Document:

Third Amendment

  
 Exhibit 10.1

 THIRD AMENDMENT TO OFFICE LEASE 
 THIS THIRD AMENDMENT TO OFFICE LEASE (this “Amendment”) is made as of September 21, 2010, by and between 811 SW NAITO ASSOCIATES, LLC, a Delaware limited liability company
(“Landlord”), and PAULSON CAPITAL CORP., an Oregon corporation, f/k/a Paulson Investment Company (“Tenant”). 

Recitals 

A. Pursuant to the terms of that certain Office Lease dated May 6, 1997, by and between the Trustees of the Oregon-Washington
Carpenters-Employers Pension Trust Fund and Trustees of the Oregon Laborers-Employers Pension Trust Fund, the predecessor-in-interest to Landlord, as landlord, and Tenant, as tenant, as amended by that certain Amendment 1, dated August 10,
2001, and as further amended by that certain Second Amendment to Office Lease, dated as of November 2008 (as amended, the “Lease”) Tenant leases from Landlord approximately 17,136 rentable square feet of office space in the building
commonly known as 811 SW Naito Parkway, Portland, Oregon, as more particularly described in the Lease (the “Premises”). Capitalized terms not defined in this Amendment shall have the meanings given them in the Lease. 

B. Landlord and Tenant desire to amend the Lease to provide for the extension of the term of the Lease for an additional eighteen
(18) months, set forth the rent for such extension term and to provide for certain improvements to the Premises and associated common areas, all upon and subject to the terms and conditions set forth in this Amendment. 

NOW THEREFORE, in consideration of the foregoing recitals and the mutual agreements of the parties herein, Landlord and Tenant hereby
agree as follows: 
 1. Extension of Lease Term. The term of the Lease currently expires January 31, 2011. The term
of the Lease is hereby extended for a period of eighteen (18) months, terminating as of July 31, 2012. Any references to the “term” or “lease term” in the Lease shall be deemed references to the term of the Lease as
extended hereby. 
 2. Monthly Base Rent. Effective as of February 1, 2011, and continuing for the remainder of the
term, the base monthly rent for the Premises shall be as set forth below, and all references in the Lease to “Monthly Base Rental” or “Base Rent” shall be deemed references to such monthly base rent. 

 

					
	 Period
	  	Monthly Base Rent	 
	 February 1, 2011 – January 31, 2012
	  	$	29,559.60	  
	 February 1, 2012 – July 31, 2012
	  	$	30,444.96	  

3. “As-Is” Premises. The Premises are leased AS IS in the condition now existing with no alterations
or other work to be performed by Landlord, provided that Landlord will repaint and re-carpet the elevator lobbies on the
2nd and 3rd floors of the Building, using Building-standard paint and carpet,
and will reimburse Tenant for up to Seventeen Thousand One Hundred Thirty-Six Dollars ($17,136) (the “Carpet Allowance”) toward the costs of replacing the carpet in certain of the high-traffic areas of the Premises after the date of this
Amendment (the “Carpet Replacement”). Landlord shall reimburse Tenant for the cost of the Carpet Replacement, up to the maximum amount of the Carpet Allowance, within thirty (30) days after the later of (a) the completion of the
Carpet Replacement, and (b) Landlord’s receipt of evidence of Tenant’s expenditure of such amounts in a form satisfactory to Landlord in its reasonable discretion, provided that Landlord shall have no obligation to disburse such funds
to Tenant if such request for reimbursement, with the required evidence of Tenant’s expenditures, is not received before October 1, 2011. The Carpet Allowance may be utilized only for the costs of the Carpet Replacement and for no other
purpose. 

  
 4. Brokers.
Tenant warrants and represents to Landlord that in the negotiating or making of this Amendment neither Tenant nor anyone acting on Tenant’s behalf has dealt with any real estate broker or finder who might be entitled to a fee or commission for
this Amendment other than Pacific Real Estate Partners, Inc., on behalf of Landlord, and GVA Kidder Mathews, on behalf of Tenant. Tenant agrees to indemnify and hold Landlord harmless from any claim or claims, including costs, expenses and
attorney’s fees incurred by Landlord, asserted by any other broker or finder for a fee or commission. 
 5. Ratification
of Lease. The Lease, as modified by this Amendment, remains in full force and effect, and Landlord and Tenant hereby ratify the same. This Amendment shall be binding upon and inure to the benefit to the parties and their respective successors
and assigns. 
 6. Counterparts. This Amendment may be executed in counterparts, each of which shall constitute and
original, and all of which together shall constitute one document. 
 [Signatures follow] 

IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed this Amendment as of date of this Amendment. 

 

													
	LANDLORD:	 		 	TENANT:
			
	 811 SW NAITO PARKWAY ASSOCIATES, LLC, a

Delaware limited liability company
	 		 	 PAULSON CAPITAL CORP.,
 an Oregon corporation

					
	By:	 	 /s/ Thomas G. Keane
	 		 	By:	 	 /s/ Trent Davis

		 	Name:	 	Thomas G. Keane	 		 		 	Name:	 	Trent Davis
		 	Title:	 	VP of Leasing Operations	 		 		 	Title:	 	President and CEO

  
 2Purchase Agreement dated August 19, 2010

  
 Exhibit 10.4

 Execution Version 
 PURCHASE AGREEMENT 
 This Purchase Agreement
(“Agreement”) is made and entered into as of the 19th day of August, 2010 (hereinafter the “date of this Agreement”), by VANDERCAR, LLC, an Ohio limited liability company (“Purchaser”), and THE KIRK &
BLUM MANUFACTURING COMPANY, an Ohio corporation (“Seller”). 
 In exchange for the mutual agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows: 
 1. Property. Seller agrees to sell and convey to Purchaser, on the terms and subject to the conditions contained in this Agreement, the land depicted on EXHIBIT
“A” attached hereto and made a part hereof, known as 3120 Forrer Street, Cincinnati, Hamilton County, Ohio, which contains approximately 10.7298 acres, together with all buildings, improvements, fixtures, plumbing, hvac, mechanical,
electrical and other operating systems located thereon and therein, and together with any and all appurtenant rights and easements pertaining thereto, including, without limitation any and all rights and interests of Seller in and to all roads,
alleys, easements, streets and ways upon or adjacent to such land, rights of ingress and egress thereto, and any strips and gores within or bounding the land (collectively the “Property”). There shall also be included with the
Property all of Seller’s rights in and to all contractual rights, if any, with respect to the operation, maintenance, repair and improvement of the land, buildings, structures and improvements thereon, including service and maintenance
agreements, utility agreements, and other contractual arrangements, and warranties of any contractor, manufacturer or materialmen, if any. Notwithstanding the foregoing, Seller, at its sole discretion, may remove, any machinery, equipment,
inventory, personal property, furniture, furnishings, and cranes, conveyors or conveyor systems, compressors or compressor systems, currently located upon the Property and used by Seller in the operation of Sellers’ business, excepting the
Systems (as hereinafter defined), and any and all such items that Seller elects to remove pursuant to this Section 1 (collectively, “Excluded Property”) shall be excluded from the Property. Seller, in removing such cranes,
conveyors, conveyor systems, compressors and compressor systems, agrees to do so with all reasonable caution and in a manner so as to minimize any damage to all other plumbing, hvac and electrical systems. The basic components of the plumbing, hvac
and electrical systems located at the Property (i.e., hvac units and ductwork, electrical runs and plumbing lines), excluding any step-down transformers, switchgear or other specialized components or systems installed or used by or on behalf of
Seller for or in the operation of its business, shall be collectively referred to herein as the “Systems”. The parties hereto acknowledge that Purchaser requires as a condition of this Purchase Agreement that the Systems remain
available to Purchaser and/or prospective tenants for future business operations therein. Purchaser agrees that Purchaser shall be accepting such Systems and Property in their current condition and that Seller makes no representations or warranties
to Purchaser concerning the operating condition of Systems or the condition of the Property. 
 2. Purchase Price.
The Purchase Price (“Purchase Price”) for the Property shall be Two Million Eight Hundred Thousand Dollars ($2,800,000.00) if the Closing takes place on or before November 3, 2010, Two Million Nine Hundred Thousand Dollars
($2,900,000.00) if the Closing takes place between November 3, 2010 and November 30, 2010, Three Million Dollars ($3,000,000,00) if the Closing takes place between December 1, 2010 and December 15, 2010 or Three Million One
Hundred Thousand Dollars ($3,100,000.00) if the Closing takes places between December 16, 2010 and December 31, 2010. The Purchase Price shall be payable as follows: 

(a) Within five (5) business days of the date of this Agreement, Purchaser shall deposit with the Title Company
(hereinafter defined), in a strict joint order escrow, earnest money in the amount of Fifty Thousand Dollars ($50,000.00) (“Earnest Money Deposit”), which Earnest Money Deposit is refundable during the Inspection Period and
non-refundable to Purchaser for any reason after the expiration of the Inspection Period, but which Earnest Money Deposit will be applied against the Purchase Price at the Closing as set forth in Paragraph 2(b) below; and 

  
 (b) The
applicable Purchase Price, plus or minus the credits or prorations provided for by the terms of this Agreement less the Earnest Money Deposit previously paid to Seller, shall be paid by certified or cashier’s check, Title Company escrow check,
or by wire of immediately available funds at Closing. 
 3. Conveyance. At the Closing, Seller shall
deliver to Purchaser a duly executed and acknowledged limited warranty deed (the “Deed”) conveying to Purchaser recordable, marketable, and indefeasible title to the Property in fee simple, free and clear of all liens and
encumbrances, of record and in fact, subject only to the following (“Permitted Exceptions”): (a) easements, encumbrances and restrictions of record (but, in any event, Seller shall be required to remove all mortgages and other
monetary liens, except for real estate taxes and installments of assessments not yet due and payable); (b) installments of real estate taxes and assessments which are a lien upon the Property, but not yet due and payable; (c) Seller’s
post Closing occupancy rights as described herein; and (d) the rights of property owners in and to private roadways pursuant to recorded documents, public highways, public right of ways and rights of the public to utilize streets.

 4. Property Inspection. Purchaser shall have the right to conduct an inspection(s) of those matters and
items set forth in subsections 4(a),(b) and (c) below herein, at Purchaser’s sole expense, for a period of sixty (60) days from the date of this Agreement (the “Inspection Period”). During the Inspection Period Seller
shall cooperate with Purchaser in such inspections and shall make the Property available for inspections by Purchaser, its’ agents and employees. If Purchaser, in Purchaser’s sole judgment, shall find such inspection(s) to be
unsatisfactory for any reason or for no reason, Purchaser shall have the right, at its option, to be exercised not later than the expiration of the Inspection Period, to elect to terminate this Agreement by written notice to Seller and the Escrow
Agent, and, upon such election, all Earnest Money shall be immediately refunded to Purchaser and, thereupon, the parties hereto shall have no further liabilities one to the other (other than those that are expressly stated to survive the termination
of this Agreement). If Purchaser fails to give Seller notice of its decision to terminate this Agreement on or before the expiration of the Inspection Period by written notice to Seller and the Escrow Agent, Purchaser shall be deemed to have
approved the items set forth in 4(a), (b) and (c) below herein, and to have waived same as conditions precedent to Closing. 
 (a) Physical, Mechanical and Environmental Inspection. Purchaser shall have the right during the Inspection Period, at Purchasers’ expense, upon twenty-four (24) hours prior notice
to Seller, to perform or have performed a physical, mechanical and environmental inspection of the Property as Purchaser deems necessary to determine the physical condition of the Property, including the feasibility of Purchaser’s use of the
Property, including the adequacy and availability of all utility, sanitary sewer, communications, water, and storm sewer services and facilities, and including whether or not hazardous materials exist at the Property. Seller shall provide to
Purchaser within five (5) days of the date of this Agreement copies of all environmental reports and other written material(s), if any, in Seller’s possession relating to the Property and the determination as to whether or not any
hazardous materials or environmental substances exist at the Property. Purchaser agrees to restore the Property to its original condition upon completion of any such inspections, and to indemnify Seller against all damages incurred by Seller as a
result of the entry upon the Property by Purchaser’s agents or employees. Purchaser shall, promptly after receipt, provide Seller with copies of all inspection reports regarding the physical condition of the Property as generated pursuant to
this Paragraph. 

  
 (b)
Title and Survey. On or before fifteen (15) days after the date of this Agreement, Seller shall obtain and provide to Purchaser a title insurance commitment (“Title Commitment”) with respect to the Property from
Mercantile Title Agency, Inc. (the “Title Company”) for a standard form ALTA Owners Title Insurance Policy covering the Property in the amount of the Purchase Price, together with copies of all recorded instruments referred to in
the title commitment. In addition, Seller shall obtain and provide to Purchaser its most recent survey of the Property (the “Survey”). 
 (c) Title Defects. Purchaser shall have until the end of the Inspection Period to examine the condition of title and the Survey of the Property and to approve or disapprove the same.
Purchaser shall give written notice to Seller of any objection(s) to title or Survey (collectively called “Title Defects” or individually a “Title Defect”) on or prior to thirty (30) days after Purchaser’s
receipt of the Title Commitment and Survey. On or before ten (10) days after Seller’s receipt of written notice of any Title Defect, Seller shall notify Purchaser in writing whether or not Seller intends to cure such Title Defect. If
Seller notifies Purchaser in writing that Seller intends to cure any Title Defect, then Seller shall do so at its expense prior to Closing. If Seller notifies Purchaser in writing that Seller is unwilling or unable to remove any Title Defect, then
Purchaser may, at its option, (i) agree to waive such defects and proceed to close the purchase of the Property as-is; or (ii) terminate this Agreement. If Seller fails to respond to the Title Defect in writing within the specified time
period, then Seller shall be deemed to have notified Purchaser that it is unwilling or unable to cure the Title Defect and Purchaser shall have the same options described in the immediately preceding sentence. Purchaser shall elect option
(i) or (ii) above by written notice to Seller on or before the Closing Date. If Purchaser fails to elect either option as provided herein, Purchaser shall be deemed to have elected option (i). If Purchaser terminates this Agreement
pursuant to provisions of this sub-paragraph both parties shall be released from all further obligations hereunder. 
 5.
Closing; Possession. The parties hereto agree, subject to satisfaction of the conditions precedent to Closing set forth in Section 4 and 6 herein, to close the purchase and sale of the Property (the “Closing”) on
or before December 31, 2010 or on such earlier date as shall be directed by Purchaser. The Closing will take place in the offices of Purchaser’s counsel. Purchaser shall have the right to move the Closing to an earlier date upon at least
seven (7) days prior written notice to Seller. Seller shall at the Closing execute and deliver such other documents or instruments as may be reasonably required by Purchaser, or required by other provisions of this Agreement, or reasonably
necessary to effectuate the Closing, including, without limitation, the Deed as required by this Agreement, a commercially reasonable title affidavit, such proof of authority as may reasonably be requested, a general bill of sale assigning,
transferring and conveying to Purchaser the Systems and other improvements located at the Property, exclusive, however, of the Excluded Property, which Seller shall be entitled to remove from the Property in accordance with the provisions of
Section 1 of this Purchase Agreement, and a closing statement. Purchaser shall deliver the portion of the Purchase Price due at Closing pursuant to the terms of this Agreement and execute and deliver such other documents or instruments as may
reasonably be required by Seller to effectuate the Closing, including, without limitation, a closing statement. Possession shall be delivered ninety (90) days after Closing (“Possession Date”); provided, however, that in the
event that Seller notifies Purchaser that Seller is exercising its Lease Option (as hereinafter defined) or is deemed hereby to have exercised its Lease Option with respect to the K&B Technic Building and/or the Components Building, as the case
may be, in accordance with the lease provisions set forth below, then the parties hereto (or their respective designees) shall execute and deliver at Closing a written Lease Agreement, the Term of which (including the payment of rent) shall commence
as of the first day after the date of Closing. Until the Possession Date, Seller shall be permitted to remain in full possession of the Property, subject, however, to the terms and conditions of any Lease Agreement executed by the parties with
respect to the K&B Technic Building and/or the Components Building, as applicable. 

  
 Purchaser hereby
grants Seller the right to lease back from Purchaser at Closing one or more of the buildings (but not just a portion of any building) on the Property (the “Leased Premises”) for a one year period (“Term”) beginning
on the first day after the day of Closing (“Lease Option”) at a rate of $1.00 per square foot of space contained in each building. Furthermore, any such lease shall contain an option, exercisable by Seller in its sole discretion at
any time during the Term, to extend the Term up to an additional three (3) months on the same terms and conditions and at the same rental rate that existed for the initial Term of such lease. If Seller fails to notify the Purchaser whether it
intends to exercise the Lease Option on or before the Closing Date, Seller shall be deemed to have exercised the Lease Option as to the K&B Technic Building and the Components Building. Such lease shall be a triple-net lease and Seller shall be
responsible for paying all real estate taxes, insurance costs, utility costs and other occupancy and operation costs for the Leased Premises, on a pro rata basis (if the Leased Premises contains less than all of the buildings located on the
Property) during its period of occupancy. Seller acknowledges and agrees that Seller shall be leasing the Leased Premises from Purchaser at Closing in its “as-is” condition and further agrees that Purchaser shall have no obligation to
perform any maintenance or to make any repairs or replacements of any nature or kind to the Leased Premises during the term of such lease, including, but not limited to, the roof and roof systems, walls, footers, foundations, Systems, or floors.
Notwithstanding, Seller shall have no obligation to undertake such maintenance or repairs. Prior to Closing, Seller and Purchaser shall negotiate and execute a lease agreement reflecting such rights and obligations. Seller shall cause an initial
draft of the form of lease to be drafted by its counsel and delivered to Purchaser within forty-five (45) days of the date of this Agreement. Seller shall, prior to the date occupancy is to be delivered to Purchaser, subject, however to the
provisions of Section 1 herein, remove all of its furniture, furnishings, tools, materials, supplies, unattached equipment, cranes, conveyors and conveyor systems from the Leased Premises that Seller desires to remove and any such items
remaining after such date may be disposed by Purchaser in any manner it desires; provided, however, in all circumstances, that Seller shall cause all barrels, drums, cans, or similar or other containers located on the Property containing any
chemicals, cleaning agents, solvents, hazardous materials, or environmental substances to be removed from the Property and Leased Premises at Seller’s sole expense. Both parties agree to negotiate in good faith in order to enter into the above
described lease. 
 6. Purchaser’s Conditions. 

(a) Purchaser’s Conditions. In addition to those conditions precedent to Closing set forth in
Section 4 herein, the obligation of Purchaser to perform is subject to satisfaction of each of the following conditions on or prior to Closing, which may be waived solely by Purchaser. Purchaser may, at Purchaser’s sole option and
election, terminate this Agreement by written notice to Seller, if any of these conditions are not satisfied in Purchaser’s sole judgment and discretion, to Purchaser’s sole satisfaction. 

i. Performance by Seller. Seller shall have not breached any warranty contained in this Agreement nor shall
Seller have failed to perform any obligation required by this Agreement to be performed by Seller. 
 ii.
Title Policy. The Title Company shall have irrevocably committed itself to issue a title policy with no new exceptions other than the exceptions to title set forth in Schedule B-II of the commitment, with all standard and general
exceptions deleted or endorsed over so as to afford full “extended form coverage”, subject only to the requirement that Seller execute and deliver the documents required hereunder, and any Title Defects described in Paragraph 4 shall have
been removed or waived, and no additional Title Defects shall arise prior to the date of Closing. 

  
 iii.
Lease Agreement. If Seller has exercised (or is deemed hereby to have exercised) its Lease Option, then Seller and Purchaser shall have agreed upon and to the terms of lease setting forth each party’s respective rights and
obligations respecting the leased premises, which such terms shall be consistent with the terms of lease set forth in Section 5 of this Agreement. 
 (b) Seller’s Conditions. The obligations of Seller to perform under this Agreement are subject to satisfaction of each of the following conditions on or before the date of Closing which
may be waived by Seller in its sole discretion. Seller may terminate this Agreement without liability by written notice to Purchaser if any of these conditions are not satisfied to Seller’s sole satisfaction. 

i. Agreement as to Seller’s Post-Closing Possession. Seller and Purchaser shall have agreed to the
terms of the lease setting forth Seller’s post-closing possessory rights and obligations. 
 ii.
Purchaser’s Performance. Purchaser shall have tendered the Purchase Price to the extent due at Closing, and shall have fully performed all of its obligations under this Agreement reasonably and necessarily required to be performed
prior to Closing. 
 iii. Lease Agreement. If Seller has exercised (or is deemed hereby to have
exercised) its Lease Option, then Seller and Purchaser shall have agreed upon and to the terms of lease setting forth each party’s respective rights and obligations respecting the leased premises, which such terms shall be consistent with the
terms of lease set forth in Section 5 of this Agreement. 
 7. Failure to Close. If Seller defaults in any of
its obligations hereunder, or if any of Seller’s representations and warranties made in this Agreement prove to be untrue, then Purchaser shall have the right to seek specific performance as Purchaser’s sole remedy. If Purchaser fails to
close as required by this Agreement, then Seller’s sole and exclusive right and remedy shall be to retain the Earnest Money Deposit paid by Purchaser as liquidated damages, the parties acknowledging and agreeing that Seller’s actual
damages could be difficult if not impossible to ascertain, but retention of the Earnest Money Deposit is agreed to be a reasonable estimate of Seller’s damages in the event Purchaser fails to close. 

8. Real Estate Taxes and Other Prorations. Real estate taxes and current installments of assessments applicable to the
Property for the year in which the Closing occurs shall be prorated as of the date of Closing, based upon the most recently issued tax bills, with Purchaser receiving a credit at such Closing for the real estate taxes charged for such parcel for the
time period prior to such Closing. If the Property is subject to any assessments, then such assessments shall be likewise prorated at the Closing. The lease shall provide that Seller shall be responsible for all taxes and assessments on the Leased
Premises charged for the period of time that Seller occupies the Leased Premises. 

  
 9. Eminent
Domain or Casualty. If all or any portion of the Property is taken or is made subject to eminent domain or other governmental acquisition proceedings prior to the Closing, then Seller shall promptly notify Purchaser thereof, and Purchaser
may either complete the Closing and receive the proceeds paid or payable on account of such acquisition proceedings, including any right to receive the same, or terminate this Agreement by written notice to Seller, and in such event, neither party
shall have any further rights or obligations hereunder. If any of the buildings or improvements are damaged or destroyed prior to Closing by fire or any other casualty, then Purchaser shall proceed to Closing and receive the insurance proceeds paid
or payable on account of such damage or destruction, including any rights to receive the same. 
 10. Agreements,
Representations and Warranties of Seller. Seller represents, warrants, and covenants to Purchaser, and shall be deemed to remake all such representations, warranties, and covenants as of the date of the Closing, that, to Seller’s actual
knowledge (being defined as the actual knowledge of Seller’s senior officers), entering into this Agreement and the consummation of the sale of the Property will not require Seller to obtain (either before or after the Closing) any consent,
license, permit, wavier, approval, authorization or any other action of, by, or with respect to any non-governmental or governmental person or entity. Each person executing and delivering this Agreement and all documents to be executed and delivered
by Seller at the Closing represents and warrants to Purchaser that he or she has due and proper authority to execute and deliver same, and that Seller has the full right, power and authority to sell and convey the Property to Purchaser as provided
herein and to carry out its’ obligations hereunder. The consummation by Seller of the transaction which is the subject of this Agreement will not conflict with or result in a breach of any of the terms of any agreement or instrument to which
Seller is a party or by which Seller is bound or constitute a default thereunder, and, subject to the satisfaction of the conditions set forth in Section 6 of this Agreement, the Board of Directors of Sellers shall have approved and authorized,
on or prior to the date of the Closing, the execution and delivery of this Agreement, the transaction which is the subject of this Agreement, and all documents to be executed and delivered by Seller at Closing pursuant to this Agreement; it being
the understanding of the parties that the foregoing representation and warranty to have obtained such Board approval and authorization on or prior to the date of the Closing is not, and shall not be deemed, a condition precedent to Seller’s
obligation to close the transactions contemplated hereunder, and Seller acknowledges that it may not rely upon such representation and warranty as a basis for refusing to close under this Agreement. No other party has any right to purchase the
Property, or any part thereof, and there are no outstanding or enforceable (recorded or unrecorded) rights of first refusal or options to purchase the Property held, enforceable by or benefiting any third parties. 

11. Agreements, Representations and Warranties of Purchaser. Purchaser represents, warrants and covenants to Seller, and
shall be deemed to remake all such representations, warranties and covenants as of the date of the Closing, that, to Purchaser’s actual knowledge (being defined as the actual knowledge of Purchaser’s senior officers), entering into this
Agreement and the consummation of the purchase of the Property will not require Purchaser to obtain (either before or after the Closing) any consent, license, permit, waiver, approval, authorization or any other action of, by or with respect to any
non-governmental or governmental person or entity. Purchaser is authorized, and the person signing on behalf of Purchaser is authorized, to execute and deliver this Agreement and all documents contemplated hereby, and both the Purchaser and the
person signing on behalf of Purchaser have the full right, power and authority to consummate the transaction contemplated by this Agreement. The truth and accuracy of the preceding representations, warranties and covenants shall be conditions
precedent to Seller’s obligation to close under this Agreement. 

  
 12.
Notices. All notices required or permitted by this Agreement shall be in writing, and shall be deemed properly delivered when and if hand delivered, sent by Federal Express or other nationally recognized overnight courier service or
deposited in the United States mail, postage prepaid, certified or registered mail, return receipt requested, addressed to the parties hereto at their respective addresses set forth below or as they may hereafter specify by written notice delivered
in accordance herewith: 
  

			
	Purchaser:	  	Vandercar, LLC
		  	5027 Madison Road, Suite 200
		  	Cincinnati, OH 45227
		  	Attention: J. Robert Smyjunas
		
	With a copy to:	  	Martin C. Butler, Esq.
		  	Strauss & Troy, LPA
		  	50 E. RiverCenter Boulevard
		  	Suite 1400
		  	Covington, KY 41011
		
	Seller:	  	CECO Environmental Corp.
		  	3120 Forrer Street
		  	Cincinnati, Ohio 45209-1016
		  	Attn: Mr. Dennis Blazer
		
	With a copy to:	  	Sean P. Callan, Esq.
		  	Dinsmore & Shohl, LLP
		  	255 East Fifth Street
		  	1900 Chemed Center
		  	Cincinnati, Ohio 45202

 13.
Expenses. Purchaser shall pay for any transfer tax in connection with the sale of the Property. Purchaser shall pay the survey costs, the title insurance premium and recording charges. Each party shall pay for its own legal and
accounting fees and other expenses in connection with this Agreement and the sale and transfer of the Property. 
 14.
Brokers. Purchaser and Seller hereby represent to each other that it has not involved or worked with any brokers, agents or finders in the negotiation of this Agreement or the consummation of this transaction and that there are no such
other brokers, agents or finders that have any right to claim a commission or fee due to the consummation of this transaction, except Brian Leonard, Jones Lang LsSalle Americas, Inc. (the “Broker”). Seller shall be solely
responsible for any commission or fee due to the Broker and shall indemnify, defend and hold Purchaser harmless from any claims of Broker against Purchaser. Purchaser and Seller hereby represent and warrant that there are no other brokers, agents or
finders that have any right to claim a commission or fee due to the consummation of this transaction and agree to indemnify and hold harmless each other from and against any and all liabilities, including costs and expenses such as attorneys’
fees, arising out of any claims by any brokers, agents or finders that they are entitled to such a commission or fee as the result of the actions of the indemnifying party. 

  
 15.
Miscellaneous. 
 (a) Entire Agreement; Binding Effect. This Agreement and the
Exhibits attached hereto constitute the entire contract between the parties and supersede all prior understandings, if any. Any subsequent conditions, representations, warranties, or agreements shall not be valid and binding upon the parties unless
in writing and signed by both parties. This Agreement shall be binding on and inure to the benefit of the parties and their respective heirs, successors and assigns. Purchaser may assign its rights under this Agreement to an entity formed to take
title to the Property at Closing, provided Purchaser remains obligated to perform all of its obligations hereunder and is not released from such obligations by virtue of such assignment. Without limiting Purchaser’s right to assign this
Agreement to any other party, Seller specifically acknowledges that Purchaser may assign this Agreement to any related or affiliated entity or to an intermediary in connection with a like kind exchange under Section 1031 of the Internal Revenue
Code and Seller consents to such assignment and agrees to cooperate with Purchaser in completing such assignment, provided however, that Purchaser hereby indemnifies Seller from all costs or expenses incurred by Seller solely on account of this
transaction being structured as a like-kind exchange. Purchaser specifically acknowledges that Seller may assign this Agreement to any related affiliated entity or to any intermediary in connection with a like-kind exchange under Section 1031
of the Internal Revenue Code and Purchaser consents to such assignment and agrees to cooperate with Seller in completing such assignment and like-kind exchange provided, however, that Seller shall indemnify Purchaser from all costs or expenses
incurred by Purchaser solely on account of this transaction being structured as a like-kind exchange. 
 (b)
Original Document. This Agreement may be executed by both parties in counterparts, each of which shall be deemed an original, but all of such counterparts taken together shall constitute one and the same Agreement. 

16. New State Taxes. If, prior to Closing, new Ohio state sales or services types of taxes are imposed such that the real
estate commissions paid under this Agreement are taxed thereby, then Seller shall pay such taxes at Closing. 
 17.
Non-Waiver. A waiver by either party hereto of any of the covenants, conditions or agreements contained herein to be performed by the other party shall not be construed to be a waiver of any succeeding breach thereof or of any other
covenant, condition or agreement herein contained. 
 18. Time is of the Essence. Time is of the essence as to all
dates and timeframes in this transaction. 

  
 19. Restriction
on Transfer. Purchaser agrees not to, except in accordance with the provisions of Section 15 above herein, assign this Agreement or transfer the Property, whether before or after Closing, until such time as Purchaser has satisfied all
of its obligations under this Agreement (including acting or causing its designee to act as landlord under the lease referenced in Paragraph 5) without Seller’s written consent, which consent shall not be unreasonably withheld, delayed or
conditioned so long as the assignee, transferee or designee agrees, in writing, to fulfill all of Purchaser’s outstanding obligations under this Agreement; provided, however, Purchaser may assign this Agreement to any of its affiliated
companies or to an entity formed by Purchaser to take title at Closing to the Property without the necessity of obtaining Seller’s prior consent provided Purchaser remains responsible for satisfying or causing to be satisfied all of
Purchaser’s obligations under this Agreement (including, without limitation, Purchaser and/or its designee executing and delivering at Closing the lease with respect to the K&B Technic Building and the Components Building as provided for
and in accordance with the provisions of Section 5 of this Agreement). Purchaser agrees that Seller may, at or after Closing, record an affidavit of facts in the real property records of the Hamilton County Recorder’s Office to memorialize
Purchaser’s obligations under this Paragraph 19, provided, however that Seller agrees to and shall be obligated to remove such affidavit from the real property records at or before the expiration of the post-Closing occupancy period.

 Remainder of page intentionally left blank. 

Signature page immediately follows. 

  
 EXECUTED as of the day and year
first above written. 
  

													
	Witnesses:	 		 	PURCHASER:
				
		 		 		 	VANDERCAR, LLC,
	  
	 		 	an Ohio limited liability company
	Name:	 	  
	 		 		 		 		 	
					
		 		 		 	By:	 	 /s/ J. Robert Smyjunas

	  
	 		 	Print Name:	 	 J. Robert Smyjunas

	Name:	 	  
	 		 	Its:	 	  

				
		 		 		 	SELLER:
				
		 		 		 	THE KIRK & BLUM
		 		 		 	MANUFACTURING COMPANY,
	  
	 		 	an Ohio corporation
	Name:	 	  
	 		 		 		 		 	
					
		 		 		 	By:	 	 /s/ Dennis W. Blazer

	  
	 		 	Print Name:	 	 Dennis W. Blazer

	Name:	 	  
	 		 	Its:	 	 Secretary

  
 EXHIBIT A

 Tract 1 
 All that
certain tract of land in Section 28 , Township 4 , Fractional Range 2 , Miami Purchase, Columbia Township , Hamilton County , State of Ohio, Beginning on the North line of a proposed 75 foot street, at a point 175 feet northwardly from the
North line of the right of way of the Baltimore and Ohio Northwestern Railroad Company ( measured at right angles thereto) and 815 feet West of the West side of Marburg Avenue (formerly Columbia Road ) ; thence North 25’ East parallel with
Marburg Avenue 905.48 feet to a point ; thence North 88°51’ West 400 feet to a point; thence South 25’ West 791.61 feet to said proposed 75 foot street; thence eastwardly with said proposed street and parallel with the North line of
The Baltimore and Southwestern Railroad Company right of way 175 feet northwardly therefrom (measured at right angles thereto) 414.12 feet to the place of beginning. Containing 7.79 acres of land, more or less. 

Tract 2 
 All that certain tract of land
in Section 28, Township 4, Fractional Range 2, of the Miami Purchase, Columbia Township, Hamilton County, Ohio, beginning at the northeast corner of the tract of land heretofore, conveyed by The Factory Colony Company to the Cincinnati Planer
Company and presently owned of record by The Kirk & Blum Manufacturing Company; extending, thence with the North line of said tract of The Kirk & Blum Manufacturing Company , North 88°51’ West, 280 feet to a point; thence,
North 25’ East 500.07 feet to the South line of Disney Street; thence, along the South line of said Disney Street South 88°51’ East, 280 feet to the northwest corner of a tract of land once leased to The Cincinnati Lathe and Tool
Company and presently owned of record by The Cincinnati Milling Machine Company; and thence, with the West line of said last mentioned tract, South 25’ West 500.07 feet to the place of beginning.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}]]