Document:

Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.2

LANCASTER COLONY CORPORATION
FORM OF STOCK APPRECIATION RIGHTS AGREEMENT
This Stock Appreciation Rights Agreement (this “Agreement”) is dated as of __________, 20___, by and between Lancaster Colony Corporation, an Ohio corporation (the “Company”), and __________________, an Employee or Consultant for the Company (the “Grantee”).
W I T N E S S E T H
WHEREAS, the Company desires to award Stock Appreciation Rights to the Grantee, subject to the terms and conditions of the Lancaster Colony Corporation 2015 Omnibus Incentive Plan (the “Plan”) and the terms and conditions described below;
WHEREAS, the Grantee wishes to accept such award, subject to the terms and conditions of the Plan and the terms and conditions described below;
WHEREAS, the Company hereby confirms to the Grantee the grant, effective on __________, 20___ (the “Grant Date”), pursuant to the Plan, of _____ Stock Appreciation Rights (“SARs”) subject to the terms and conditions of the Plan and the terms and conditions described below, which SARs are a right to receive Shares with a Fair Market Value (as such term is defined in the Plan) equal to 100% of the Spread at the time of exercise; and
WHEREAS, the parties hereto understand and agree that any terms used and not defined herein have the same meanings as in the Plan.
NOW, THEREFORE, the Company and the Grantee hereby agree as follows:
		
	1.
	Definitions.  As used in this Agreement:

(a)“Base Price” means $        , which is not less than the Fair Market Value of a Share on the Grant Date.
(b)“Compete” means for the Grantee to do any of the following as an officer, director, employee, independent contractor, consultant, owner, partner, member, shareholder, equity holder, or joint venture of a competitor of the Company, or in any other capacity whatsoever with a competitor of the Company: (a) to directly or indirectly work for a competitor; or (b) to directly or indirectly assist a competitor with one of its existing or prospective goods or services that directly or indirectly competes, will directly or indirectly compete, or would directly or indirectly compete with a good or service directly or indirectly offered, or that may or will be directly or indirectly offered, by the Company.
(c) “Confidential Information” means any and all non-public information regarding the Company, its goods, or its services.  “Confidential Information” includes any information that qualifies as a “trade secret” under the Uniform Trade Secrets Act or the common law of any state.  Additionally, the term “Confidential Information” includes the aforementioned non-public information that has become public because a person or entity breached an obligation to maintain its confidentiality
(d)“Innovations” shall mean all discoveries, developments, designs, ideas, innovations, improvements, inventions, formulas, processes, techniques, and know-how (whether or not patentable or registrable under copyright, trademark or similar statutes) made, conceived, reduced to practice or learned by the Grantee either alone or jointly with another while in the employ of the Company, or disclosed to a third party by the Grantee within one (1) year of leaving its employ, that 
(i)relate directly to the Company’s business or the production of any character of goods or materials sold or used by the Company, 

(ii)result from tasks assigned to the Grantee by the Company, or 
(iii)result from the use of premises or equipment owned, leased, or otherwise acquired by the Company.  
(e)“Protected Territory” includes the following geographic areas: (a) all states and territories of the United States of America; and (b) any other geographic area where it is reasonably necessary for the protection of the Company’s legitimate interests to restrict the Grantee from competing and such restriction does not impose an undue hardship on the Grantee or disregard the interests of the public.
(f) “Spread” means the excess of the Fair Market Value of a Share on the date on which a SAR is exercised over the Base Price.
(g)“Third Party” or “Third Parties” mean, individually or collectively, any current or prospective client, vendor, or other person or entity in an existing or potential business relationship with the Company during the Grantee’s employment with the Company or within the two (2) years following the Grantee’s termination of employment with the Company. 
(h)“Third Party Confidential Information” means any and all non-public information provided to the Grantee, on a confidential basis, by or on behalf of any existing or potential client, vendor, or other person or entity in an existing or potential business relationship with the Company.  Additionally, the term “Third Party Confidential Information” includes the aforementioned non-public information that has become public because a person or entity breached an obligation to maintain its confidentiality.
(i)For  purposes of Sections 1(b)-(e) and Sections 1(g)-(h), the “Company” shall mean Lancaster Colony Corporation or any of its parent, subsidiary, or affiliated companies.
2.Vesting of SARs.  The SARs shall become exercisable as follows:
(a)one-third of the SARs shall become exercisable on the first anniversary of the Grant Date if the Grantee shall have retained Continuous Status as an Employee or Consultant through such date;
(b)an additional one-third of the SARs shall become exercisable on the second anniversary of the Grant Date if the Grantee shall have retained Continuous Status as an Employee or Consultant through such date; 
(c)the remaining one-third of the SARs shall become exercisable on the third anniversary of the Grant Date if the Grantee shall have retained Continuous Status as an Employee or Consultant through such date; 
provided, that notwithstanding anything in this Section 2 to the contrary, if Grantee is Retirement Eligible as of the Grant Date, any SARs that have not become exercisable prior to the date of Grantee’s Retirement shall become exercisable, subject to Section 4, in accordance with the schedule set forth in clauses (a) and (b) of this Section 2 but without regard to whether Grantee has retained Continuous Status as an Employee or Consultant.  In calculating the one-third amounts described in Sections 2(a) and (b), fractional SARs shall be rounded down to the nearest whole SAR for each of the first two anniversaries of the Grant Date, and the remaining SARs shall be included with those SARs that become exercisable on the third anniversary of the Grant Date.  To the extent exercisable, the SARs may be exercised from time to time in accordance with the Plan and this Agreement.  To the extent the SARs or any portion thereof do not become exercisable as provided in this Section 2, such unexercisable SARs or portion thereof shall be forfeited to the Company for no consideration.  For purposes of this Agreement:  “Retirement” shall mean, unless the Administrator determines otherwise, the Grantee’s termination of his or her employment (other than by death or Disability) at least six months after the Grant Date.    “Retirement Eligible” shall mean the Grantee has attained the age of 63 and has achieved ten years of Continuous Status as an Employee or Consultant; and provided further, that notwithstanding anything in this Section 2 to the contrary, any unexercisable SARs shall become immediately exercisable on (A) the date upon which the Grantee terminates his or her Continuous Status as an Employee or Consultant for Good Reason, as such terms are defined in the Plan; (B) the date upon which the Company terminates the Grantee’s Continuous Status as an Employee or Consultant without Cause; or (C) upon the death of Grantee.

		
	3.
	Exercise of SARs.

(a)To the extent exercisable as provided in Section 2 or Section 5 of this Agreement, the SARs may be exercised in whole or in part by delivery to the Company of a statement in form and substance satisfactory to the Committee specifying the number of SARs to be exercised.
(b)Upon exercise, the Company will issue to the Grantee the number of Shares equal to the quotient of (i) the product of (A) the Spread multiplied by (B) the number of SARs exercised divided by (ii) the Fair Market Value of a Share on the date of exercise, with such quotient rounded down to the nearest whole Share.  
4.Termination of SARs.  The SARs shall terminate upon the earliest to occur of the following:
(a)90 days after the Grantee ceases to retain Continuous Status as an Employee or Consultant other than upon the Grantee’s death or Disability or Retirement; 
(b)180 days after the Grantee ceases to retain Continuous Status as an Employee or Consultant as a result of the Grantee’s Disability; 
(c)One year after the Grantee ceases to retain Continuous Status as an Employee or Consultant as a result of the Grantee’s death; and
(d)Five years from the Grant Date.
5.Effect of Change in Control.  Notwithstanding anything in this Agreement to the contrary, including Section 2, in the event of a Change in Control (as such term is defined in the Plan), the SARs will be affected in accordance with Section 17 of the Plan.
6.Transferability.  No SAR may be transferred by the Grantee other than by will or the laws of descent and distribution.  The SARs may be exercised during a Grantee’s lifetime only by the Grantee or, in the event of the Grantee legal incapacity, by the Grantee’s guardian or legal representative acting in a fiduciary capacity on behalf of the Grantee under state law and court supervision.  The SARs may be exercised after the Grantee’s death by (a) the Grantee’s designated beneficiary, provided such beneficiary has been designated prior to the Grantee’s death in a form acceptable to the Committee, or (b) the personal representative of the Grantee’s estate or by the person(s) to whom the SARs are transferred pursuant to the Grantee’s will or in accordance with the laws of descent and distribution.
7.Compliance with Law.  The SARs shall not be exercisable if such exercise would involve a violation of any applicable federal or state securities law, and the Company hereby agrees to make reasonable efforts to comply with any applicable federal and state securities law.
8.Adjustments.  The SARs shall be subject to adjustment in accordance with Section 17 of the Plan.
9.Withholding Taxes.  To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the exercise of the SARs, and the amounts available to the Company for such withholding are insufficient, it shall be a condition to such exercise that the Grantee make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld.  The Grantee may elect that all or any part of such withholding requirement be satisfied by retention by the Company of a portion of the Shares to be delivered to the Grantee.  If such election is made, the Shares so retained shall be credited against such withholding requirement at the Fair Market Value of a Share on the date of such delivery, with any fractional Shares that would otherwise be delivered being rounded up to the next nearest whole Share.  In no event shall the Fair Market Value of Shares to be withheld pursuant to this Section 9 to satisfy applicable withholding taxes in connection with the benefit exceed the minimum amount of taxes required to be withheld.

10.Notices.  Any notices required or permitted by the terms of this Agreement or the Plan must be in writing, shall be delivered to the Grantee at his or her address on file with the Company or to the Company addressed as follows (or to such other address or addresses of which notice in the same manner has previously been given), and will be deemed to have been duly given (a) when delivered in person, (b) when dispatched by electronic mail or facsimile transfer, (c) one business day after having been dispatched by a nationally recognized overnight courier service or (d) three business days after being sent by registered or certified mail, return receipt requested, postage prepaid:
Lancaster Colony Corporation
380 Polaris Parkway, Suite 400
Westerville, Ohio  43082
Attention:  Corporate Secretary
11.No Employment Contract; Right to Terminate Employment.  The grant of SARs  to the Grantee is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards.  The grant of the SARs and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law.  Nothing in this Agreement will give the Grantee any right to continue employment or to Continuous Status as an Employee or Consultant with the Company or any of its Subsidiaries, as the case may be, or interfere in any way with the right of the Company or any of its Subsidiaries to terminate the employment of the Grantee at any time.
12.Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit‐sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary.
13.Innovations.  In consideration of the awarded SARs, the Grantee agrees:
(a)For  purposes of this Section 13, the “Company” shall mean Lancaster Colony Corporation or any of its parent, subsidiary, or affiliated companies.  All Innovations shall belong to and be the exclusive property of the Company.
(b)The Grantee will promptly disclose all Innovations to the Company and will assign all of the Grantee’s right, title and interest to such Innovations, whether in the United States and any foreign country, to the Company and its successors and assigns. The Grantee will from time to time, upon request and at the expense of the Company, sign all instruments necessary for the filing and prosecution of any copyrights, patents, mask works, and applications for letters patent of the United States or any foreign country which the Company may desire to file upon such inventions without additional compensation. The Grantee will render all reasonable assistance to the Company and its agents in preparing applications and other documents and do all things that may be reasonable and necessary to protect the rights of the Company and vest in it all such inventions, discoveries, applications, and patents, even if the Grantee is no longer employed by the Company, provided that the Company compensates the Grantee at a reasonable rate for time actually spent by the Grantee on assistance occurring after termination of employment. 
(c)That upon termination of employment with the Company for any reason, the Grantee will immediately deliver to the Company all drawings, blueprints, sketches, notebooks, formulae, notes, manuals and other documents reflecting Confidential Information or Innovations, and the Grantee will not retain any copies or versions of such information. 
14.Improper Use or Disclosure of Confidential Information.  In consideration of the awarded SARs, the Grantee agrees to the following terms on maintaining confidentiality of certain non-public information:
(a)For  purposes of this Section 14, the “Company” shall mean Lancaster Colony Corporation or any of its parent, subsidiary, or affiliated companies.
(b)The Grantee agrees that during employment with the Company, and at any time thereafter regardless of the reasons for termination, the Grantee will not directly or indirectly do any of the following:
(i)use, or attempt to use, any Confidential Information or Third Party Confidential Information, except as required for the performance of the Grantee’s lawful job duties for the Company; 

(ii)disclose, or attempt to disclose, any Confidential Information to any person or entity who, at the time of the disclosure or attempted disclosure, does not have access to the information that was authorized by an agent of the Company with actual authority to provide such access; and/or
(iii)disclose, or attempt to disclose, any Third Party Confidential Information to any person or entity who, at the time of the disclosure or attempted disclosure, does not have access to the information that was authorized by (1) an agent of the Company with actual authority to provide such access and/or (2) an agent of the owner of the Third Party Confidential Information with actual authority to provide such access.
(c)Nothing in Section 14 of this Agreement restricts the Grantee from exercising any rights conferred by Section 7 of the National Labor Relations Act.  Additionally, nothing in Section 14 of this Agreement restricts the Grantee from exercising any other rights that are conferred by federal, state, and/or local law and that an agreement such as this is prohibited by law from restricting.  Further, nothing in Section 14 of this Agreement restricts the Grantee from reporting conduct the Grantee reasonably, and in good faith, believes to be a violation of federal, state, and/or local law.  However, in exercising such rights or in making such reports, the Grantee must act in good faith and not unreasonably or unnecessarily disclose any Confidential Information or Third Party Confidential Information.  Furthermore, if any Confidential Information is to be disclosed outside of the Company in exercising such rights or in making such reports, then the Grantee is required to provide prior written notice of the disclosure to Company management, so long as such prior written notice is not prohibited by law.  If any Third Party Confidential Information is to be disclosed outside of the Company in exercising such rights or in making such reports, then the Grantee is required to provide prior written notice of the disclosure to Company management and to the management of any affected owner of Third Party Confidential Information, so long as such prior written notice is not prohibited by law.  The Grantee must provide the prior written notice on or before the moment the Grantee makes the disclosure.
15.Unfair Competition.  In consideration of the awarded SARs, the Grantee agrees to be prohibited from engaging in unfair competition with the Company both during and after employment as follows:
(a)For  purposes of this Section 15, the “Company” shall mean Lancaster Colony Corporation or any of its parent, subsidiary, or affiliated companies.  
(b)The Grantee acknowledges that, by working for the Company, he or she will: (i) have access to, learn about, and work with the Company’s valuable and unique Confidential Information, all of which the Company developed through substantial, time, effort, and expense; (ii) be in contact and develop relationships with Third Parties, the contacts and relationships with whom the Company developed through substantial time, effort, and expense; and (iii) receive valuable training, knowledge, and expertise, some or all of which the Grantee gained in whole or in part through substantial time, effort, and expense by the Company.  For these reasons, the Grantee acknowledges and agrees that the Company has legitimate interests in restricting the Grantee’s competitive activities both during and after employment with the Company and that the restrictions contained in this Section 15 are necessary to protect those legitimate business interests, are designed to eliminate competition that would be unfair to the Company, are reasonable in time and scope, and do not confer a benefit upon the Company which is disproportionate to any detriment to the Grantee.
(c)The Grantee agrees that during employment with the Company, and for a period of one (1) year thereafter regardless of the reasons for termination, the Grantee will not Compete with the Company, or prepare to Compete with the Company, within the Protected Territory.  This restriction applies regardless of whether the Grantee is physically present in the Protected Territory engaging in prohibited competition or whether the Grantee uses means of communication, such as the telephone or the Internet, to engage in prohibited competition within the Protected Territory while physically outside of the Protected Territory.  Notwithstanding the foregoing, nothing in this Agreement shall prohibit the Grantee from purchasing or owning less than five percent (5%) of the publicly traded securities of any competitor of the Company, provided that such ownership represents a passive investment and that the Grantee is not a controlling person of, or a member of a group that controls, such competitor.
(d)The Grantee agrees that during employment with the Company and for a period of two (2) years thereafter regardless of the reasons for termination, the Grantee will not, to any tangible or intangible detriment of the Company, directly or indirectly do any of the following: 
(i)solicit in any way, or attempt to solicit in any way, any business from a Third Party;

(ii)accept any business from, or attempt to accept any business from, a Third Party; and/or
(iii)induce in any way, or attempt to induce in any way, a Third Party to terminate or diminish in any way its existing or prospective business relationship with the Company.
(e)The Grantee agrees that during employment with the Company and for a period of two (2) years thereafter regardless of the reasons for termination, the Grantee will not directly or indirectly do any of the following:
(i)solicit in any way, or attempt to solicit in any way, any current or prospective employee of the Company to decline any prospective employment with the Company or to terminate his or her current employment with the Company; and/or
(ii)induce in any way, or attempt to induce in any way, any current or prospective employee of the Company to decline any prospective employment with the Company or to terminate his or her current employment with the Company. 
16.Miscellaneous and Remedies.  In consideration of the awarded SARs, the Grantee agrees to be bound by the following:
(a)For  purposes of this Section 16, the “Company” shall mean Lancaster Colony Corporation or any of its parent, subsidiary, or affiliated companies.
(b)The Grantee represents that the Grantee currently has no restrictions on competition imposed by any agreement with any prior employer, including without limitation any non-competition restriction or non-solicitation restriction, that would prevent the Grantee from working for the Company and performing all lawful duties that the Company may require of the Grantee.  By signing this Agreement, the Grantee certifies that the Grantee has made every good faith effort to determine whether any such restrictions exist.  The Grantee agrees that the Grantee is prohibited from using or disclosing any confidential business information or trade secrets of a prior employer.  This prohibits without limitation any disclosure of such information or trade secrets to any employee of the Company or any use of such information or trade secrets as part of the Grantee’s job duties with the Company.  The Grantee further acknowledges that the Company will never directly or indirectly request Employee to improperly use or disclose any prior employer’s confidential information or trade secrets.  If any Company employee does make such a request, the Grantee shall immediately report the request to the Company’s Human Resources Department.
(c)The Grantee agrees to notify any of the Grantee’s actual or prospective employers of the existence and terms of this Agreement and agrees that the Company may notify such employers of the terms of this Agreement as well.
(d)The Grantee agrees that any breach, threatened breach, or attempted breach by the Grantee of Sections 13, 14, and/or 15 of this Agreement will cause immediate and irreparable harm to the Company that cannot be adequately remedied by money damages and will entitle the Company to immediate injunctive relief and/or specific performance in any court of competent jurisdiction, as well as to all other legal or equitable remedies and Uniform Trade Secrets Act remedies, where applicable, to which the Company may be entitled.  
(e)If a jury or court of competent jurisdiction finds that the Grantee has breached Section 14 of this Agreement, and this finding becomes final after any appeals are exhausted, then the Grantee is liable to the Company, for each breach, in an amount equal to ten percent (10%) of the Grantee’s last total annual compensation provided by the Company.  The Grantee agrees that if the Grantee breaches Section 14 of this Agreement, then Company will suffer actual damages in an amount that would be difficult if not impossible to determine and that the liquidated damages imposed for a breach of Section 14 of this Agreement represent the damages fairly estimated by the parties to result from any breach and do not constitute a penalty.  Furthermore, the Grantee agrees that the imposition of these liquidated damages does not demonstrate or imply that the Company would not suffer irreparable harm from any breach of this Agreement and does not render improper the award of injunctive relief.
(f)The Grantee agrees that if the Grantee breaches, threatens to breach, or attempts to breach any of the provisions of Section 15(c) following termination of employment with the Company, then the post-employment restricted period for Section 15(c) shall be extended to encompass the period of one (1) year from the date the Company obtains a court order providing preliminary or permanent injunctive relief enjoining the Grantee from any or 

all acts and/or omissions contrary to Section 15(c).  Similarly, if the Grantee breaches, threatens to breach, or attempts to breach any of the provisions of Sections 15(d) and/or 15(e) following termination of employment with the Company, then the restricted period for Sections 15(d) and/or 15(e) shall be extended to encompass the period of two (2) years from the date the Company obtains a court order providing preliminary or permanent injunctive relief enjoining the Grantee from any acts and/or omissions contrary to Sections 15(d) and/or 15(e).
(g)If the Company is, in its sole judgment, compelled to assert a cause of action against the Grantee to enforce or remedy any breach, threatened breach, or attempted breach of Sections 13, 14, and/or 15 of this Agreement, then the Grantee agrees to reimburse the Company for its reasonable attorneys’ fees and other reasonable expenses incurred in the investigation and successful prosecution or settlement of any such cause of action in addition to any damages or other remedies obtained by the Company.
(h)If any part of the restrictions contained in Section 15 of this Agreement are found unenforceable by any court of competent jurisdiction, then the parties agree that they intend for the court to enforce the restrictions to the extent reasonable or enforceable and to not decline enforcement.  The parties agree that, in any litigation over Section 15 of this Agreement, they will jointly advocate this position to the court and/or any jury.
17.Information.  Information about the Grantee and the Grantee’s participation in the Plan may be collected, recorded and held, used and disclosed for any purpose related to the administration of the Plan.  The Grantee understands that such processing of this information may need to be carried out by the Company and its Subsidiaries and by third party administrators whether such persons are located within the Grantee’s country or elsewhere, including the United States of America.  The Grantee consents to the processing of information relating to the Grantee and the Grantee’s participation in the Plan in any one or more of the ways referred to above.
18.Benefit of Agreement.  Subject to the provisions of the Plan and the other provisions hereof, this Agreement is for the benefit of and is binding on the heirs, executors, administrators, successors and assigns of the parties hereto.
19.Entire Agreement.  This Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement; provided, however, in any event, this Agreement shall be subject to and governed by the Plan.  The Administrator shall have authority, subject to the express provisions of the Plan and this Agreement, to establish, amend and rescind rules and regulations relating to the Plan, and to make all other determinations that are, in the judgment of the Administrator, necessary or desirable for the administration of the Plan.  The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in this Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency.  All actions by the Administrator under the provisions of this Section 19 shall be conclusive for all purposes.  The Grantee specifically understands and agrees that the SARs are being granted under the Plan, copies of which Plan the Grantee acknowledges the Grantee has read, understands and by which the Grantee agrees to be bound.
20.Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of the Grantee with respect to the SARs without the Grantee’s consent. 
21.Severability.  It is the intention and agreement of the Company and the Grantee that this Agreement shall be construed in such a manner as to impose only those restrictions on the conduct of the Grantee that are reasonable in light of the circumstances as they then exist and as are necessary to assure the Company of the intended benefit of this Agreement.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
22.Governing Law.  This Agreement is made under, and shall be construed in accordance with the internal substantive laws of the State of Ohio. 
23.Waivers and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other 

terms or provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
24.Electronic Delivery and Consent to Electronic Participation.  The Company may, in its sole discretion, decide to deliver any documents related to the SARs and participation in the Plan or future grants of Stock Appreciation Rights that may be granted under the Plan by electronic means.  Notwithstanding anything in this Agreement to the contrary, Grantee hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of Stock Appreciation Rights grants and the execution of award agreements through electronic signature.

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Executed in the name and on behalf of the Company in Westerville, Ohio as of __________, 20___.
	
						
	 
	 
	 
	LANCASTER COLONY CORPORATION

	 
	 
	 
	 
	 
	 

	 
	 
	 
	By:
	 
	 

	 
	 
	 
	 
	 
	Name: Matthew R. Shurte

	 
	 
	 
	 
	 
	Title: General Counsel

ACCEPTANCE OF AGREEMENT 
Grantee hereby: (a) acknowledges receiving a copy of the Plan, which has either been previously delivered or is provided with this Agreement, and represents that he or she is familiar with and understands all provisions of the Plan and this Agreement; (b) voluntarily and knowingly accepts this Agreement and the SARs granted to him or her under this Agreement subject to all provisions of the Plan and this Agreement; and (c) represents that he or she understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he or she manually signed the Agreement.  Grantee further acknowledges receiving a copy of the Company’s most recent annual report to shareholders and other communications routinely distributed to the Company’s shareholders and a copy of the prospectus pertaining to the Plan.

	
						
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	Grantee Name:CONTRACT
OF SALE

 

This
Contract of Sale (herein, the “Contract”) is made as of this 27th day of April, 2018 (the “Effective
Date”) by Convergent Media Systems Corporation, a Georgia corporation with an address of 190 Bluegrass Valley
Parkway, Alpharetta, GA 30004 (“Seller”) and Metrolina Alpharetta, LLC, its successors and/or assigns
with an address of 108 Gateway Blvd., Suite 104, Mooresville, NC 28117 (“Buyer”).

 

WHEREAS,
Seller is the owner of a parcel of land with buildings and improvements situate thereon and commonly known as 190 Bluegrass Valley
Parkway, Alpharetta, GA 30004 and designated as Tax Map Number 065-039, and consisting of approximately 11.63 acres more or less,
with an approximately 43,524 square foot building located thereon in Forsyth County, Georgia and being more particularly described
herein; and

 

WHEREAS,
Buyer is interested in buying the above described Property and Seller is interested in selling said Property on the terms and
conditions set forth herein.

 

NOW
THEREFORE, in consideration of the Property and the mutual covenants and conditions set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 

WITNESSETH

 

1.
Property: (a) Seller agrees to sell and convey to Buyer by limited warranty deed, and Buyer agrees to purchase from Seller
all that tract or parcel of land with buildings and improvements situate thereon and commonly known as 190 Bluegrass Valley Parkway,
Alpharetta, GA 30004 and designated as Tax Map Number 065-039, and consisting of approximately 11.63 acres more or less, with
an approximately 43,524 square foot building located thereon in Forsyth County, Georgia and as more particularly described on
Exhibit A attached hereto and made a part hereof (the “Property”).

 

(b)
In addition thereto, Seller shall provide or cause to be provided to Buyer (or its designee) within three (3) business days of
the Closing (as defined in Section 8(a)) warrants for the option to purchase 100,000 shares of common stock of Ballantyne Strong
Inc. (“BTN”), Seller’s corporate parent company. Such warrants shall be at the following purchase price:

 

	 	(i)	25,000
    warrants to purchase BTN shares at $10 per share; 
	 	(ii)	25,000
    warrants to purchase BTN shares at $12 per share;
	 	(iii)	25,000
    warrants to purchase BTN shares at $14 per share; and 25,000 warrants to purchase BTN shares at $16 per share. Such warrants
    shall be exercisable within 10 years of the date of Closing. 

 

2.
Purchase Price and Deposit: The purchase price shall be the sum of Seven Million Dollars ($7,000,000.00) (the “Purchase
Price”) paid as follows: (a) within ten (10) business days of the Effective Date of this Contract of Sale Buyer shall
deposit the sum of Twenty Five Thousand Dollars ($25,000.00), with Fidelity National Title Group (Andrew McGarry, 5565 Glenridge
Connector, Suite 300, Atlanta, Georgia 30342, 678-460-2400) (the “Escrow Agent”) as a deposit to be held in escrow,
which shall be credited toward the Purchase Price at Closing (collectively referred to herein as the “Deposit”)
and (b) the balance of the Purchase Price to be paid by certified check or wire transfer to the Escrow Agent at Closing.

 

    	 	 1	 

    	 

    

 

3.
Due Diligence; Contingencies: Buyers obligation to close this transaction, in addition to any other conditions contained
herein, shall be subject to and contingent upon the following:

 

(a)
Inspection Period. That period of time from the Effective Date through, to and including the close of business for the
Forsyth County Registrar of Deeds sixty (60) days from the Effective Date shall constitute Buyer’s inspection period (the
“Inspection Period”). During the Inspection Period, Buyer, through its employees and agents, may enter upon
the Property for the purpose of making such surveys, appraisals, soil tests, environmental, physical, engineering, feasibility
studies and other inspections and investigations as Buyer deems necessary or appropriate in order to assess the condition of the
Property and the economic feasibility of the transaction. Subject to the provisions of Paragraph 16 below, Buyer and its authorized
agents and employees shall have the right to enter upon the Property to conduct and complete any reasonable investigations, inspections,
evaluations, studies, tests and measurements as Buyer deems necessary or advisable. Notwithstanding the foregoing, Buyer shall
not conduct any invasive soil and groundwater or geotechnical testing without Seller’s prior consent. Such entry shall not
be considered a trespass. Said investigations shall be at the Buyer’s sole expense. Buyer agrees to restore the Property
as reasonably as possible to its condition prior to such entry. Subject to the provisions of Paragraphs 3, 16 & 17 of this
Contract and during the term of the Inspection Period, Buyer may obtain, at Buyer’s cost, a report of an investigation of
the Property carried out and prepared by a licensed engineer or geologist or other environmental professional selected by Buyer
employing procedures that a prudent Buyer would employ under the circumstances (“Environmental Site Assessment”).
A copy of the final report for the Environmental Site Assessment will be delivered by Buyer to Seller. Should Buyer determine,
in its sole discretion, that the Property is unsuitable for Buyer’s intended use or that the transaction is otherwise not
feasible, or for any reason including, but not limited to, that the Environmental Site Assessment states that there is more than
a low probability that Hazardous Materials are present on or beneath the surface of the Property or any property in the immediate
proximity to the Property, or that further investigations are necessary to determine whether Hazardous Materials are present,
then Buyer shall have the right to terminate this Contract by giving written notice of termination prior to the expiration of
the Inspection Period. In the event such written notice of termination is timely given, then the Deposit shall be returned to
Buyer and the parties hereto shall have no further obligations hereunder.

 

(b)
Seller’s Due Diligence Documents. Within five (5) days of the Effective Date of this Contract, Seller shall provide
to Buyer, at no cost, any and all documents, maps, reports, surveys, investigations, environmental assessments, tests, notices,
plans, title policies, agreements, leases, warranties, appraisals, condition reports, inspection reports and any other materials
in its possession or control relating to the Property. Any information provided to Buyer or obtained by Buyer with respect to
the Property shall be subject to the provisions of Paragraph 17 below.

 

    	 	 2	 

    	 

    

 

(c)
Casualty. If the Property is not in substantially the same condition at Closing as of the Effective Date, reasonable wear
and tear excepted, then Buyer shall have the right, exercisable by written notice to Seller, to either (i) terminate this Contract
and receive a return of the Deposit or (ii) proceed to Closing whereupon Buyer shall be entitled to receive, in addition to the
Property, any of the Seller’s insurance proceeds payable on account of the damage or destruction applicable to the Property.

 

(d)
Lease Agreement. The execution of a lease agreement by BTN in the form attached as Exhibit B (the “Lease
Agreement”).

 

In
the event that any of the above contingencies are not met at or prior to Closing, then Buyer shall have the right, exercisable
by delivering written notice to Seller, to cancel this Contract and receive a full refund of the Deposit, in which case the parties
hereto shall have no further obligations hereunder. The above contingencies are for the benefit of Buyer and Buyer may, in its
sole and absolute discretion, waive any one or all of the above contingencies and close this transaction notwithstanding that
the waived contingency has not been satisfied.

 

4.
Survey: Buyer may, at any time after the Effective Date, cause a survey (the “Survey”) of the Property,
acceptable in form to Buyer, to be made at Buyer’s expense by a registered Georgia land surveyor. Buyer shall cause such
Survey to be made prior to Closing. The legal description in Seller’s deed shall be based on the Survey.

 

5.
Title: During the Inspection Period, Buyer, at its expense, shall conduct an examination of the title to the Property.
Such examination shall show that the Seller is vested with fee simple marketable title to the Property. The title insurance binder
will have no exceptions other than property taxes not yet due and payable and right of ways or easements of record or apparent
upon a reasonable inspection of the Property, so long as said rights of way or easements do not prevent or hinder the Buyer’s
intended use of the Property (the “Permitted Exceptions”). If, however, the title examination reveals objections
to the title, other than the Permitted Exceptions, then Buyer shall deliver written notice to Seller with the title commitment
setting forth the objections to title, not later than the expiration of the Inspection Period. Seller shall have the right, but
not the obligation, to cure the title objections and if Seller fails to cure such objections within fourteen (14) days, then Buyer
shall have the right, as its sole remedy, exercisable by written notice to Seller, notwithstanding that the Inspection Period
may have expired, to (i) cancel this Contract and have the Deposit refunded or (ii) elect to close and receive the deed required
herein from Seller subject to such title objections.

 

6.
Mutual Cooperation: Seller acknowledges that Buyer shall have the right, exercisable by written notice to Seller within
thirty (30) days following the Effective Date, to accomplish a like-kind exchange in connection with this transaction. Seller
and Buyer agree to execute any necessary documents and cooperate with each other, at no cost to Seller, in the execution of the
like-kind exchange documents, if any, involved in this transaction.

 

7.
Not Applicable.

 

    	 	 3	 

    	 

    

 

8.
Closing:

 

(a)
Closing Date. The closing (the “Closing”) shall take place through the offices of the Escrow Agent at
a mutually convenient time and date as agreed by the parties hereto, not later than thirty (30) days after the expiration of the
Inspection Period (the “Closing Date”).

 

(b)
Seller’s Deliveries. Seller shall deliver to Buyer on the Closing Date the following documents prepared by Seller’s
counsel, in a form satisfactory to Seller’s counsel, Buyer’s counsel and the Escrow Agent: (i) a limited warranty
deed in the form commonly used for real estate closings in Forsyth County, Georgia; (ii) an owner’s affidavit on the Escrow
Agent’s form attesting to the absence of mechanic’s or materialmen’s liens, boundary line disputes, proceedings
involving Seller which may affect title to the Property, and parties in possession other than Seller; (iii) a Foreign Investment
and Real Property Tax Act (“FIRPTA”) affidavit; (iv) an affidavit of Seller’s state of organization and
good standing; (v) a closing settlement statement; (vi) transfer of any and all manufacturer and installation warranties for any
improvements on the Property including, but not limited to, roof warranties and HVAC warranties; (vii) a bill of sale for any
personal property located upon the Property; (viii) the fully executed Lease Agreement as set forth in Section 3(d) above; and
(ix) such other instruments and documents as Buyer’s counsel or Escrow Agent may reasonably request for the purpose of confirming
proper and lawful execution and delivery of closing documents and conveyance of the Property to Buyer in accordance with this
Contract and applicable provisions of Georgia law. In addition, Seller shall deliver to Buyer, or its designee, on the Closing
Date the fully executed warrants set forth in Section 1 herein above.

 

(c)
Buyer’s Deliveries. Buyer shall deliver to Seller on the Closing Date all of the following: (i) an affidavit of Buyer’s
state of organization and good standing; (ii) a closing settlement statement; (iii) the balance of the Purchase Price as set forth
in Section 2; (iv) the fully executed Lease Agreement as set forth in Section 3(d) above; and (v) such other instruments and documents
as Seller’s counsel or Escrow Agent may reasonably request for the purpose of confirming proper and lawful execution and
delivery of closing documents and conveyance of the Property to Buyer in accordance with this Contract and applicable provisions
of Georgia law.

 

(d)
Possession. Possession of the Property, subject to the Lease Agreement, shall pass to Buyer at the Closing Date.

 

9.
Costs and Expenses:

 

(a)
Seller’s Costs. Seller shall furnish and pay the expense of preparation of the Deed, any documentary or transfer
tax stamps, all costs associated with providing fee simple marketable title to the Property and the fees and costs of Seller’s
own attorney.

 

(b)
Buyer’s Costs. Buyer shall pay the expense of filing the Deed, the cost of the survey, the title insurance premium
and the costs of Buyer’s own attorney.

 

    	 	 4	 

    	 

    

 

(c)
Shared Costs. Seller shall provide to Buyer the most recent real property tax bill for the Property. Property taxes for
the year in which the closing occurs, rents, insurance, utilities and other items shall be prorated on a calendar year basis as
of the date of closing. Each party shall pay one-half (1/2) of the fee of the Escrow Agent. Any other fees or charges shall be
allocated in accordance with the laws of the State of Georgia and the customary practice in Forsyth County.

 

10.
Seller’s Representations and Warranties. Seller hereby makes the following representations and warranties to Buyer:

 

(a)
To the best of Seller’s actual knowledge, without investigation, Seller has good and marketable fee simple title to the
Property, subject only to the Permitted Exceptions.

 

(b)
To the best of Seller’s actual knowledge, there are no pending, threatened or contemplated condemnation actions involving
any portion of the Property and Seller has received no notice of any such action, except as noted in Section 14(b) below.

 

(c)
From the execution of this Contract until the Closing, Seller shall (i) maintain the Property in substantially the same condition
as presently exists, reasonable wear and tear excepted, except as otherwise provided in this Contract, and (ii) refrain from entering
into any contract or agreement affecting the Property or the title thereto which would extend beyond the Closing, without the
prior written consent of Buyer which may be withheld in Buyer’s sole discretion.

 

(d)
Seller is not a ‘foreign person’ which would subject Buyer to the withholding tax provisions of Section 1445 of the
Internal Revenue Code of 1986, as amended, and, at Closing, under regulations promulgated pursuant to Section 1445 of the Internal
Revenue Code of 1986, as amended.

 

(e)
There are no leases, licenses, contracts or agreements of any kind whatsoever affecting the Property except for (i) the Permitted
Exceptions, (ii) ordinary service contracts entered into in the ordinary course of business, and (iii) certain “desk agreements”,
for use of offices within the Property.

 

(f)
To the best of Seller’s actual knowledge, there is no condition at, on, under or related to the Property presently or potentially
posing a significant hazard to human health or the environment, whether or not in compliance with law, and Seller has not engaged
in any production, use, treatment, storage, transportation or disposal of any Hazardous Materials (as hereinafter defined) on
the Property, nor has there been any release or threatened release of any Hazardous Materials, pollutant or contaminant into,
upon or over the Property or any property adjacent thereto or into or upon ground or surface water at the Property or any property
adjacent thereto.

 

(g)
Except for de minimis amounts of Hazardous Materials customarily used in connection with the operation of the Property, Seller
has not stored any Hazardous Materials on the Property or in any underground or above ground tanks, pits or surface impoundments
and Seller has not used, placed or stored any polychlorinated biphenol-containing or asbestos-containing materials on the Property
or incorporated such materials into any buildings or interior improvements or equipment on the Property.

 

    	 	 5	 

    	 

    

 

“Hazardous
Material” means any substance:

 

(1)
the presence of which requires investigation or remediation under any federal, state or local statute, regulation, ordinance,
order, action, policy, or common law; or

 

(2)
which is or prior to closing becomes defined as a “hazardous substance”, pollutant, or contaminant under any federal,
state, or local statute, regulation, rule or ordinance or any amendment to any thereof including, without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C. §9601 et seq.) and/or the Resource Conservation and Recovery
Act (42 U.S.C. §6901 et seq.); or

 

(3)
which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic, or otherwise hazardous and
is or becomes regulated by any governmental authority, agency, department, commission, board, or instrumentality of the United
States, the State of North Carolina or any political subdivision thereof; or

 

(4)
the presence of which on the Property causes or threatens to cause a nuisance upon the Property or to adjacent properties or poses
or threatens to pose a hazard to the health or safety of persons on or about the Property; or

 

(5)
which contains, without limitation, gasoline, diesel fuel, or other petroleum hydrocarbons, polychlorinated biphenols (“PCBs”),
asbestos, urea formaldehyde foam insulation, or radon gas.

 

(h)
Seller has provided to Buyer copies of all notices, or communications of any type which Seller has received concerning the actual
or potential presence of Hazardous Materials on the Property, and copies of all reports or investigations in the possession or
control of Seller concerning the actual or potential presence of hazardous substances or any Hazardous Materials on the Property.
Seller agrees to immediately provide to Buyer copies of all such aforementioned notices and communications received prior to closing;
and

 

(i)
The real property taxes are paid through the current tax year. The Property is not, and has not been for the past five tax years,
subject to any tax exemptions, deductions, rebates or other favorable tax treatment. There will not be any recapture or recovery
of property taxes imposed with respect to periods prior to the Closing (including without limitation rollback taxes), or the imposition
of any penalties by reason of any preferential assessment against the Property or any portion thereof.

 

(j)
The Property has direct insurable access to publicly-dedicated rights-of-way, without the necessity of any private easements over
or across the property of third parties.

 

    	 	 6	 

    	 

    

 

Seller
will take any and all such actions as will cause all of the foregoing representations and warranties to be true and correct as
of closing and will so certify to Buyer in writing at closing. All of the representations and warranties made by Seller in this
Contract, including but not limited to those set forth in this Section, shall be deemed material conditions of the consummation
of the transaction contemplated by this Contract and shall survive Closing.

 

11.
Intentionally Deleted.

 

12.
Remedies on Default; Treatment of Deposit. In the event that Seller defaults in the performance of any of Seller’s
obligations, or breaches any of Seller’s representations, warranties or covenants under this Contract, Buyer shall have
the right of specific performance against Seller, in addition to any and all other remedies provided in this Contract of Sale
or by law or in equity; provided, in the event of any action for monetary damages against Seller, in no event shall Buyer be entitled
to any damages in excess of Fifty Thousand and No/100 Dollars ($50,000.00) in the aggregate. In the event that Buyer defaults
in the performance of any of its obligations under this Contract, Seller shall have, as its sole and exclusive remedy hereunder,
the right to retain the Deposit as full liquidated damages for such default.

 

13.
Brokerage. Each party hereto represents to the other that it has not discussed the transactions contemplated in this Contract
with any real estate broker, agent or salesman so as to create any legal right or entitlement to claim a real estate commission
or similar fee with respect to the conveyance of the Property. Buyer and Seller hereby indemnify each other against, and agree
to hold each other harmless from, any and all claims, loss, liability, cost, and expenses (including reasonable attorney’s
fees) for a real estate brokerage commission or similar fee or compensation arising out of or in any way connected with any claimed
dealings with the indemnitor and relating to this Contract or the conveyance of the Property. The foregoing indemnities shall
survive the termination or consummation of this Contract.

 

14.
Condemnation.

 

(a)
Eminent Domain. In the event of any taking of all or any part of the Property by eminent domain proceedings, or the commencement
of such proceedings prior to Closing, then Buyer shall have the right, exercisable by written notice to Seller, to terminate this
Contract, whereupon Seller shall promptly refund to Buyer the Deposit and, except as expressly provided to the contrary herein,
Seller and Buyer shall have no further rights, obligations or duties hereunder. If Buyer does not terminate this Contract, then
they will proceed to close, with an assignment by Seller of all of Seller’s right, title and interest in and to any and
all such awards and proceeds. Seller shall notify Buyer in writing of any eminent domain proceedings affecting the Property within
two (2) days after Seller learns of such proceedings.

 

(b)
Condemnation Letter. Notwithstanding the foregoing, the parties acknowledge and agree that condemnation proceedings have
been commenced pursuant to that letter from the Forsyth County Department of Engineering dated March 2, 2018, for the Ronald Reagan
Boulevard Extension County Project #PEN12 (the “Condemnation Letter”) for which Forsyth County has offered
to provide just compensation for any such condemnation. Buyer hereby acknowledges receipt of the Condemnation Letter, consents
to such condemnation proceedings, and waives any rights of termination granted to Buyer under Section 14(a). If the condemnation
proceedings take place prior to Closing, (i) Seller shall assign any and all right, title and interest in and to any and all such
awards and proceeds received pursuant to such condemnation proceedings to Buyer, and (ii) the legal description of the Property
shall be adjusted accordingly. If the condemnation proceedings take place after the Closing, Buyer shall receive any and all right,
title and interest in and to any and all such awards and proceeds received pursuant to such condemnation proceedings as owner
of the Property.

 

    	 	 7	 

    	 

    

 

15.
Notices. Any notices, requests, or other communications required or permitted to be given hereunder shall be in writing
and shall be either (i) delivered by hand, (ii) mailed by United States registered mail, return receipt requested, postage prepaid,
(iii) sent by a reputable, national overnight delivery service (e.g. , Federal Express, Airborne, etc.) or (iv) sent by facsimile
(with the original being sent by one of the other permitted means or by regular United States mail) and addressed to each party
at the applicable address set forth herein. Any such notice, request, or other communication shall be considered given or delivered,
as the case may be, on the date of hand delivery (if delivered by hand), on the third (3rd) day following deposit in
the United States mail (if sent by United States registered mail), on the next business day following deposit with an overnight
delivery service with instructions to deliver on the next day or on the next business day (if sent by overnight delivery service),
or on the day sent by facsimile (if sent by facsimile, provided the original is sent by one of the other permitted means as provided
in this Paragraph or by regular United States mail). By giving at least ten (10) days prior written notice thereof, any party
hereto may, from time to time and at any time, change its mailing address hereunder.

 

	Buyer:	Metrolina
    Alpharetta, LLC
	 	108
    Gateway Blvd., Suite 104
	 	Mooresville,
    NC 28117
	 	Attention:
    Joe Jackson
	 	 
	with
    a copy to:	The
    Cassarino Law Firm
	 	445
    S. Main Street, Suite 400
	 	Davidson,
    North Carolina 28036
	 	Attention:
    Ben J. Cassarino, Jr., Esq.
	 	 
	Seller:
    	Convergent
    Media Systems Corporation
	 	190
    Bluegrass Valley Parkway
	 	Alpharetta,
    Georgia 30005
	 	Attention:
    Kyle Cerminera
	 	 
	with
    a copy to:	Thompson
    Hine LLP
	 	3900
    Key Center, 127 Public Square
	 	Cleveland,
    Ohio 44114
	 	Attention:
    Thomas Coyne, Esq.

 

    	 	 8	 

    	 

    

 

16.
Notice of Entry. Notwithstanding anything to the contrary in this Contract, Buyer agrees to provide not less than twenty-four
(24) hours’ notice of any on-site inspections to Seller before entering the Property. The results of any inspections performed
by or on behalf of Buyer shall be deemed Confidential Information and subject to the confidentially obligations set forth below.
Such results shall be provided to Seller and Seller shall determine, in Seller’s sole discretion, which results require
disclosure to any government agency and shall conduct any required communication with any government agency. The foregoing does
not apply to any obligations of any third parties, consultants or engineers to report any conditions to any governmental agencies.

 

17.
Confidentiality. Seller may furnish Buyer with confidential or proprietary information pursuant to this Contract, which
information may include, but is not limited to, information about the condition of the Property, results of tests, inspections
or sampling of the Property by or on behalf of Seller, Buyer or third parties (collectively, “Confidential Information”).
Buyer agrees to (a) hold the Confidential Information in trust and confidence; (b) use the Confidential Information only in furtherance
of the performance of Buyer’s obligations under this Contract; (c) not disclose the Confidential Information to anyone other
than Buyer’s employees, consultants or agents to whom disclosure is necessary in order to fulfill Buyer’s obligations
under this Contract; and (d) use reasonable efforts to prevent the disclosure of the Confidential Information. Buyer agrees to
return to Seller all Confidential Information immediately upon request if Buyer elects not to purchase the Property. Buyer shall
cause any employee to whom disclosure of Confidential Information is made to comply with these confidentiality terms both during
and after employment.

 

18.
Miscellaneous.

 

(a)
Entire Contract. This Contract constitutes the entire agreement between the parties hereto with respect to the transaction
contemplated herein; and it is understood and agreed that all undertakings, negotiations, representations, promises, inducements
and agreements heretofore had between these parties are merged herein, including without limitation, the terms of the Letter of
Intent, if any. This Contract may not be changed orally, but only by an agreement in writing signed by both Buyer and Seller;
and no waiver of any of the provisions in this Contract shall be valid unless in writing and signed by the party against whom
such waiver is sought to be enforced.

 

(b)
Successors and Assigns. The provisions of this Contract shall inure to the benefit of, and shall be binding upon, the parties
hereto and their respective heirs and permitted successors and assigns.

 

(c)
Presumption. No presumption shall be created in favor of or against Seller or Buyer with respect to the interpretation
of any term or provision of this Contract due to the fact that this Contract was prepared by or on behalf of one of said parties.

 

    	 	 9	 

    	 

    

 

(d)
Interpretation. Words of any gender used in this Contract shall be held and construed to include any other gender, and
words in the singular number shall be held to include the plural and vice versa, unless the context requires otherwise. When anything
is described or has been described or referred to generally is associated with that description (whether or not following the
word “including”), the examples or components shall be deemed illustrative only and shall not be construed as limiting
the generality of the description or reverence in any way.

 

(e)
Captions. The captions used in connection with the paragraphs of this Contract are for reference and convenience only and
shall not be deemed to construe or limit the meaning of the language contained in this Contract or be used in interpreting the
terms and provisions of this Contract.

 

(f)
Counterparts. This Contract may be executed in two or more counterparts and shall be deemed to have become effective only
when one or more of such counterparts shall have been signed by or on behalf of each of the parties hereto (although it shall
not be necessary that any single counterpart be signed by or on behalf of each of the parties hereto, and all such counterparts
shall be deemed to constitute but one and the same instrument), and shall have been delivered by each of the parties to the other.
The execution of this Contract by facsimile or other electronic form (e.g., PDF) of signature shall be binding and enforceable
as an original; provided, that any party delivering a facsimile or electronic document shall, upon the request of
the other party, thereafter execute and deliver to the other party an identical original instrument, as soon as reasonably possible
thereafter.

 

(g)
Severability. If any provision of this Contract is held to be illegal, invalid or unenforceable under present or future
laws, such provision shall be fully severable; this Contract shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Contract; and the remaining provisions of this Contract shall remain in full force
and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Contract.

 

(h)
Governing Law. This Contract is intended to be performed in the State of Georgia and shall be construed and enforced in
accordance with the laws of Georgia.

 

(i)
Binding Effect. Each party hereto represents and warrants to the other party that the execution of this Contract and any
other documents required or necessary to be executed pursuant to the provisions hereof are valid, binding obligations and are
enforceable in accordance with their terms.

 

(j)
Assignment. Buyer may freely assign this Contract without obtaining any consent from Seller so long as the assignor assumes
all of Buyers obligations hereunder, and Buyer may otherwise assign this Contract upon the prior written consent of Seller, which
consent shall not be unreasonably withheld.

 

    	 	 10	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Contract to be executed and delivered by persons duly empowered to bind the
parties to perform their respective obligations hereunder as of the day and year first above written.

 

	 	BUYER:
	 	Metrolina Alpharetta, LLC
	 	 	 
	 	By:	/s/
    R. Joseph Jackson
	 	R. Joseph Jackson, Member/Manager
	 	 	 
	 	SELLER:
	 	Convergent Media Systems Corporation
	 	 	 
	 	By:	/s/
    D. Kyle Cerminara

 

    	 	 11	 

    	 

    

 

EXHIBIT
A

 

Legal
Description

 

All
that tract or parcel of land lying and being in Land Lots 839, 890 & 891, 2nd District, 1st Section,
Forsyth County, Georgia, and being more particularly described as follows:

 

To
find the point of beginning, commence at the southwest corner of Land Lot 890; thence along the westerly line of Land Lot 890,
N 01°09’49” E a distance of 552.21 feet to a point; thence S 65°57’30” W a distance of 160.11
feet to an iron pin found and the POINT OF BEGINNING; thence S 80°42’55” W a distance of 299.38 feet to
an iron pin found on the northeasterly right of way of Bluegrass Valley Parkway (right of way varies); thence along said right
of way along a curve to the left, following the curvature thereof for an arc distance of 114.81 feet, said curve having a radius
of 66.00 feet and being subtended by a chord of N 39°13’57” W 100.87 feet to an iron pin found; thence leaving
said right of way N 00°45’13” E a distance of 682.90 feet to an iron pin found; thence S 74°34’10”
E a distance of 387.04 feet to a 1 inch open top pipe found; thence N 53°07’57” E a distance of 230.56 feet to
an iron pin found; thence S 61°56’45” E a distance of 68.84 feet to an iron pin found; thence N 69°36’55”
E a distance of 236.28 feet to an iron pin found; thence S 03°04’24” E a distance of 135.87 feet to an iron pin
found; thence S 14°17’50” W a distance of 292.83 feet to an iron pin found; thence S 03°26’58”
W a distance of 194.77 feet to an iron pin found; thence S 80°30’22” W a distance of 0.14 feet to a point; thence
S 65°57’30” W a distance of 291.71 feet to the POINT OF BEGINNING. Said tract contains 11.933 acres.

 

    	 	A-1	 

    	 

    

 

EXHIBIT
B

 

Form
of Lease Agreement

 

(See
attached)

 

    	 	1

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