or the Building or Land to the condition existing prior to the
introduction of the Hazardous Substances, notwithstanding any less stringent standards or
remediation allowable under applicable Environmental Laws. Tenant shall, except in the case of an
emergency, nevertheless obtain Landlord’s written approval prior to undertaking any actions
required by this Article.

     (b) Nothing contained in this Article 10 shall diminish Landlord’s obligations, as
“Purchaser”, in accordance with Section 5.6 of a certain Purchase and Sale Agreement between the
parties dated                      2007 (the “Contract”), pursuant to which Landlord agreed, and does hereby
confirm its agreement, to indemnify Tenant against all losses, damages, fines, penalties, costs or
expenses (including reasonable legal fees) arising from or relating to any actual or alleged
non-compliance under the Connecticut Transfer Act, Conn. Gen. Stat. Section 22a-134 et
seq., as amended, in connection with the purchase and sale transaction contemplated by the
Contract. Landlord agrees to indemnify Tenant against all losses, damages, fines, penalties, costs
or expenses (including reasonable legal fees) arising or relating to (a) violation of or
non-compliance with Environmental Laws, or the presence of any Hazardous Substances existing at the
Demised Premises on or prior to the Commencement Date.

     (c) The term “Hazardous Substances” shall mean: (a) any material or substance: (i) which is
defined or becomes defined as a “hazardous substance”, “hazardous waste”, “infectious waste”,
“chemical mixture or substance”, or “air pollutant” under Environmental Laws; (ii) containing
petroleum, crude oil or any fraction thereof; (iii) containing polychlorinated biphenyls (PCB’s);
(iv) containing asbestos; (v) which is radioactive; (vi) which is infectious; or (b) any other
material or substance displaying toxic, reactive, ignitable or corrosive characteristics, as all
such terms are used in their broadest sense, and are defined, or become defined by Environmental
Laws; or (c) materials which cause a nuisance upon or waste to the Demised Premises or the Building
or Land.

     (d) The term “Environmental Laws” shall mean and include all now and hereafter existing
statutes, laws, ordinances, and codes, and all regulations, rules, rulings, orders, decrees,
directives, policies and requirements by any Governmental Authority in either instance regulating,
relating to, or imposing liability or standards of conduct concerning public health and safety or
the environment.

     (e) Landlord shall indemnify Tenant against all loss or damage arising from the presence of
any such Hazardous Materials existing at the Demised Premises as of the Commencement Date.

ARTICLE 10

Insurance

     Section 10.01. If, by reason of any failure of Tenant to comply with the provisions
of

7

 

this Lease, including but not limited to the mere use for which Tenant puts the Demised Premises,
the rate of fire, extended coverage, boiler and machinery, sprinkler leakage, water damage,
including all risk and broad form flood insurance policies covering the Building or on the property
and equipment of Landlord or any other tenant or subtenant in the Building shall be higher than it
otherwise would be, Tenant shall reimburse Landlord and such other tenant or subtenant for that
part of the fire, extended coverage, boiler and machinery, sprinkler leakage, water damage,
including all risk and broad form flood insurance premiums thereafter paid by Landlord or by such
other tenants or subtenants which shall have been charged because of such failure by Tenant and
Tenant shall make the reimbursement on the first day of the month following such payment by
Landlord or such other tenant or subtenant dating retroactively to the effective date of such
increase. In any action or proceeding wherein Landlord and Tenant are parties, a schedule or “make
up” of any insurance rate for the Building or Demised Premises issued by a body establishing fire
insurance rates for said Building, shall be conclusive evidence of the facts therein stated and of
the several items and charges in the insurance rates then applicable to the Building or Demised
Premises.

     Section 10.02. (a) Tenant’s Insurance. Tenant, at its own expense, shall provide and
keep in force: (a) commercial general liability insurance insuring against liability for bodily
injury and property damage, including contractual liability, in the amount of $10,000,000 for
injury or death of one or more persons in any one occurrence and fire legal liability limit of
$1,000,000; (b) “Special Form” property insurance, including standard fire and extended coverage
insurance in amounts necessary to provide replacement cost coverage for Tenant’s property,
leasehold improvements, trade fixtures, machinery, equipment, furniture, furnishings and any
alterations in which Tenant has an insurable property interest, including, without limitation,
vandalism and malicious mischief and sprinkler leakage coverage; (c) “all risk” Builder’s Risk
insurance, completed value, non-reporting form at any time that Tenant has commenced construction
of any leasehold improvements or any alterations, and at any time any other construction activities
are underway at the Demised Premises; (d) Workers’ Compensation Insurance in statutory limits as
required by applicable law; and (e) any other insurance reasonably required by Landlord.

     (b) Each such insurance policy shall: (a) be provided in form, substance and amounts (where
not above stated) satisfactory to Landlord; (b) specifically include the liability assumed
hereunder by Tenant (provided that the amount of such insurance shall not be construed to limit the
liability of Tenant hereunder); (c) shall provide that it is primary insurance, and not excess over
or contributory with any other valid, existing and applicable insurance in force for or on behalf
of Landlord; and (d) provide that Landlord shall receive thirty (30) days’ written notice from the
insurer prior to any cancellation or change of coverage. Tenant shall deliver policies of such
insurance or certificates thereof to Landlord on or before the Commencement date, and thereafter at
least thirty (30) days before the expiration dates of expiring policies. All such insurance
certificates shall provide that Landlord, its mortgagees, any ground Landlord and Landlord’s
managing agent shall each be named as an additional insured. In the event Tenant shall fail to
procure such insurance, or to deliver such policies or certificates, Landlord may, at its option,
procure same for the account of Tenant, and the cost thereof shall be paid to Landlord as
Additional Rent within five (5) days after delivery to Tenant of bills therefor. Tenant’s
compliance with the provisions of this Article 10 shall in no way limit Tenant’s liability under
any of the other provisions of this Lease.

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     (c) Landlord shall maintain at all times during the term of this Lease:

     (i) standard all-risk fire and casualty insurance, covering the Building (including Landlord’s
Work) in amounts at least equal to 100% of the full replacement cost of the Building at the time in
question, but in no event less than such coverage as is required to avoid co-insurance provisions;

     (ii) comprehensive public liability insurance against all claims of personal injury, death and
property damage occurring in the Building and the Land, with minimum limits of $10,000,000 for
injury to or death of one or more persons in any one occurrence and $2,000,000 for damage to or
destruction of property in any one occurrence; and

     (iii) worker’s compensation insurance in statutory limits and employer’s liability insurance
with statutory limits as required by applicable law.

     (d) Each party shall cooperate fully with the other, at no out-of-pocket cost to Landlord, in
order to obtain the largest possible recovery and execute any and all consents and other
instruments and take all other actions reasonably necessary or desirable in order to effectuate the
same and to cause such proceeds to be paid as hereinbefore provided.

     (e) Insurance required hereunder shall be in any reputable companies licensed in the State of
Connecticut. All policies of insurance maintained by Landlord or Tenant under this Lease shall be
written as primary policies, not contributing with, nor in excess or, insurance coverage that any
other party with interest may have. Each policy required to be provided hereunder (and each
certificate of insurance issued with respect thereto) shall provide that the policies will not be
cancelled, or subject to reduction of coverage except after thirty (30) days’ written notice to
Landlord, Tenant and/or any other party with interest as the case may be. All policies of insurance
maintained by one party shall be in form acceptable to the other with satisfactory evidence that
all premiums have been paid. Landlord and Tenant agree not to knowingly violate or permit to be
violated any of the conditions or provisions of the insurance policies required to be furnished
hereunder, and agrees to promptly notify the other of any fire or other casualty.

     (f) Either party may from time to time require that the amount of insurance to be maintained
and obtained by the other party pursuant to this Article 10 be increased to amounts commensurate
with similar buildings in Town of Greenwich, so that the amount thereof adequately protects the
requesting party.

     (g) Notwithstanding any other provision of this Lease, in the event of loss or damage to the
Building or the Demised Premises, and/or any contents, Landlord and Tenant agree to look first to
any insurance in its favor before making any claim against the other party. Landlord and Tenant
shall obtain, for each policy of such insurance, provisions permitting waiver of any claim against
the other party for loss or damage within the scope of the insurance, and each party for itself and
its insurers waives all such insured claims against the other party. This clause shall be invalid
should Tenant not provide such waiver in its insurance, or if such insurance shall not be in force
for Tenant, at time of the loss. Tenant shall carry insurance to meet co-insurance requirements
for Tenant’s personal property, including improvements and betterments and loss of income coverage.

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ARTICLE 11

Damage by Fire or Other Cause

     Section 11.01. If the Demised Premises or any part thereof shall be damaged by fire
or other cause, Tenant shall give immediate notice thereof to Landlord and this Lease shall
continue in full force and effect except as hereinafter set forth.

     Section 11.02. If the Demised Premises shall be partially damaged by fire or other
cause the following shall apply:

          (i) if all or any portion of the Demised Premises and/or access to the Building, shall be so
damaged such that, in Tenant’s reasonable and good faith opinion, the remainder of the Demised
Premises and/or access thereto is insufficient for Tenant’s business operations to continue at the
Demised Premises at generally the same level and intensity as immediately prior to such casualty;
or

          (ii) that the repair and restoration of a Casualty cannot be substantially completed within
thirty (30) days from the date of casualty.

(for the purposes of this Article 11, each of (i), (ii) and (iii) being a “Substantial Casualty”),
Tenant may, at its option, either (x) terminate this Lease by giving Landlord notice to that effect
within ten (10) days after the date of casualty; or (y) elect to make all necessary repairs to the
Demised Premises by giving Landlord notice to that effect within twenty (20) days after the date of
the casualty, in order to render and restore the Demised Premises to substantially its condition,
existing immediately prior to the date of casualty, with such changes as may be required by
applicable Legal Requirements and/or as may be made at Tenant’s election pursuant to and subject to
the conditions of Article 6 hereof (such repair, restoration, rebuilding, changes and alterations
together with any temporary repairs and property protecting pending completion of the work being
herein called, “Repair”), all in accordance with plans and specifications therefor first approved
by Landlord but only if the nature of such Repairs is such that Landlord’s approval is required
pursuant to Article 6 hereof and, in which case, such approval shall not be unreasonably withheld,
conditioned or delayed. In the event Tenant terminates this Lease, this Lease shall terminate on
the date specified in such notice from Tenant to Landlord, and the Rent payable hereunder shall be
prorated and adjusted as of such termination date.

     Section 11.03. If the Demised Premises are totally damaged or are rendered wholly or
substantially untenantable by fire or other cause, then the Fixed Minimum Rent and Additional Rent
shall be paid up to the time of occurrence of such condition and thenceforth shall cease, and
thereupon the term of this Lease shall expire, by lapse of time, upon the date of such total or
substantial damage, as fully and completely as if such date were the date set forth above for the
termination of this Lease or the date set forth for the termination of this Lease and Tenant shall,
forthwith quit, surrender and vacate the Demised Premises.

     Section 11.04. Tenant acknowledges that Landlord will not carry insurance on Tenant’s
furniture or furnishings or any fixtures or equipment, improvements, or appurtenances

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removable by Tenant and agrees that Landlord will not be obligated to repair any damage thereto or
replace the same.

     Section 11.05. The provisions of this Article shall be considered an express
agreement governing any case of damage or destruction of the Demised Premises by fire or other
casualty, and any law to the contrary, now or hereafter in effect, shall have no application in
such case.

ARTICLE 12

Assignment, Subletting, Mortgaging

     Section 12.01. Neither this Lease, nor the term and estate hereby granted, nor any
part hereof or thereof, nor the interest of Tenant in any sublease or the rentals thereunder, shall
be assigned, mortgaged, pledged, encumbered or otherwise transferred by Tenant by operation of law
or otherwise, and neither the Demised Premises, nor any part thereof, shall be encumbered in any
manner by reason of any act or omission on the part of Tenant or anyone claiming under or through
Tenant, nor shall the Demised Premises be sublet, used or occupied or permitted to be used or
occupied, or utilized for desk space or for mailing privileges, by anyone other than Tenant or for
any purpose other than as permitted by this Lease, without the prior written consent of Landlord in
every case, except as expressly otherwise provided in this Article.

     Furthermore, no assignment shall be binding on Landlord unless the assignee shall execute,
acknowledge and deliver to Landlord (a) a duplicate original instrument of assignment in form and
substance reasonably satisfactory to Landlord, duly executed by Tenant, and (b) an agreement, in
form and substance satisfactory to Landlord, duly executed by the assignee, whereby the assignee
shall unconditionally assume in accordance with the terms and conditions of this Lease the
observance and performance of, and agree to be bound by all of the terms, covenants and conditions
of this Lease on Tenant’s part to be observed or performed, including, without limitation, the
provisions of this Article with respect to all future assignments; but the failure or refusal of
the assignee to execute or deliver such an agreement shall not release the assignee from its
liability for the obligations of Tenant hereunder assumed by acceptance of the assignment of this
Lease.

     Section 12.02. If this Lease is assigned, whether or not in violation of the
provisions of this Lease, Landlord may collect rent from the assignee. If the Demised Premises or
any part thereof is sublet or is used or occupied by anybody other than Tenant, whether or not in
violation of this Lease, Landlord may, after default by Tenant, and expiration of Tenant’s time to
cure such default, collect rent from the sub-tenant or occupant. In either event, Landlord may
apply the net amount collected to the rents herein reserved, but no such assignment, subletting,
occupancy or collection shall be deemed a waiver of any of the provisions of Section 12.01, or the
acceptance of the assignee, subtenant or occupant as tenant, or a release of Tenant from the
further performance by Tenant of Tenant’s obligations under this Lease. The consent by Landlord to
assignment, mortgaging, subletting or use or occupancy by others shall not in any way be considered
to relieve Tenant from obtaining the express written consent of Landlord to any other or further
assignment, mortgaging or subletting or use or occupancy by others not expressly permitted by this
Article.

     Section 12.03. Tenant, without the necessity of Landlord’s prior consent, may assign
or

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transfer its entire interest in the Lease and the leasehold estate hereby created or sublet the
whole of the Demised Premises on one or more occasions to a “successor corporation” or “affiliate”
of Tenant, as such terms are hereinafter defined, provided that Tenant shall not be in default in
any of the terms, covenants, conditions and agreements of this Lease, including but not limited to
the payment of the Fixed Minimum Rent or Additional Rent payable by Tenant hereunder. A “successor
corporation” as used in this Article, shall mean (i) a corporation into which or with which Tenant,
its corporate successors or assigns, is merged or consolidated, in accordance with applicable
statutory provisions for the merger or consolidation of corporations, provided that by operation of
law or by effective provisions contained in the instruments of merger or consolidation the
liabilities of the corporations participating in such merger or consolidation are assumed by the
corporation surviving such merger or consolidation, or (ii) a corporation acquiring this Lease and
the term hereby demised, the good will and all or substantially all of the other property and
assets of Tenant, its corporate successors or assigns, and assuming all or substantially all of the
liabilities of Tenant, its corporate successors and assigns, or (iii) any corporate successor to a
successor corporation becoming such by either of the methods described in Clauses (i) and (ii) of
this Section 12.03; provided that, immediately after giving effect to any such merger or
consolidation, or such acquisition and assumption as the case may be, the corporation surviving
such merger or created by such consolidation or acquiring such assets and assuming such
liabilities, as the case may be, shall have assets, capitalization, and a net worth as determined
in accordance with generally accepted principles of accounting satisfactory to Landlord in
Landlord’s reasonable judgment. The acquisition by Tenant, its corporate successors or assigns, of
all or substantially all of the assets, together with the assumption of all or substantially all of
the obligations and liabilities of any corporation, shall be deemed to be a merger of such
corporation into Tenant for the purpose of this Article. An “affiliate” as used in this Article
shall mean an entity controlled by, controlling or under common control with Tenant, provided that
the net worth and financial condition of any such affiliate shall be reasonably satisfactory to
Landlord prior to any such transfer, assignment or subletting becoming effective.

     Section 12.04. In the event that at any time or from time to time prior to or during
the Term of this Lease Tenant desires to sublet all or any part of the Demised Premises, Tenant (a)
shall notify Landlord in writing of the term of the proposed subletting and the area so proposed to
be sublet, and (b) Landlord covenants not to unreasonably withhold its consent to a subletting,
provided, however, that Landlord shall not, in any event, be obligated to consent to any such
proposed subletting unless:

(a) Tenant shall furnish Landlord with the name and business address of the proposed
subtenant, a counterpart of the proposed subleasing agreement, and satisfactory information
with respect to the nature and character of the business of the proposed subtenant together
with current financial information and references reasonably satisfactory to Landlord;

(b) In the reasonable judgment of Landlord the proposed subtenant is engaged in a business
in keeping with the standards of Landlord in that respect for the Building;

(c) The purposes for which the proposed subtenant intends to use the portion of the Demised
Premises sublet to it are uses expressly permitted by and not expressly prohibited by this
Lease;

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(d) Tenant shall not have advertised or publicized in any way the availability of all or
part of the Demised Premises without prior notice to and approval by Landlord;

(e) Tenant shall pay to Landlord immediately upon receipt thereof, a sum equal to 100% of
the amount of (i) all Fixed Minimum Rent and Additional Rent and any other consideration
paid to Tenant by any subtenant which is in excess of the Fixed Minimum Rent and Additional
Rent then being paid by Tenant to Landlord pursuant to the terms hereof, and (ii) any other
profit or gain realized by Tenant from any such subletting; if only a part of the Demised
Premises is sublet, then the Fixed Minimum Rent and Additional Rent paid therefor by Tenant
to Landlord shall be deemed to be the fraction thereof that the area of the sublet space
bears to the entire Demised Premises; and

(f) In the case of a subletting of a portion of the Demised Premises, the portion so sublet
shall be regular in shape and suitable for normal renting purposes.

     Each subletting pursuant to this Article shall be subject to all the covenants, agreements,
terms, provisions and conditions contained in this Lease. Tenant covenants and agrees that
notwithstanding any such subletting to Landlord or any such subletting to any other subtenant
and/or acceptance of rent or Additional Rent by Landlord from any subtenant, Tenant shall and will
remain fully liable for the payment of the Fixed Minimum Rent and Additional Rent due and to become
due hereunder and for the performance of all the covenants, agreements, terms, provisions and
conditions contained in this Lease on the part of Tenant to be performed and all acts and omissions
of any licensee or subtenant or anyone claiming under or through any subtenant which shall be in
violation of any of the obligations of this Lease and any such violation shall be deemed to be a
violation by Tenant. Tenant further covenants and agrees that notwithstanding any such subletting,
no other and further subletting of the Demised Premises or any part thereof shall or will be made
except upon compliance with and subject to the provisions of this Article.

     Section 12.05. No subletting shall be for a term ending later than one day prior to
the Termination Date of this Lease, and that part, if any, of the proposed term of any sublease or
any renewal or extension thereof which shall extend beyond a date one day prior to the Termination
Date or the earlier termination of the term of this Lease, is hereby deemed to be a nullity.

ARTICLE 13

Liability

     Neither party shall be liable for (a) loss of or damage to the other’s property, or that of
any other person, entrusted to the other’s agents or employees, (b) loss of or damage to any
property of the other or of any other person by theft or otherwise, (c) any injury or damage to any
person or property resulting from fire, explosion, falling plaster, steam, gas, electricity, dust,
water or snow, or leaks from any part of the Building or from the pipes, appliances or plumbing
system, or from the roof, street or subsurface or any other place or by dampness, or from any other
cause whatsoever, and (d) any such damage caused by construction of any private, public or
quasi-public work. Each party’s waiver of liability in this Article 13 shall

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include any liability that is caused by the waiving party’s negligent acts or omissions or willful
misconduct.

ARTICLE 14

Condemnation

     Section 14.01. In the event that the whole or a substantial portion of the Demised
Premises shall be condemned or taken in any manner for any public or quasi-public use, this Lease
and the term and estate hereby granted shall forthwith cease and terminate as of the date of
vesting of title. In the event that only a part of the Demised Premises shall be so condemned or
taken, then, effective as of the date of vesting of title, the rent and all other sums payable by
Tenant hereunder for such part shall be equitably abated and this Lease shall continue as to such
part not so taken. In the event that only a part of the Demised Premises shall be so condemned or
taken, then (a) if Tenant’s use or occupancy of the Demised Premises will, in Tenant’s reasonable
judgment be adversely affected thereby, Tenant may, at its option, terminate this Lease and the
term and estate hereby granted, as of the date of such vesting of title, by notifying Landlord in
writing of such termination within 20 days following the date on which Tenant shall have received
notice of vesting of title, or (b) if Tenant does not elect to terminate this Lease, as aforesaid,
this Lease shall be and remain unaffected by such condemnation or taking, except that the Fixed
Minimum Rent shall be abated to the extent, if any, hereinbefore provided. In the event that only a
part of the Demised Premises shall be so condemned or taken and this Lease and the term and estate
hereby granted are not terminated as hereinbefore provided, Landlord will, at its expense, restore
with reasonable diligence the remaining portions of the Demised Premises as nearly as practicable
to the same condition as it was in prior to such condemnation or taking.

     Section 14.02. In the event of termination in any of the cases hereinabove provided,
this Lease and the term and estate hereby granted shall expire as of the date of such taking with
the same effect as if that were the date hereinbefore set for the expiration of the term of this
Lease, and the rent hereunder shall be apportioned as of such date.

     Section 14.03. In the event of any condemnation or taking hereinabove mentioned of
all or a part of the Building, Landlord shall be entitled to receive the entire award in the
condemnation proceeding, including any award made for the value of the estate vested by this Lease
in Tenant, and Tenant hereby expressly assigns to Landlord any and all right, title and interest of
Tenant now or hereafter arising in or to any such award or any part thereof, and Tenant shall be
entitled to receive no part of such award, except that Tenant may file a separate claim for
Tenant’s trade fixtures and moving expenses, provided the same shall not result in the diminution
of Landlord’s award.

ARTICLE 15

Entry, Right to Change Public Portions

of the Building

     (a) Landlord’s agents, employees, contractors, prospective purchasers and prospective tenants
shall have the right, upon forty-eight (48) hours prior written notice to Tenant and with

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the accompaniment of a representative from Tenant (if Tenant chooses to have one present),
except in an emergency, in which event only reasonable notice shall be required, to enter the
Demised Premises at reasonable hours for the purpose of inspecting the same and for the purpose of
fulfilling its obligations under Section 7.02 hereof and for the purpose of curing any defaults
under this Lease created by or suffered by Tenant.

     (b) Except as expressly provided for herein, the exercise by Landlord of any right described
in this Article 15 shall not constitute a total or partial eviction of Tenant, and shall not
entitle Tenant to abate Rent or to make any claim against Landlord by reason of that exercise or
by reason of interruption of Tenant’s business, or otherwise. In exercising its rights under this
Article 15, Landlord will use commercially reasonable diligence in order to minimize disturbances
to Tenant.

     (c) Landlord hereby represents and agrees to Tenant that Tenant shall have access to the
Demised Premises twenty four (24) hours a day, seven (7) days a week.

ARTICLE 16

Bankruptcy

     To the full extent permissible under the Bankruptcy Reform Act of 1978, specifically Section
365 thereof (11 U.S.C. 365) or any successor thereto, it shall be a default under this Lease if
Tenant shall file a voluntary petition in bankruptcy or take the benefit of any insolvency act or
be dissolved or adjudicated a bankrupt, or if a receiver shall be appointed for its business or its
assets and the appointment of such receiver is not vacated within one hundred twenty (120) days
after such appointment, or if it shall make an assignment for the benefit of its creditors, then
and forthwith thereafter the Landlord shall have all the rights provided in Paragraph 16 above in
the event of nonpayment of Rent.

ARTICLE 17

Defaults and Remedies and Waiver of Redemption

     Section 17.01. (a) Events of Default. If any one or more of the following
events (hereinafter called “Event of Default”) shall occur, that is to say:

(i) If Tenant shall default in the timely payment of any part of the Rent, or any
installment thereof, and such default shall remain uncured beyond ten (10) days after notice
that it is due and payable; or

(ii) If Tenant fails in the observance or performance of any of its other covenants,
agreements or conditions provided for in this Lease on Tenant’s part to be observed or
performed, except as hereinafter separately set forth in subsection (iii) hereof, (whether
or not particularly specified elsewhere herein as a default) and shall allow such failure to
continue for a period of thirty (30) days after written notice thereof by or on behalf of
Landlord; provided, however, that if such failure is incapable of practicably being cured
with diligence within such thirty (30) day period and if Tenant shall proceed promptly to
cure the same and thereafter shall prosecute such curing with diligence to completion,

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then the time period within which such failure may be cured shall be extended for such
period as may be necessary to complete the curing of the same with diligence,

then, and in each and every such case, Landlord such be entitled to avail itself of the remedies
hereinafter set forth.

     (b) Remedies of Landlord. If any Event of Default occurs, then and in each such
case, Landlord may treat the occurrence of such Event as a breach of this Lease and, in addition to
any and all other rights or remedies of Landlord set forth in this Lease or at law or in equity
provided, it shall be, at the option of Landlord without further notice or demand of any kind
toTenant, the right of Landlord:

(i) to declare the Lease Term ended and reenter the Demised Premises and take possession
thereof and remove all persons therefrom, and Tenant shall have no further claim thereof or
thereto. Landlord shall, notwithstanding any such termination of this Lease, be entitled to
recover from Tenant as damages (all of which shall be immediately due and payable) any
unpaid Rent, including interest thereon, due and owing as of the date of termination; or

(ii) to bring suit for the collection of Rent, as it accrues pursuant to the terms of this
Lease, and damages (including, without limitation, reasonable attorneys’ fees and the
reasonable cost of renovating the Demised Premises) without retaking possession of the
Demised Premises or canceling this Lease or after retaking possession of said Demised
Premises and/or canceling this Lease; or

(iii) to re-enter or retake possession of the Demised Premises from Tenant by summary
proceedings and to remove or cause to be removed, Tenant or any other occupants from the
Demised Premises in accordance with applicable Legal Requirements. In the event of any such
ouster, Landlord shall have the right but not the duty to rent or lease the Demised Premises
to some other person firm or corporation upon such terms and conditions and for such rental
as the Landlord may deem proper and to collect said rental and any other rental that may
thereafter become payable. Notwithstanding the foregoing, Landlord shall make a reasonable
effort to mitigate its damage. In the event of any entry or taking possession of the
Demised Premises as aforesaid, Landlord shall remove therefrom all or any part of the
personal property located therein and may place the same in storage at a public warehouse at
the expense and risk of the owner or owners thereof.

     (c) Fees and Expenses. If either Landlord or Tenant shall default in the performance
of any covenant on its part to be performed by virtue of any provision in this Lease and, if in
connection with the enforcement of the non-defaulting party’s rights or remedies, such
non-defaulting party shall properly and reasonably incur fees and expenses for services rendered
(including reasonable attorneys’ fees), then such fees and expenses shall, if said non-defaulting
party shall prevail in litigation, be immediately reimbursed by the defaulting party on demand.
Notwithstanding the foregoing, in the event the Landlord shall file any legal action for the
collection of Rent or any eviction proceeding, whether summary or otherwise, for the non-payment of
Rent and Tenant shall make payment of such Rent due and payable prior to the rendering of any
judgment and not pursuant to any written settlement agreement, then

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Landlord shall be entitled to collect, and Tenant shall be obligated to pay, all court filing fees
and the reasonable fees of Landlord’s attorneys.

     (d) Right of Redemption: Tenant hereby expressly waives any and all rights of
redemption granted by or under any present or future laws in the event of Tenant being evicted or
dispossessed for any cause, or in the event Landlord obtains possession of the Demised Premises by
reason of the violation by Tenant of any of the covenants and conditions of this Lease, or
otherwise.

ARTICLE 18

Landlord’s Right to Perform Tenant’s Obligations

     If Tenant shall default in the observance or performance of any term or covenant on its part
to be observed or performed under or by virtue of any of the terms or provisions in any Article of
this Lease, Landlord, without being under any obligation to do so and without thereby waiving such
default, may remedy such default for the account and at the expense of Tenant. If Landlord makes
any expenditures or incurs any obligations for the payment of money in connection therewith,
including, but not limited to, reasonable attorney’s fees in instituting, prosecuting or defending
any action or proceeding, such sums paid or obligations incurred with interest and costs shall be
deemed to be Additional Rent hereunder and shall be paid to Landlord by Tenant on demand.

ARTICLE 19

Covenant of Quiet Enjoyment

     Landlord covenants that upon Tenant paying the Fixed Minimum Rent and Additional Rent and
observing and performing all the terms, covenants and provisions of this Lease on Tenant’s part to
be observed and performed, Tenant may peaceably and quietly enjoy the Demised Premises, subject
nevertheless to the terms and conditions of this Lease.

ARTICLE 20

Services and Equipment

     During the term of this Lease, all customary Building services, including maintenance and
cleaning will be provided by Tenant utilizing reputable service providers selected by Tenant.

ARTICLE 21

Real Estate Taxes and Utility Payments

     Section 21.01. (a) Tenant shall, commencing on the Commencement Date, pay and
discharge punctually, as and when the same shall become due and payable, directly to the charging
governmental, municipal or other charging entity and/or service provider, all taxes, special and
general assessments (including, without limitation, assessments for municipal

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improvements), water rents, rates and charges, sewer rents and other governmental impositions and
charges of every kind and nature whatsoever, extraordinary as well as ordinary (hereinafter
referred to as “Taxes”), and each and every installment thereof which shall or may during the term
of this Lease be charged, levied, laid, assessed, imposed, become due and payable, or liens upon or
for or with respect to the Demised Premises or any part thereof, or the Rent payable hereunder, or
any buildings, appurtenances or equipment thereon or therein or any part thereof, together with all
interest and penalties thereon, under or by virtue of all present or future Legal Requirements (all
of which shall also be included in the term Taxes as heretofore defined) and all sewer rents and
charges for water, steam, heat, gas, hot water, electricity, telephone, data, light and power, and
other utility service or services, furnished to the Demised Premises or the occupants thereof
during the term of this Lease (hereinafter referred to as “Utility Expenses”). In the event that
any such Taxes are not charged or invoiced directly to Tenant, but to Landlord, Landlord shall
provide Tenant with a copy of any invoice for such Taxes within five (5) days of Landlord’s receipt
of same and Tenant shall pay such charges to Landlord as Additional Rent as and when same become
due and payable. In such event, Tenant shall not be responsible for payment of any fines, fees,
interest, costs or expenses associated with any delay in payment of Taxes attributable to a delay,
on Landlord’s part, to timely furnish a copy of any invoice for such Taxes to Tenant.

ARTICLE 22

Electric Service to Demised Premises

     Section 22.01. Tenant shall pay directly to the electrical utility company for all
electricity usage charged to the Building and Tenant shall make arrangements to be billed directly
by the utility company.

     Section 22.02. Landlord shall not be liable in any way to Tenant for any failure or
defect in the supply or character of electric energy furnished to the Demised Premises by reason of
any requirement, act or omission of the public utility serving the Building with electricity or for
any other reason not attributable to the Landlord. Tenant shall furnish and install all lighting
tubes, lamps, bulbs and ballasts required in the Demised Premises, at Tenant’s expense.

     Section 22.03. Tenant’s use of electric energy in the Demised Premises shall not at
any time exceed the capacity of any of the electrical conductors, wiring, insulation or other
equipment in or otherwise serving the Demised Premises and Tenant may not use any electrical
equipment which, will overload such installations.

ARTICLE 23

Broker

     The parties represent to each other that they have, respectively, dealt with no broker in
connection with this Lease other than Cushman & Wakefield of Connecticut, Inc. (to whom no
commission is due pursuant to the terms of a separate agreement with Tenant) and that no other
broker brought this transaction to their respective attentions. Each party shall indemnify the

18

 

other party and hold it harmless from any and all claims, successful or not, for brokerage
commissions by any broker in connection with this transaction including, without limitation,
reasonable legal fees and disbursements, provided that any such claim shall be based on facts other
than as represented herein by the indemnifying party.

ARTICLE 24

Subordination

     Section 24.01. This Lease is subject and subordinate to all mortgages which may now
or hereafter affect the Land and Building and to all renewals, modifications, amendments,
consolidations, replacements, or extensions thereof. This Lease is also subject and subordinate to
any underlying lease affecting all or a portion of the Demised Premises, and to all mortgages which
may now or hereafter affect such lease and to all renewals, modifications, amendments,
consolidations, replacements or extensions thereof. This clause shall be self-operative and no
further instrument of subordination shall be required by any Landlord or any underlying Landlord or
by any mortgagee. In confirmation of such subordination, Tenant shall execute promptly any
certificate or agreement that Landlord may reasonably request, and failure to do so shall be deemed
an Event of Default by Tenant hereunder.

     Section 24.02. Notwithstanding the provisions of Section 24.01, Tenant agrees that
neither the cancellation nor termination of any underlying lease to which this Lease is subject and
subordinate, nor any foreclosure of a mortgage affecting the Demised Premises, nor the institution
of any suit, action, summary or other proceeding against Landlord herein or any successor landlord,
or any foreclosure proceeding brought by the holder of any such mortgage to recover possession of
such property, shall by operation of law or otherwise result in cancellation or termination of this
Lease or the obligations of Tenant hereunder, and upon the request of any such Landlord, successor
landlord, or the holder of such mortgage, Tenant covenants and agrees to execute an instrument in
writing, satisfactory to such successor landlord or to any successor to Landlord’s interest in the
Demised Premises, or to the holder of such mortgage or to the purchaser of the mortgaged premises
in foreclosure, whereby Tenant attorns to such successor in interest, provided that Tenant shall
simultaneously receive a non-disturbance agreement from any such successor landlord, holder of such
mortgage or purchaser of the Demised Premises in foreclosure.

ARTICLE 25

Estoppel Certificate

     Tenant agrees, at any time, and from time to time, upon not less than twenty (20) days’ prior
notice by Landlord, to execute, acknowledge and deliver to Landlord, a statement in writing
addressed to Landlord certifying that this Lease is unmodified and in full force and effect (or, if
there have been modifications, that the same is in full force and effect as modified and stating
the modifications), stating the dates to which the Fixed Minimum Rent, Additional Rent and other
charges have been paid, and stating whether or not to the best knowledge of the signer of such
certificate, there exists any default in the performance of any covenant, agreement, term,
provision or condition contained in this Lease, and if so, specifying each such default of which
the signer may have know ledge, it being intended that any such statement

19

 

delivered pursuant hereto may be relied upon by Landlord and any mortgagee or prospective mortgagee
of any mortgage affecting the Building or the Building and the Land and by any landlord under an
underlying lease affecting the Building.

ARTICLE 26

Surrender of Premises

     Upon the expiration or other termination of the term of this Lease, Tenant shall quit and
surrender the Demised Premises in good order and condition, ordinary wear and tear and damage by
fire or other casualty, the elements and any cause beyond Tenant’s control excepted, and shall
remove all its property therefrom, except as otherwise provided in this Lease. No holding over by
Tenant shall be construed as an extension of this Lease or a renewal of the term hereof, provided
(a) Tenant’s obligation to observe or perform this covenant shall survive the expiration or other
termination of the term of this Lease; and (b) in the event of any such holding over, the Fixed
Minimum Rent for any holding over period shall be equal to $                                         per month.

ARTICLE 27

Miscellaneous

     Section 27.01. Successors and Assigns. The covenants, conditions and
agreements contained in this Lease shall bind and enure to the benefit of the parties hereto and
their respective heirs, legal representatives, successors, and, except as otherwise provided
herein, their assigns.

     Section 27.02. Definitions of Landlord. The term “Landlord” wherever used in
this Lease shall be limited to mean and include only the owner or owners at the time in question of
the Building, or a mortgagee in possession, so that in the event of any sale, assignment or
transfer of the Building, such assigning owner or mortgagee in possession shall thereupon be
released and discharged from all covenants, conditions and agreements of Landlord hereunder, but
such covenants, conditions and agreements shall be binding upon each new owner, or mortgagee in
possession for the time being of the Building, until sold, assigned or transferred.

     Section 27.02. Notices. Any notice, request or demand permitted or required
to be given by the terms and provisions of this Lease, or by any law or governmental regulation,
either by Landlord to Tenant or by Tenant to Landlord, shall be in writing and unless otherwise
required by such law or regulation such notice, request or demand shall be given by any of the
following means: (a) personal delivery (including, without limitation, overnight delivery, courier
or messenger services), or (b) registered or certified, first-class United States mail, postage
prepaid, return receipt requested. Notice by a party’s counsel shall be deemed to be notice by
such party. All notices to the Tenant shall be sent to the Demised Premises. Such addresses may
be changed by notice to the other parties given in the same manner as provided above. Any notice,
demand or request sent (x) pursuant to subsection (a) shall be deemed received upon such personal
delivery, and (y) pursuant to subsection (b) shall be deemed received three (3) days following
deposit in the mail.

20

 

	 	 	 	 	 	 	 	 	 
	 

	 	If to Landlord:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	With a copy to:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	If to Tenant:	 	U.S.T. Inc.	 	 
	 	 	 	 	100 West Putnam Avenue	 	 
	 	 	 	 	Greenwich, Connecticut 06830	 	 
	 

	 	 	 	Attn:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	With a copy to:	 	Bruce F. Cohen, Esq.	 	 
	 	 	 	 	Fogarty Cohen Selby & Nemiroff	 	 
	 	 	 	 	88 Field Point Road	 	 
	 	 	 	 	Greenwich, CT 06830	 	 

     Section 27.04. No Waiver; Entire Agreement. The failure of either party to
seek redress for violation of, or to insist upon the strict performance of, any covenant or
condition of this Lease, shall not prevent a subsequent act, which would have originally
constituted a violation, from having all the force and effect of an original violation. The
receipt by Landlord of rent with knowledge of the breach of any covenant of this Lease shall not be
deemed a waiver of such breach. No provision of this Lease shall be deemed to have been waived by
either party, unless such waiver is in writing signed by such party. No payment by Tenant or
receipt by Landlord of a lesser amount than the monthly rent herein stipulated shall be deemed to
be other than on account of the earliest stipulated rent, nor shall any endorsement or statement on
any check or any letter accompanying any check or payment as rent be deemed an accord and
satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right
to recover the balance of such rent or pursue any other remedy in this Lease provided.

     Section 27.05. Entire Agreement. This Lease with the schedules annexed
hereto contain the entire agreement between Landlord and Tenant and any agreement hereafter made
between Landlord and Tenant shall be ineffective to change, modify, waive, release, discharge,
terminate or effect an abandonment of this Lease, in whole or in part, unless such agreement is in
writing and signed by the party against whom enforcement of the change, modification, waiver,
release, discharge, termination or the effecting of the abandonment is sought.

     Section 27.06. Enforceability. If any term or provision of this Lease shall,
to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected
thereby and the balance of the terms and provisions of this Lease shall be valid and enforceable to
the fullest extent either hereunder or as permitted by law.

     Section 27.07. Captions. The captions of Articles in this Lease are inserted
only as a matter of convenience and for reference and they in no way define, limit or describe the
scope

21

 

of this Lease or the intent of any provision thereof.

     Section 27.08. No Representations by Landlord. Landlord or Landlord’s agents
have made no representations or promises with respect to the Building, the Land or the Demised
Premises except as herein expressly set forth and no rights, easements or licenses are acquired by
Tenant by implication or otherwise except as expressly set forth in the provisions of this Lease.

     Section 27.09. Governing Law. This Agreement is to be governed by and
construed under the laws of the State of Connecticut

[Remainder of page was intentionally left blank]

22

 

     IN WITNESS WHEREOF, Landlord and Tenant have respectively signed and sealed this Lease as of
the day and year first above written.

	 	 	 	 	 	 	 	 	 
	In the Presence Of:	 	 	 	LANDLORD:	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	TENANT:	 	 
	 	 	 	 	U.S.T. INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

23

 

					
	 	 	 	 	 
	STATE OF CONNECTICUT)	 	 	 	 
	 
	 	ss: Greenwich
	 	                                        , 2007
	COUNTY OF FAIRFIELD)	 	 	 	 

     Personally appeared               
               
               
                , of
                
               
               
               signer and
sealer of the foregoing instrument and acknowledged the same to be his free act and deed and the
free act and deed of said            
               
               
                
   , before me.

	 	 	 
	 

	 	 
	 

	 	Notary Public

					
	 	 	 	 	 
	STATE OF CONNECTICUT)	 	 	 	 
	 
	 	ss: Greenwich
	 	                                        , 2007
	COUNTY OF FAIRFIELD)	 	 	 	 

     Personally appeared                                                             , the
                                         of U.S.T. Inc., signer and sealer
of the foregoing instrument and acknowledged the same to be his/her free act and deed and the free
act and deed of said corporation, before me.

	 	 	 
	 

	 	 
	 

	 	Notary Public

24

 

SCHEDULE A

LEGAL DESCRIPTION

25EX-10.1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     AGREEMENT, made as of January 31, 2007, by and between Haights Cross Communications, Inc. (the
“Company”), and Peter J. Quandt (“Quandt”).

     1. EMPLOYMENT 

     (a) Position. The Company agrees to employ Quandt, and Quandt agrees to serve as
Chairman, Chief Executive and President of the Company. Quandt shall report to the Board of
Directors.

     (b) Principal Office. Quandt’s principal office shall be at the principal executive
offices of the Company in White Plains, New York, except for reasonable business travel obligations
commensurate with Quandt’s position. Quandt’s principal office shall not be located more than ten
miles from White Plains, New York.

     (c) Duties and Powers. Quandt shall have the customary duties, powers,
responsibilities and authority of a Chairman, Chief Executive and President. Quandt shall perform
such duties and exercise such powers upon such terms and conditions as the Board of Directors shall
reasonably impose. Quandt shall devote his full working time and best efforts to the performance
of his duties under this Agreement, except that, with the consent of the Board of Directors (which
consent shall not be unreasonably withheld), Quandt may engage in charitable and community affairs
activities. Quandt also agrees that participation as a member of an outside corporate board will
only be undertaken with permission of the Board of Directors. The Company acknowledges that Quandt
is on the Board and Chairman of the Fund for Social Change and confirms its permission for Quandt
to hold such positions.

 

 

     (d) Term. The term of Quandt’s employment under this Agreement shall commence as of
January 1, 2007, and shall terminate on December 31, 2009, unless extended or sooner terminated in
accordance with the provisions of this Agreement (the “Term”). The Term shall be extended
automatically for periods of one year (the first possible automatic extension date being January 1,
2010) unless either the Company or Quandt has given written notice to the other not later than six
months prior to the expiration of the Term (the first possible such notice date being July 1, 2009)
of such party’s election not to extend the Term.

     2. COMPENSATION AND BENEFITS. During the Term (i.e., the period of employment of
Quandt hereunder), the Company shall pay Quandt the following amounts and provide to Quandt the
following benefits:

     (a) Base Salary. The Company shall pay Quandt an annual base salary of $502,320 for
the year 2007, increasing by 4% (four percent) in each subsequent calendar year of the Term (“Base
Salary”).

     (b) Annual Bonus. The Company shall pay Quandt an annual bonus (“Bonus”) of not less
than 55% (fifty-five percent) of Base Salary in each year of the Term and, in each year of the
Term, Quandt shall be eligible for a greater Bonus within the Board of Directors’ sole discretion.
Bonus shall be paid no later than March 15 of the year following the applicable Bonus year. Bonus
for 2006 shall be payable at the rate of 55%, or a greater rate at the discretion of the Board of
Directors, of 2006 Base Salary as if this Agreement was in effect from January 1, 2006.

     (c) Other Compensation Plans and Programs. Quandt shall be eligible to participate in
any other Company compensation plans and programs for senior executives

2

 

of the Company, including without limitation a monthly automobile allowance, without discrimination
or duplication.

     (d) Employee Benefits. In accordance with the terms of the applicable plan documents
or policies, the Company shall provide Quandt with coverage under all employee medical and welfare
benefit programs, plans and practices which the Company generally makes available to its senior
officers, which may be reviewed and changed from time to time.

     (e) Vacation. Quandt shall be entitled to four weeks’ paid vacation each year, which
may be taken consistent with Company’s policies and procedures. Quandt shall also be entitled to
ten personal/sick days each year.

     (f) Expenses. In accordance with the Company’s expense policies, which may be amended
from time to time, the Company shall reimburse Quandt for all reasonable business expenses incurred
by Quandt in carrying out his duties under this Agreement, upon timely presentation by Quandt of
appropriately itemized accounts of such expenditures, and approved in accordance with Company
policy (“Business Expenses”). In addition, Quandt represents to the Company that he has incurred
$25,000 in legal fees in respect of advice, negotiation, drafting and revising of this Agreement,
and the Company agrees to reimburse Quandt for that amount.

     3. TERMINATION OF EMPLOYMENT BY THE COMPANY OTHER THAN FOR CAUSE OR BY QUANDT FOR GOOD REASON

     The Company may terminate Quandt’s employment other than for Cause and Quandt may terminate
his employment for Good Reason, in each case subject to the notice requirement set forth in this
Section 3. If, within the notice period pursuant to

3

 

Section 3(a), the grounds for such termination are cured as expressly permitted hereunder, the
notice of termination shall be void and no termination pursuant to such notice shall occur. A
non-extension of the Term, if elected by the Company, shall be deemed to be a termination of
Quandt’s employment other than for Cause if Quandt remains employed until the end of the Term and
his employment then in fact terminates due to the non-extension of the Term hereunder.

     (a) Notice and Payment Obligations. Any termination of Quandt’s employment by the
Company other than for Cause shall only become effective at least 30 (thirty) days after written
notice to Quandt from the Company. Any termination of employment by Quandt for Good Reason shall
only become effective at least 30 (thirty) days after written notice to the Company from Quandt
specifying the basis for his belief that he has Good Reason to terminate his employment. If the
Company terminates the employment of Quandt other than for Cause and other than as a result of
death or Permanent Disability (as defined hereinafter) or if Quandt terminates his employment for
Good Reason (as hereinafter defined), the Company shall pay Quandt in full satisfaction of its
obligations to him the following amounts:

          i. (A) The Base Salary accrued to the date of termination of employment, and (B) any amounts
payable under all applicable Company plans or programs, determined pursuant to the terms of such
plans or programs, such amounts to be paid in full on the first business day of the month following
such termination (the amounts in Clauses (A) and (B), collectively, the “Accrued Amounts”); plus

          ii. A cash lump sum payment of pro rata Bonus, equal to the higher of the current year target
amount (i.e. target amount being 55% of current year Base Salary)

4

 

of Bonus payable to Quandt or the actual Bonus paid or payable for performance in the year prior to
the year of termination, multiplied by a fraction the numerator of which is the number of days from
January 1 of the year of termination to the termination date and the denominator of which is 365
(but without duplication of any Bonus payout for the year of termination that is part of the
Accrued Amounts), paid in full at the same date as payment is required under clause (i) above; plus

          iii. A cash lump sum payment in respect of vacation days accrued according to the Company’s
rules to the date of termination that Quandt has not taken (the “Vacation Payment”), paid in full
at the same date as payment is required under clause (i) above, or on such earlier date as may be
required by law; plus

          iv. Payment for any unreimbursed Business Expenses, paid in full at the same date as payment
is required under clause (i) above; plus

          v. An additional amount (the “Termination Amount”) equal to three times the sum of (a)
Quandt’s Base Salary (calculated at the salary level in effect at the time of termination, as
adjusted pursuant to Section 2(a)), plus (b) the higher of the current year target amount of Bonus
payable to Quandt or the actual Bonus paid or payable for performance in the year prior to the year
of termination, plus (c) an amount equal to the annual cost of medical plan benefits under COBRA or
similar plan, payment of the Termination Amount being subject to the execution of a Release
pursuant to Section 10. The Termination Amount (less applicable taxes) shall be payable in one
lump sum within 30 days following the date of termination and receipt of the executed Release
pursuant to Section 10; plus

5

 

          vi. Any amounts payable under the Noncompetition Agreement referenced in Section 6(b).

     (b) Definition of Good Reason. “Good Reason” shall mean (i) the failure of the
Company to pay any amount due under this Agreement; (ii) a material breach of this Agreement by the
Company; (iii) a meaningful diminution by the Company in the title, status, duties, powers,
responsibilities or authority of Quandt; (iv) the failure of any successor to the Company (through
merger or acquisition of assets or any other transaction that constitutes a Sale Event in which
liabilities of the Company of this nature are to be assumed) to assume and fully perform all of the
remaining obligations of the Company under this Agreement; or (v) the Company requires Quandt to
be based at any office more than ten miles from White Plains, New York; provided, however, that
none of the foregoing events or matters shall be deemed to constitute Good Reason if the Company
has, prior to the date of termination, fully cured and corrected the event or matter that would
have constituted Good Reason. In addition, Quandt may elect to terminate for “Good Reason” during
the period of 3 (three) months that begins 6 (six) months after a transaction or series of
transactions in which the persons who on the date of this Agreement beneficially owned the Common
Stock of the Company, the Class A Preferred Stock of the Company, and the Class B Preferred Stock
of the Company have, in the case of each such class of stock, ceased to beneficially own at least
50% of that class of stock and such persons, in the aggregate but regardless of whether acting as a
group, no longer beneficially own securities of the Company that enable them to effectively control
the Company through the power to elect at least 50% of the members of the Board of Directors (for
this purpose, “beneficially own” and related terms shall

6

 

have the meaning ascribed to them under Section 13(d) of the Securities Exchange Act of 1934, as
amended).

     4. TERMINATION OF EMPLOYMENT DUE TO PERMANENT DISABILITY OR DEATH

     If Quandt shall be unable to perform the essential functions of his employment hereunder, with
reasonable accommodation, because of illness, physical or mental disability or other incapacity for
a period of 180 days in any 365 consecutive day period, or upon diagnosis of a permanent or
complete disability (in either event, a “Permanent Disability”), the Company may terminate Quandt’s
employment 30 days after written notice to Quandt if Quandt has not resumed the full-time
performance of his duties before the end of such 30-day period. The existence of a Permanent
Disability shall be determined by a medical doctor reasonably acceptable to the Company and to
Quandt. Quandt’s employment shall end automatically upon Quandt’s death. Upon any termination for
Permanent Disability or death, the Company shall pay Quandt or Quandt’s estate in full satisfaction
of its obligations to him the Accrued Amounts, the Vacation Payment, any unreimbursed Business
Expenses, and a cash lump sum payment of pro rata Bonus equal to the current year target amount of
Bonus payable to Quandt multiplied by a fraction the numerator of which is the number of days from
January 1 of the year of termination to the termination date and the denominator of which is 365
(but without duplication of any Bonus payout for the year of termination that is part of the
Accrued Amounts). Payments under this Section 4 shall be made within 30 days after the termination
event, and amounts payable under the Noncompetition Agreement referenced in Section 6(b) shall be
payable in accordance with that Agreement.

7

 

     5. TERMINATION OF EMPLOYMENT BY THE COMPANY FOR CAUSE OR BY QUANDT WITHOUT GOOD REASON 

     The Company may terminate Quandt’s employment for Cause and Quandt may terminate his
employment voluntarily without Good Reason, in each case subject to the notice requirement set
forth in this Section 5. If, within such notice period, the grounds for termination by the Company
for Cause are cured as expressly permitted hereunder, the notice of termination shall be void and
no termination pursuant to such notice shall occur.

     (a) Company Obligations. If the Company terminates Quandt’s employment for Cause, or
if Quandt terminates his employment without Good Reason, the Company shall pay Quandt in full
satisfaction of its obligations to him the Accrued Amounts, any unreimbursed Business Expenses,
plus Vacation Payment, plus, if termination is not by the Company for Cause, a cash lump sum
payment of pro rata Bonus equal to the current year target amount of Bonus payable to Quandt
multiplied by a fraction the numerator of which is the number of days from January 1 of the year of
termination to the termination date and the denominator of which is 365 (but without duplication of
any Bonus payout for the year of termination that is part of the Accrued Amounts). Payments under
this Section 5 shall be made within 30 days after the termination date. In addition, the Company
shall pay to Quandt any amounts payable under the Noncompetition Agreement referenced in Section
6(b) at the times specified in the Noncompetition Agreement.

     (b) Definition of Cause. “Cause” shall mean (i) any action by Quandt involving theft,
fraud, embezzlement or other act of similarly grave misconduct that

8

 

results in significant damage to the business or reputation of the Company; (ii) any material
breach of the provisions of Section 6 of this Agreement by Quandt or any material breach of any
other material provision of this Agreement by Quandt; (iii) any action by Quandt involving material
malfeasance or material misconduct in connection with his employment, continuing failure to perform
any material duties hereunder, or failure to follow any lawful, reasonable and material direction
of the Board of Directors of the Company; or (iv) Quandt’s conviction of any felony that involves
dishonesty, fraud, or moral turpitude.

     (c) Notice of Termination. Termination of employment for Cause shall be made by
delivering to Quandt a letter signed by a majority of the Board of Directors of the Company,
specifying, in factual detail, grounds for termination and providing Quandt with a 30-day period to
cure such grounds if cure is possible. If cure is not effected, termination shall be effective at
the end of the 30-day period, provided, however, that Quandt shall have the opportunity, if he so
desires, to place the matter before the Board of Directors of the Company, by means of a personal
appearance by him and his counsel, before such termination shall be effective. The Company and
Quandt agree that they both are obligated to conduct the in-person meeting contemplated herein
within 30 days of the notice of termination for Cause. Any termination of employment by Quandt
without Good Reason shall only become effective at least 30 (thirty) days after written notice to
the Company from Quandt.

     6. NONDISCLOSURE OF CONFIDENTIAL INFORMATION; NONCOMPETITION 

     (a) Nondisclosure. Quandt shall not at any time during or after his employment
hereunder, without the prior written consent of the Company, make any use

9

 

of or disclose to any person or entity any Confidential Information, as defined herein, except (i)
while employed by the Company, in connection with the business of and for the benefit of the
Company or (ii) as required by law. “Confidential Information” shall mean material non-public
information concerning the Company’s financial data, strategic business plans, product development
(or other proprietary product data), customer lists, consignments, transactions, estimates,
marketing plans, personnel and compensation, and other material non-public proprietary or
confidential information of the Company, its affiliates or its customers or clients.
Notwithstanding the foregoing, subsequent to the termination of his employment with the Company,
Quandt may share with (i) potential investors in connection with starting a new business venture or
(ii) potential employers information by business unit concerning the acquisition price, historical
revenue data, EBITDA and net EBITDA.

     (b) Noncompetition. Quandt shall be subject to a Noncompetition Agreement, to be
embodied in a separate document to this Employment Agreement, and the Noncompetition Agreement,
when executed, shall be deemed a material term of this Employment Agreement. Payments to Quandt
for his entry into and performance under the Noncompetition Agreement shall be made as specified in
such Noncompetition Agreement.

     7. OBLIGATIONS ON TERMINATION. Upon the termination of Quandt’s employment under this
Agreement by either party, Quandt shall:

     (a) Within seven (7) days of a request from the Company resign from each and every office held
by him with Company. and his membership in any organization acquired by virtue of his employment
under this Agreement , and should he fail to do so

10

 

he hereby irrevocably authorizes the Board of Directors of the Company in his name and on his
behalf to sign any documents and do any thing necessary or requisite to give effect thereto; and,

     (b) Deliver to the Company all property in his possession or under his control that belongs to
the Company including but not limited to keys, security and computer passes, computer hardware,
software and files, cellular phones and beepers, facsimile machines, modems, and all documents and
other records (whether on paper, magnetic tape, computer disk or in any other form and including
correspondence, lists of clients or customers, notes, memoranda, software, plans, drawings and
other documents and records of whatsoever nature and all copies thereof) made or compiled or
acquired by Quandt during his employment hereunder and concerning the business, finances or affairs
of the Company or its clients or customers. Notwithstanding the foregoing, Quandt shall be entitled
to retain the three laptop computers he currently utilizes, including standard software programs
contained on such laptop computers, but excluding any proprietary information of the Company. For
purposes of this provision 7(b), records containing the names, addresses and contact information of
persons collected in the course of Quandt’s employment under this Agreement shall not be deemed
proprietary information of the Company and Quandt is hereby authorized to retain a copy of such
records.

     8. NO MITIGATION OF DAMAGES OFFSET. Quandt shall not be required to mitigate any
amounts due Quandt provided under this Agreement by seeking other employment or otherwise. Any
payments made by the Company to Quandt after the termination of employment shall not be subject to
offset and shall not be reduced by any compensation Quandt receives from any subsequent employment.

11

 

     9. NOTICES. All notices or communications hereunder shall be in writing, addressed as
follows:

To the Company:

Haights Cross Communications, LLC

10 New King Street

White Plains, NY 10604

with a copy to:

David F. Deitz, Esq.

Goodwin Procter LLP

Exchange Place

Boston, MA 02109-2881

To Quandt:

77 Haights Cross Road

Chappaqua, NY 10514

with copy to:

Steven Hall & Partners

645 Fifth Avenue

New York, New York 10022

Attn: Steven C. Root

Any such notice or communication shall be sent certified or registered mail, return receipt
requested, postage prepaid, addressed as above (or to such other address as such party may
designate in a notice duly delivered as described above), and such notice shall be deemed to be
given on the third business day after the actual date of mailing.

     10. RELEASE. Upon any termination of employment pursuant to Section 3 or 4, Quandt
agrees to enter into a Separation and Release Agreement, in the form attached hereto as Exhibit A,
of all his rights and obligations in respect of the Company, other than Quandt’s rights and
obligations under this Agreement and the Noncompetition Agreement. The Separation and Release
Agreement shall be entered into by Quandt within 5 business days after any termination of
employment pursuant to Section 3 or 4.

12

 

Quandt (or, in the event of Quandt’s death or disability, his estate or personal representative)
shall be required to provide such Separation and Release Agreement to the Company and such
Separation and Release Agreement must become irrevocable before the Company shall be required to
make any payments to Quandt under Sections 3(a)(ii), 3(a)(v), 3(a)(vi), or the pro rata bonus
pursuant to Section 4 of this Agreement, or under Section 3 of Quandt’s Noncompetition Agreement,
and as a condition to the Company’s obligation to make such payments.

     11. SEVERABILITY AND WAIVER. If any provision of this Agreement shall be declared to
be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not
affect the remaining provisions hereof, which shall remain in full force and effect. Failure to
insist upon strict compliance with any of the terms of this Agreement shall not be deemed a waiver
of such term unless such waiver is in writing signed by the party against whom it is asserted. Any
waiver of any right hereunder at any time shall not be deemed a waiver at any other time or times.

     12. LEGAL FEES. Each party shall bear its own legal fees and other fees and expenses
which may be incurred in enforcing its respective rights under this Agreement, except as provided
in this Section 12. In addition to the reimbursement of Quandt’s expenses provided under Section
2(f), all reasonable costs and expenses (including fees and disbursements of counsel) incurred by
Quandt in enforcing his rights pursuant to this Agreement shall be reimbursed to Quandt promptly by
the Company in the event that Quandt is successful in enforcing such rights.

     13. ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the
heirs and representatives of Quandt and the assigns and successors of the

13

 

Company, but neither this Agreement nor any rights hereunder shall be assignable by Quandt (except
by will or by operation of the laws of intestate succession) or by the Company, except that the
Company may assign this Agreement to any affiliate or to any successor (whether by merger, purchase
or otherwise) to all or substantially all of the stock, assets or businesses of the Company, if
such affiliate or successor expressly agrees to assume the obligations of the Company hereunder
and, in the case of any assignment other than to an affiliate of the Company, Quandt consents to
such assumption, which consent shall not be unreasonably withheld.

     14. AMENDMENT. This Agreement may only be amended by a written agreement signed by
Quandt and the Company.

     15. SURVIVAL. The respective rights and obligations of the parties hereunder shall
survive any termination of this Agreement to the extent necessary to the intended preservation of
such rights and obligations.

     16. DISPUTE RESOLUTION. This Agreement shall be construed, interpreted and governed
in accordance with the laws of the State of New York, without reference to conflicts of law rules,
In the event of any dispute arising out of, under or relating to this Agreement, the parties shall
first endeavor in good faith to resolve such dispute by negotiation. In the event that they are
unable to do so, the parties shall enter into mediation using a mediator acceptable to both
parties. In the event that such mediation does not result in a settlement of the dispute, then the
parties hereby consent to arbitrate the dispute before the American Arbitration Association in New
York City.

     17. INTERPRETATION. The headings of Sections of this Agreement are for convenience of
reference only and are not intended to qualify the meanings of the

14

 

Section. Any reference to a Section number shall refer to a Section of this Agreement, unless
otherwise stated.

     18. EFFECT ON PRIOR AGREEMENTS. This Agreement contains the entire understanding
between the parties hereto and supersedes in all respects any prior or other agreement or
understanding, whether oral or written, between the Company and Quandt with respect to Quandt’s
employment.

     19. TAX LAW COMPLIANCE.

     (a) Compliance with Code Section 409A. In the event that, as a result of Section 409A
of the Internal Revenue Code (the “Code”) (and any related regulations or other pronouncements),
any of the payments that Quandt is entitled to under the terms of this Agreement or any other plan
or arrangement of the Company involving deferred compensation (as defined under Code Section 409A)
may not be made at the time contemplated by the terms hereof or thereof without causing Quandt to
be subject to constructive receipt of income at a date prior to actual payment or an income tax
penalty or interest, and the timing of payment is the sole cause of such adverse tax consequences,
the Company will make such payment on the earliest date thereafter that a distribution could be
triggered under Code Section 409A without Quandt incurring such adverse tax consequences. In the
case of any payment triggered by termination of employment hereunder, in the event of any delay in
the payment date under this Section 19, the Company will adjust the payments to reflect the
deferred payment date by crediting interest thereon at the prime rate in effect at the time such
amount first would have been payable, as quoted by the Company’s principal lending bank. In
addition, other provisions of this Agreement or any other such plan or arrangement notwithstanding,
the

15

 

Company shall have no right to accelerate or delay any such payment or to make any such payment as
the result of any specific event except to the extent permitted under Section 409A without
resulting in adverse tax consequences.

     (b) Golden Parachute Excise Tax. Other provisions of this Agreement the contrary
notwithstanding, to the extent that any of the payments and benefits provided for under this
Agreement or any other agreement or arrangement between the Company and Quandt (collectively, the
“Payments”) (i) constitute a “parachute payment” within the meaning of Section 280G of the Code
and (ii) but for this Section 19(b), would be subject to the excise tax imposed by Section 4999 of
the Code, then the Payments shall be payable either (i) in full or (ii) as to such lesser amount
which would result in no portion of such Payments being subject to excise tax under Section 4999 of
the Code; whichever of the foregoing amounts, taking into account the applicable federal, state and
local income taxes payable by Quandt and the excise tax imposed by Section 4999 payable by Quandt,
results in Quandt’s receipt on an after-tax basis of the greatest amount of economic benefits under
this Agreement, notwithstanding that all or some portion of such benefits may be taxable under
Section 4999 of the Code. Unless Quandt and the Company otherwise agree in writing, any
determination required under this Section shall be made in writing by independent advisors selected
by the Company (the “Advisors”), whose determination shall be conclusive and binding upon Quandt
and the Company for all purposes. For purposes of making the calculations required by this Section
19(b), the Advisors may make reasonable assumptions and approximations concerning applicable taxes
and may rely in reasonable, good faith interpretations concerning the application of Section 280G
and 4999 of the Code. The Company and

16

 

Quandt shall furnish to the Advisors such information and documents as the Advisors may
reasonably request in order to make a determination under this Section 19(b). If this Section
19(b) is applied to reduce an amount payable to Quandt, and the Internal Revenue Service
successfully asserts that, despite the reduction, Quandt has nonetheless received payments which
are in excess of the maximum amount that could have been paid to him without being subjected to any
excise tax, then, unless it would be unlawful for the Company to make such a loan or similar
extension of credit to Quandt, Quandt may repay such excess amount to the Company as though such
amount constitutes a loan to Quandt made at the date of payment of such excess amount, bearing
interest at the prime rate of the Company’s principal lending bank.

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

	 	 	 	 	 
	 	HAIGHTS CROSS COMMUNICATIONS, INC.

 	 
	 	By:  	/s/ Christopher S. Gaffney
 	 
	 	 	Christopher S. Gaffney, Director 	 
	 	 	 	 
	 
	 	 	 
	 	                                                  /s/ Peter J Quandt
 	 
	 	Peter J. Quandt 	 
	 	 	 
	 

17

 

EXHIBIT A

Haights Cross Communications, Inc.

Separation and Release Agreement

On ___, 20___this Separation and Release Agreement (the “Release”) by and between NAME
(“Employee”), on the one hand and Haights Cross Communications, Inc. (the “Company”) on the other
hand, is presented to Employee. The Release, executed on the date specified below (the date of
execution by the Employee hereinafter referred to as the “Execution Date”), shall be in full force
and effect as of the Effective Date (as defined below).

RECITAL

Employee and Company desire to reach a mutual understanding and acceptance of the terms and
conditions related to Employee’s separation from employment with Company.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained it is hereby
agreed as follows:

     1. Employee shall cease to be an employee of Company as of                     , 20      (the “Separation
Date”).

     2. In consideration of Employee’s accepting and not revoking this Release, Employee shall be
entitled to receive certain amounts payable in accordance with Section 3(a)(ii), 3(a)(v), 3(a)(vi)
and 4 of the Employee’s Employment Agreement dated January 1, 2007 (the “Employment Agreement”) and
Section 3 of the Noncompetition Agreement referenced in Section 7(b) of the Employment Agreement
(the “Noncompetition Agreement”), which amounts would not be due him if he did not execute this
Release.

     3. Employee agrees that the Company is authorized to open any and all business mail addressed
to Employee at the Company’s address. Employee further understands that the Company will not be
responsible for forwarding mail.

     4. Release 

	 	(a)	 	In consideration for, among other things, certain payments under
Section 3(a)(ii), 3(a)(v), 3(a)(vi) and the pro rata bonus pursuant to Section 4 of
the Employment Agreement and Section 3 of the Noncompetition Agreement, Employee,
for himself, his agents, legal representatives, assigns, heirs, distributes,
devisees, legatees, administrators, personal representatives and executors
(collectively, the “Releasing Parties”), hereby releases and discharges the Company
and its present and past subsidiaries and affiliates, its and their respective
successors and assigns, and the present and past

 

 

	 	 	 	shareholders, officers, directors, employees, agents and representatives of each
of the foregoing (collectively, the “Releasees”), from any and all claims,
demands, actions, liabilities and other claims for relief and remuneration
whatsoever, whether known or unknown, from the beginning of the world to the
date Employee signs this Release, excluding any and all claims, demands,
actions, liabilities and other claims for relief and remuneration under the
Employment Agreement and the Noncompetition Agreement, but otherwise including,
without limitation, any claims arising out of or relating to Employee’s
employment with and termination of employment from the Company, for wrongful
discharge, for breach of contract, for discrimination or retaliation under any
federal, state or local fair employment practices laws, including, Title VII of
the Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991), the
Family and Medical Leave Act, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, for defamation or other torts, for wages,
bonuses, incentive compensation, stock, stock options, vacation pay or any other
compensation or benefit and any claims under any tort or contract (express or
implied) theory, and any of the claims, matters and issues which could have been
asserted by the Releasing Parties against the Released Parties in any legal,
administrative or other proceeding in any jurisdiction.

	 	(b)	 	Employee further agrees not seek or accept any damages or relief for
his own benefit, including attorneys’ fees or costs, with respect to any claims
released by the language above; however, Employee shall have the right to seek
recovery of any costs incurred, including attorney fees and costs, in enforcing
his rights under the Employment Agreement and Noncompetition Agreement in
accordance with Section 13 of the Employment Agreement.

     5. It is understood and agreed that, with the exception of all obligations of the Company
under the Employment Agreement, the Noncompetition Agreement, and Section 3(b) of this Release, all
which shall remain fully binding and in full effect subsequent to the execution of this Release,
the release set forth in the preceding Section is intended as and shall be deemed to be a full and
complete release of any and all claims that Employee may or might have against Releasees, or any of
them, arising out of any occurrence arising on or before the Execution Date and said release is
intended to cover and does cover any and all future damages not now known to Employee or which may
later develop or be discovered, including all causes of action therefore and arising out of or in
connection with any occurrence arising on or before the Execution Date.

     6. By signing and returning this Release, Employee acknowledges that Employee:

	 	(a)	 	has carefully read and fully understands the terms of this Release;

	 	(b)	 	is entering into this Release voluntarily and knowing that Employee is
releasing claims that Employee has or believes Employee may have against Company;
and

2

 

	 	(c)	 	has hereby been advised by the Company to consult with an attorney of
Employee’s choosing about the terms of this Release prior to signing this Release.

     7. Return of Property

	 	(a)	 	Employee agrees to return all Company property in Employee’s possession
to Company immediately, except as otherwise provided in the Employment Agreement.
Employee acknowledges receipt and agrees to the terms of the Notice on Conclusion
of Employment, attached hereto as Exhibit “A.” The terms of Exhibit “A” are
incorporated herein and any violation of Exhibit A shall be deemed a material
violation of this Release.

	 	(b)	 	Should Employee violate any of his obligations under paragraph 7(a) of
this Release (including Exhibit A), or his obligations under Section 6 of his
Employment Agreement or Section 2 of his Noncompetition Agreement, the Company may
cease the making payments and continuing benefits to the extent provided in the
Employment Agreement and Noncompetition Agreement without in anyway affecting the
continuing validity of the release set forth in paragraph 4 of this Release.
Employee agrees that restrictions contained in paragraph 7(a) (including Exhibit A)
are necessary to protect the business of the Company and are considered reasonable
for such purposes. Employee agrees that any breach of any provision of paragraph
7(a) (including Exhibit A), Section 6 of the Employment Agreement or Section 2 of
the Noncompetition Agreement may cause the Company substantial and irreparable
damages which are difficult to measure. Therefore, in the event of any such breach
or threatened breach, Employee agrees that, in addition to all other rights and
remedies, the Company shall have the right to immediate injunctive relief.

     8. Employee agrees and understands that neither the content nor the execution of this Release
shall constitute or be construed as any implied or actual admission by Company of any liability to
or of the validity of any claim by Employee that that the Company engaged in any wrongdoing.

     9. Employee hereby represents and agrees that in entering into this Release, Employee has
relied solely upon Employee’s own judgment, belief and knowledge and Employee’s own legal and other
professional advisors and that no statement made by or on behalf of Company has in any way
influenced Employee in such regard.

     10. Employee hereby represents and warrants to Company that Employee has not assigned any
claim that Employee may or might have against Company, from which the Company would otherwise be
released pursuant to this Release, to any third party.

     11. Each party shall pay its own attorneys’ fees, costs and expenses related to this
Separation and Release Agreement, except as provided in paragraph 4(b).

3

 

     12. This Release shall be governed by and construed in accordance with the laws of the State
of New York, without giving effect to conflict of laws principles.

     13. It is agreed by each of the parties hereto that they have read the above and fully
understand the terms of this Release which they voluntarily execute in good faith and deem to be a
full and equitable settlement of this matter.

     14. The provisions of this Release are severable. If any provision of this Release is
declared invalid or unenforceable, any court of competent jurisdiction reviewing such provision
shall enforce the provision to the maximum extent permissible under applicable law. Any ruling
will not affect the validity and enforceability of any other provision of the Release.

     15. Employee acknowledges that he has been given the opportunity to consider this Release
before signing it. For a period of seven (7) days from the date Employee signs this Release,
Employee has the right to revoke this Release by written notice to the undersigned. This Release
shall not become effective or enforceable until the expiration of the revocation period. This
Release shall become effective on the first business day following the expiration of the revocation
period (the “Effective Date”).

     Employee is advised to consult with an attorney before signing this Release. The foregoing is
agreed to and accepted by:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Dated:
	 	 	 	 
	 

	 	 
	 	 	 	 

	 	 

Agreed and Accepted for Haights Cross Communications, Inc:

	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 
	 	Dated:
	 	 
	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 

4

 

EXHIBIT “A”

NOTICE ON CONCLUSION OF EMPLOYMENT

In connection with the conclusion of employment with Haights Cross Communications, Inc. and/or its
subsidiaries and affiliates (“Company”), each employee has an obligation to surrender and return to
Company all mail, files, records, manuals, books, blank forms, tapes, discs, photographs,
negatives, documents, letters, memoranda, notes, notebooks, materials, property, reports, data
tables, calculations, information or copies thereof, which are the property of Company or which
relate in any way to the business, products, practices or techniques of Company and all other
property, trade secrets or confidential information of Company and any third parties with whom it
deals, including but not limited to, all keys, passwords, combinations and documents which in any
of these cases are in the employee’s possession or under the employee’s control. After returning
all property to the Company, each employee must delete and finally purge files with Company
information from any personal computer or device that remains in the employee’s possession or
control after the employee’s Separation Date.

The employee also has a continuing obligation to preserve as CONFIDENTIAL and refrain from using
Confidential Information, in accordance with the terms of his Employment Agreement.

5

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