Document:

Limited Partnership Agreement

 Exhibit 10.1 
 DC-2000 KUBACH ROAD, LP 
 LIMITED PARTNERSHIP AGREEMENT 

November 13, 2012 

 LIMITED PARTNERSHIP AGREEMENT 

of 

DC-2000 KUBACH ROAD, LP 
 AGREEMENT OF LIMITED PARTNERSHIP of DC-2000 KUBACH ROAD, LP (the “Partnership”), by and among DC-2000 Kubach Road, LLC, a Delaware limited liability company (“DC-2000 GP”)
having an office at 4211 West Boy Scout Blvd., Suite 500, Tampa, Florida 33607, and Carter/Validus Operating Partnership, LP, a Delaware limited partnership (“CVOP”) and PAL DC Philadelphia, LLLP, a Delaware limited liability limited
partnership (the “Investing Limited Partner”). 
 RECITALS 

WHEREAS, DC-2000 GP hereby forms the Partnership to acquire, own, manage and ultimately dispose of the Property (as defined
below);  
 WHEREAS, DC-2000 GP, CVOP and the Investing Limited Partner are entering into this Limited Partnership
Agreement of the Partnership (the “Agreement”) to set forth their relative rights and obligations with respect to the Partnership; 
 WHEREAS, as provided in Article IV of this Agreement, DC-2000 GP, the Investing Limited Partner and CVOP are each making contributions to the capital of the Partner in exchange for Interests (as
defined below) in the Partnership; 
 WHEREAS, the Partnership has obtained, or will obtain, the Loan (as defined below)
from the Lender (as defined below) as an additional source of funds to be used in connection with the Partnership’s business; and 
 WHEREAS, the Partnership will use the proceeds of the capital contributions and the Loan to acquire the Property and to pay certain expenses incurred in connection with the formation of the
Partnership and the acquisition of the Property. 
 NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE I 

DEFINED TERMS 
 Whenever used in this Agreement, the following terms shall have the meanings respectively assigned to them in this Article I, unless otherwise expressly provided herein or unless the context
otherwise requires: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act (6 Del. C.
§ 17-101, et seq.), as amended from time to time. 
 “Additional Funds” has the meaning set forth in
Section 6.9(a). 
 “Additional Funds Capital” has the meaning set forth in Section 6.9(a).

 “Additional Funds Notice” has the meaning set forth in Section 6.9(a).

 “Additional Limited Partner” means a Person admitted to this Partnership as a Limited Partner pursuant to
and in accordance with this Agreement. 
 “Adjusted Capital Account Deficit” With respect to each Partner, the
deficit balance, if any, in such Partner’s Capital Account as of the end of the applicable Fiscal Year or other period, after giving effect to the following adjustments: 
 (a) Credit to such Capital Account any amounts which such Partner is obligated to restore pursuant to any provisions of this Agreement or is deemed to be obligated to restore pursuant to the penultimate
sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 
 (b) Debit to such Capital Account the items
described in paragraphs (4), (5) and (6) of Section 1.704-1(b)(2)(ii)(d) of the Regulations. 

“Affiliate” of another Person means (a) any Person directly or indirectly owning, controlling or holding with power
to vote ten percent (10%) or more of the outstanding voting securities of such other Person; (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with
power to vote by such other Person; (c) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person; (d) any officer, director, member or partner of such other Person; and (e) if such
other Person is an officer, director, member or partner in a company, the company for which such Person acts in any such capacity. 
 “Agreement” means this Limited Partnership Agreement of DC-2000 Kubach Road, LP as amended from time to time. 
 “Bankruptcy” means, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy,
(iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, or
(vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (B) if 120 days after the commencement of any proceeding against the Person
seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person’s
consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is
not vacated. 
 “Basic Documents” means that certain Open-End Mortgage, Assignment of Rents and Leases,
Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing, (the “Mortgage”) given by the Partnership (as borrower) for the benefit of the Lender; that

  
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certain Promissory Note made by the Partnership payable to the order of Lender; the Loan Agreement by and between the Partnership and Lender; the Cash Management Agreement by and between the
Partnership, Lender and Wells Fargo Bank, National Association; the Consent and Agreement of Manager and Subordination of Management Agreement made by Carter Validus Real Estate Management Services, LLC to Lender and consented to by Partnership; the
Environmental Indemnity Agreement made by the Partnership, and CVOP in favor of Lender; the Clearing Account Agreement among the Partnership, Lender and KeyBank; the Guaranty of Recourse of Recourse Obligations; the Deposit Account Agreement; any
other Loan Documents (as defined in the Loan Agreement); and all documents and such other agreements, guarantees, indemnities, documents, instruments, certificates or papers contemplated thereby or delivered in connection therewith required by
Lender (or any successors or assigns of Lender or in furtherance of the foregoing) and/or amendments to any of the foregoing. 

“Business Day” means any day when the New York Stock Exchange is open for trading. 

“Capital Account” A capital account maintained for each Partner in accordance with the rules set forth in
Section 1.704-1(b)(2)(iv) of the Regulations. Subject to the foregoing, a Partner’s Capital Account generally will be: 
 (a) increased by (i) the amount of money contributed by such Partner to the Partnership, including Partnership liabilities assumed by such Partner, (ii) the fair market value (as determined by
the Partners) of property contributed by such Partner to the Partnership (net of liabilities secured by such property that the Partnership is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to
such Partner of Net Profits (and items thereof) and items of income and gain that are specially allocated to such Partner pursuant to Section 5.5; and 
 (b) decreased by (i) the amount of money distributed to such Partner by the Partnership, including such Partner’s individual liabilities assumed by the Partnership, (ii) the fair market
value (as determined by the Partners) of all property distributed to such Partner by the Partnership (net of liabilities secured by such property that such Partner is considered to assume or take subject to under Section 752 of the Code), and
(iii) allocations to such Partner of Net Losses (and items thereof) and items of deduction or loss specially allocated to such Partner pursuant to Section 5.5. 
 Upon the transfer of an Interest in the Partnership, the transferee will succeed to the Capital Account of the transferor with respect to the transferred Interest unless such transfer results in a
termination of the Partnership pursuant to Section 708 of the Code. 
 “Capital Contribution” means the
amount in cash contributed by each Partner (or such Partner’s original predecessor in interest) to the capital of the Partnership for its Interest. 
 “Capital Transaction” means any of (i) a transaction where any debt or liability to which the Property is subject is refinanced; (ii) a sale or exchange of all or a part of the
Property outside of the ordinary course of the business of the Partnership, or (iii) the condemnation or casualty of all or any part of any Property. 

  
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 “Capital Transaction Proceeds” means proceeds received by the Partnership
as a result of a Capital Transaction decreased by the amount of such proceeds applied to (i) pay all debts and liabilities of the Partnership that are required to be repaid as a result of such Capital Transaction and any debts and liabilities
which the General Partner elects to cause the Partnership to pay with such proceeds; (ii) the costs and expenses of the Capital Transaction; and (iii) the establishment or increase of reasonable reserves. 

“Carter REIT” means Carter Validus Mission Critical REIT, Inc., a Maryland corporation. 

“Cash Flow” means the excess of cash revenues actually received by the Partnership in respect of Partnership operations
for any period, and the amount of any reduction in reserves of the Partnership, over Operating Expenses for such period and amount reasonably set aside as reserves during such period. Cash Flow does not include Capital Transaction Proceeds.

 “Certificate of Limited Partnership” means the Certificate of Limited Partnership of the Partnership filed
with the Secretary of State of the State of Delaware on October 16, 2012, as amended or restated from time to time. 

“Change in Control” means, with respect to a proposed Transfer of an interest in the Investing Limited Partner,
any Transfer where Robert Hurst and/or Alex Hurst no longer directly or indirectly control the day to day business and affairs of the Investing Limited Partner.  
 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code means that provision in the Code
at the date hereof and any succeeding provision of the Code. 
 “Commission” means the U.S. Securities and
Exchange Commission. 
 “CVOP Partner” means DC-2000 GP, CVOP and any permitted successor or assign of DC-2000
GP and/or CVOP. 
 “Depreciation” means, for each Fiscal Year, an amount equal to the depreciation,
amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal
Year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax
basis. If the adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation is to be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the
General Partner. 
 “Fiscal Year” means the Partnership’s fiscal year, which is the calendar year.

 “General Partner” means DC-2000 GP, any successor entity that becomes the general partner of the Partnership
pursuant to this Agreement. 

  
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 “Gross Asset Value” means, with respect to any asset, the asset’s
adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial Gross Asset Value of any asset contributed
by a Partner to the Partnership shall be the fair market value (as determined by the Partners) of such asset; 
 (b) The Gross
Asset Values of all Partnership assets shall be adjusted to equal their respective gross fair market values (taking Section 7701(g) of the Code into account), as determined by the General Partner as of the following times: (i) the
acquisition of an additional Interest by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as
consideration for an Interest; and (iii) the liquidation of the Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, provided that an adjustment described in clauses (i) and (ii) of this paragraph
shall be made only if the General Partner reasonably determines that such adjustment is necessary to reflect the relative economic interests of the Partners in the Partnership; 

(c) The Gross Asset Value of any item of Partnership assets distributed to any Partner shall be adjusted to equal the gross fair market
value (taking Section 7701(g) of the Code into account) of such asset on the date of distribution as determined by the General Partner; and 
 (d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Sections 734(b) or 743(b) of the Code,
but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations and subparagraph (f) of the definition of “Net Profits and Net
Losses”; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that an adjustment pursuant to subparagraph (b) is required in connection with a transaction that would
otherwise result in an adjustment pursuant to this subparagraph (d). 
 If the Gross Asset Value of an asset has been determined
or adjusted pursuant to subparagraph (a), (b) or (d), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Net Profits and Net Losses. 

“Indemnitee” means (i) any Person made a party to a proceeding by reason of his or her status as (A) the
General Partner, (B) a Limited Partner or (C) a director, officer, employee or agent of the Partnership, a Limited Partner or the General Partner, and (ii) such other Persons (including Affiliates of the Partners or the Partnership)
as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its reasonable discretion. 
 “Initial Return Multiple” means 1.17. 

“Interest” means the limited partnership interest of each Partner in the Partnership at any particular time, including
the right of such Partner to any and all benefits, including economic and voting benefits, to which such Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Partner to comply with all the
provisions of this Agreement and of the Act. 

  
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 “Investing Limited Partner” means PAL DC Philadelphia, LLP, a Delaware
limited liability partnership, including its successors and assigns. 
 “IRS” means the Internal Revenue
Service. 
 “Lender” means German American Capital Corporation, a Maryland corporation (including its
successors and assigns). 
 “Limited Partner” means CVOP or the Investing Limited Partner, each as a limited
partner of the Partnership, and includes any Person admitted as an additional or substitute limited partner of the Partnership pursuant to the provisions of this Agreement, each in its capacity as a limited partner of the Partnership. 

“Loan” means that certain loan made by the Lender to the Partnership in the original principal amount of approximately
$34,000,000.00. 
 “Loan Agreement” means that certain Loan Agreement dated November
    , 2012, by and between the Partnership and Lender. 
 “Lockout Period” means the
period commencing on the date of the closing of the Loan and ending upon the earlier of (i) twenty-four (24) months following the date on which the Loan is securitized (as such date is determined under the applicable documents evidencing
the Loan) or (ii) thirty-six months after the date of the closing of the Loan. 
 “Material Action”
shall mean to consolidate or merge the Partnership with or into any Person, or sell all or substantially all of the assets of the Partnership, or to institute proceedings to have the Partnership be adjudicated bankrupt or insolvent, or consent to
the institution of bankruptcy or insolvency proceedings against the Partnership or file a voluntary bankruptcy petition or any other petition seeking, or consent to, reorganization or relief with respect to the Partnership under any applicable
federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Partnership or a substantial part of its property, or make any assignment for
the benefit of creditors of the Partnership, or admit in writing the Partnership’s inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to the fullest extent permitted by law, dissolve
or liquidate the Partnership. 
 “Net Profits” and “Net Losses” For each Fiscal Year or
other period, an amount equal to the Partnership’s taxable income or loss, respectively, for such year or period, determined in accordance with Section 703(a) of the Code (and for this purpose, all items of income, gain, loss, or reduction
required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition shall be added to such
taxable income or loss; 

  
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 (b) Any expenditures of the Partnership described in Section 705(a)(2)(B) of the Code
or treated as 705(a)(2)(B) expenditures pursuant to Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition shall be subtracted from such taxable income or
loss; 
 (c) In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraphs (b) or
(c) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value
of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Profits or Net Losses; 
 (d) Gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset
Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such
Fiscal Year, computed in accordance with the definition of Depreciation; 
 (f) To the extent an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Section 734(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in determining Capital Accounts as a result of a distribution other
than in liquidation of a Partner’s Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition of such
asset and shall be taken into account for purposes of computing Net Profits or Net Losses; and 
 (g) Notwithstanding any other
provision of this definition, any items which are specially allocated pursuant to Section 5.5 hereof shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above. 

“Non-Electing Contribution” As defined in Section 6.9(d). 

“Nonrecourse Deductions” As defined in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations. 

“Nonrecourse Liability” As defined in Section 1.704-2(b)(3) of the Regulations. 

“Operating Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership, and
(ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expense of the General Partner, which
expenses, the Limited Partners have agreed, are expenses of the Partnership and not the General Partner. 
 “Partially
Adjusted Capital Account” As defined in Section 5.2(d). 

  
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 “Partner” means the General Partner and each Limited Partner. 

“Partner Minimum Gain” means “partner minimum gain,” as defined in Section 1.704-2(g) of the Regulations.

 “Partner Nonrecourse Deductions” means “partner nonrecourse deductions,” as defined in Sections
1.704-2(i)(1) and 1.704-2(i)(2) of the Regulations. 
 “Partnership” means DC-2000 Kubach Road, LP, a Delaware
limited partnership. 
 “Partnership Minimum Gain” means “partnership minimum gain,” as defined in
Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations. 
 “Percentage Interest” means, with respect to
a Partner, the percentage of such Partner as set forth on Exhibit A hereto. 
 “Person” means any individual,
partnership, corporation, limited liability company, trust or other entity. 
 “Property” means that certain
real property located in Philadelphia, Pennsylvania and commonly known as the “Vanguard Data Center” and all improvements now or hereafter constructed thereon. 
 “Property Manager” means Carter Validus Real Estate Management Services, LLC, together with any successor property manager appointed pursuant to the terms of this Agreement. 

“Rating Agency” has the meaning assigned to that term in the Basic Documents. 

“Rating Agency Condition” means (i) with respect to any action taken at any time before the Loan evidenced
and secured by the Basic Documents has been sold or assigned to a securitization trust, that the Lender thereunder has consented in writing to such action, and (ii) with respect to any action taken at any time after such Loan has been sold or
assigned to a securitization trust, that each Rating Agency shall have notified the Partnership in writing that such action will not result in a reduction or withdrawal, downgrade or qualification of the then current rating by such Rating Agency of
the Loan or any pool of the loans of which the Loan forms a part, or any of securities issued by such securitization trust. 

“Regulations” The federal income tax regulations, including temporary regulations, promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“REIT” means a real estate investment trust under Sections 856 through 860, inclusive, of the Code. 

“Return Multiple” for the first thirteen (13) months following the date of this Agreement, means the Initial Return
Multiple. Thereafter, the Return Multiple for a relevant month shall be calculated by adding 0.03 to the Return Multiple applicable for the immediately preceding month. For the avoidance of doubt, the Return Multiple for the first thirteen
(13)

  
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months following the date of this Agreement shall be 1.17 (i.e., the Initial Return Multiple). For the fourteenth (14th) month following the date of this Agreement, the Return Multiple shall be 1.20 (i.e., the Return Multiple for the
thirteenth month (1.17) plus 0.03). Applying these principles, the Return Multiple for the fifteenth
(15th) month shall be 1.23, the Return Multiple for
the sixteenth (16th) month shall be 1.26, and so on.

 “Securities Acts” means the Securities Act of 1933, as amended, and the Securities Act of 1934, as amended.

 “Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to
Section 9.3 hereof. 
 “Transfer” means to offer, sell, assign, hypothecate, pledge or otherwise transfer
an Interest. 
 ARTICLE II 
 FORMATION OF THE PARTNERSHIP 
 Section 2.1 FORMATION. The
Partnership is hereby formed as a Delaware limited partnership by the filing of the Certificate of Limited Partnership with the Secretary of State of Delaware in accordance with the provisions of the Act and the execution of this Agreement by the
Limited Partners. CVOP and the Investing Limited Partner are each hereby admitted as limited partners of the Partnership upon their execution of this Agreement. The General Partner shall execute, deliver and file any other certificates (and any
amendments and/or restatements thereof) necessary for the Partnership to qualify to do business in any other jurisdiction in which the Partnership may wish to conduct business. 

Section 2.2 NAME. The name of the Partnership is DC-2000 Kubach Road, LP. 

Section 2.3 PRINCIPAL PLACE OF BUSINESS. The principal place of business of the Partnership is 4211 West Boy Scout Boulevard,
Suite 500, Tampa, Florida 33607. The General Partner may at any time change the location of such place of business, provided the General Partner gives notice to the other Limited Partners and Lender of any such change. 

Section 2.4 REGISTERED OFFICE AND REGISTERED AGENT. The Partnership’s initial registered office in the State of Delaware
is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The Partnership’s initial registered agent is Corporation Service Company. The registered office and registered agent may be changed from time to
time pursuant to the Act and the applicable rules promulgated thereunder. 
 Section 2.5 TERM. The term of the
Partnership commenced on the date the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware and shall continue until the Partnership is dissolved and its affairs wound up in accordance with the provisions
of this Agreement and until the cancellation of the Certificate of Limited Partnership in the manner required by Section 17 of the Act. The existence of the Partnership as a separate legal entity shall continue until cancellation of the
Certificate of Limited Partnership as provided in the Act 

  
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 ARTICLE III 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business of the
Partnership is to acquire, own, manage, lease and sell, exchange or otherwise dispose of the Property (or portions thereof), and otherwise deal with the Property for the benefit of the Partnership and any business that may lawfully be conducted by a
limited partnership organized pursuant to the Act in connection with the foregoing. Notwithstanding the foregoing, the business of the Partnership shall be subject to the limitations imposed by Section 6.13. To consummate the foregoing and to
carry out the obligations of the Partnership in connection therewith or incidental thereto, the General Partner has the authority, in accordance with and subject only to the specific limitations set forth elsewhere in this Agreement, including
without limitation Section 6.2, to make, enter into, perform and carry out any arrangements, contracts or agreements of every kind for any lawful purpose, without limit as to amount or otherwise, with any corporation, association, partnership,
limited liability company, firm, trustee, syndicate, individual or any political or governmental division, subdivision or agency, domestic or foreign, and generally to make and perform agreements and contracts of every kind and description and to do
any and all things necessary or incidental to the foregoing for the protection and enhancement of the assets of the Partnership. 
 The Partnership is hereby authorized to execute, deliver and perform, and the General Partner on behalf of the Partnership is hereby authorized to execute and deliver, the Basic Documents and all
documents, agreements, certificates, or financing statements contemplated thereby or related thereto that are required by Lender to be delivered at the Closing of the Loan, all without any further act, vote or approval of any other Person
notwithstanding any other provision of this Agreement; provided, however, any subsequent amendment or modifications to such documents after the initial funding of the Loan shall require the consent of the Investing Limited Partner. The foregoing
authorization shall not be deemed a restriction on the powers of the General Partner to enter into other agreements on behalf of the Partnership. 
 ARTICLE IV 
 CAPITAL CONTRIBUTION 

Section 4.1 DC-2000 GP AND CVOP. As of the date hereof, DC-2000 GP and CVOP each has contributed the amount of cash
identified on Exhibit A, attached hereto, to the capital of the Partnership. 
 Section 4.2 INVESTING LIMITED
PARTNER. As of the date hereof, the Investing Limited Partner has contributed the amount of cash identified on Exhibit A, attached hereto, to the capital of the Partnership. 

Section 4.3 [INTENTIONALLY OMITTED.] 
 Section 4.4 ADDITIONAL CAPITAL CONTRIBUTIONS. The Limited Partners shall have no preemptive or other right or obligation to make any additional Capital Contributions or loans to the
Partnership. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds for any Partnership purpose, the General Partner may cause the Partnership to obtain such funds as set
forth in Section 6.9 (subject to the limitations imposed by Section 6.2 and Article XIV). 

  
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 Section 4.5 INTEREST. No interest shall be paid on the Capital Contribution of
any Limited Partner. 
 Section 4.6 RETURN OF CAPITAL. Except as expressly provided in this Agreement, no Limited
Partner shall be entitled to demand or receive the return of his Capital Contribution. 
 Section 4.7 OUTSTANDING
INTEREST; PERCENTAGE INTEREST. If Percentage Interest of a Partner increases or decreases during a taxable year, the General Partner shall revise Exhibit A as appropriate to reflect the applicable Percentage Interest owned by each
Partner. 
 ARTICLE V 
 PROFITS, LOSSES AND ACCOUNTING 
 Section 5.1 ALLOCATION OF NET
PROFITS AND NET LOSSES FROM OPERATIONS. The Partnership’s Net Profit and Net Loss attributable to each Fiscal Year shall be determined as though the books of the Partnership were closed as of the end of such Fiscal Year. The rules of this
Section 5.1 shall apply except as provided in Section 5.4. All Net Profit, Net Loss and any tax credits incurred or accrued by the Partnership, other than those arising from a Capital Transaction, shall be allocated to the Partners in the
following manner: 
 (a) Profits. 
 (i) First, to the Partners, in proportion to and in an amount equal to the Net Losses allocated to the Partners pursuant to Section 5.1(b)(vii), taking into account all prior allocations of Net
Profits pursuant to this Section 5.1(a)(i); 
 (ii) Second, to the Investing Limited Partner, in an amount equal to the
Net Losses allocated to the Investing Limited Partner pursuant to Section 5.1(b)(vi), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(ii); 

(iii) Third, to DC-2000 GP, in an amount equal to the Net Losses allocated to DC-2000 GP pursuant to Section 5.1(b)(v), taking into
account all prior allocations of Net Profits pursuant to this Section 5.1(a)(iii); 
 (iv) Third, to CVOP, in an amount
equal to the Net Losses allocated to CVOP pursuant to Section 5.1(b)(iv), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(iv); 

(v) Fourth, to CVOP, in an amount equal to the cumulative distributions it has received pursuant to Section 8.1(a), taking into
account all prior allocations of Net Profits pursuant to this Section 5.1(a)(v); 

  
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 (vi) Fifth, to the Investing Limited Partner, in an amount equal to the cumulative
distributions it has received pursuant to Section 8.1(b) that are not treated as a return of its Capital Contributions, taking into account all prior allocations of Net Profits pursuant to this Section 5.1(a)(vi); and 

(vii) Thereafter, to CVOP. 
 (b) Losses. 
 (i) First, to CVOP in an amount equal to the Net Profits allocated
to CVOP pursuant to Section 5.1(a)(vii), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(b)(i); 
 (ii) Second, to the Investing Limited Partner in an amount equal to the Net Profits allocated to the Investing Limited Partner pursuant to Section 5.1(a)(vi), taking into account all prior
allocations of Net Profits pursuant to this Section 5.1(b)(ii); 
 (iii) Third, to CVOP in an amount equal to the Net
Profits allocated to CVOP pursuant to Section 5.1(a)(v), taking into account all prior allocations of Net Profits pursuant to this Section 5.1(b)(iii); 
 (iv) Fourth, to CVOP until its Capital Account has been reduced to zero; 
 (v)
Fifth, to DC-2000 GP until its Capital Account has reduced to zero; 
 (vi) Sixth, to the Investing Limited Partner until its
Capital Account has been reduced to zero; and 
 (vii) Thereafter, to the Partners, pro rata in accordance with their
respective Percentage Interests. 
 Section 5.2 ALLOCATION OF NET PROFITS AND NET LOSSES FROM CAPITAL TRANSACTIONS.
The Partnership’s Net Profit and Net Loss attributable to a Capital Transaction in any Fiscal Year shall be allocated in accordance with this Section 5.2. The rules of this Section 5.2 shall apply except as provided in
Section 5.5. 
 (a) After all allocations have been made pursuant to Section 5.5, items comprising Net Profit or Net
Loss attributable to a Capital Transaction shall be allocated so as to make, as nearly as possible, each Partner’s Capital Account balance equal to the result (be it positive, negative or zero) of subtracting (i) the sum of (x) such
Partner’s share of Partnership Minimum Gain and (y) such Partner’s share of Partner Minimum Gain, from (ii) such Partner’s Target Amount (as defined below) at the end of the Fiscal Year in which the Capital Transaction
occurred (the “Target Capital Account”). 
 (b) Except to the extent otherwise required by applicable law:
(i) in applying subsection (a), to the extent possible each item comprising Net Profit or Net Loss attributable to 

  
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a Capital Transaction shall be allocated among the Partners in the same proportions as each other such item; and (ii) to the extent necessary to produce the result prescribed by subsection
(a), items of income and gain shall be allocated separately from items of loss and deduction, in which event the proportions applicable to items of income and gain shall (to the extent permitted by law) be applicable to items of credit. 

(c) For these purposes, the “Target Amount” of a Partner at the end of any relevant Fiscal Year means the amount which
such Partner would then be entitled to receive if, immediately following such Fiscal Year: (i) all of the assets of the Partnership were sold for cash equal to their respective Gross Asset Values (or in the case of assets subject to a
Nonrecourse Liability or a “partner nonrecourse debt liability” as defined in Section 1.704-2 of the Regulations, the amount of such liabilities if greater than the aggregate book values of such assets); and (ii) the proceeds of
such sale were applied to pay all debts of the Partnership with the balance distributed as provided in Section 8.2 provided, however, that if the sale described in clause (i) would not generate proceeds sufficient to pay all debts of the
Partnership, the Partners shall be considered entitled in the aggregate to receive, pursuant to Section 8.2, a negative amount equal to the excess of such debts over such proceeds. 

(d) (i) If the Partnership has Net Profits from a Capital Transaction (determined prior to giving effect to this Section 5.2(d)),
each Partner whose Capital Account, prior to taking into account Sections 5.2(a) and 5.2(b) (“Partially Adjusted Capital Account”), is greater than its Target Capital Account for such Fiscal year shall be specially allocated items
of Partnership expenses or loss for such Fiscal Year equal to the difference between its Target Capital Account and its Partially Adjusted Capital Account. In the event the Partnership has insufficient items of expense or loss for such Fiscal Year
to satisfy the previous sentence with respect to all such Partners, the available items of expense or loss shall be divided among such Partners in proportion to such differences. 

(ii) If the Partnership has Net Losses from a Capital Transaction (determined prior to giving effect to this Section 5.2(d)), each
Partner whose Target Capital Account is greater than its Partially Adjusted Capital Account for such Fiscal Year shall be specially allocated items of Partnership income or gain for such Fiscal Year equal to the difference between his Target Capital
Account and its Partially Adjusted Capital Account. In the event the Partnership has insufficient items of income or gain for such Fiscal Year to satisfy the previous sentence with respect to all such Partners, the available items of income or gain
shall be divided among the Partners in proportion to such differences. 
 The availability of items of income, gain, expense, or
loss to be specially allocated pursuant to this Section 5.2(d) shall be determined after giving full effect to all of the other provisions of this Section 5.2 and Section 5.5. 

Section 5.3 LIMITATION ON LOSS ALLOCATIONS. Notwithstanding anything in this Agreement to the contrary, no loss or item of
deduction shall be allocated to a Partner if such allocation would cause such Partner to have an Adjusted Capital Account Deficit as of the last day of the Fiscal Year or other period to which such allocation relates. Any amounts not allocated to a
Partner pursuant to the limitations set forth in this paragraph shall be allocated to the other Partners to the extent possible without violating the limitations set forth in this paragraph, and any amounts remaining to be allocated shall be
allocated among the Partners in accordance with the provisions of Section 5.1. 

  
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 Section 5.4 INTENTION AND CONSTRUCTION OF ALLOCATIONS. It is the intention of
the Partners to allocate Net Profits and Net Losses attributable to Capital Transactions in such a manner as to cause each Partner’s Capital Account to always equal the amount of cash such Partner would be entitled to receive if the Partnership
sold its assets for their Gross Asset Values and, after satisfying all Partnership liabilities, the proceeds from such sale, as well as all other funds of the Partnership, were then distributed to the Partners pursuant to Section 8.2. These
provisions shall be so interpreted as necessary to accomplish such result. 
 Section 5.5 SPECIAL ALLOCATIONS. The
following special allocations shall be made in the following order: 
 (a) Minimum Gain Chargeback. Except as
otherwise provided in Section 1.704-2(f) of the Regulations, in the event there is a net decrease in Partnership Minimum Gain during a Fiscal Year, each Partner shall be allocated (before any other allocation is made pursuant to this Article V)
items of income and gain for such year (and, if necessary, for subsequent years) equal to that Partner’s share of the net decrease in Partnership Minimum Gain. 
 (i) The determination of a Partner’s share of the net decrease in Partnership Minimum Gain shall be determined in accordance with Regulation Section 1.704-2(g). 

(ii) The items to be specially allocated to the Partners in accordance with this Section 10.4(a) shall be determined in accordance
with Regulation Sections 1.704-2(f)(6) and 1.704-2(j)(2). 
 (iii) This Section 5.5(a) is intended to comply with the
minimum gain chargeback requirement set forth in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently therewith. 
 (b) Partner Minimum Gain Chargeback. 
 (i) Except as otherwise provided in
Section 1.704-2(i)(4), in the event there is a net decrease in Partner Minimum Gain during a Fiscal Year, each Partner who has a share of that Partner Minimum Gain as of the beginning of the year, to the extent required by Regulation
Section 1.704-2(i)(4) shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) equal to that Partner’s share of the net decrease in Partner Minimum Gain. 

(ii) Allocations pursuant to this subparagraph (b) shall be made in accordance with Regulation Sections 1.704-2(i)(4) and
1.704-2(j)(2). 
 (iii) This subsection 10.4(b) is intended to comply with the requirement set forth in Regulation
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  
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 (c) Qualified Income Offset Allocation. In the event any Partner
unexpectedly receives any adjustments, allocations or distributions described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) which would cause such Partner to have an Adjusted Capital Account
Deficit, items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate such Adjusted Capital Account Deficit as quickly as possible. This Section 5.5(c) is intended to
constitute a “qualified income offset” in satisfaction of the alternate test for economic effect set forth in Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(d) Gross Income Allocation. In the event any Partner has a deficit Capital Account at the end of any Fiscal Year which
is in excess of the sum of (i) any amounts such Partner is obligated to restore pursuant to this Agreement, plus (ii) such Partner’s distributive share of Partnership Minimum Gain as of such date, plus (iii) such Partner’s
share of Partner Minimum Gain determined pursuant to Regulation Section 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible, provided that an
allocation pursuant to this Section 5.5(d) shall be made only if and to the extent that such Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been made, except
assuming that Section 5.5(c), and this Section 5.5(d) were not contained in this Agreement. 
 (e) Allocation of
Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Percentage Interests. 
 (f) Allocation of Partner Nonrecourse Deductions. Partner Nonrecourse Deductions shall be allocated as prescribed by the Regulations. 

Section 5.6 BUILT-IN GAIN OR LOSS/SECTION 704(c) TAX ALLOCATIONS. In the event that the Gross Asset Value of Partnership
assets are adjusted to equal their respective gross fair market values (taking Section 7701(g) of the Code into account), the Partners’ distributive shares of depreciation, depletion, amortization, and gain or loss, as computed for tax
purposes, with respect to such property, shall be determined pursuant to Section 704(c) of the Code and the Regulations thereunder, so as to take account of the variation between the adjusted tax basis of such property to the Partnership for
federal income tax purposes and its Gross Asset Value. Any deductions, income, gain or loss specially allocated pursuant to this Section 5.6 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken
into account for purposes of determining Net Profits or Net Losses or for purposes of adjusting a Partner’s Capital Account. 
 Section 5.7 RECAPTURE. Ordinary taxable income arising from the recapture of depreciation and/or investment tax credit shall be allocated to the Partners in the same manner as such
depreciation and/or investment tax credit was allocated to them. 
 Section 5.8 PROHIBITION AGAINST RETROACTIVE
ALLOCATIONS. Notwithstanding anything in this Agreement to the contrary, no Partner shall be allocated any loss, credit or income attributable to a period prior to its admission to the Partnership. In the event that a Partner transfers all or a
portion of such Partner’s Interest, or if there is a reduction in a Partner’s Percentage Interest due to the admission of new Partners or otherwise, each Partner’s 

  
 15 

 
distributive share of Partnership items of income, loss, credit, etc., shall be determined by taking into account each Partner’s varying interests in the Partnership during the
Partnership’s taxable year. For this purpose, unless the General Partner, in its sole discretion, elects to provide for an interim closing of the Partnership’s books, each Partner’s distributive share shall be estimated by taking the
pro rata portion of the distributive share such Partner would have included in his taxable income had it maintained its Percentage Interest throughout the Partnership year. Such proration shall be based upon the portion of the year during which such
Partner held the Percentage Interest, except that extraordinary, non-recurring items shall be allocated to the Persons holding partnership interests at the time such extraordinary items occur. 

Section 5.9 ALLOCATION OF NONRECOURSE LIABILITIES. The “excess nonrecourse liabilities” of the Partnership (within
the meaning of Section 1.752-3(a)(3) of the Regulations) shall be allocated as prescribed by the Regulations. 

Section 5.10 ALTERNATIVE ALLOCATIONS. It is the Partners’ intention that each Partner’s distributive share of
income, gain, loss, deduction, credit (or item thereof) be determined and allocated consistently with the provisions of the Code, including Sections 704(b) and 704(c) of the Code. If the General Partner deems it necessary in order to comply with the
Code, the General Partner may, relying upon the advice of the Partnership’s accountants, allocate income, gain, loss, deduction or credit (or items thereof) arising in any year differently than as provided for in this Article V if, and to the
extent, (a) allocating income, gain, loss, deduction or credit (or item thereof) would cause the determinations and allocations of each Partner’s distributive share of income, gain, loss, deduction or credit (or item thereof) not to be
permitted by the Code and any applicable Regulations or (b) such allocation would be inconsistent with a Partner’s interest in the Partnership taking into consideration all facts and circumstances. Any allocation made pursuant to this
Section 5.10 will be a complete substitute for any allocation otherwise provided for in this Agreement, and no further amendment of this Agreement or approval by any Partner is necessary to effectuate such allocation. In making any such
allocations under this Section 5.10 (“New Allocations”) the General Partner may act in reliance upon advice of counsel to the Partnership or the Partnership’s regular accountants that, in either case, in their respective
opinions after examining the relevant provisions of the Code and any current or future proposed or final Regulations, the New Allocations are necessary in order to ensure that, in either the then-current year or in any preceding year, each
Partner’s distributive share of income, gain, loss, deduction or credit (or items thereof) is determined and allocated in accordance with the Code and such Partner’s interest in the Partnership. New Allocations made by the General Partner
in reliance upon the advice of counsel or accountants as described in this section will be deemed to be made in the best interests of the Partnership and all of the Partners consistent with the duties of the General Partner under this Agreement and
any such New Allocations will not give rise to any claim or cause of action by any Partner against the Partnership or any General Partner. 
 Section 5.11 SECTION 754 ELECTIONS. The General Partner may elect, pursuant to Section 754 of the Code, to adjust the basis of the Partnership’s assets for all transfers of Interests
if such election would benefit any Partner or the Partnership. 

  
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 Section 5.12 ACCOUNTING. 

(a) The books of the Partnership shall be kept on the accrual basis and in accordance with generally accepted accounting principles
consistently applied. 
 (b) The fiscal year of the Partnership shall be the calendar year. 

(c) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As
Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional
assistance in respect of any audit of the Partnership by the IRS, and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Operating Expenses of the Partnership. In
the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within the period
provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to each Partner on the date such petition is filed, or (ii) mail a written notice to each Partner, within such period, that describes the General
Partner’s reasons for determining not to file such a petition. 
 (d) Except as specifically provided herein, all elections
required or permitted to be made by the Partnership under the Code shall be made by the General Partner in its sole discretion. 

(e) Any Limited Partner shall have the right to inspect the books and records of the Partnership, provided such audit is made at the
expense of the Limited Partner desiring it, such inspection is made during normal business hours and such audit is for a purpose reasonably related to such Limited Partner’s legitimate interest as a Limited Partner. 

ARTICLE VI 

MANAGEMENT 

Section 6.1 GENERAL. Subject to Section 6.2, Article XIV and any other restrictions specifically contained in this
Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business and affairs of the Partnership and make all decisions affecting the business and assets of the Partnership without the approval of
any other Limited Partner. Without limiting the generality of the foregoing (but subject to the restrictions specifically contained in this Agreement, including without limitation, Section 6.2 and Article XIV), the General Partner shall have
the power and authority to take the following actions on behalf of the Partnership: 
 (a) to own, manage, lease and dispose of
the Property or any other property or assets consistent with the purpose of the Partnership set forth in Article III that is not inconsistent with the Carter REIT’s qualification as a REIT; 

(b) to make improvements (including renovations) on or to the Property; 

(c) to borrow money for the Partnership, issue evidences of indebtedness in connection therewith, refinance, guarantee, increase the
amount of, modify, amend or change the 

  
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terms of, or extend the time for the payment of, any indebtedness or obligation of or to the Partnership, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the
Partnership’s assets; 
 (d) to pay, either directly or by reimbursement, for all Operating Expenses to third parties or to
the Partners (as permitted by this Agreement); 
 (e) to lease all or any portion of any of the Partnership’s assets,
whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 

(f) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such
terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets; 

(g) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way
affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (h) to make or revoke any election
permitted or required of the Partnership by any taxing authority; 
 (i) to maintain such insurance coverage for public
liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types as
the General Partner shall determine from time to time; 
 (j) to retain providers of services of any kind or nature in
connection with the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem proper; 
 (k) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 

(l) to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on behalf of the
Partnership; 
 (m) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 

(n) to establish Partnership reserves for working capital, capital expenditures, contingent liabilities or any other valid Partnership
purpose; 
 (o) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as
a “publicly traded partnership” for purposes of Section 7704 of the Code; 

  
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 (p) to restate Exhibit A hereto to reflect accurately at all times the Capital
Contributions of the Partners, the Percentage Interest held by each Partner, the admission of any Additional Limited Partner or any Substitute Limited Partner or otherwise, which restatement, notwithstanding anything in this Agreement to the
contrary, shall not be deemed an amendment to this Agreement, as long as the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement; and 

(q) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all
other acts the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with qualification of the Carter REIT as
a REIT) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
 The Investing
Limited Partner agrees that the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Investing Limited Partner,
subject only to Article XIV, Section 6.2, Article XI and any other restrictions imposed under this Agreement, to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or performance
by the General Partner or the Partnership of any agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partner or any
other Persons under this Agreement or of any duty stated or implied by law or equity. 
 Except as otherwise provided herein, to
the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the
performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or
obligation on behalf of the Partnership. 
 Section 6.2 MAJOR DECISIONS. 

(a) Notwithstanding Section 6.1 or any other provision of this Agreement to the contrary, but in any event subject to the additional
restrictions set forth in Article XIV herein, all Major Decisions proposed to be taken by the Partnership shall require the unanimous approval of the Partners, which such approval shall not be unreasonably withheld. 

(b) Each of the following is a “Major Decision” for purposes of this Agreement: 

(i) extending credit, making loans or becoming or acting as a surety, guarantor, endorser or accommodation endorser or modifying any
obligations relating to the foregoing except (x) in connection with negotiating checks or other instruments received by the Partnership, or (y) the incurrence of accounts receivables or other similar arrangements in the normal course of
the Partnership’s Business; 

  
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 (ii) except for the Loan, the Basic Documents, or trade payables incurred in the normal
course of the Partnership’s Business, obtaining financing or refinancing for, or otherwise incurring any indebtedness of the Partnership, any subsidiary or any assets of the Partnership or any subsidiary; approving or executing the documents
evidencing any such financing or refinancing or any amendments or modifications thereof; and/or selecting the lender or lenders providing any such financing or refinancing; 
 (iii) placing or suffering of any other lien or encumbrance on or affecting the Property or any portion thereof other than in connection with the Loan; 

(iv) acquiring any land or other real property or any interest therein other than the Property; 

(v) making and/or implementing any decision to form any subsidiary entity (including a corporation, partnership, limited liability
company, trust or other entity) and/or to assign, transfer or convey all or any portion of the Property or any other asset or property or the rights to acquire the Property or any other asset or property to any subsidiary entity and the execution
and delivery of any documents, agreements or instruments implementing, evidencing or relating to any such decision or action (including any organizational documents relating to any subsidiary entity): 

(vi) except as set forth on Schedule 6.2(b)(vi), entering into any agreement or contract for goods, services or property, or any
other transaction, with any Partner or any Affiliate of any Partner or paying any compensation, remuneration or other consideration or any kind to any Partner or any Affiliate of any Partner, or determining the amount of overhead and other
reimbursements payable to any Partner or any of their Affiliates or modifying or amending any such agreement, contract, transaction, compensation, reimbursements or consideration so approved; 

(vii) causing the Partnership to consolidate or merge with or into any other Person or to enter into any business combination, joint
venture, partnership, limited liability company or other entity, or any other profit participation or sharing agreement or arrangement, with any other Person for the ownership, operation or financing of the Property; 

(viii) commence, join in or settle any claim, action, suit or proceeding by, against or involving the Partnership that may materially
affect the financial condition or operations of the Partnership; 
 (ix) the sale of all or any portion of the Property;

 (x) subject to the requirements of Section 14.3 (which apply during the period in which the Loan is outstanding), the
institution of proceedings to have the Partnership adjudicated bankrupt or insolvent, or the filing of a petition seeking reorganization or relief with respect to the Partnership under any applicable federal or state law relating to bankruptcy;

 (xi) subject to the requirements of Section 14.3 (which apply during the period in which the Loan is outstanding), the
consent to the institution of bankruptcy or insolvency proceedings against the Partnership, or the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Partnership or a substantial part of its
assets; 

  
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 (xii) acquiring any material personal property, equipment or other assets or business by
the Partnership that are not in connection with or will not serve the Property; 
 (xiii) subject to the requirements of
Section 14.3 (which apply during the period in which the Loan is outstanding), the making of any assignment for the benefit of the creditors of the Partnership; 
 (xiv) subject to the requirements of Section 14.3 (which apply during the period in which the Loan is outstanding), the admission in writing of the Partnership’s inability to pay its debts
generally as they become due; 
 (xv) in the event of the substantial destruction or substantial damage to the Property, the
determination of whether to apply any insurance proceeds received to the restoration of the Property or to distribute such proceeds; and 
 (xvi) to the fullest extent permitted by law, the dissolution or liquidation of the Partnership. 
 Section 6.3 DELEGATION OF AUTHORITY. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with any
Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. The Limited Partners hereby agree that
the General Partner is authorized to enter into a property management agreement with the Property Manager; provided, however, that such property management agreement shall be terminable, without penalty, on thirty (30) days written notice by
the Partnership; provided that such termination complies with all applicable requirements contained in the Basic Documents relating to the removal and appointment of a new property manager. 

Section 6.4 DUTIES OF GENERAL PARTNER. 
 (a) The General Partner, subject to the limitations set forth in this Agreement, shall manage or cause to be managed the affairs of the Partnership in a prudent and businesslike manner and at all times
act and exercise its discretion hereunder in a reasonable manner consistent with its fiduciary duty to the Limited Partners and shall devote sufficient time and effort to the Partnership affairs. 

(b) In carrying out its obligations, the General Partner shall: 

(i) Render annual reports to all Limited Partners with respect to the operations of the Partnership, together with any other reports
(monthly, quarterly or otherwise) as may be reasonably requested by the Limited Partner to enable such Limited Partner to be timely informed regarding the business and operations of the Partnership, provided such reports are produced by the General
Partner in the ordinary course of business; 

  
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 (ii) On or before March 31st of every year, mail to all Persons who were Limited
Partners at any time during the Partnership’s prior fiscal year an annual report of the Partnership, including all necessary tax information, and any other information regarding the Partnership and its operations during the prior fiscal year
deemed by the General Partner to be material; 
 (iii) Maintain complete and accurate records of all business conducted by the
Partnership and complete and accurate books of account (containing such information as shall be necessary to record allocations and distributions), and make such records and books of account available for inspection and audit by any Limited Partner
or such Limited Partner’s duly authorized representative (at the sole expense of such Limited Partner) during regular business hours and at the principal office of the Partnership; and 

(iv) Cause to be filed such certificates and do such other acts as may be required by law to qualify and maintain the Partnership as a
limited partnership under the laws of the State of Delaware. 
 Section 6.5 LIABILITY OF GENERAL PARTNER;
INDEMNIFICATION. 
 (a) The General Partner shall not be liable for the return of all or any part of the Capital
Contributions of the Limited Partners. Any returns shall be made solely from the assets of the Partnership according to the terms of this Agreement. 
 (b) Notwithstanding anything to the contrary set forth in this Agreement, none of the General Partner nor the Partnership nor any of their respective officers, directors, agents or employees shall be
liable or accountable in damages or otherwise to the Partnership, any Limited Partners or any assignees, or any of their successors or assigns, for any losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment
or mistakes of fact or law or any act or omission; provided, however, such actions or decisions were taken or made with a good faith belief that they were within the scope of the purposes of the Partnership and the authority granted to the General
Partner, and such actions or decisions do not constitute a breach of any material provision of this Agreement, fraud, gross negligence or willful misconduct in connection with the business and affairs of the Partnership. The General Partner shall
not be responsible for any misconduct or negligence on the part of any agent appointed by it in good faith pursuant to Section 6.3 hereof and provided that such appointment does not constitute a breach of any material provision of this
Agreement, fraud, gross negligence or willful misconduct in connection with the business and affairs of the Partnership. 
 (c)
The Partnership shall indemnify an Indemnitee to the fullest extent permitted by law and save and hold it harmless from and against, and in respect of, any and all losses, claims, damages, liabilities (joint or several), expenses (including legal
fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set
forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. Notwithstanding the foregoing, this indemnification shall not apply if: (A) the act or omission of the Indemnitee was
material to the matter giving rise to the proceeding and either was committed in bad faith or was 

  
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the result of active and deliberate dishonesty; (B) the Indemnitee actually received an improper personal benefit in money, property or services; (C) the act or omission constitutes a
breach of any material provision of this Agreement, fraud, gross negligence or willful misconduct in connection with the business and affairs of the Partnership; or (D) in the case of any criminal proceeding, the Indemnitee had reasonable cause
to believe that the act or omission was unlawful. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this
Section 6.5(c). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner
contrary to that specified in this Section 6.5(c). Any indemnification pursuant to this Section 6.5 shall be made only out of the assets of the Partnership, and any insurance proceeds from the liability policy covering the General Partner
and any Indemnitee; and provided further, that so long as any Obligation (as that term is defined in the Loan Agreement) is outstanding, no indemnity payment from funds of the Partnership (as distinct from funds from other sources, such as
insurance) of any indemnity under this Section 6.5(c) shall be payable from amounts allocable to any other Person pursuant to the Basic Documents. 
 (d) To the fullest extent permitted by law and subject to Section 6.5(c) above, the Partnership may reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a
proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for
indemnification by the Partnership as authorized in this Section 6.5 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has
not been met. 
 (e) The indemnification provided by this Section 6.5 shall be in addition to any other rights to which an
Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Limited Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

(f) The Partnership may purchase and maintain insurance on behalf of the Indemnitees, and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement. 
 (g) For purposes of this Section 6.5, the Partnership
shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by the Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves services by, the Indemnitee
to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.5; and actions
taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by the Indemnitee to be in the interest of the participants and beneficiaries of the plan shall be deemed
to be for a purpose which is not opposed to the best interests of the Partnership. 

  
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 (h) In no event may an Indemnitee subject the Investing Limited Partner to personal
liability by reason of the indemnification provisions set forth in this Agreement. 
 (i) An Indemnitee shall not be denied
indemnification in whole or in part under this Section 6.5 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

 (j) Any amendment, modification or repeal of this Section 6.5 or any provision hereof shall be prospective only and
shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Investing Limited Partner under this Section 6.5 as in effect immediately prior to such amendment, modification or repeal with
respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. The provisions of this Section 6.5 are for the benefit of the
Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (k) Notwithstanding any other provisions of this Agreement to the contrary (other than Section 6.10 (including, without limitation, the right therein of the Investing Limited Partner to sell the
Property), Section 8.1, Section 8.2 and Section 9.9), or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in
the good faith belief that such action or omission is necessary or advisable in order to comply with the provisions of Section 6.13 is expressly authorized under this Agreement and is deemed approved by the Investing Limited Partner.

 Section 6.6 FEES; COMPENSATION; REIMBURSEMENTS. 

(a) The General Partner, as such, shall not receive any compensation for services rendered to the Partnership except as in accordance
with the provisions of Sections 6.2(b)(vi) and 6.8 herein. 
 (b) Upon the execution of this Agreement, the Investing
Limited Partner shall be reimbursed for actual out of pocket legal fees and travel and consultant expenses it occurred in connection with the closing of the transactions contemplated by this Agreement. Notwithstanding the foregoing, the amount of
such reimbursement shall not exceed $40,000. 
 Section 6.7 RELIANCE ON ACT OF GENERAL PARTNER. No financial
institution or any other Person, firm or corporation dealing with the General Partner or the Partnership shall be required to ascertain whether the General Partner is acting in accordance with this Agreement, but such financial institution or such
other Person, firm or corporation shall be protected in relying solely upon the assurance of and the execution of any instrument or instruments by the General Partner. 

  
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 Section 6.8 OUTSIDE SERVICES; DEALINGS WITH AFFILIATES; OUTSIDE ACTIVITIES.

 (a) Except as set forth on Schedule 6.2(b)(vi) or with the written approval of the Investing Limited Partner (which such
approval shall not be unreasonably withheld), the General Partner shall not (i) enter into any agreement or contract for goods, services or property, or any other transaction, with any Partner or any Affiliate of any Partner, (ii) cause
the Partnership to pay any compensation, remuneration or other consideration or any kind to any Partner or any Affiliate of any Partner, (iii) determine the amount of overhead and other reimbursements payable to any Partner or any of their
Affiliates or modifying, or (iv) amend any such agreement, contract, transaction, compensation, reimbursements or consideration so approved. 
 (b) Any officer, director, employee, agent, trustee, Affiliate, partner, member or shareholder of a Partner shall be entitled to and may have business interests and engage in business activities in
addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership and may compete with the Partnership. Neither the Partnership nor any other Partner shall have
any rights by virtue of this Agreement in any business ventures of such Person. 
 Section 6.9 ADDITIONAL CAPITAL TO THE
PARTNERSHIP. 
 (a) If the General Partner determines that additional funds (“Additional Funds”) are
required by the Partnership for any purpose relating to the business of the Partnership or for any of its obligations, expenses, costs, or expenditures, including operating deficits, the General Partner may request that the Partners make additional
capital contributions (such capital, the “Additional Funds Capital”) to cover such needs by delivering written notice to the Partners (such notice, the “Additional Funds Notice”). In accordance with the provisions
of this Section 6.9, the Partners shall have the right, but not the obligation, to contribute such requested Additional Funds Capital. Notwithstanding the foregoing, prior to the second year anniversary of the date of this Agreement, the
General Partner may not request the Partners to contribute Additional Funds Capital if such request would result in the Partners, in the aggregate, having contributed Additional Funds Capital in excess of $1,000,000. In addition, after the second
year anniversary of the date of this Agreement, CVOP shall not have the right nor the obligation to contribute any Additional Funds Capital and the Investing Limited Partner is the only Person entitled, but not obligated, to contribute such
Additional Funds Capital. In all instances, the ability of the Partners to contribute and the Partnership to accept Additional Funds Capital shall be subject to the approval of the Lender, to the extent such approval is required under the Basic
Documents. 
 (b) The Additional Funds Notice shall state: (i) the amount of Additional Funds that are required;
(ii) a general description of the reason why such Additional Funds are required; (iii) each Partner’s pro rata portion of the Additional Funds (which shall be based on the relative Percentage Interests of the Partners); (iv) the
general terms for the proposed Additional Funds Capital (it being agreed that the preferred rate, if any, shall not exceed 8% per annum, such contributions shall have a priority on repayment to the Interests and any such Interests or other
forms of interest issued in connection therewith shall have no voting or other 

  
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control rights and in no way shall change or otherwise effect the decisions and control as set forth herein); and (v) a request date for each Partner to contribute the Additional Funds
Capital (which date shall be at least ten (10) Business Days after the date of the Additional Funds Notice). 
 (c) If all
of the Partners contribute the Additional Funds Capital requested pursuant to the Additional Funds Notice, such Additional Funds Capital shall have the economic terms contained in the Additional Funds Notice. 

(d) In the event that one of the Partners elects not to contribute Additional Funds Capital, then the Partner or Partners contributing
Additional Funds Capital shall have the option to also contribute capital to the Partnership in the amount of the non-electing Partner’s pro rata share of the Additional Funds (such contribution, a “Non-Electing Contribution”).
The terms of any Non-Electing Contribution shall be the less favorable of (i) the terms contained in the Additional Funds Notice, or (ii) the terms that could be obtained from a third party on an arm’s length basis. 

(e) The provisions of this Section 6.9 are subject to the provisions contained in Article XIV. 

Section 6.10 INVESTING LIMITED PARTNER OPTION TO TAKE OVER MANAGEMENT OF PARTNERSHIP. Notwithstanding anything to the
contrary in this Agreement, but subject to Article XIV and any applicable provisions in the Basic Documents (including, without limitation, that the Investing Limited Partner or the Appointed GP (as defined below) is a “Qualified
Transferee” (as such term is defined in the Loan Agreement)), from and after the second anniversary of the date of this Agreement, the Investing Limited Partner shall have the option, by providing written notice to CVOP, to become, or appoint a
Qualified Transferee (the “Appointed GP”) as, the General Partner and succeed to all rights of the General Partner under this Agreement but shall not be subject to any limitations currently imposed on the General Partner pursuant to the
terms of this Agreement (other than Section 6.11 and Article XIV) including without limitation Section 6.2; provided, however, upon Investing Limited Partner’s election of such option, CVOP shall retain the right to
approve the Major Decisions set forth in Section 6.2(b)(i), Section 6.2(b)(iv) - provided that CVOP shall not have a consent right over tenant improvements, Section 6.2(b)(v) - provided that CVOP shall not have a consent right over
the formation of a wholly owned subsidiary, Section 6.2(b)(vi), Section 6.2(b)(vii) - provided that CVOP shall not have a consent right over the combination, merger, etc. into or with a wholly owned subsidiary, and Sections 6.2(b)(x)
through 6.2(b)(xvi). Notwithstanding the foregoing or any other provision of this Agreement to the contrary, including, without limitation, Section 6.13, but in any event subject to Article XIV of this Agreement, if the Investing Limited
Partner elects to assume, or designate the Appointed GP to assume, the management and control of the business and become the General Partner as provided for in this Section 6.10, it shall also have the right, without the consent or approval of
any other Partner, to (i) subject to the satisfaction of the requirements set forth in the Basic Documents (A) sell or refinance the Property on such terms as it deems satisfactory, including, without limitation, such actions necessary to
effectuate such sale or refinancing and (B) for purposes of the Basic Documents, each of the CVOP Partners hereby irrevocably consents to such sale or refinancing of the Property as then determined in the sole discretion of the Investing
Limited 

  
 26 

 
Partner, and (ii) replace the Property Manager; provided that the Investing Limited Partner complies with all applicable requirements contained in the Basic Documents relating to the
replacement of the Property Manager and appointment of a new property manager. In the event the Investing Limited Partner, or another Appointed GP, becomes the General Partner, such entity shall be a “special purpose” entity as described
in Article XIV. In addition to the foregoing, upon the Investing Limited Partner, or another Appointed GP, becoming the General Partner in accordance with the terms of this Section 6.10, DC-2000 GP shall automatically, without further action,
become a Limited Partner, with the same Interests it had as the General Partner, and the Appointed GP shall become, for all purposes of this Agreement, the sole General Partner. The Appointed GP shall have all power necessary to amend the
Partnership’s Certificate of Limited Partnership, this Agreement and any other agreement or document that it may reasonably amend or revise, as applicable, to reflect the removal of DC-2000 GP as a general partner, the conversion of DC-2000 GP
to a Limited Partner, and the Appointed GP becoming the General Partner. The Appointed GP shall have the right to terminate immediately any agreement between the Partnership and any CVOP Partner and/or any Affiliate of a CVOP Partner (without
penalty or fee) and CVOP shall use its commercially reasonable efforts to cause its Affiliate to permit such termination upon request by the Appointed GP, subject to any and all conditions set forth in the Basic Documents. 

Section 6.11 PROVISIONS GOVERNING SALE OF PROPERTY. The Limited Partners hereby acknowledge that the Loan contains prepayment
restrictions during the Lockout Period. Notwithstanding anything to the contrary in this Agreement, the Limited Partners hereby agree that, during the Lockout Period, the Property can only be sold in a transaction where the Loan is assumed by the
purchaser (all in accordance with the documentation evidencing the Loan) or such sale otherwise complies with the terms of the documentation evidencing the Loan. 
 Section 6.12 REAL ESTATE OPERATING PARTNERSHIP PROVISIONS. The Partnership or the General Partner is intended to be or is otherwise established as a “real estate operating company”
(a “REOC”) as that term is defined in 29 C.F.R. Section 2510.3-101(e). The General Partner will conduct its own affairs and operations or those of the Partnership in such a manner that one or both qualify as a REOC.

 Section 6.13 REIT PROVISIONS. 
 (a) The Partnership and the Limited Partners acknowledge and agree that Carter REIT, which owns CVOP and therefore an indirect interest in the Partnership, is treated as a “real estate investment
trust,” within the meaning of Code Section 856, and is therefore subject to the requirements set forth in Code Sections 856 through 859. 
 (b) Notwithstanding anything else in this Agreement, without the prior written approval of CVOP, the Partnership shall not take any action that would result in any of the following consequences to the
Partnership (treating the Partnership as if it were a REIT, but only with respect to assets and operational matters as opposed to ownership), without the prior written consent of CVOP: 

(i) to recognize any income that would cause the Partnership to fail to satisfy either the “75 percent gross income test” set
forth in Code Section 856(c)(3) or the “95 percent gross income test” set forth in Code Section 856 (c)(2); 

  
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 (ii) to hold any property that would cause the Partnership to fail to satisfy on the last
day of each calendar quarter (determined taking into account the cure period rules set forth in Code Section 856(c)(4)) any of (A) the “75 percent asset test” set forth in Code Section 856(c)(4)(A), (B) the “25
percent asset test” set forth in Code Section 856(c)(4)(B)(i), (C) the “25 percent value limitation” set forth in Code Section 856(c)(4)(B)(ii), (D) the “5 percent value limitation” set forth in Code
Section 856(c)(4)(B)(iii)(I), or (E) the “10 percent vote and value limitations” set forth in Code Sections 856(c)(4)(B)(iii)(II) and (III); and 
 (iii) to engage in a transaction that reasonably could be expected to be treated as a “prohibited transaction” within the meaning of Code Section 857(b)(6)(B)(iii) unless the transaction
qualifies for the safe harbor with respect to a “prohibited transaction” set forth in Code Section 857(b)(6)(C) (taking into account any other “safe harbor” transactions engaged in by the Carter REIT or any Affiliate
(including any joint venture, partnership or limited liability company in which the Carter REIT or an Affiliate invests), which information CVOP will provide to the Partnership upon written request). 

ARTICLE VII 

INVESTING LIMITED PARTNER MATTERS 
 Section 7.1 RIGHTS OF INVESTING LIMITED PARTNER. 
 (a) The Partnership
may engage the Investing Limited Partner or Persons or firms associated with it for specific purposes and may otherwise deal with such Limited Partners on terms and for compensation to be agreed upon by any such Limited Partner and the Partnership.
The Investing Limited Partner may not participate in the management or control of the business of the Partnership except as provided in Section 6.2 and Section 6.10 of this Agreement, or as otherwise permitted in this Agreement.

 (b) The Partnership’s books shall be kept at the principal place of business of the Partnership and at all times, during
reasonable business hours and at the Investing Limited Partner’s sole expense, the Investing Limited Partner shall be entitled to inspect and copy any of them and have on demand true and full information of all things affecting the Partnership
and a formal accounting of Partnership affairs whenever circumstances render it just and reasonable. 
 (c) Except as otherwise
expressly provided by the Act, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Partnership, and the Limited Partners shall not
be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner of the Partnership. The Investing Limited Partner is liable to the Partnership only to make its Capital Contribution as
and when due hereunder. After its Capital Contribution is fully paid, the Investing Limited Partner shall not, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the
Partnership. 

  
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 Section 7.2 [INTENTIONALLY OMITTED] 

Section 7.3 OWNERSHIP BY INVESTING LIMITED PARTNER OF CVOP OR AFFILIATE. The Investing Limited Partner shall not at any time,
either directly or indirectly, own any interest in CVOP or in any Affiliate thereof if such ownership by itself would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal
income tax purposes or the Carter REIT as a REIT for federal income tax purposes. CVOP shall be entitled to make such reasonable inquiry of the Investing Limited Partner as is required to establish compliance by the Investing Limited Partner with
the provisions of this Section 7.3 and the Investing Limited Partner shall promptly and fully respond to such inquiries. 

Section 7.4 WARRANTIES AND REPRESENTATIONS OF THE INVESTING LIMITED PARTNER. The Investing Limited Partner hereby makes the
following representations and warranties to the Partnership, DC-2000 GP and CVOP: 
 (a) It is a limited liability company duly
formed and validly existing in good standing under the laws of the State of Delaware. 
 (b) It has all requisite legal right,
power and authority to execute and deliver this Agreement, to perform its obligations hereunder. 
 (c) The execution, delivery
and performance by the Investing Limited Partner of this Agreement have been duly authorized by all necessary corporate action. 

(d) This Agreement has been duly executed and delivered by the Investing Limited Partner and constitutes the legal, valid and binding
obligation of the Investing Limited Partner enforceable against the Investing Limited Partner in accordance with its terms. 

(e) Neither the execution nor delivery of this Agreement nor the consummation of the transactions contemplated thereunder nor compliance
with or fulfillment of the terms and conditions and provisions thereof, will conflict with, result in a breach or violation of the terms, conditions or provisions of, or constitute a default, or an event of default under any contract, agreement,
indenture, instrument, note, mortgage, lease, or other obligation to which the Investing Limited Partner is a party or by which the Investing Limited Partner is bound. 
 (f) To the best of its knowledge, the Investing Limited Partner (i) is and will remain in compliance with all applicable anti-money laundering laws, including, without limitations, the USA Patriot
Act, and the laws administered by OFAC, including, without limitation, Executive Order 13224; (ii) is not and will not be, nor is or will any Affiliate of the Investing Limited Partner be, on the Specially Designated Nationals and Blocked
Persons List maintained by OFAC, and (iii) is not and will not otherwise be identified by a government entity or legal authority as a person with whom a U.S. Person (as defined below) is prohibited from transacting business. As used herein,
“U.S. Person” shall mean any United States citizen, any permanent resident, alien, any entity organized under the laws of the United States (including foreign branches). 

  
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 (g) The Investing Limited Partner is a sophisticated investor and qualifies as an
“Accredited Investor” within the meaning of Regulation D under the Securities Act of 1933, as amended. 
 (h) The
Investing Limited Partner has had ample opportunity to discuss with its legal and financial advisors all documents and information furnished to it (including the documentation listed in Exhibit B) and to ask such advisers questions about such
documents and information and the risks associated with its investment in the Partnership. The Investing Limited Partner has thoroughly evaluated the risks and merits of its investment in the Partnership. 

(i) The Investing Limited Partner acknowledges that the Partnership’s investments may involve a high degree of risk, and there is no
assurance as to the performance of, or rate of return on, any such investment. The Investing Limited Partner represents that it can bear the economic risks of such an investment for an indefinite period of time and that an investment in the
Partnership is a suitable investment for it. 
 Section 7.5 INDEMNIFICATION BY INVESTING LIMITED PARTNER. The
Investing Limited Partner hereby agrees to indemnify CVOP, DC-2000 GP, the Carter REIT and hold each such entity, each of its officers and directors and the Partnership and its Partners and each of their respective representatives, successors and
assigns harmless from and against any and all claims, demands, losses, liabilities, damages and expenses (including reasonable attorneys’ fees) arising out of or in connection with the inaccuracy of the warranties and representations made by
such Investing Limited Partner under Section 7.4 above. 
 ARTICLE VIII 

DISTRIBUTIONS AND PAYMENTS TO MEMBERS 
 Section 8.1 DISTRIBUTIONS OF CASH FLOW. Subject to any applicable restrictions contained in the Basic Documents, the General Partner shall cause the Partnership to distribute its Cash Flow on
a monthly basis in the following manner: 
 (a) Until the one-year anniversary of the date of this Agreement, 100% to CVOP;

 (b) After the one-year anniversary of this Agreement and subject to Section 8.3, 100% to the Investing Limited Partner
until it has received an amount equal to the product of its Capital Contribution times the Return Multiple for the month of such distribution; and 
 (c) Thereafter, 100% to CVOP. 
 The foregoing distributions shall not be affected
by any requirement or provision contained in this Agreement that the Partnership be operated in a manner so that Carter REIT continues to qualify as a REIT. 
 Section 8.2 DISTRIBUTION OF DISPOSITION PROCEEDS. The General Partner shall cause the Partnership to distribute Capital Transaction Proceeds within thirty (30) days after the receipt of
such proceeds by the Partnership in the following manner: 
 (a) Subject to Section 8.3, 100% to the Investing Limited
Partner until it has received an amount equal to the product of its Capital Contribution times the applicable Return Multiple for the month of such distribution; and 
 (b) Thereafter, 100% to CVOP and DC-2000 GP in accordance with their respective Percentage Interests. 

  
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 The foregoing distributions shall not be affected by any requirement or provision
contained in this Agreement that the Partnership be operated in a manner so that Carter REIT continues to qualify as a REIT. 
 Section 8.3 DE FACTO REDEMPTION OF INVESTING LIMITED PARTNER. Notwithstanding anything to the contrary in this Agreement, once the Investing Limited Partner has received pursuant to
Section 8.2, with respect to a given month, a cumulative amount equal to the product of its Capital Contribution times the applicable Return Multiple for such month, the Investing Limited Partner shall cease to be a Limited Partner of the
Partnership and shall not have any future rights with respect to the Partnership (including, without limitation, rights to distributions under either Sections 8.1 or 8.2 or otherwise). In such event, the Investing Limited Partner shall execute such
assignments and other documents as the General Partner may reasonably request to evidence such redemption; provided that the Investing Limited Partner shall automatically cease to be a Limited Partner regardless of whether it executes such
documents. 
 Section 8.4 NO RIGHT TO DISTRIBUTIONS IN KIND. No Limited Partner shall be entitled to demand property
other than cash in connection with any distribution by the Partnership. 
 Section 8.5 WITHDRAWALS. No Limited
Partner shall be entitled to make withdrawals from its Capital Account, or resign as a Limited Partner, except as expressly provided herein. 
 Section 8.6 LIMITATIONS ON DISTRIBUTIONS. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not be required to make a distribution to a Limited
Partner on account of its interest in the Partnership if such distribution would violate the Act or any other applicable law or any Basic Document. 
 ARTICLE IX 
 TRANSFERS OF INTERESTS 

Section 9.1 CVOP. No CVOP Partner may Transfer its Interest, in whole or in part, whether voluntarily or by operation of law
or at judicial sale or otherwise, without the written consent of the Investing Limited Partner, which consent may be withheld in the sole and absolute discretion of the Investing Limited Partner. Investing Limited Partner may require, as a condition
of any Transfer, that the transferor assume all costs incurred by the Partnership in connection therewith. Notwithstanding the foregoing, a CVOP Partner may Transfer all but not less than all of its Interest to a Person that at all times remains,
directly, or indirectly, wholly owned by CVOP or Carter REIT. 

  
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 Section 9.2 INVESTING LIMITED PARTNER. 

(a) Except as otherwise provided in this Article IX, the Investing Limited Partner may not Transfer its Interest, in whole or in
part, whether voluntarily or by operation of law or at judicial sale or otherwise, without the written consent of CVOP, which consent may be withheld in the sole and absolute discretion of CVOP. CVOP may require, as a condition of any Transfer, that
the transferor assume all costs incurred by the Partnership in connection therewith and the satisfaction of the conditions of this Section 9.2. 
 (b) Notwithstanding Section 9.2(a), Transfers of interests in the Investing Limited Partner are allowed, but only if, (i) the requirements of Sections 9.2(c) and 9.2(d) are satisfied (as applied
by treating the proposed transferor as the Investing Limited Partner for purposes of those sections, (ii) such proposed Transfer would not cause the termination of the Partnership under Section 708(b)(1)(B) of the Code, and (iii) such
proposed Transfer does not result in a Change in Control of the Investing Limited Partner. Notwithstanding the foregoing, CVOP and the Partnership acknowledge that the Investing Limited Partner intends to syndicate its investor/limited partner
interests (i.e., interests having no voting rights) and that the syndication of such interests shall not constitute a Change in Control for purposes of this Section 9.2(b). The Investing Limited Partner shall provide notice to CVOP upon the
syndication of its investor/limited partner interests, which such notice shall provide the identity of such investors/limited partners, as the case may be. 
 (c) No Investing Limited Partner may effect a Transfer of its Interests if, (i) in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the
Interests (or any other evidence of the ownership interests in the Partnership) under the Securities Act of 1933, as amended, or would otherwise violate any applicable federal or state securities or “Blue Sky” law (including investment
suitability standards) or (ii) the assignee is not an Accredited Investor within the meaning of Rule 501 of the Securities Act of 1933, as amended. 
 (d) No Transfer by the Investing Limited Partner of its Interests may be made to any Person if (i) in the opinion of legal counsel for the Partnership, the Transfer would result in the
Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) such transfer is effectuated through an “established
securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code, or (iii) the Transfer would create a risk that the Carter REIT would not be taxed as a REIT
for federal income tax purposes. 
 (e) Any Transfer in contravention of any of the provisions of this Article IX shall be,
to the fullest extent permitted by law, void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 

Section 9.3 ADMISSION OF SUBSTITUTE LIMITED PARTNER. 

(a) Subject to the other provisions of this Article IX (including, without limitation, the provisions of Section 9.2 and any
applicable provisions in the Basic Documents), 

  
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an assignee of the Interest of a Limited Partner (including, without limitation, any purchaser, transferee, donee, or other recipient of any disposition of such Interest) shall be deemed admitted
as a Limited Partner of the Partnership only upon the satisfactory completion of the following: 
 (i) the assignee has
obtained the prior written consent of the applicable Limited Partner, if required, as to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of such Limited Partner’s sole and absolute discretion;

 (ii) the assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a
counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the consenting Limited Partner may require in order to effect the admission of such Person as a Limited Partner; 

(iii) the assignee shall have delivered a letter containing the representation and warranty set forth in Section 9.8 and the
agreement set forth in Section 9.8; 
 (iv) if the assignee is a corporation, partnership or trust, the assignee shall
have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement; 

(v) the assignee shall have executed a power of attorney containing reasonable terms and provisions; and 

(vi) the assignee shall have paid all reasonable legal fees of the Partnership and the General Partner and all filing and publication
costs incurred in connection with its substitution as a Limited Partner. 
 (b) For the purpose of allocating profits and losses
and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Limited Partner upon the later of the date specified in the transfer documents,
or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General
Partner shall as promptly as practicable take all action required to effectuate the admission of the Person seeking to become a Substitute Limited Partner, including preparing the documentation required by this Section and making all official
filings and publications, if any. 
 Section 9.4 RIGHTS OF ASSIGNEES OF INTERESTS. 

(a) Subject to the provisions of Sections 9.2 and 9.3 hereof, except as required by operation of law, the Partnership shall not be
obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Interest until the Partnership has received notice thereof. If the applicable Limited Partner, in its sole and absolute discretion, does not consent to
the admission of any transferee of any Interest as a Substitute Limited Partner in connection with a Transfer permitted by Section 9.2, such transferee shall be considered an 

  
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assignee for the purposes of this Agreement. An assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive
distributions attributable to the Interests assigned. 
 (b) Any Person who is the assignee of all or any portion of a Limited
Partner’s Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Interest, shall be subject to all of the provisions of this Article IX to the same extent and in the same manner as any
Limited Partner desiring to make an assignment of its Interest. 
 Section 9.5 [INTENTIONALLY OMITTED] 

Section 9.6 TRANSFEREES. Any Interests owned by the Limited Partners and transferred pursuant to this Article IX shall
be and remain subject to all of the provisions of this Agreement. 
 Section 9.7 ABSOLUTE RESTRICTION.
Notwithstanding any provision of this Agreement to the contrary other than Section 9.9, (i) no sale or exchange of any interest in the Partnership may be made if the interest sought to be sold or exchanged, when added to the total of all
other interests sold or exchanged within the period of twelve (12) consecutive months ending with the proposed date of the sale or exchange, would result in the termination of the Partnership under Section 708 of the Code, if such
termination would materially and adversely affect the Partnership or any Limited Partner and (ii) without the written consent of all the Limited Partners, the Partnership shall not (A) issue any new Interests, (B) issue any debt or
equity securities of any kind or (C) issue or grant any subscriptions, warrants, calls, commitments or rights of any kind whatsoever granting to any person or entity any interests in the right to purchase or otherwise acquire any interests in
the Partnership at any time or upon the happening of any stated event. 
 Section 9.8 INVESTMENT REPRESENTATION.
Each Limited Partner hereby represents and warrants to each other Limited Partner and to the Partnership that the acquisition of its Interest is made as a principal for its account for investment purposes only and not with a view to the resale or
distribution of such Interest. The Investing Limited Partner agrees that he will not sell, assign or otherwise transfer his Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person
who does not similarly represent and warrant and similarly agree not to sell, assign or transfer such Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 

Section 9.9 PURCHASE OPTION. 
 (a) Option. Commencing upon the first anniversary of the date of this Agreement, and continuing thereafter, CVOP shall have the option to purchase, or cause its designee to purchase, all but not
less than all, of the Investing Limited Partner’s Interest at a purchase price equal to the product of (a) the Investing Limited Partner’s Capital Contribution and (b) times the Return Multiple applicable to the month in which
CVOP, or the Partnership, as applicable, closes the acquisition of Investing Limited Partner’s Interest (such price, the “Purchase Option Price”). 

  
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 (b) Redemption. Notwithstanding the foregoing Section 9.9(a), but provided the
Partnership is permitted by applicable law (as well as any agreements to which the Partnership is bound) to effect a redemption of Investing Limited Partner’s Interest for the Purchase Option Price , CVOP may elect to effect the purchase option
as a redemption by the Partnership. 
 (c) Exercise. CVOP may exercise its purchase option by delivering written notice
to the Investing Limited Partner pursuant to the provisions of this Section 9.9 (the “Purchase Election Notice”). 
 (d) Closing. 
 (i) The purchase of the Interests being sold or otherwise
transferred pursuant to any of the provisions of this Section 9.9 shall be consummated within thirty (30) days after the delivery of the Purchase Election Notice, the exact time, place and manner of closing as may be agreed upon by the
parties or, if they cannot agree, on the first business day which is twenty five (25) days following the delivery of the Purchase Election Notice, at the principal offices of the Partnership at 10:00 a.m. local time. 

(ii) At such closing and subject to the receipt of the Purchase Option Price, the Investing Limited Partner shall execute such
assignments of Interests and other documents and assurances as CVOP may reasonably request to consummate the purchase of the Interests and to vest in CVOP, or its nominee, the entire right, title and Interest of the Investing Limited Partner in the
Partnership. Any and all instruments executed in connection with the closing shall be without recourse, representation or warranty whatsoever except that the Investing Limited Partner shall represent that (i) the Interests being sold by it are
free and clear of all liens, encumbrances and rights of others, (ii) it has full right and authority to sell such Interests, (iii) the sale has been duly authorized, and (iv) the selling party has not taken any action in violation of
this Agreement. Notwithstanding the foregoing and provided the General Partner complies with the requirements of this Section 9.9, the Investing Limited Partner’s Interests shall automatically transfer to CVOP upon payment in full for such
interests as provided by Section 9.9(d)(iii) regardless of whether the Investing Limited Partner executes the documentation requested by CVOP and referred to in this Section 9.9(d)(ii). 

(iii) All consideration to be paid to Investing Limited Partner shall be paid by federal wire of immediately available funds at the
closing. 
 (iv) Pending the closing, the Property shall be operated and maintained and the business of the Partnership
conducted consistent with prior practices. Pending the closing, the Limited Partners shall cooperate with respect to the negotiation and execution of any applications and commitments for financing to be secured by the Property, provided that the
Investing Limited Partner shall have no liability thereunder and CVOP shall indemnify, defend and hold harmless the Investing Limited Partner and the Partnership from all claims, loss and damages in connection therewith. 

(v) Each Limited Partner shall pay the fees and expenses of its own counsel in connection with any transfer pursuant to this 9.9. All
other expenses of the 

  
 35 

 
transactions contemplated by this Section 9.9 (including, without limitation, any real estate transfer taxes, documentary, recording tax or similar tax on a transfer of Interests) shall,
unless otherwise expressly provided in this Section 9.9, be paid by the General Partner. 
 (vi) At the closing, CVOP and
the Investing Limited Partner shall deliver favorable opinions of their respective counsel to the effect that the transactions to occur at the closing have been duly authorized. 

ARTICLE X 

DISSOLUTION AND TERMINATION 
 Section 10.1 DISSOLUTION. The Partnership shall be dissolved, and its affairs shall be wound up upon the first to occur of the following: (i) the termination of the legal existence of the
last remaining general partner of the Partnership or the occurrence of any other event which terminates the continued interest of the last remaining general partner of the Partnership in the Partnership unless the Partnership is continued without
dissolution in a manner permitted by this Agreement or the Act or (ii) the entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act. 

Upon the occurrence of any event that causes the last remaining general partner of the Partnership to cease to be a general partner of
the Partnership or that causes the last remaining general partner to cease to be a general partner of the Partnership (other than upon continuation of the Partnership without dissolution upon (i) an assignment by the last remaining general
partner of all of its partnership interest in the Partnership and the admission of the transferee pursuant to this Agreement, or (ii) the resignation of the last remaining general partner and the admission of an additional general partner of
the Partnership pursuant to this Agreement), to the fullest extent permitted by law, the personal representative of such general partner is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the
continued interest of such general partner in the Partnership, agree in writing (i) to continue the Partnership and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute
general partner of the Partnership, effective as of the occurrence of the event that terminated the continued interest of such general partner in the Partnership. 
 Upon dissolution of the Partnership (unless the business of the Partnership is continued as set forth above), the General Partner (or its trustee, receiver, successor or legal representative) shall
proceed with the winding up of the Partnership, and its assets shall be applied and distributed as herein provided. 

Section 10.2 PAYMENT OF DEBTS. The assets shall first be applied to satisfy of the liabilities of the Partnership (other than
any loans or advances that may have been made by Limited Partners to the Partnership) and the expenses of liquidation (whether by payment or the making of reasonable provision for payment thereof). A reasonable time shall be allowed for the orderly
liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the General Partner to minimize any losses resulting from liquidation. 

  
 36 

 Section 10.3 DEBTS TO LIMITED PARTNERS. The remaining assets shall next be
applied after payments of the Partnership’s debts and liabilities referred to in Section 10.2 to the repayment of any loans made by any Limited Partner to the Partnership. 

Section 10.4 REMAINING DISTRIBUTION. The remaining assets after payment of all Partnership debts and liabilities referred to
in Sections 10.2 and 10.3 shall then be distributed to the Limited Partners in accordance with Section 8.2. 

Section 10.5 RESERVE. Notwithstanding the provisions of Sections 10.3 and 10.4, the General Partner may retain such
amount as it deems necessary as a reserve for any contingent, conditional or un-matured liabilities or obligations of the Partnership, which reserve, after the passage of a reasonable period of time in accordance with the Act, shall be distributed
pursuant to the provisions of this Article X. 
 Section 10.6 FINAL ACCOUNTING. Each of the Limited Partners
shall be furnished with a statement examined by the Partnership’s independent accountants, which shall set forth the assets and liabilities of the Partnership as of the date of the complete liquidation. Upon the compliance by the General
Partner with the foregoing distribution plan, the General Partner shall execute and cause to be filed a Certificate of Cancellation of the Partnership and any and all other documents necessary with respect to termination and cancellation of the
Partnership. 
 Section 10.7 [INTENTIONALLY OMITTED.] 

Section 10.8 EFFECT OF BANKRUPTCY OF LIMITED PARTNER. 

(a) Notwithstanding any other provision of this Agreement, the Bankruptcy of a Limited Partner shall not in and of itself cause the
Limited Partner, respectively, to cease to be a limited partner of the Partnership and upon the occurrence of such an event, the Partnership shall continue without dissolution. 

(b) Notwithstanding any other provision of this Agreement, each Limited Partner waives any right it might have to agree in writing to
dissolve the Partnership upon the Bankruptcy of such Limited Partner, or the occurrence of an event that causes the Limited Partner to cease to be a limited partner of the Partnership. 

ARTICLE XI 

AMENDMENTS 

Section 11.1 AUTHORITY TO AMEND. 
 (a) In addition to any other provisions of this Agreement that expressly empower and enable the General Partner to amend this Agreement without the approval of any other Limited Partner, but in any event
subject to the restrictions set forth elsewhere in this Agreement (including the restrictions set forth in Article XIV), this Agreement may be amended by the General Partner without the approval of any other Limited Partner if such amendment
(i) is solely for the purpose of clarification or is of an inconsequential nature and does not change the substance hereof and the Partnership has obtained an opinion of counsel to that effect, (ii) is to add to the obligations of the
General Partner or causes the General Partner to surrender any 

  
 37 

 
right or power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Investing Limited Partner, (iii) is to reflect the admission, substitution,
termination or resignation of any Partner in accordance with this Agreement, (iv) is to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion ruling or regulation of a federal or state agency or contained
in federal or state law, or (v) is, in the opinion of counsel for the Partnership, necessary or appropriate to satisfy requirements of the Code with respect to partnerships or REITs or of any federal or state securities laws or regulations.
Except as otherwise provided in this Agreement and to the fullest extent permitted by law, any amendment made pursuant to this Section 11.1(a) may be made effective as of the date of this Agreement. 

(b) Notwithstanding any contrary provision of this Agreement, any amendment to this Agreement which would reasonably be expected to
(i) adversely affect the limited liability of the Investing Limited Partner, (ii) impose on the Investing Limited Partner any obligation to make additional Capital Contributions to the Partnership, (iii) change the method of
allocation of profit and loss as provided in Article V or the distribution provisions of Articles VIII and X hereof (except as specifically permitted by this Agreement), (iv) seek to impose personal liability on the Investing Limited
Partner, or (v) adversely affect any economic, voting, approval or other right or entitlement of the Investing Limited Partner under this Agreement, shall require the consent and approval of such Investing Limited Partner. 

(c) Except as otherwise specifically provided in this Section 11.1 and the other restrictions set forth in this Agreement,
amendments to this Agreement shall require the written approval of CVOP and the Investing Limited Partner. 

Section 11.2 NOTICE OF AMENDMENTS. A copy of any amendment to be approved by the Limited Partners pursuant to
Sections 11.1(b) or 11.1(c) shall be mailed in advance to such Limited Partners. Limited Partners shall be notified as to the substance of any amendment pursuant to Sections 11.1(a), 11.1(b) or 11.1(c), and upon request shall be
furnished a copy thereof. 
 ARTICLE XII 
 [INTENTIONALLY OMITTED] 
 ARTICLE XIII 

CONSENTS, APPROVALS, VOTING AND MEETINGS 
 Section 13.1 METHOD OF GIVING CONSENT OR APPROVAL. Any consent or approval required by this Agreement may be given as follows: 

(a) by a written consent given by the consenting Limited Partner and received by the General Partner at or prior to the doing of the act
or thing for which the consent is solicited, provided that such consent shall not have been nullified by: 
 (i) Notice to the
General Partner of such nullification by the consenting Limited Partner prior to the doing of any act or thing, the doing of which is not subject to approval at a meeting called pursuant to Section 13.2, or 

  
 38 

 (ii) Notice to the General Partner of such nullification by the consenting Limited Partner
prior to the time of any meeting called pursuant to Section 13.2 to consider the doing of such act or thing, or 
 (iii)
The negative vote by such consenting Limited Partner at any meeting called pursuant to Section 13.2 to consider the doing of such act or thing. 
 (b) by the affirmative vote by the consenting Limited Partner for the doing of the act or thing for which the consent is solicited at any meeting called pursuant to Section 13.2 to consider the doing
of such act or thing; or 
 (c) by the failure of the Limited Partner to respond or object to a request from the General Partner
sent in accordance with the provisions of Section 15.5 for such Limited Partner’s consent within thirty (30) days from its receipt of such request. 
 Section 13.2 MEETINGS OF LIMITED PARTNERS. Any matter requiring the consent or vote of all or any of the Limited Partners may be considered at a meeting of the Limited Partners held not less
than five (5) nor more than sixty (60) days after notice thereof shall have been given by the General Partner to all Limited Partners. Such notice (i) may be given by the General Partner, in its discretion, at any time, or
(ii) shall be given by the General Partner within fifteen (15) days after receipt from Investing Limited Partner of a request for such meeting. 
 Section 13.3 SUBMISSIONS TO LIMITED PARTNERS. The General Partner shall give the Limited Partners notice of any proposal or other matter required by any provision of this Agreement, or by law,
to be submitted for consideration and approval of the Limited Partners. Such notice shall include any information required by the relevant provision or by law. 
 ARTICLE XIV 
 SPECIAL PURPOSE PROVISIONS RELATED TO LOAN 

Section 14.1 SPECIAL PURPOSE ENTITY. This Article XIV is being adopted in order to comply with certain provisions required in
order to qualify the Partnership as a “special purpose” entity. 
 Section 14.2 SPECIAL PURPOSE
PROVISIONS. Notwithstanding any other provision of this Agreement and notwithstanding any provision of law that otherwise so empowers the Partnership, the General Partner and the Limited Partners shall not, and neither shall the Partnership, for
so long as the Loan is outstanding, amend, alter, change or repeal the following Articles or Sections: Section 2.1, Section 2.2, Article III, Section 4.4, Article VI, Article VIII, Article IX, Article X, Article XI, Article XIV,
Section 15.1, Section 15.3; Section 15.4, Section 15.7, Section 15.11, and Article I (to the extent that the terms defined in Article I are used in any of the foregoing Sections or Articles) of this Agreement (the
“Special Purpose Provisions”), or any other provision of this Agreement in a manner that is inconsistent with any of the Special Purpose Provisions, unless the Lender consents in writing and the Rating Agency Condition is satisfied.
Subject to this Article XIV, the General Partner and the Limited Partners reserve the right to amend, alter, change or repeal any provisions contained in this Agreement in accordance with Article XI. In the event of any conflict between any of the
Special Purpose 

  
 39 

 
Provisions and any other provisions of this Agreement, the Special Purpose Provisions shall control. For so long as the Loan is outstanding, Lender is and shall be an intended third-party
beneficiary to the provisions of this Article XIV and any and all other “special purpose” provisions of this Agreement. 
 Section 14.3 MATERIAL ACTIONS. Notwithstanding any other provision of this Agreement and notwithstanding any provision of law that otherwise so empowers the Partnership, the General Partner,
the Limited Partners or any other Person, so long as the Loan is outstanding, neither the General Partner, the Limited Partners nor any other Person shall be authorized or empowered on behalf of the Partnership to, nor shall they permit the
Partnership to and the Partnership shall not, without the written consent of the General Partner and the Limited Partners, take any Material Action without the written consent of the Lender. 

Section 14.4 SPECIAL PURPOSE COVENANTS. 
 (a) The Partners shall cause the Partnership to do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises. The
General Partner and the Limited Partners also shall cause the Partnership to: 
 (i) maintain its own separate books and
records and bank accounts separate from any other Person; 
 (ii) at all times hold itself out to the public as a legal entity
separate from the General Partner, the Limited Partners and any other Person; 
 (iii) file its own tax returns, if any, as may
be required under applicable law, to the extent (1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid
under applicable law; 
 (iv) Except as contemplated in the Basic Documents, not commingle its assets with assets of any other
Person; 
 (v) conduct its business in its own name and strictly comply with all organizational formalities to maintain its
separate existence; 
 (vi) maintain separate financial statements showing its assets and liabilities separate and apart from
those of any other Person and not have its assets listed on any financial statement of any other Person; provided, however, that the Partnership’s assets may be included in a consolidated financial statement of its Affiliate provided that
(i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Partnership from such Affiliate and to indicate that the Partnership’s assets and credit are not available to satisfy the
debts and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on the Partnership’s own separate balance sheet; 

  
 40 

 (vii) pay its own liabilities and expenses only out of its own funds, provided, however,
the foregoing shall not require any Limited Partner to make any additional capital contributions to the Partnership; 
 (viii)
maintain an arm’s length relationship with its Affiliates, the General Partner and the Limited Partners; and except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly
reflected on the books and records of the Partnership, not enter into any transaction with an Affiliate of the Partnership except on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s-length
transaction; 
 (ix) pay the salaries of its own employees, if any, provided, however, the foregoing shall not require the
General Partner or the Limited Partners to make any additional capital contributions to the Partnership; 
 (x) not hold out
its credit or assets as being available to satisfy the obligations of others; 
 (xi) allocate fairly and reasonably any
overhead expenses for shared office space shared with an Affiliate; 
 (xii) use separate stationery, invoices and checks
bearing its own name; 
 (xiii) not pledge its assets for the benefit of any other Person; 

(xiv) correct any known misunderstanding regarding its separate identity; and 

(xv) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities, provided, however, the
foregoing shall not require the General Partner or the Limited Partners to make any additional capital contributions to the Partnership. 
 Failure of the Partnership, or the General Partner or the Limited Partners on behalf of the Partnership, to comply with any of the foregoing covenants or any other covenants contained in this Agreement
shall not affect the status of the Partnership as a separate legal entity or the limited liability of the Limited Partners. 

(b) So long as the Loan is outstanding, the General Partner and the Limited Partners shall not cause or permit the Partnership to:

 (i) Except as contemplated by the Basic Documents, guarantee any obligation of any Person, including any Affiliate or become
obligated for the debts of any other Person or hold out its credit as being available to pay the obligations of any other Person; 
 (ii) engage, directly or indirectly, in any business other than the actions required or permitted to be performed under Article III, the Basic Documents or this Article XIV; 

  
 41 

 (iii) incur, create or assume any indebtedness other than the Loan and any indebtedness and
liabilities within the ordinary course of its business that are related to the ownership and operation of the Property and as expressly permitted under the Basic Documents; 
 (iv) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except that the Partnership may invest in those investments permitted under the
Basic Documents and may make any advance to any entity that is not an Affiliate required or expressly permitted to be made pursuant to any provisions of the Basic Documents and permit the same to remain outstanding in accordance with such
provisions; 
 (v) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset
sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any provision of the Basic Documents and subject to obtaining any approvals required under this Agreement; 

(vi) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other); 

(vii) Except as contemplated or permitted by the Basic Documents, buy or hold evidence of indebtedness issued by any other Person (other
than cash or investment-grade securities); or 
 (viii) own any asset or property other than the Property and incidental
personal property necessary for the ownership or operation of the Property. 
 ARTICLE XV 

MISCELLANEOUS 
 Section 15.1 GOVERNING LAW. The Partnership and this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

Section 15.2 AGREEMENT FOR FURTHER EXECUTION. At any time or times upon the request of the General Partner, each Limited
Partner hereby agrees to sign, swear to, acknowledge and deliver all further documents and certificates required by the laws of Delaware, or any other jurisdiction in which the Partnership does, or proposes to do, business, or which may be
reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. This Section 15.2 shall not prejudice or affect the rights of a Limited Partner to approve certain amendments to this Agreement pursuant
to Sections 11.1(b) and 11.1(c). 
 Section 15.3 ENTIRE AGREEMENT; BINDING AGREEMENT. 

(a) This Agreement and the exhibits attached hereto contain the entire understanding among the parties and supersede any prior
understandings or agreements among them respecting the within subject matter. There are no representations, agreements, arrangements or understandings, oral or written, between or among the parties hereto relating to the subject matter of this
Agreement which are not fully expressed herein. 
 (b) Notwithstanding any other provision of this Agreement, the Partners agree
that this Agreement, including, without limitation, the Special Purpose Provisions, constitute a legal, valid and binding agreement of the Partners, and is enforceable against the Partners, in accordance with its terms. 

  
 42 

 Section 15.4 SEVERABILITY. This Agreement is intended to be performed in
accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations of the jurisdictions in which the Partnership does business. If any provision of this Agreement, or the application thereof to any person or
circumstance, shall, for any reason and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby, but rather shall be enforced
to the greatest extent permitted by law. 
 Section 15.5 NOTICES. Notices to the Partners or to the Partnership
shall be deemed to have been given when personally delivered, mailed by prepaid registered or certified mail, or sent for next day delivery via a nationally recognized overnight courier or delivery service, addressed as set forth in Exhibit A
attached hereto, unless a notice of change of address has previously been given in writing by the addressee to the addressor, in which case such notice shall be addressed to the address set forth in such notice of change of address. 

Section 15.6 TITLES AND CAPTIONS. All titles and captions are for convenience only, do not form a substantive part of this
Agreement, and shall not restrict or enlarge any substantive provisions of this Agreement. 
 Section 15.7
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but together shall constitute the same instrument; and signatures delivered by facsimile transmission or by e-mail delivery of a
“.pdf” format data file, shall be given the same legal force and effect as original signatures. This Agreement may be executed in multiple counterparts, each one of which shall constitute an original executed copy of this Agreement.

 Section 15.8 PRONOUNS. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the person or persons may require. 
 Section 15.9 SURVIVAL OF
RIGHTS. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns.

 Section 15.10 WAIVER. No failure by any party to insist upon the strict performance of any covenant, duty,
agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any covenant, duty, agreement or condition. 

Section 15.11 CREDITORS. Other than as expressly set forth herein with respect to the Indemnitees and to the Lender with
respect to the Special Purpose Provisions, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. Nothing in this Agreement shall be deemed to create any right in any Person

  
 43 

 
(other than an Indemnitee) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (other than an
Indemnitee). 
 Section 15.12 INTEREST CERTIFICATES. If the General Partner so elects, Interests shall be evidenced
by numbered certificates in such form as shall be approved by the General Partner, signed by the General Partner. Any such Interest certificates shall be kept in a book and shall be issued in consecutive order therefrom. The name of the person
owning the Interests, the number of Interests, and the date of issue shall be entered on the stub of each certificate. Interest certificates exchanged or returned shall be canceled by the General Partner and returned to their original place in the
Interest book. 
 Section 15.13 CONFIDENTIALITY. 

(a) Each Partner shall hold, and shall cause and their respective employees and representatives to hold, in strict confidence, and each
Partner shall not disclose, and shall prohibit their respective employees and representatives from disclosing, to any other person without the prior written consent of the other party: 

(i) the terms of this Agreement; 
 (ii) any of the information in respect of the Property delivered to or for the benefit of the General Partner whether by its employees and representatives (the “General Partner’s
Representatives”) or a Limited Partner or its respective employees and representatives (each, the “Limited Partner’s Representatives”); and 
 (iii) the identity of any direct or indirect owner of any beneficial interest in any Partner. 
 (b) Notwithstanding Section 15.13(a), the Partners may disclose such information: 
 (i) on a need-to-know basis to its employees, agents, consultants, members of professional firms serving it or potential lenders, investors, consultants and brokers, on a confidential basis, as
customarily disclosed to such parties in connection with similar acquisitions; 
 (ii) as any governmental agency may require
in order to comply with applicable Laws or a court order or as may be required for any disclosure or filing requirements of the Securities Acts and the rules promulgated thereunder or any authority governing disclosure filings required by applicable
law; or 
 (iii) to the extent that such information is a matter of public record or is otherwise publicly known or available.

 (c) The Investing Limited Partner hereby confirms its agreement to indemnify, defend and hold each CVOP Partner free and
harmless from and against any and all problems, conditions, losses, costs, damages, claims, liabilities, expenses, demands or obligations (including reasonable attorneys’ fees, expenses and disbursements), of any kind or nature whatsoever,
arising out of the Investing Limited Partner’s breach of this Section 15.13. 
 (d) CVOP hereby confirms its agreement
to indemnify, defend and hold the Investing Limited Partner free and harmless from and against any and all problems, conditions, losses, costs, damages, claims, liabilities, expenses, demands or obligations (including reasonable attorneys’
fees, expenses and disbursements), of any kind or nature whatsoever, arising out of a CVOP Partner’s breach of this Section 15.13. 

  
 44 

 Section 15.14 REPRESENTATIONS AND WARRANTIES OF CVOP PARTNERS. Each CVOP Partner
represents and warrants to and covenants with the Investing Limited Partner as follows: 
 (a) Organization. It is duly
organized, validly existing and in good standing under the laws of its jurisdiction of formation with all requisite power and authority to enter into this Agreement, to perform its obligations hereunder and to conduct the business of the
Partnership. 
 (b) Enforceability. This Agreement constitutes the legal, valid and binding obligation of such Limited Partner
enforceable in accordance with its terms. 
 (c) Consents and Authority. No consents or approvals are required from any
governmental authority or other Person for such Partner to enter into this Agreement and the Partnership. All action on the part of such Partner necessary for the authorization, execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby by such Partner, have been duly taken. 
 (d) No Conflict. The execution and delivery of this
Agreement by such Partner and the consummation of the transactions contemplated hereby by such Partner do not conflict with or contravene the provisions of its organizational documents or any agreement or instrument by which it or its properties or
assets are bound or any law, rule, regulation, order or decree to which it or its properties or assets are subject. 
 (e)
Partnership. The Partnership (A) is hereby formed upon the execution of this Agreement, (B) has not engaged in any business or activity of any kind, other than to enter into a purchase agreement to acquire the Property and (C) other
than the Loan, has no debts, liabilities or obligations of any kind, known or unknown, contingent or accrued, asserted or unasserted. The Partnership is a limited partnership duly formed, validly existing, and in good standing under the laws of the
Delaware and has all requisite power and authority to own, operate, or lease the properties owned, operated, or leased by the Partnership and to carry on its business as it has been and is currently conducted as of the date hereof. The Partnership
is qualified to do business and is in good standing in Pennsylvania. As of the date hereof, there are no existing agreements, subscriptions, warrants, calls, commitments or rights of any kind whatsoever granting to any person or entity any interests
in the right to purchase or otherwise acquire any interests in the Partnership at any time or upon the happening of any stated event. 
 Section 15.15 INDEMNIFICATION OF INVESTING LIMITED PARTNER. CVOP hereby agrees to indemnify the Investing Limited Partner and hold the Investing Limited

  
 45 

 
Partner, its officers and directors and the Partnership and its Limited Partners and each of their respective representatives, successors and assigns harmless from and against any and all claims,
demands, losses, liabilities, damages and expenses (including reasonable attorneys’ fees) arising out of or in connection with the inaccuracy of the warranties and representations made by CVOP under Section 15.14 above. 

Section 15.16 NO BROKER. Each Partner represents and warrants that it has not dealt with any broker in connection with this
Agreement and agrees to indemnify, defend and hold harmless each other Partner and its Affiliates from all claims or damages as a result of this representation and warranty being false. Each Partner further represents and warrants that it has not
dealt with any broker with respect to the acquisition of its Interests, or the acquisition by the Partnership of the Partnership Assets, and agrees to indemnify, defend and hold harmless each other Partner and its Affiliates from all claims or
damages as a result of this representation and warranty being false. 
 [Signatures Begin on the Next Page] 

  
 46 

 SIGNATURE PAGE TO LIMITED PARTNERSHIP AGREEMENT 

OF 

DC-2000 KUBACH ROAD, LP 
 IN WITNESS WHEREOF, the parties hereto have hereunto duly executed this Agreement as of the      day of November, 2012. 

 

													
	GENERAL PARTNER
	
	DC-2000 Kubach Road, LLC, a Delaware limited liability company
			
		 	By:	 	CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, its member
					
		 		 		 	By:	 	CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation, its general partner
							
		 		 		 		 		 	By:	 	/s/ John E. Carter
							
		 		 		 		 		 	Name:	 	John E. Carter
							
		 		 		 		 		 	Title:	 	CEO
							
		 		 		 		 		 	Date:	 	November 13, 2012

 SIGNATURE PAGE TO LIMITED PARTNERSHIP AGREEMENT 

OF 

DC-2000 KUBACH ROAD, LP 
  

							
	LIMITED PARTNER
	
	CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership
		
	By:	 	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner
				
		 		 	By:	 	/s/ John E. Carter
				
		 		 	Name:	 	John E. Carter
				
		 		 	Title:	 	CEO

 SIGNATURE PAGE TO LIMITED PARTNERSHIP AGREEMENT 

OF 

DC-2000 KUBACH ROAD, LP 
  

					
	INVESTING LIMITED PARTNER
	
	PAL DC PHILADELPHIA LLLP, a Delaware limited liability limited partnership
		
	By:	 	/s/ Alex Hurst
	Name:	 	Alex Hurst
	Title:	 	Managing Member
		
	By:	 	PAL DC Philadelphia GP, LLLP, its general partner
			
		 	By:	 	PAL DC Philadelphia GP, LLC, its general partner
		
	 By:
	 	/s/ Alex Hurst
	 Name:
	 	Alex Hurst
	 Title:
	 	Managing Member

 Exhibit A 
 Capital Contributions 
  

				                        				                        	
	 Limited Partners
	  	Capital
Contribution	 	  	Percentage Interest	 
	 CVOP
	  				  			
	  
 Carter/Validus Operating
Partnership, LP
	  				  			
	  
 4211 West Boy Scout
Blvd.
	  				  			
	 Suite 520
	  				  			
	 Tampa, Florida 336070
	  				  			
	  
 with a copy of notices
sent to:
	  	$	19,368,270.50	  	  	 	56.353	% 
	  
 Morris, Manning &
Martin, LLP
	  				  			
	 1600 Atlanta Financial Center
	  				  			
	 3343 Peachtree Road, NE
	  				  			
	 Atlanta, GA 30326
	  				  			
	 Fax: 404-365-9532
	  				  			
	 Attn: Heath D. Linsky
	  				  			
			
	 Investing Limited Partner
	  				  			
	  
 PAL DC Philadelphia,
LLLP
	  				  			
	  
 1111 Lincoln Road, Suite
805
	  				  			
	 Miami Beach, FL 33139
	  				  			
	 Attn: Alexander B. Hurst
	  	$	15,000,000	  	  	 	43.644	% 
	  
 with a copy of notices
sent to:
	  				  			
	  
 Greenberg Traurig,
LLP
	  				  			
	 450 South Orange Avenue
	  				  			
	 Suite 650
	  				  			
	 Orlando, FL 32801
	  				  			
	 Fax: 407-420-5909
	  				  			
	 Attn: Joel D. Maser
	  				  			

  
 A-1

				                        				                        	
			
	 General Partner
	  				  			
	  
 DC-2000 Kubach Road,
LLC
	  				  			
	  
 4211 West Boy Scout
Blvd.
	  				  			
	 Suite 520
	  				  			
	 Tampa, Florida 336070
	  				  			
	  
 with a copy of notices
sent to:
	  	$	              1,000	  	  	 	                 0.003	% 
	  
 Morris, Manning &
Martin, LLP
	  				  			
	 1600 Atlanta Financial Center
	  				  			
	 3343 Peachtree Road, NE
	  				  			
	 Atlanta, GA 30326
	  				  			
	 Fax: 404-365-9532
	  				  			
	 Attn: Heath D. Linsky
	  				  			

  
 B-5

 EXHIBIT B 
 The Investing Member was furnished the following documents: 
  

	 	•	 	 Internal Board Memo on the acquisition of the Property 

 

	 	•	 	 Internal Financial Models related to the acquisition of the Property 

 

	 	•	 	 Sources and Uses related to the acquisition of the Property 

 

	 	•	 	 Carter Validus Mission Critical REIT, Inc. Overview 

 Furthermore, the Investing Member was given access to the Company’s SharePoint website which included due diligence documents listed on the following pages. 

  
 B-3

 

 
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 Add new announcement 
 Shared Documents 

Type 
 Name Bldg. Plans CCR-Deed Restrictions Insurance Lease Lease Correspondence Maps RE Tax - KOZ RE Taxes Roof Specs Survey Title Docs Zoning Report 

Modified 10/2/2012 5:00 PM 10/2/2012 4:51 PM 10/19/2012 3:33 PM 10/2/2012 4:47 PM 10/19/2012 3:36 PM 10/2/2012 4:54 PM
10/2/2012 4:53 PM 10/2/2012 4:53 PM 10/19/2012 3:25 PM 10/2/2012 4:59 PM 10/2/2012 4:55 PM 10/19/2012 2:14 PM 

Modified By Lisa Collado Lisa Collado Mary Galin Lisa Collado Mary Galin Lisa Collado Lisa Collado Lisa Collado Mary Galin
Lisa Collado Lisa Collado Lisa Collado 
 Shared Documents 

Type 
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Modified 10/2/2012 5:00 PM 10/2/2012 5:00 PM 10/2/2012 5:00 PM 10/2/2012 5:00 PM 10/2/2012 5:00 PM 10/2/2012 5:00 PM
10/2/2012 5:00 PM 10/2/2012 5:00 PM 10/2/2012 5:00 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/2/2012 5:01 PM 10/19/2012 3:24 PM 

Modified By Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa
Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado Mary Galin 
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 Shared Documents 

Type 
 Name Philly_CCRs 
 Modified 10/2/2012 4:51 PM

 Modified By Lisa Collado 
 Shared Documents 
 Type 

Name The Vanguard Group, Inc._Carter Validus_liab 
 The Vanguard Group, Inc._Carter Validus_Poll_ 
 The
Vanguard Group, Inc._Carter Validus_Poll_.pdf 
 The Vanguard Group, Inc._Carter Validus_Prop.pdf 

The Vanguard Group, Inc._German American Capital Corporation_ECPI 

The Vanguard Group, Inc._German American Capital Corporation_liab 

Vanguard COI 
 Modified 11/5/2012 5:03 PM 11/5/2012 5:03 PM 11/2/2012 10:11 AM 11/2/2012 10:10 AM 11/5/2012 5:04 PM 11/5/2012 5:04 PM 11/5/2012 5:04 PM 

Modified By Mary Galin Mary Galin Mary Galin Mary Galin Mary Galin Mary Galin Mary Galin 

Shared Documents 
 Type 
 Name 

2000_Kubach_Sublease_Agreement_5-28-2003 
 CREFM_PA_Nortech_2000_Kubach_Road_Amended_and_Rest 

Fully Executed 1st Amendment - 2000 Kubach 
 Fully Executed 2nd Amendment - 2000 Kubach Road Philadelphia 
 Lease Assignment Notice 
 Parties To The Lease

 Vanguard_Lease 
 Modified 10/19/2012 3:49 PM 10/19/2012 3:50 PM 10/2/2012 4:47 PM 10/2/2012 4:47 PM 10/2/2012 4:47 PM 10/2/2012 4:47 PM 10/2/2012 4:51 PM 

Modified By Mary Galin Mary Galin Lisa Collado Lisa Collado Lisa Collado Lisa Collado Lisa Collado 

Shared Documents 
 Type 
 Name Tenant_Correspondence-from_Vanguard
10-16-12 
 Modified 10/19/2012 3:38 PM 
 Modified By Mary Galin 
 Shared Documents

 Type 
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Modified 10/2/2012 4:53 PM 10/2/2012 4:53 PM 10/2/2012 4:53 PM 10/2/2012 4:53 PM 

Modified By Lisa Collado Lisa Collado Lisa Collado Lisa Collado 

Shared Documents 
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 Name 276392_1 Mile Street 276392_3 Mile
Street 276392_Close Up 276392_Half Mi Aerial 276392_Regional 
 Modified 10/2/2012 4:54 PM 10/2/2012 4:54 PM
10/2/2012 4:55 PM 10/2/2012 4:55 PM 10/2/2012 4:55 PM 
 Modified By Lisa Collado Lisa Collado Lisa Collado Lisa
Collado Lisa Collado 
 Shared Documents 
 Type 
 Name 2000 Kubach RE Taxes
2000_Kubach_Road_property_taxes Thumbs 
 Modified 10/2/2012 4:53 PM 10/2/2012 4:53 PM 10/2/2012 4:53 PM

 Modified By Lisa Collado Lisa Collado Lisa Collado 

Shared Documents 
 Type 
 Name
900000_BID_SET_24_x_36_CAT_3_ROOF_DWG5_VANGUARD_NO 
 A-1_900000_24_x_36_CAT_3_ROOF_PLAN_NORTECH_VANGAUR

 Consultant_Report 
 Nortech_Roof 
 Thumbs 

VANGUARD_NORTECH_GRANULAR_CAP_2_PLY_FELT_COLD_APPL VANGUARD_NORTECH_IRMA_HOT_MELT_MEMBRANE_EXTRUDE_FI 

Modified 10/19/2012 3:25 PM 10/19/2012 3:25 PM 10/19/2012 3:25 PM 10/19/2012 3:25 PM 10/19/2012 3:30 PM 10/19/2012 3:25 PM
10/19/2012 3:25 PM 
 Modified By Mary Galin Mary Galin Mary Galin Mary Galin Mary Galin Mary Galin Mary Galin

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 Shared Documents 

Type 
 Name Vanguard Survey Signed 10-31-12 Vanguard Survey 8-29-12 
 Modified 11/2/2012 9:29 AM 10/2/2012 5:00 PM 

Modified By Mary Galin Lisa Collado 
 Shared Documents 
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Name Title Summary Title With Exhibits Title_Documents 

Modified 10/2/2012 4:56 PM 10/2/2012 4:59 PM 10/19/2012 3:33 PM 

Modified By Lisa Collado Lisa Collado Mary Galin 
 Shared Documents 
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Name PZR-Vanguard-Draft PZR-Vanguard-Final-10-15-12 

Modified 10/19/2012 2:19 PM 11/5/2012 5:03 PM 
 Modified By Lisa Collado Mary Galin 
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 SCHEDULE 6.2(b)(vi) 

APPROVED AFFILIATE COMPENSATION 
  

			
	Carter Validus Advisors	  	Acquisition Fee (1)
	Carter Validus Advisors	  	Asset Managmenet Fee (1)
	Carter Validus Real Estate Management Services, LLC	  	Property Management Fee (2)

  

	(1)	Fees and expenses pursuant to an Advisory Agreement dated November 26, 2010 as amended on March 29, 2011, as further amended on October 4, 2012, between
Carter Validus Mission Critical REIT, Inc., CVOP and Carter Validus Advisors, LLC. 

	(2)	Fees and expenses pursuant to a Property Management Agreement dated November [    ], 2012 between the Company and Carter Validus Real Estate
Management Services, LLC.Share Purchase Agreement

 Exhibit 10.1 
 Execution Version 
  
  

 
 PURCHASE AGREEMENT

 Dated August 11, 2012 
  

 
 Mandalay Digital Group, Inc.,

 MDG Logia Holdings, Ltd., 
 Logia Group Ltd. 
 and 

S.M.B.P. IGLOO Ltd. 
  

 
 Concerning the purchase of Logia
Content Development and Management Ltd., Volas 
 Entertainment Ltd., Mail Bit Logia (2008) Ltd. and the assets comprising
LogiaDeck 

  

EXHIBITS 
  

			
	 Exhibit 2.1
	 	Form of Escrow Agreement
		
	 Exhibit 2.2
	 	Form of LogiaDeck Assignment and Transfer Agreement
		
	 Exhibit 9.2(h)
	 	Indebtedness to be paid at Closing
		
	 Exhibit 9.2(1)
	 	Form of Registration Rights and Lock Up Agreement
		
	 Exhibit 9.2(m)
	 	Consents Required for Closing
		
	 Exhibit 9.2(n)
	 	Form of General Release
		
	 Exhibit 10.2.3
	 	Designated Contracts
		
	 Exhibit 11.9
	 	Guaranties

 SCHEDULES 

Disclosure Schedule 

 2 (45) 

 
  

 This PURCHASE AGREEMENT is made and entered into as of August 11, 2012 by
and among: 
 Logia Group Ltd. a private company duly incorporated and organized under the laws of the state of Israel,
Company No. 51-404153-2, having its principal office and main place of business at 3 HaSadnaot St., Herzliya, Israel (the “Seller”); 
 S.M.B.P. IGLOO Ltd. a private company duly incorporated and organized under the laws of the State of Israel, having its principal office and main place of business at 3 HaSadnaot St., Herzliya,
Israel.com (“IGLOO”) 
 Mandalay Digital Group, Inc., a company duly incorporated and organized under
the laws of Delaware, having its principal office at 4751 Wilshire Blvd, No.3, Los Angeles, CA 90010 USA, and e-mail p.adderton@mandalaydigital.com (the “Parent”); and. 

MDG Logia Holdings, Ltd. a private company duly incorporated and organized under the laws of the State of Israel, having its
principal office and main place of business at 4751 Wilshire Blvd, No. 3, Los Angeles, CA 90010 USA (the “Purchaser”); 
 The Seller, IGLOO, Parent and the Purchaser are each individually referred to as a “Party” and collectively the “Parties.” 

 

	1.	BACKGROUND 

 1.1 The
Seller, and each of its wholly owned subsidiaries, Logia Content Development and Management Ltd. (“Logia Content”), Volas Entertainment Ltd. (“Volas”) and Mail Bit Logia (2008) Ltd. (“Mail
Bit”) are private companies, duly incorporated and organized under the laws of the State of Israel (Logia Content, Volas and Mail Bit are collectively referred to as the “Purchased Companies”). 

1.2 The Seller is the owner of all (100%) of the issued and outstanding shares (the “Purchased Shares”) in the
Purchased Companies. 
 1.3 The Purchased Companies are engaged in the business of content syndication and management systems
for mobile and online operators (the “Business”), expressly including, without limitation, certain Intellectual Property, systems and agreements referred to herein as the Key Assets. 

1.4 The Seller desires to sell to the Purchaser Group, and the Purchaser Group desires to purchase from the Seller, the Purchased Shares
on the terms and conditions contained herein. 
 1.5 IGLOO, an Affiliate of Seller, is a private company, duly incorporated and
organized under the laws of the State of Israel, and owns certain assets referred to as LogiaDeck. 
 1.6 IGLOO desires to sell
to the Purchaser, and the Purchaser desires to purchase from IGLOO, all of the assets and rights comprising LogiaDeck on the terms and conditions contained herein. 

 3 (45) 

 
  

 In view of the foregoing the Parties agree as follows. 

 

	2.	DEFINITIONS 

 In this
Agreement, the following terms shall have the following meanings, which shall be equally applicable to the singular and plural forms of such terms: 
 “2012 Cellcom Agreement” means that certain Agreement dated March 23, 2005, as amended and supplemented to date, between Cellcom and Logia Content. 

“2013 Cellcom Agreement” has the meaning given set forth in Section 4.2.1(a). 

“Action” means any claim, action, charge, complaint, suit, litigation, arbitration, grievance, inquiry, audit,
proceeding or investigation, whether in law or in equity, by or before any governmental authority, duly appointed arbitration authority or other third party. 
 “Affiliate” as applied to any person means any other person directly or indirectly through one or more intermediaries controlling, controlled by, or under common control with, that
person. A person shall be deemed to control another person if such first person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other person, whether through the ownership of
voting securities, by Contract or otherwise. 
 “Agreement” shall mean this Purchase Agreement, the Transaction
Documents and Schedules hereto, all shall be deemed incorporated as inseparable parts thereof, including by reference or in any other way. 
 “Business” has the meaning set forth in Section 1.3. 

“Business Day” shall mean a day on which banks in Los Angeles, California and Tel Aviv, Israel are generally open for
banking business. 
 “Cellcom” means Cellcom Israel Ltd. 

“Closing” shall have the meaning set forth in Section 5.1. 

“Closing Date” shall have the meaning set forth in Section 5.1. 

“Closing Share Consideration” has the meaning set forth in Section 4.3. 

“Closing Share Purchase Consideration” has the meaning set forth in Section 4.1. 

“Confidential Information” has the meaning set forth in Section 11.1(a). 

“Contingent Share Purchase Consideration” as the meaning set forth in Section 4.2. 

“Contract” means any agreement, note, mortgage, indenture, lease, sublease, deed of trust, license, plan, instrument,
undertaking, arrangement or other contract, in each case, whether written or oral. 

 4 (45) 

 
  

 “Consent” means any approval, consent, ratification, waiver or other
authorization from, or notice to, any person. 
 “Copyrights” is defined in the definition of Intellectual
Property. 
 “Current Assets” means, as of any date of determination, the current assets of the each of the
Purchased Companies that would be reflected as current assets on a balance sheet of each of the Purchased Companies prepared in a manner consistent with GAAP. 
 “Current Liabilities” means, as of any date of determination, all current liabilities of each of the Purchased Companies that would be reflected as current liabilities on a balance sheet
of each of the Purchased Companies prepared in a manner consistent with GAAP. 
 “Deductible” has the meaning
set forth in Section 10.2.2(i). 
 “Dispute Notice” has the meaning set forth in Section 4.7.2(c).

 “Encumbrance” shall mean any title defect, claim of ownership, mortgage, security interest, lien, pledge,
option, claim, right of first refusal, set-off, lease or any other encumbrance or third party right restricting the title. 

“Escrow Agent” means U.S. Bank, N.A. 
 “Escrow Agreement” means the Escrow Agreement in the form attached hereto as Exhibit 2.1. 
 “Escrow Fund” has the meaning set forth in Section 4.5. 

“Estimated Closing Statement” has the meaning set forth in Section 4.7.1. 

“Estimated Working Capital True-Up” has the meaning set forth in Section 4.7.1. 

“Financial Statements” means (i) the audited balance sheets of each of the Purchased Companies as of
December 31, 2011, and the related audited statements of operations, changes in stockholders’ equity and changes in cash flows for the year then ended, together with all related notes and schedules thereto and (ii) the unaudited
balance sheet of each of the Purchased Companies as of May 31, 2012 and the related statements of operations, changes in stockholder’ equity and changes in cash flows for the five months ended May, 2012 

“Founders Agreement” means that certain Founders Agreement dated January 1, 2008 among Seller, Mail Bit Ltd. and
certain other parties thereto. 
 “Fundamental Representations” has the meaning set forth in Section 10.1.

 “GAAP” means generally acceptable accounting principals, as in effect for Israel, consistently applied by
the Seller and the Purchased Companies. 
 “Indebtedness” means, as applied to any person, all indebtedness of
such person for borrowed money, whether current or funded, or secured or unsecured, including (a) all 

 5 (45) 

 
  

 
indebtedness of any such person for the deferred purchase price of property or services; (b) all indebtedness of any such person created or arising under any conditional sale or other title
retention agreement with respect to property acquired by any such person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property); (c) all
indebtedness of any such person secured by an Encumbrance; (d) all obligations under leases that have been or must be, in accordance with GAAP, recorded as capital leases in respect of which any such Person is liable as lessee; (e) any liability of
such person in respect of banker’s acceptances or letters of credit; (f) all intercompany obligations owing by any of the Purchased Companies to Seller or any of Seller’s other Affiliates and (g) all indebtedness referred to above that is
directly or indirectly guaranteed by any such person or that any such person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against loss. 

“Indemnified Party” means any person that is or may be entitled to indemnification under this Agreement. 

“Indemnifying Party” means a party to this Agreement that is or may be required to provide indemnification under this
Agreement. 
 “Intellectual Property” means any or all of the following throughout the world: (i) all
patents and applications therefor and all reissues, divisions, renewals, extensions, provisionals, continuations and continuations-in-part thereof (“Patents”); (ii) all inventions (whether patentable or not), invention
disclosures and improvements, all trade secrets, proprietary or confidential information, data, know-how and technology (“Trade Secrets”); (iii) all copyrights in both published and unpublished works of authorship, including
all compilations, databases, computer programs, content and manuals and other documentation, and registrations and applications for any of the foregoing (“Copyrights”); (iv) all corporate names, trade names, logos, trademarks
and service marks, trademark and service mark registrations and applications, and Internet domain names (“Trademarks”); and (v) all other intellectual and industrial property rights of any sort throughout the world, and all
applications, registrations and the like with respect thereto. 
 “Intercompany Services Agreements” refers to
(i) that certain Service Agreement dated January 1, 2008, as amended to date, between Logia Content and Seller, (ii) that certain Service Agreement dated January 9, 2009, as amended to date, between Logia Content and IGLOO,
(iii) that certain Service Agreement, as amended, among Volas, Logia Content and Seller, (iv) and all other similar agreements between any of the Purchased Companies and Seller or any of its Affiliates. 

“IGLOO” has the meaning set forth in the caption. 

“Israeli Code” means the Income Tax Ordinance of Israel [New Version], 1961, as amended, and the rules and regulations
promulgated thereunder. 
 “Key Assets” means (a) LogiaPay, which is an In-App payments solution for
Android developers, includes all charging options with several payment methods including carrier billing, (b) VAMP, which is a CMS System for managing mobile content stores for operators, content

 6 (45) 

 
  

 
providers, content aggregators and other media companies, (c) front end development including, without limitation, web and mobile Ul/frontend development services for internal use, operator
partners and service providers: (i) mobile portals for operators; (ii) application development; (iii) HTML5 development; (iv) integration services; (v) and design and Contracts with operators as set forth in
Section 6.18.1 of the Disclosure Schedule. 
 “Knowledge” means the (i) the actual knowledge of any
officer or director of any of the of Seller Group or any Purchased Company and (ii) any knowledge of any state of facts or circumstances that any officer or director of any of the Seller Group or any Purchased Company has, or reasonably could
have, after making due inquiry. 
 “Leased Real Property” has the meaning set forth in Section 6.19.

 “Liabilities” means any direct or indirect liability, Indebtedness, obligation, commitment, expense, claim,
loss, damage, deficiency, costs, expense, duty, guaranty, obligation or endorsement of or by any person of any kind or nature, whether known or unknown, accrued or unaccrued, absolute, contingent, matured or unmatured, asserted or unasserted,
disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, vested or unvested or other, whether or not the same is required to be accrued on any financial statement and whether or not the same
is disclosed on any schedule to this Agreement, affecting the Purchased Shares, the Purchased Companies, or any of the assets or operations, LogiaDeck, or otherwise. 
 “Listed Contract” has the meaning set forth in Section 6.17.1. 
 “Logia Content” has the meaning set forth in Section 1.1. 

“LogiaDeck” is a proprietary platform owned by IGLOO that installs the operator’s chosen apps in several methods on
Android devices. 
 “LogiaDeck Confidential Information” has the meaning set forth in Section 7.8.6.

 “LogiaDeck Consideration” has the meaning set forth in Section 4.3. 

“LogiaDeck Material Contract” has the meaning set forth in Section 7.7.1(a). 

“Loss Payment” has the meaning given to it in Section 10.7.1. 

“Losses” means any claims, Liabilities, Taxes, deficiencies, demands, actions, orders, assessments, damages, dues,
penalties, fines, fees, interest, amounts paid in settlement, losses, out-of-pocket costs and expenses (including reasonable attorneys’ and accountants’ fees and other experts or other expenses of litigation or other proceedings or of any
claim, default or assessment), including, without limitation, relating to the Purchased Companies, their equity, their assets or LogiaDeck. 
 “Mail Bit” has the meaning set forth in Section 1.1. 

 7 (45) 

 
  

 “Material Adverse Effect” means any fact, event, change, development or
effect that is or could be reasonably likely to be, individually or in the aggregate, materially adverse to (i) the Business of any of the Purchased Companies, or the assets, liabilities, condition (financial or other) or operations of any of
the Purchased Companies, (ii) the Key Assets, (iii) LogiaDeck or (iv) the ability of the Seller Group to consummate the Transaction. 
 “Material Contract” has the meaning set forth in Section 6.17.1. 
 “Neutral Firm” has the meaning set forth in Section 4.7.2(c). 
 “OCS” means the Office of Chief Scientist. 
 “Open Source
Software” means any software (in source or object code form) licensed from a third party under (i) a license commonly referred to as an open source, free software, copyleft, community source code license or any other public source code
license arrangement) or (ii) any other license that requires, as a condition of the use, modification or distribution of software subject to such license, that such software or other software combined or distributed with such software be
(A) disclosed, distributed, made available, offered, licensed or delivered in source code form, (B) licensed for the purpose of making derivative works, (C) licensed under terms that allow reverse engineering, reverse assembly, or
disassembly of any kind, or (D) redistributable at no charge. 
 “Organizational Documents” means the
certificate or articles of incorporation, articles of association, and bylaws (or similar instruments) any amendment to any of the foregoing. 
 “Parent” has the meaning set forth in the caption. 

“Parties” shall have the meaning ascribed to it in the introduction to this Agreement. 

“Patents” has the meaning set forth in the definition of Intellectual Property. 

“Permits” has the meaning set forth in Section 6.15. 

“Permitted Encumbrance” means such of the following as to which no enforcement, collection, execution, levy or
foreclosure proceeding shall have been commenced: 
 (i) Encumbrances for Taxes, assessments, charges, levies or other claims not yet due and
payable, or the validity of which are being contested in good faith and for which adequate reserves have been established in accordance with GAAP on the Reference Balance Sheets; and 
 (ii) Encumbrances arising by operation of law, such as materialmen’s, mechanics’ carriers’, warehousemen’s, workmen’s and repairmen’s liens and other similar liens for
amounts not yet due and payable, which are not, individually or in the aggregate, material. 
 “Post Closing
Liabilities” means only those Liabilities (or any portion thereof) of the Purchased Companies or with respect to LogiaDeck that are created during or pertain to the period following the Closing Date. 

“Pre Closing Liabilities” means all Liabilities (or any portion thereof) of the Purchased Companies or with respect to
LogiaDeck other than Post Closing Liabilities. 

 8 (45) 

 
  

 “Purchaser” has the meaning set forth in the caption 

“Purchase Price” shall have the meaning ascribed to it under Section 4. 

“Purchased Companies” shall have the meaning ascribed to it under Section 1.1. 

“Purchased Companies Confidential Information” has the meaning set forth in Section 6.18.6. 

“Purchased Shares” has the meaning set forth in Section 1.2. 

“Purchaser Group” means, collectively, Purchaser and Parent. 

“Purchaser Indemnified Parties” means the Purchaser Group and their directors, officers, managers, employees, agents,
direct and indirect equityholders and each of their respective Affiliates, successors and assigns. 
 “Reference Balance
Sheets” means the balance sheets for each of the Purchased Companies as of May 31, 2012, attached as part of Section 6.8 of the Disclosure Schedule. 
 “Registration Rights and Lock Up Agreement” has the meaning set forth in Section 9.2(1) 
 “Renewal” or “Renewed” means, in the context of any Contract, the renewal (or equivalent engagement) of that Contract in an executed writing with any of the Purchased
Companies or their Affiliates, upon terms not materially less favourable, taken as a whole, to the Purchased Companies than the terms of the extant Contract, excluding any additional or different terms or conditions requested by the Purchased
Companies, and excluding any term or condition which is the result of changes in the market in general. 
 “Requisite
Consent” has the meaning set forth in Section 11.7.1 
 “Restricted Period” has the meaning set
forth in Section 11.2.1. 
 “Seller” has the meaning set forth in the caption. 

“Seller Group” collectively refers to Seller and IGLOO. 

“Seller Indemnified Parties” means the Seller Group and their officers, managers, employees, agents, direct and indirect
equityholders and each of their respective Affiliates, successors, assigns and heirs; provided, that Seller Indemnified Parties shall expressly not include the Purchased Companies. 

“Share Consideration” means restricted common stock of the Parent, issued in a private placement transaction that has
not been registered with the Securities Exchange Commission or any other governmental agency. 
 “Securities
Act” means the Securities Act of 1933, as amended. 

 9 (45) 

 
  

 “Set-off Amount” has the meaning set forth in Section 10.5.

 “Share Value” means market value of Share Consideration, determined based on the 30- day trailing
volume-weighted average price of Parent’s common stock immediately prior to the relevant date, determined by Parent in good faith. 
 “Spyware” has the meaning set forth in Section 6.18.7. 

“Straddle Period” means any taxable period that begins on or before and ends after the Closing Date. 

“Survival Date” has the meaning set forth in Section 10.1. 

“Tax” or “Taxes” shall mean, wherever arising, all direct and indirect taxes, charges, fees, imposts,
withholdings, duties and other assessments imposed by any governmental entity, including income (whether actual or deemed), sales, use, transfer, stamp, transaction, real estate, investment, value added, withholding, employment, asset holding,
registration, preliminary and deferred Tax and social security fees, together with any interest, penalties, residual Tax charges, additions to Tax or any other additional amount imposed by any governmental entity. 

“Tax Contest” means an audit, claim, dispute or controversy relating to Taxes. 

“Tax Return” shall mean any return, declaration, report, claim for refund or information statement relating to Taxes,
including any schedule or attachment thereto, and including any amendment thereof. 
 “Terminated Person” has
the meaning set forth in Section 9.2(k). 
 “Third Party Claim” means any claim, issuance of any Order or
the commencement of any Action by any person who is not a party to this Agreement or an Affiliate of a party, including without limitation any governmental authority. 
 “Trademarks” has the meaning set forth in the definition of Intellectual Property. 
 “Trailing Period” has the meaning set forth in Section 16.17.1(b). 
 “Transaction” means the transaction contemplated by this Agreement and the Transaction Documents. 
 “Transaction Documents” means this Agreement, the Disclosure Schedule and any exhibit and schedule, document or certificate attached to this Agreement or executed and delivered pursuant
to this Agreement. 
 “Transaction Expenses” means the aggregate amount of the fees, expenses and other amounts
(including all attorneys’ fees, financial advisory, brokerage and investment banking fees, accountants’ fees, and commitment fees) that have been paid or that become payable or are otherwise incurred by or on behalf of Seller Group, any of
the Purchased Companies and/or any 

 10 (45) 

 
  

 
of their respective Affiliates in connection with the preparation, negotiation and enforcement of this Agreement and otherwise in connection with the Transaction. 

“Volas” has the meaning set forth in Section 1.1. 

“Volume Litigation” means that certain lawsuit, Case No. 24746-04-11 

 filed by E- Go Strategic Marketing Ltd. against Seller and certain other parties. 
  

	3.	SALE AND PURCHASE 

 3.1
Purchased Shares. Subject to the terms and conditions set forth in this Agreement, at the Closing the Seller shall sell and transfer full ownership of the Purchased Shares to the Purchaser Group, free and clear of any and all Encumbrances,
and the Purchaser Group shall purchase and accept the transfer of full ownership of the Purchased Shares. 
 3.2 Logia
Deck. Subject to the terms and conditions set forth in this Agreement, at the Closing IGLOO shall sell and transfer full ownership of all rights and assets related and comprising LogiaDeck to the Purchaser, free and clear of any and all
Encumbrances, and the Purchaser shall purchase and accept the transfer of full ownership of the rights and assets of LogiaDeck. 
  

	4.	PURCHASE PRICE 

 The
consideration (collectively, the “Purchase Price”) for (a) the Purchased Shares shall be the aggregate of (i) the Closing Share Purchase Consideration and (ii) the Contingent Share Purchase Consideration and
(b) LogiaDeck shall be the LogiaDeck Consideration. 
 4.1 Closing Share Purchase Consideration 

The Purchaser Group shall pay and deliver to Seller, or Escrow Agent, as applicable, at Closing the following consideration (the
“Closing Share Purchase Consideration”) for the Purchased Shares comprised of the following: 
 (a) A payment
of One Million U.S. Dollars (US $1,000,000); and 
 (b) A quantity of Share Consideration with the aggregate Share Value of Two
Hundred Fifty Thousand U.S. Dollars (US $250,000) determined immediately prior to the Closing Date. 
 The Closing Share Purchase Consideration
in Section 4.1(a) is subject to adjustment at or following Closing by an increase or decrease, as applicable, in an amount equal to the Estimated Working Capital True-Up in accordance with Section 4.7. 

4.2 Contingent Share Purchase Consideration 
 4.2.1 Determination. In addition to the Closing Share Purchase Consideration, the Seller is entitled to receive, and Purchaser Group shall pay to Seller, certain contingent

 11 (45) 

 
  

 
purchase consideration (the “Contingent Share Purchase Consideration”) for the Purchased Shares as set forth below: 

(a) 2013 Cellcom Agreement. The Purchaser Group shall pay or deliver the following Contingent Share Purchase Consideration to
Seller, on account of the anticipated Renewal or the Renewal of the 2012 Cellcom Agreement for calendar year 2013 (as so Renewed, the “2013 Cellcom Agreement”): 

(i) the sum of $62,500 on each of March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013,
with respect to the immediately preceding calendar quarter; provided, however that if at any time during 2013 any of the Purchased Companies shall cease to enjoy the benefits of the 2012 Cellcom Agreement as if it were Renewed, or Cellcom shall have
terminated the 2012 Cellcom Agreement for any reason other than breach thereof by any of the Purchased Companies, no further Contingent Share Purchase Consideration shall be payable to Seller under this Section 4.2.1(a)(i); and 

(ii) upon earlier of (i) the Renewal of 2012 Cellcom Agreement and (ii) December 31, 2013, provided the 2012 Cellcom
Agreement was not terminated prior to the date by Cellcom for any reason other than breach thereof by any of the Purchased Companies, a quantity of Share Consideration with the aggregate Share Value of Two Hundred Fifty Thousand U.S. Dollars
(US$250,000), determined immediately prior to the date of the Renewal, shall be payable as soon as practicable following the date of the Renewal. 
 (b) 2014 Cellcom Agreement. The Purchaser Group shall pay or deliver the following Contingent Share Purchase Consideration to Seller, on account of the anticipated Renewal or the Renewal of the
2013 Cellcom Agreement for calendar year 2014 (as so Renewed, the “2014 Cellcom Agreement”): 
 (i) the sum of
$62,500 on each of March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, with respect to the immediately preceding calendar quarter; provided, however that if at any time during 2014 any of the
Purchased Companies shall cease to enjoy the benefits of the 2013 Cellcom Agreement as if it were Renewed, or Cellcom shall have terminated the 2013 Cellcom Agreement for any reason other than breach thereof by any of the Purchased Companies, no
further Contingent Share Purchase Consideration shall be payable to Seller under this Section 4.2.1(b)(i); and 
 (ii)
upon earlier of (i) the Renewal of 2013 Cellcom Agreement and (ii) December 31, 2014, provided the 2013 Cellcom Agreement was not terminated prior to that date by Cellcom for any reason other than breach thereof by any of the
Purchased Companies, a quantity of Share Consideration with the aggregate Share Value of Two Hundred Fifty Thousand U.S. Dollars (US$250,000), determined immediately prior to the date of the Renewal, shall be payable as soon as practicable following
the date of the Renewal. 
 4.3 LogiaDeck Consideration. The Purchaser Group shall pay and deliver to IGLOO (the
“LogiaDeck Consideration”) at Closing for LogiaDeck (i) the sum of Two Million Seven Hundred Fifty Thousand U.S. Dollars ($2,750,000), plus (ii) a quantity of Share Consideration with the aggregate Share Value of Five
Hundred Thousand U.S. Dollars (U.S. 

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$500,000) determined immediately prior to the Closing Date (together with the Share Consideration under Section 4.1(b) above, the “Closing Share Consideration”). 

4.4 Allocation of Purchased Shares between Purchaser and Parent. For purposes of this Agreement, Parent shall be deemed to have
purchased 23% of the Purchased Shares and Purchaser shall be deemed to have purchased 77% of the Purchased Shares. This allocation shall not limit the joint and several obligation of Parent and Purchaser as provided in Section 12.14.

 4.5 Indemnity Escrow. Seller Group and Purchaser Group shall enter into the Escrow Agreement with the Escrow Agent,
and Purchaser Group shall (i) simultaneously with the Closing deposit with the Escrow Agent the Closing Share Consideration and (ii) such other Share Consideration as required by Section 10.2.3 (the Share Consideration set forth in
clauses (i) and (ii) being collectively referred to as the “Escrow Shares”). The Escrow Shares and any dividends in cash or in kind, or proceeds thereof are referred to herein as the “Escrow Fund” and shall be
held by the Escrow Agent and released to the Seller Group, subject to any indemnity claims upon the first anniversary of the Closing Date, provided however, that one third of the Escrow Shares will be released to the Seller Group only on the
later of (i) the expiration of twelve (12) months from the Closing Date and (ii) the date which is the earlier of (x) the date that Requisite Consents or Renewals have been obtained for all Designated Contracts and (y) the
expiration of thirty six (36) months from the Closing Date. Distributions from the Escrow Fund shall be governed by the terms and conditions of the Escrow Agreement. 
 4.6 Payment Instructions. Payment of the cash portion of the Purchase Price due to Seller Group shall be made by wire transfer of immediately available funds for the benefit of Seller Group as
instructed by Seller Group in writing. 
 4.7 Reconciliation of Working Capital 

4.7.1 Pre-Closing Estimate. Not less than two (2) Business Days prior to the Closing Date and in no event more than
five (5) Business Days prior to the Closing Date, the Seller shall in good faith prepare a statement (the “Estimated Closing Statement”) setting forth the difference between Current Assets and Current Liabilities,
determined as of the close of business on the last Business Day immediately prior to the Closing Date and on a basis consistent with GAAP (such difference, the “Estimated Working Capital Amount”). The Estimated Closing Statement
shall be in reasonable detail and shall be accompanied by supporting documentation and work papers. If the Estimated Working Capital Amount as stated on the Estimated Closing Statement is less than zero, then the amount payable by Purchaser under
Section 4.1(a) shall be reduced by an amount which is equal to an amount necessary to cause the Estimated Working Capital Amount to equal zero. If the Estimated Net Working Capital Amount as stated on the Estimated Closing Statement exceeds
zero, then the amount payable by Purchaser under Section 4.1(a) shall be increased in an amount in cash equal to such excess. Notwithstanding the foregoing, neither party shall be required to make a payment hereunder unless the required payment
exceeds $ 10,000, in which case the full amount of the payment shall be made (i.e., from the first dollar), and all calculations shall be made without duplication for any Indebtedness paid off at or immediately prior to the Closing pursuant to
Section 9.2(h). The amount due from Seller or Purchaser, as applicable, is referred to as the “Estimated Working Capital True-Up.” 

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 4.7.2 Post Closing Reconciliation. 

(a) Within sixty (60) days after the Closing Date, the Purchaser shall prepare in good faith and deliver to the Seller a statement
(the “Closing Statement”) setting forth the difference between Current Assets and Current Liabilities, determined as of the close of business on the last Business Day immediately prior to the Closing Date, without giving effect to
the transactions contemplated by this Agreement on a basis consistent with GAAP (such difference, the “Closing Date Net Working Capital Amount”). The Closing Statement shall be in reasonable detail and shall be accompanied by
supporting documentation and work papers. 
 (b) If the Closing Date Net Working Capital Amount as stated on the Closing
Statement, after giving effect to the Estimated Working Capital True-Up, is less than zero, then the Seller shall pay to Purchaser an amount which is equal to the amount necessary to cause the Estimated Working Capital Amount to equal zero. If the
Closing Date Net Working Capital Amount as stated on the Closing Statement, after giving effect to the Estimated Working Capital True-Up, exceeds zero, then Purchaser shall pay to Seller an amount in cash equal to such excess. Unless Seller issues a
Dispute Notice, the amount due, if any, shall be paid by the applicable Party within ten (10) Business Days of delivery of the Closing Statement. Notwithstanding the foregoing, neither party shall be required to make a payment hereunder unless
the required payment exceeds $ 10,000, in which case the full amount of the payment shall be made. 
 (c) The Closing Statement
will be final, conclusive and binding on the Parties unless the Seller provides a written notice (a “Dispute Notice”) to Purchaser no later than ten (10) Business Days after delivery of the Closing Statement setting forth in
reasonable detail the nature of any disagreement so asserted and the estimated dollar amount of the disputed sums. Any item or amount to which no dispute is raised in the Dispute Notice will be final, conclusive and binding on the Parties. Purchaser
and Seller will attempt to resolve the matters raised in a Dispute Notice in good faith. If any such matters remain unresolved by the date that is ten (10) Business Days after the date on which the Dispute Notice was delivered to the Purchaser,
either the Purchaser or the Seller may provide written notice to the other that it elects to submit the disputed items to KPMG (Israel branch), or such other mutually agreeable, internationally recognized accounting firm who shall be independent and
does not represent any of the Parties in any other matter (the “Neutral Firm”). The Neutral Firm will promptly review only those items and amounts (and may not assign a value greater than the greatest value for such item claimed by
either Party or smaller than the smallest value for such item claimed by either Party) specifically set forth and objected to in the Dispute Notice and resolve the dispute with respect to each such specific item and amount. The fees and expenses of
the Neutral Firm shall be allocated and be paid by Purchaser and Seller, based upon the percentage that the portion of the contested amount not awarded to each Party bears to the amount actually contested by such Party, as determined by the Neutral
Firm. The decision of the Neutral Firm with respect to the Closing Statement will be final, conclusive and binding on the Parties. The Neutral Firm’s decision shall be based solely on written submissions by Purchaser and Seller and their
respective representatives and not by independent review. The Neutral Firm shall not hold any hearings, hear any oral testimony or otherwise seek or require any other evidence. Subject to the foregoing, Purchaser and Seller each agrees to use its
commercially reasonable efforts to cooperate with the Neutral Finn and to cause the Neutral Firm to resolve any dispute no later than twenty (20) Business Days after 

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engagement of the Neutral Firm. Any amount payable pursuant to this Section shall be paid within five (5) Business Days after the date on which such amount is determined to be payable by
wire transfer of immediately available funds to the account designated by the recipient in writing provided, however, that Purchaser may, at its option, elect to receive any payment due to Purchaser pursuant to this Section (or any portion thereof)
from the Escrow Fund, in which case Purchaser shall give written notice of such election to the Seller and Purchaser and Seller shall issue instructions to the Escrow Agent to release from the Escrow Fund an amount of Escrow Shares equal to the
amount due Purchaser based on the Share Value determined immediately prior to the Closing Date. 
  

	5.	CLOSING 

 5.1 Place and
Time. Upon the terms and subject to the conditions set forth in this Agreement, the closing of the Transaction (“Closing”) shall take place in Israel at such location mutually agreed by the Parties, within three
(3) Business Days from the date that all closing conditions set forth in Section 9 have been satisfied or waived (the “Closing Date”) or at such other time or place as Purchaser Group and Seller Group may agree.

 5.2 Closing Deliveries. On the Closing Date, all of the following deliveries shall take place: 

(a) Purchaser Group’s responsibilities. 
 (i) The Parent shall pay and deliver to Seller, or the Escrow Agent, as applicable, the Closing Share Purchase Consideration due at Closing in the manner specified in this Agreement; 

(ii) The Purchaser shall pay to IGLOO the LogiaDeck Consideration; and 

(iii) The Purchaser Group shall deliver such additional documents and certificates, and take such additional actions, as specified in
this Agreement or as or reasonably necessary to give effect to the terms of this Agreement at Closing. 
 (b) Seller
Group’s responsibilities. 
 (i) The Seller shall transfer and deliver to Purchaser Group (i) the Purchased Shares,
(ii) subject to the provisions of Section 11.7, all Contracts held by Seller or any Affiliate, other than the Purchased Companies and (iii) such other transfer instrument necessary to give effect to this Agreement and to removal of
any and all Encumbrances on the Purchased Shares or other assets transferred hereunder; 
 (ii) IGLOO shall assign and transfer
to Purchaser all assets comprising LogiaDeck free and clear of all Encumbrances; and 

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 (iii) The Seller Group shall deliver such additional documents and certificates, and
take such additional actions, as specified in this Agreement or as or reasonably necessary to give effect to the terms of this Agreement at Closing. 
  

	6.	SELLER’S REPRESENTATIONS AND WARRANTIES 

 Except as set forth in the Disclosure Schedule, Seller hereby represents and warrants to Purchaser Group as follows: 
 6.1 Organization, Authority, Due Execution and Binding Effect. Seller is duly organized, validly existing and in good standing under the laws of the State of Israel and has the requisite power and
authority to execute and deliver this Agreement or any Transaction Document to which Seller is a party, to consummate the Transaction and to perform its obligations under this Agreement and such Transaction Documents. This Agreement and each
Transaction Document to which Seller is a party has been duly and validly executed and delivered by Seller. Assuming the due authorization, execution and delivery by the other Parties hereto, this Agreement and such Transaction Documents shall
constitute, upon such execution and delivery hereof, the valid and binding obligations of Seller, enforceable in accordance with their respective terms except as enforcement may be limited by applicable bankruptcy, reorganization, insolvency,
fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors rights generally and by general principles of equity (regardless of whether enforcement is considered in a proceeding in law or equity). 

6.2 No Conflict. Neither the execution and delivery of this Agreement by Seller, nor the performance by Seller of its obligations
hereunder or thereunder shall, directly or indirectly: (a) contravene, conflict with, or result in (with or without notice or lapse of time) a violation or breach of any law or order to which Seller or any of the Purchased Companies may be subject;
(b) violate, conflict with or result in the breach of any provision of the Organizational Documents of Seller or the Purchased Companies; or (c) conflict with, result in a breach of, constitute a default (or event which with the giving of
notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any right of termination, amendment, acceleration, suspension, revocation or cancellation of, result in the creation of any Encumbrance
(other than a Permitted Encumbrance) pursuant to any Contract to which any of the Purchased Companies is a party or by which any of their assets or properties are bound or affected. 

6.3 Authorizations. The execution, delivery and performance of this Agreement and each Transaction Document to which Seller or any
Purchased Company is a party do not and shall not require any third party consent or governmental authorization. 
 6.4
Ownership; Capitalization; No Encumbrances with Respect to Purchased Shares. Seller owns of record and beneficially all of the Purchased Shares, free and clear of any Encumbrances, and has good and valid title to the Purchased Shares, and the
Purchased Shares constitute all of the issued and outstanding equity of the Purchased Companies. The Purchased Shares are duly authorized and, validly issued, and were issued in compliance with applicable laws, rules and regulations, including
applicable securities laws, and the Organizational Documents of the respective Purchased Companies. Neither the Seller nor any Purchased 

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Company is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of any Purchased Company or any warrants, options or other rights to acquire
any shares of any Purchased Company. Neither Seller nor any other person (a) owns, beneficially or of record, any shares or other securities, or any rights to purchase any shares or other securities, of the Purchased Companies other than the
Purchased Shares described in Section 6.4 of the Disclosure Schedule and owned by Seller or (b) has any pre-emptive, conversion, subscription or other rights, warrants, options, arrangements or agreements to issue or purchase, any equity
securities of the Purchased Companies. Except for this Agreement, there are no outstanding pre-emptive, conversion, subscription or other rights, warrants, options or agreements to purchase or with respect to the Purchased Shares. There are no
agreements or arrangements to which Seller is a party relating to the Business of any Purchased Company or to Seller’s rights and obligations as a shareholder of the Purchased Companies or the rights and obligations of its designees as
directors or officers of the Purchased Companies. Seller does not own, directly or indirectly, on an individual or joint basis, any material interest in, any customer, competitor or supplier of the Purchased Companies. Seller does not have any
outstanding power of attorney or proxy with respect to the ownership or voting of the Purchased Shares. None of Seller or any of the Purchased Companies has adopted or authorised any plan for the benefit of its respective officers, employees,
consultants or directors which requires or permits the issuance, sale, purchase, or grant of any share capital or other securities or any securities convertible into, or exercisable or exchangeable for, or evidencing the right to subscribe for any
such shares or securities, of any Purchased Company. All dividends or other distributions of profits declared, made or paid since the date of incorporation of the Purchased Companies have been declared, made or paid in accordance with law and their
respective Organizational Documents. 
 6.5 Securities Laws Matters. Seller is acquiring the Share Consideration for
Seller’s own account and the Share Consideration is being, and will be, acquired by Seller for the purpose of investment and not with a view to distribution or resale thereof. Seller has no present intention of selling, granting any
participation in, or otherwise distributing any portion of the Share Consideration and does not presently have any Contract, undertaking or arrangement with any person to sell, transfer or grant participations to such person or to any third person,
with respect to any of the Share Consideration. Seller acknowledges it is able to bear the economic risk of the Share Consideration, and has such knowledge and experience in financial or business matters that the Seller is capable of evaluating the
merits and risks of the Share Consideration. Without derogating from any of the rights of Seller pursuant to the Registration Rights and Lock-Up Agreement, Seller understands that (i) the Share Consideration has not been, and will not be,
registered under the Securities Act, (ii) the securities comprising the Share Consideration are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, Seller must hold the
Share Consideration indefinitely unless such shares are registered with the Securities and Exchange Commission and qualified by any applicable state authorities, or an exemption from such registration and qualification requirements is available,
(iii) Purchaser Group has no obligation to register or qualify the Share Consideration and, if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and
manner of sale, the holding period for the Share Consideration, and on requirements relating to Purchaser Group which are outside of Seller’s control, and which Purchaser Group is under no obligation and may not be able to satisfy,
(iv) this offering is not intended to be part of a public offering, and that Seller will not be 

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able to rely on the protection of Section 11 of the Securities Act and (v) the Share Consideration and any securities issued in respect of or exchange for the Share Consideration shall
bear the following legend, as well as any other legends required by state or foreign securities laws: 
 “THIS SECURITY HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY FOREIGN OR STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH.” 

6.6 Organization and Qualification. Each of the Purchased Companies is a private company duly organized, validly existing and in
good standing under the laws of the State of Israel and has all requisite corporate power and authority to own, lease and operate its properties and to conduct its Business as now being conducted and as contemplated to be conducted. Each Purchased
Company has at all times carried on its business and affairs in all respects in accordance with its Organizational Documents and all applicable laws and regulations, and there is no violation or default with respect to any statute, regulation,
order, decree, or judgment of any court or any governmental entity which could have a Material Adverse Effect upon the assets or business of such Purchased Company. Each Purchased Company is duly qualified or licensed and in good standing to conduct
the Business in each jurisdiction in which the property owned, leased or operated by it and the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so duly qualified or licensed and
in good standing would not result in a Material Adverse Effect. Each Purchased Company has delivered or made available to the Purchaser Group copies of its Organizational Documents, and such copies are correct and complete as of the date hereof.
Each Purchased Company maintains all corporate, shareholder or other records and registries required by law and true and complete copies of all such documents have been delivered to the Purchaser Group. Each Purchased Company has made and filed all
returns, particulars, resolutions and documents required by the Companies Law 1999 or any other legislation to be filed with the Israel Registrar of Companies or any other governmental or local authority. 

6.7 Subsidiaries; Investments. None of the Purchased Companies own or control, directly or indirectly, any interest in any other
person. None of the Purchased Companies has made any investment and does not hold any interest in or have any outstanding loan or advance to or from, any person, including, without limitation, any Affiliate, officer, director or equity holder of
such Purchased Company. 
 6.8 Financial Statements. Attached hereto as part of Section 6.8 of the Disclosure
Schedule are the Financial Statements, including the Reference Balance Sheets. The Financial Statements (i) have been prepared in accordance with GAAP applied on a consistent basis throughout the periods covered thereby, except as would not
result in any misstatement in excess of NIS 70,000 of any of the Purchased Companies revenues, expenses, net income, total assets or total liabilities, (ii) are consistent in all material respects with the books and records of the Purchased
Companies and (iii) fairly present the financial condition and results of operations of the Purchased Companies as of the respective date thereof and for the period referred to therein, except that the Financial Statements for interim periods
are subject to normal and recurring year-end adjustments, which adjustments will not be material. 

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 6.9 Accounts Receivable. All of the accounts receivable of each of the Purchased
Companies are valid, and are not subject to any valid right of set-off, counterclaim or promise or commitment for future discounts; provided that accounts receivable are subject to adjustment for trade allowances and similar adjustments consistent
with past practices of the Purchased Companies. Since the date of the Reference Balance Sheets, each of the Purchased Companies has collected its accounts receivable in the ordinary course of its business and in a manner which is consistent with
past practices and has not accelerated any such collections. None of the Purchased Companies has any accounts receivable or loans receivable from any person which is affiliated with it, the Seller or any of their respective directors, officers, or
equityholders. This representation shall not be construed as a guaranty of collection of any of the Purchased Companies’ accounts receivable. 
 6.10 Accounts Payable. All accounts payable and notes payable of each Purchased Company arose in bona fide arm’s length transactions in the ordinary course of business and no such account
payable or note payable is delinquent in its payment. Since the date of the Reference Balance Sheets, each Purchased Company has paid its accounts payable in the ordinary course of its business and in a manner which is consistent with its past
practices. None of the Purchased Companies has any account payable to any person who is affiliated with it, the Seller or any of their respective directors, officers or equityholders. 

6.11 No Undisclosed Liabilities. There are no material Liabilities of any of the Purchased Companies, and, to the Knowledge of the
Seller, there is no existing condition, situation or set of circumstances which could reasonably be expected to result in any material Liability, in each case, other than: (a) Liabilities adequately reflected or reserved against on the
Reference Balance Sheets; (b) Liabilities incurred since the date of the Reference Balance Sheets in the ordinary course of business (for which there are adequate reserves); (c) Liabilities incurred in connection with the Transaction; and
(d) Liabilities set forth in Section 6.11 of the Disclosure Schedule. 
 6.12 Absence of Changes. Since the
date of the Reference Balance Sheets, except as disclosed in the Financial Statements, each of the Purchased Companies has conducted its business only in the ordinary course consistent with past practice and there has not been: 

(a) any change in the assets, liabilities, condition (financial or other), properties, business, operations of such Purchased Company,
which change by itself or in conjunction with all other such changes, whether or not arising in the ordinary course of business, would reasonably be expected to result in a Material Adverse Effect; any Encumbrance placed on any of the properties of
such Purchased Company, other than purchase money liens and liens for Taxes not yet due and payable; 
 (b) any material
damage, destruction or loss, whether or not covered by insurance; 
 (c) any declaration, setting aside or payment of any
distribution by such Purchased Company, or the making of any other distribution in respect of the equity interests of such Purchased Company, or any direct or indirect redemption, purchase or other acquisition by such Purchased Company of its own
equity interests; 

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 (d) any labour trouble or claim of unfair labour practices involving such Purchased
Company; 
 (e) any resignation, termination or removal of any officer of such Purchased Company or material loss of personnel
of such Purchased Company or material change in the terms and conditions of the employment of such Purchased Company’s officers or key personnel; 
 (f) any contingent Liability incurred by such Purchased Company as guarantor or to the Knowledge of Seller, otherwise with respect to the obligations of others, or any cancellation of any material debt or
claim owing to, or waiver of any material right of, such Purchased Company, including any write-off or compromise of any accounts receivable other than write-offs in the ordinary course of business consistent with past practice not exceeding NIS
70,000; 
 (g) any change in accounting methods or practices, collection policies, pricing policies or payment policies of such
Purchased Company; 
 (h) any amendment or termination of any Material Contract (or any Contract that would be a Material
Contract but for such amendment a termination); 
 (i) any Contract relating to any royalty or similar payment based on the
revenues, profits or sales volume of such Purchased Company, whether as part of the terms of such Purchased Company’s equity interests or by any separate agreement; 
 (j) any other material transaction entered into by such Purchased Company other than transactions in the ordinary course of business; or 

(k) any agreement or understanding whether in writing or otherwise, for such Purchased Company to take any of the actions specified in
paragraphs (a) through (j) above. 
 6.13 Litigation. There are no Actions by or against any of the Purchased
Companies, or affecting any of their assets, pending or, to the Knowledge of the Seller, threatened. Section 6.13 of the Disclosure Schedule includes a list of all material Actions and, to the Knowledge of the Seller, investigations involving any of
the Purchased Companies occurring, arising or existing during the past three (3) years which were not resolved or otherwise settled in a manner favourable to the Purchased Companies on or prior to the date of this Agreement. There are no
Actions by or against Seller pending before, or to Seller’s Knowledge, threatened to be brought by or before, any governmental authority, which would seek to delay or prevent the consummation of the Transaction, or which would result in a
Material Adverse Effect on the Transaction. 
 6.14 Compliance with Laws. Each of the Purchased Companies is conducting,
and has heretofore conducted, their respective business in accordance with all laws applicable to it, its assets or its business, in all material respects. None of the Purchased Companies have entered into or been subject to any order with respect
to any aspect of its business, affairs, properties or assets or received any request for information, notice, demand letter, administrative 

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inquiry or formal or informal complaint or claim from any regulatory agency with respect to any aspect of its business, affairs, properties or assets. 

6.15 Permits. None of the Purchased Companies is in violation of or default under any permit, license, approvals, franchise,
orders, consents, authorization, registrations, qualifications or other rights and privileges from any governmental authority (collectively, “Permits”) used in their respective business as presently conducted and all such Permits
are valid and in full force and effect, and no material Permit shall be revoked, terminated prior to its normal expiration date or not renewed pursuant to its terms solely as a result of the consummation of the Transaction. 

6.16 Environmental Matters. No Purchased Company (or any assets or properties which such Purchased Company occupies or uses or has
occupied or used) has been the subject of any environmental audit or any evaluation, assessment, study or test. No Purchased Company (or anyone acting on its behalf) has stored, treated, transported or disposed of any hazardous substance other than
in a safe manner in accordance with applicable law. “Hazardous substance” means any substance which might damage or pollute the environment (including surface water, ground water, air and land) or be a hazard to human beings. 

6.17 Contracts. 
 6.17.1 Section 6.17.1 of the Disclosure Schedule lists each of the following written or oral Contracts and agreements (any Contract listed, or required to be listed, on Section 6.17.1 of the
Disclosure Schedule, a “Listed Contract” and, except as limited in the subsections of this Section 6.17.1, the “Material Contracts”): 
 (a) Each Contract with any seller, reseller, distributor or operator of mobile phone equipment or services to which any of the Purchased Companies is a party or which is related to the business of the
Purchased Companies, whether any of the Purchased Companies, Seller or any Affiliate of Seller is the party thereto; 
 (b)
Each Contract (x) for the purchase or lease of personal property, (y) with any supplier, publisher or for the furnishing of services to such Purchased Company or (z) with any advertiser or customer, in each case with payments greater than
NIS 70,000 per year or not cancellable by such Purchased Company, without penalty, on less than 60 days’ notice (which shall constitute Material Contracts if the amount paid thereunder in the twelve-month period ended June 30, 2012
(the “Trailing Period”) was greater than NIS 100,000); 
 (c) all broker, exclusive dealing or exclusivity,
distributor, dealer, franchise, agency, sales promotion, market research, marketing, consulting and advertising Contracts to which such Purchased Company is a party or any other Contract that compensates any person based on any sales by such
Purchased Company (which shall constitute Material Contracts if the amount paid thereunder in the Trailing Period was greater than NIS 100,000); 
 (d) all Contracts relating to Leased Real Property (which shall constitute Material Contracts if the amount paid thereunder in the Trailing Period was greater than NIS 100,000); 

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 (e) all Contracts relating to Indebtedness other than trade indebtedness, including any
Contracts and agreements in which any Purchased Company is a guarantor of Indebtedness; 
 (f) all Contracts pursuant to which
any Purchased Company has advanced or loaned, or agreed to advance or loan, any amount to any person, other than advances to employees of business expense in the ordinary course of business consistent with past practices; 

(g) all Contracts that limit or purport to limit the ability of any Purchased Company to compete in any line of business or with any
person or in any geographic area or during any period of time; 
 (h) all Contracts and agreements relating to the voting and
any rights or obligations of an equity holder of any Purchased Company; 
 (i) all Contracts regarding the acquisition,
issuance or transfer of any securities of any Purchased Company and all Contracts affecting or dealing with any securities of such Purchased Company; 
 (j) all employment or consulting Contracts or commitments with any employee, contractor, consultant or advisor other than at-will employment arrangements with no severance or change in control payment
obligations of any Purchased Company (which shall constitute Material Contracts if (i) any officer or director of any of the Purchased Companies or the Seller, or any direct or indirect Affiliate of the Seller or any Purchased Company is a party
thereto, (ii) if it provides for annual compensation in an amount in excess of NIS 200,000, or (iii) if the amount paid thereunder in the Trailing Period was in excess of NIS 200,000); 

(k) all Contracts of indemnification or guaranty to any person to which any Purchased Company is a party; 

(1) all Contracts relating to capital expenditures and involving future payments in excess of NIS 70,000 to which any Purchased Company
is a party; 
 (m) all Contracts relating to the disposition of assets or any interest in any business enterprise or any
agreement relating to the acquisition of assets or any interest in any business enterprise to which any Purchased Company is a party; 
 (n) any joint venture, joint marketing (including any pilot program), partnership, strategic alliance or other agreement involving the sharing of profits, losses, costs or Liabilities with any person or
any development, data-sharing, marketing or similar arrangement relating to any product or service to which any Purchased Company is a party; 
 (o) all Contracts with any current officer or director of any Purchased Company; 

(p) all Contracts pursuant to which any Purchased Company agreed to provide “most favoured nation” pricing or other terms and
conditions to any person with respect 

 22 (45) 
  

 
  

 
to such Purchased Company’s sale, distribution, license or support of any of such Purchased Company’s products or services (which shall constitute Material Contracts if the amount paid
thereunder in the Trailing Period was greater than NIS 100,000); 
 (q) all other Contracts and arrangements to which any
Purchased Company is a party, whether or not made in the ordinary course of business, that contemplate an exchange of consideration with an aggregate value greater than NIS 70,000 or under which the consequences of a default or termination would
reasonably be expected to have a Material Adverse Effect (which shall constitute Material Contracts if the consequences of a default or termination would reasonably be expected to have a Material Adverse Effect); and 

(r) all Contracts between Seller or any Affiliates on the one hand, and the any of the Purchased Companies on the other hand.

 6.17.2 Each Material Contract to which a Purchased Company is a party or to which its assets are bound (i) is valid and
binding on such Purchased Company, as applicable, and, to the Knowledge of the Seller, on the other parties thereto, and is in full force and effect, and (ii) upon consummation of the Transaction contemplated by this Agreement, shall continue
in full force and effect without penalty or other adverse consequence. None of the Purchased Companies is, in any material respect, in breach or violation of, or default under, any Material Contract and, to the Knowledge of the Seller, no other
party to any Material Contract is, in any material respect, in breach or violation thereof or default thereunder. To the Knowledge of the Seller, no event or circumstance has occurred that, with notice or lapse of time or both, would constitute any
event of default under any Material Contract. The Seller has delivered to Purchaser Group true and complete copies of each Material Contract. 
 6.18 Intellectual Property. 
 6.18.1 Each Purchased Company owns, is
licensed for, or possesses sufficient rights with respect to, its Intellectual Property, except for such items as have yet to be conceived or developed or that may reasonably be expected to be available for licensing on reasonable terms from third
parties. Without limiting the foregoing the Purchased Companies own, or will own at Closing, all right, title and interest to the Key Assets and all other Intellectual Property, which is sufficient to carry on the Business as now conducted, and the
Purchased Companies will continue to own such rights following Closing, and all such rights will be transferred to Purchaser at Closing. To the Seller’s Knowledge, none of the Purchased Companies has violated or infringed, and is not currently
violating or infringing, any Intellectual Property of any other person. There are no pending proceedings or adverse claims made or, to the Knowledge of the Seller, threatened against any Purchased Company with respect to its Intellectual Property.
None of the Seller or any Purchased Company has received any written communication alleging that any Purchased Company or its Intellectual Property infringes or misappropriates any Intellectual Property Rights of a third party. No Purchased Company
has brought or threatened any action, suit or proceeding against any third party for any infringement of any of its Intellectual Property or any breach of any license, sublicense or agreement involving its Intellectual Property and is not aware of a
bona fide basis for such a proceeding. Section 6.18.1 of the Disclosure Schedule lists (by name, number, jurisdiction and owner) all Intellectual Property owned by each 

 23 (45) 

 
  

 
Purchased Company, including the Key Assets, all issued Patents, all registered and material unregistered Marks, all registered Copyrights and all domain name registrations. No cancellation,
termination, expiration or abandonment of any of the foregoing (except natural expiration or termination at the end of the full term) is anticipated by any of the Seller or any Purchased Company. 

6.18.2 To the Seller’s Knowledge, there are no questions or challenges with respect to the validity of any claims of any of the
Intellectual Property of any Purchased Company listed in Section 6.18.1 of the Disclosure Schedule or the validity (or any other aspect or status) of any other Intellectual Property owned by any of the Purchased Companies. 

6.18.3 Section 6.18.3 of the Disclosure Schedule lists: (i) all licenses, sublicenses and other Contracts to which any of the
Purchased Companies is a party that assign, authorize to use, encumber, or give access to any of its Intellectual Property to a third party and (ii) all licenses, sublicenses and other agreements pursuant to which any Purchased Company has
received rights to use any third party Intellectual Property (other than off-the-shelf shrink-wrap, click-through or similar licenses for commercially available software, in each case, with no recurring license fee). None of the Purchased Companies
has entered into any Contract to indemnify, hold harmless or defend any other person with respect to any assertion of infringement. To the Seller’s Knowledge, no event or circumstance has occurred or exists (including, without limitation, the
authorization, execution or delivery of this Agreement or the consummation of any of the transactions contemplated hereby) that would result in a breach or violation of any license, sublicense or other Contract required to be listed in
Section 6.18 of the Disclosure Schedule. 
 6.18.4 There are (i) no defects in any software included in the
Intellectual Property owned by any of the Purchased Companies that would prevent such software from performing in accordance with its user specifications and (ii) no viruses, worms, Trojan horses or similar programs in any such software, in
each case, that would materially impair the performance of such software or otherwise compromise the integrity or security of any data used or accessible by such software. Each of the Purchased Company’s software operates and performs in all
material respects in a manner that permits such Purchased Company to conduct its Business and, to the Knowledge of the Seller, no person has gained unauthorized access to such software and such Purchased Company has implemented reasonable backup and
disaster recovery technology consistent with industry practices. 
 6.18.5 None of the Purchased Companies has granted, directly
or indirectly, any current or contingent rights, licenses or interests in or to the source code of any of its products or software and since such Purchased Company developed the source code of each of its products and software, such Purchased
Company has not provided or disclosed the source code of such products or software to any person. Except as set forth in Section 6.18.5 of the Disclosure Schedule, (i) no Open Source Software is used in, incorporated into or integrated or
bundled with any Purchased Company’s software or products or otherwise used in connection with any Purchased Company and (ii) none of the licenses relating to the Open Source Software listed on Section 6.18.5 of the Disclosure
Schedule or any other software code used, modified or distributed by any Purchased Company obligate such Purchased Company to (1) distribute or disclose any other software combined, distributed or otherwise made commercially available

 24 (45) 

 
  

 
with such Open Source Software in source code form, or (2) license or otherwise make available such Open Source Software and/or other software combined, distributed or otherwise made
commercially available with such Open Source Software or any associated Intellectual Property on a royalty free basis. 
 6.18.6
Each Purchased Company has taken reasonable steps to protect and preserve the confidentiality of all of its Intellectual Property with respect to which such Purchased Company has exclusivity and is not otherwise disclosed in published patents or
patent applications or registered copyrights (“Purchased Company Confidential Information”). Each current and former employee and contractor of any of the Purchased Companies who contributed to the creation or development of any
Purchased Company Confidential Information has executed a written agreement, in substance (i) to retain in confidence the proprietary and confidential information of the Purchased Company, including the Purchased Company Confidential
Information, (ii) to transfer to the Purchased Company, as applicable, all of their interests in any Purchased Company Confidential Information relating to the products or services of the Purchased Company, developed during their work hours for
any Purchased Company, (iii) not to compete directly or on behalf of any third party with the Business of the Purchased Company (as then conducted) for the particular period set forth in such agreement and (iv) not to solicit on their own
behalf or on behalf of a third party, any current or future employees of the Purchased Company to leave their employment with the Purchased Company, true and correct copies of which have been delivered to Purchaser. To the Seller’s Knowledge,
none of any of the Purchased Companies’ present or former employees, officers or consultants are in violation of any confidentiality, invention assignment or other agreements protecting Intellectual Property, and each Purchased Company has used
commercially reasonable efforts to prevent and detect any such violation. 
 6.18.7 Each of the Purchased Companies has complied
and does comply in all material respects with all laws regulating the transmission of commercial email and has contractually obliged and does contractually oblige all companies that send advertising on its behalf to so comply, and no claims have
been asserted against any Purchased Company alleging a violation of such laws and, to the Knowledge of the Seller, no such claims are likely to be asserted against any Purchased Company and/or any third party advertisers acting on behalf of any
Purchased Company. None of any of the Purchased Companies’ products or services install “spyware,” “adware” or other malicious code that could compromise the privacy or data security of end-users and/or their computer
systems and/or collect information from an end user without their knowledge (collectively, “Spyware”). No claims have been asserted against any Purchased Company alleging any use of Spyware by such Purchased Company and, to the
Knowledge of Seller (i) any third party marketing such Purchased Company’s Business and (ii) no such claims are likely to be asserted. 
 6.18.8 In conducting its Business, none of the Purchased Companies has, and none engages in any unfair or deceptive marketing practices. No claims have been asserted against any of the Purchased Companies
alleging unfair and/or deceptive marketing practices by such Purchased Company or any third party marketing such Purchased Company’s products or services and, to the Knowledge of the Seller, no such claims are likely to be asserted. 

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 6.18.9 None of the Purchased Companies has received or is pending receipt of any grants,
incentives or subsidies, or applications therefor from the government of the State of Israel or any agency thereof, or from any foreign governmental or administrative agency, including, but not limited to, grants from the OCS. All grants from OCS to
Seller have been used solely for the purposes authorized by the grant, and in no event have any grant funds been used to finance any of the Purchased Companies, or any of their assets or operations. 

6.19 Properties; Assets. Section 6.19 of the Disclosure Schedule sets forth a complete list, as of the date hereof, of the
address of each parcel of leased real property (“Leased Real Property”), including whether such property is subleased by any of the Purchased Companies to a third party. Each parcel of Leased Real Property is leased under a valid
and subsisting lease or sublease. Each lease or sublease relating to the Leased Real Property is in full force and effect, and to the Knowledge of the Seller, none of Seller or any Purchased Company has received any written notice of any pending or
threatened condemnation Actions relating any of the Purchased Companies’ use or occupancy of the Leased Real Property. There is no owned real property and there are no offers to lease or agreements to lease. Each of the Purchased Companies has
valid title to its assets, free and clear of Encumbrances except Permitted Encumbrances. The equipment used in the Business of each of the Purchased Companies is in good operating condition, reasonable wear and tear excepted, and suitable for the
function for which it is used. The property and assets of the Purchased Companies are sufficient, and in sufficient condition, for the conduct of the Business as now conducted and as contemplated to be conducted. 

6.20 Employee Benefit Plans. 
 6.20.1 Except as set forth in Section 6.20.1 of the Disclosure Schedule, no Purchased Company maintains or contributes to, nor does it have any outstanding liability to or in respect of or obligation
under, any plan, program or arrangement providing bonus, deferred compensation, incentive compensation, stock purchase, stock option, equity-based compensation, severance pay, group or individual medical, life or other insurance, profit-sharing, or
pension plan, whether formal or informal (“Plans”) for the benefit of any director, officer, consultant or employee, whether active or terminated. No Purchased Company has undertaken to maintain any Plan for any period of time, and
each plan may be amended or terminated without liability. No Purchased Company has a formal Plan or commitment, whether legally binding or not, to create any additional Plan or modify, change or terminate any existing Plan. No communication, report
or disclosure, if any, has been made which, at the time made, did not accurately reflect the material terms and operations of any Plan. 
 6.20.2 Except as set forth in Section 6.20.2 of the Disclosure Schedule, no Purchased Company maintains or contributes to, nor does it have any outstanding liability to or in respect of or obligation
under, any Plans. 
 6.20.3 Except as set forth in Section 6.20.3 of the Disclosure Schedule, neither the execution and
delivery of this Agreement nor the consummation of the transactions contemplated hereby will (i) result in any material payment (including, without limitation, severance pay or unemployment compensation) becoming due, (ii) result in the
acceleration of vesting, or (iii) materially increase any benefits otherwise payable, under any Plan. 

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 6.20.4 With respect to each of the Plans, the Seller has heretofore delivered to the
Parent true and complete copies of each of the following documents the Plan and related documents (including all amendments thereto). 
 6.20.5 No funding liability under Title IV of ERISA or Section 412 of the Code has been incurred by and Purchased Company or the Seller, and no condition exists that presents a material risk to the
Seller or any Purchased Company of incurring such a liability 
 6.21 Taxes. 

6.21.1 Each of the Purchased Companies has timely filed, all Tax returns required to be filed by or with respect to the Purchased
Companies; all such Tax returns are true, correct and complete in all material respects, and each Purchased Company has paid all Taxes owed by each Purchased Company, whether or not shown to be due on any such Tax returns. No Purchased Company has
been delinquent in the payment of any Tax nor is there any Tax deficiency outstanding, proposed or assessed against any Purchased Company, nor has any Purchased Company executed any unexpired waiver of any statue of limitations on or extending the
period for the assessment or collection of any Tax. There are no Encumbrances for Taxes (other than Taxes not yet due and payable) upon any of the assets of any Purchased Company. 

6.21.2 There are no outstanding rulings of, or requests for rulings by, any taxation authority, addressed to any Purchased Company that
are, or if issued would be, binding on such Purchased Company. Section 6.21.2 of the Disclosure Schedule lists each tax incentive that is material to each Purchased Company (including any tax exemption, tax holiday or other tax reduction)
agreement or arrangement to which any Purchased Company is entitled, or by which any such entity is bound, under the laws of the State of Israel, and the nature of such tax incentive. Each Purchased Company has complied with all requirements of
Israeli law necessary to be entitled to claim such incentives or to benefit from such agreements or arrangements. Except as set forth in Section 6.21.2 of the Disclosure Schedule, no approval of any governmental authority is required prior to
consummation of the transactions contemplated hereby to preserve the entitlement of the Purchased Companies to any such incentive or to the benefit under such agreement or arrangement. 

6.21.3 None of the Tax returns of any Purchased Company or Taxes payable by any Purchased Company have been the subject of an audit,
action, suit, proceeding, claim, examination, deficiency, dispute or assessment by or with any governmental authority, and no such audit, action, suit, proceeding, claim, examination, deficiency or assessment is currently pending, has been proposed,
or, to the Knowledge of Seller, threatened. Neither Seller nor any Purchased Company has been notified in writing by a taxing authority in any jurisdiction in which any Purchased Company does not pay Taxes or file Tax returns asserting that any
Purchased Company is or may be required to pay Taxes or file Tax returns in such jurisdiction. 
 6.21.4 None of the Purchased
Companies has any Liabilities for the Taxes of any other Person as a transferee or successor, by Contract, or otherwise. There is no Tax indemnification, allocation or sharing agreements (or similar agreements) under which any Purchased Company
could be liable for the Tax liability of any other Person. No Purchased Company has any Liabilities for unpaid Taxes that have not been accrued for or reserved on the 

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Reference Balance Sheets in accordance with GAAP, whether asserted or unasserted, contingent or otherwise. 
 6.21.5 Each of the Purchased Companies has timely filed, or the Seller has timely filed on behalf of each of the Purchased Companies, all Tax returns required to be filed by or with respect to the
Purchased Companies; all such Tax returns are true, correct and complete in all material respects, and each Purchased Company has paid, or the Seller has timely paid on behalf of each Purchased Company, all Taxes owed by each Purchased Company,
whether or not shown to be due on any such Tax returns. No Purchased Company has been delinquent in the payment of any Tax nor is there any Tax deficiency outstanding, proposed or assessed against any Purchased Company, nor has any Purchased Company
executed any unexpired waiver of any statue of limitations on or extending the period for the assessment or collection of any Tax. There are no Encumbrances for Taxes (other than Taxes not yet due and payable) upon any of the assets of any Purchased
Company. 
 6.21.6 None of the Tax returns of any Purchased Company or Taxes payable by or with respect to any Purchased Company
have been the subject of an audit, action, suit, proceeding, claim, examination, deficiency, dispute or assessment by or with any governmental authority, and no such audit, action, suit, proceeding, claim, examination, deficiency or assessment is
currently pending, has been proposed, or, to the Knowledge of Seller, threatened. Neither Seller nor any Purchased Company has been notified in writing by a taxing authority in any jurisdiction in which any Purchased Company does not pay Taxes or
file Tax returns asserting that any Purchased Company is or may be required to pay Taxes or file Tax returns in such jurisdiction. 
 6.21.7 None of the Purchased Companies has any Liabilities for the Taxes of any other person as a transferee or successor, by Contract, or otherwise. There are no Tax indemnification, allocation or
sharing agreements (or similar agreements) under which any Purchased Company could be liable for the Tax liability of any other person. No Purchased Company has any Liabilities for unpaid Taxes that have not been accrued for or reserved on the
Reference Balance Sheets in accordance with GAAP, whether asserted or unasserted, contingent or otherwise. 
 6.22
Brokers. No broker, finder or agent is entitled to any brokerage fees, finder’s fees or commissions payable by the Seller or any of the Purchased Companies in connection with this Agreement or the Transaction. 

6.23 Insurance Coverage. Section 6.23 of the Disclosure Schedule contains an accurate summary of the insurance policies
currently maintained by each Purchased Company. There are currently no claims pending against any Purchased Company under any insurance policies currently in effect and covering the property, business or employees of the Purchased Companies, and all
premiums due and payable with respect to the policies maintained by the Purchased Companies have been paid to date. To the Knowledge of the Seller, there is no threatened termination or non-renewal of any such policies or arrangements. 

6.24 Labour Matters. 

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 6.24.1 Section 6.24.1 of the Disclosure Schedule contains a true and complete list
of all current employees of each of the Purchased Companies as of the date of this Agreement, and correctly reflects: (i) each employee’s name and date of hire or, if applicable, such employee’s commencement date of employment in the
same work place; (ii) such employee’s position, full-time or part-time status, including each such employee’s classification as either exempt or non-exempt from the overtime requirements under any applicable law; (iii) such
employee’s monthly base salary or hourly wage rate, as applicable; (iv) any other compensation payable to such employee, including housing allowances, compensation payable pursuant to bonus, deferred compensation or commission
arrangements, overtime payment, vacation entitlement and accrued vacation or paid time-off balance, travel pay or car maintenance or car entitlement, reimbursement of cellular phone usage entitlement, meal subsidizing, sick leave entitlement and
accrual, recuperation pay entitlement and accrual, entitlement to pension arrangement and/or any other provident fund (including manager’s insurance and education fund (“keren hishtalmut”)), such employee’s respective
contribution rates and the salary basis for such contributions, whether such employee is subject to Section 14 Arrangement under the Israeli Severance Pay Law – 1963 (“Section 14 Arrangement”) (and to the extent such
employee is subject to Section 14 Arrangement, an indication whether such arrangement was properly implemented and has been applied as of the commencement date of employment, and if not, as of which date was such arrangement implemented),
notice period entitlement and any Tax gross up entitlement; and (v) any promises or commitments made to any employee, whether in writing or orally, with respect to any future changes or additions to compensation or benefits. 

6.24.2 To the Knowledge of the Seller, no officer or employee of any Purchased Company or other person is in material violation of any
term of any employment contract, patent disclosure agreement, confidentiality and invention assignment agreement or any other Contract relating to the relationship of such officer, employee or other person with such Purchased Company or any other
party because of the nature of the business conducted by such Purchased Company. Except as set forth in Section 6.24.2 of the Disclosure Schedule, as of the date hereof, no employee has informed such Purchased Company or the Seller of their
intention to terminate employment with such Purchased Company. 
 6.24.3 As of the date hereof: (i) each Purchased Company
is in compliance in all material respects with all applicable laws respecting labour, employment and employment practices, terms and conditions of employment and wages and hours; (ii) there is no unfair labour practice complaint against any
Purchased Company pending before the National Labor Relations Board or any comparable governmental authority; (iii) there is no labour strike, dispute, slowdown or stoppage actually pending or, to the Knowledge of the Seller, threatened against
or involving any Purchased Company; (iv) no Purchased Company is a party to, nor is it bound by, any collective bargaining agreement or similar labour agreement; (v) no labour union has taken any action with respect to organizing the
employees of any Purchased Company; and (vi) neither any grievance nor any arbitration proceeding arising out of or under collective bargaining agreements is pending and no claim therefor has been asserted against any Purchased Company.

 6.24.4 With respect to employees of a Purchased Company who reside or work in Israel (the “Israeli
Employees”) unless otherwise noted in Section 6.24.4 of the Disclosure Schedule: (i) the employment of each Israeli Employee is subject to termination upon not more than thirty (30) days prior written notice under the
termination notice provisions included in the 

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employment agreement with such Israeli Employee or applicable law; (ii) all obligations of the Purchased Companies to provide statutory severance pay to all Israeli Employees pursuant to the
Severance Pay Law (5723-1963) are fully funded or accrued on the applicable Purchased Company’s Financial Statements; (iii) no Israeli Employee’s employment by a Purchased Company requires any special license, permit or other
governmental authorization; (iv) there are no unwritten policies, practices or customs of any Purchased Company that entitle any Israeli Employee to benefits in addition to what such Israeli Employee is entitled to by applicable law or under
the terms of such Israeli Employee’s employment agreement (including unwritten customs or practices concerning bonuses, the payment of statutory severance pay when it is not required under applicable legal requirements); (v) all amounts
that any Purchased Company is legally or contractually required either (x) to deduct from Israeli Employees’ salaries or to transfer to such Israeli Employees’ managers insurance, pension or provident fund, life insurance, incapacity
insurance, education fund or other similar funds or (y) to withhold from their Israeli Employees’ salaries and benefits and to pay to any governmental authority as required by the Israeli Code and the National Insurance Law or otherwise,
have, in each case, been duly deducted, transferred, withheld and paid, and such Purchased Company is not delinquent in making any such deduction, transfer, withholding or payment; (vi) each Purchased Company is in compliance in all material
respects with all applicable law and contracts relating to employment, employment practices, wages, bonuses, pension benefits and other compensation matters and terms and conditions of employment related to Israeli Employees, including but not
limited to The Prior Notice to the Employee Law, 2002, The Notice to Employee (Terms of Employment) Law, 2002, the Prevention of Sexual Harassment Law, 1998, the Hours of Work and Rest Law, 1951, the Annual Leave Law, 1951, The Employment by Human
Resource Contractors Law, 1996, and the Advance Notice for Dismissal and Resignation Law, 5761-2001; and (vii) except as set forth in Section 6.24.4 of the Disclosure Schedule, no Purchased Company has engaged any consultants,
sub-contractors or freelancers. Except for extension orders [tzavei harchava] applying to all employees in the State of Israel, no Purchased Company is subject to, and no employee of any Purchased Company or any of its subsidiaries benefits from,
any extension order. The Seller has furnished to the Parent (a) copies of all material agreements with Israeli human resource contractors, or with Israeli consultants, sub-contractors or freelancers; and (b) copies of material manuals and
material written policies relating to the employment of Israeli Employees. “Israeli Employee” shall be construed to include consultants, sales agents and other independent contractors who spend (or spent) a majority of their working time
in Israel on the business of the Company each of whom shall be so identified in Section 6.24.1 of the Disclosure Schedule. 

6.24.5 As of the date hereof, all bonus payments due to any employees or consultants of any Purchased Company, including but not limited
to any bonuses related to periods prior to the date hereof as reflected in Section 6.24.1 of the Disclosure Schedule shall have been paid or reflected as a Current Liability in the Reference Balance Sheets. 

6.25 Bank Accounts; Authorized Persons. Section 6.25 of the Disclosure Schedule sets forth the name of each bank in which
each Purchased Company has accounts or safe deposit boxes or standby letters of credit, the identifying numbers or symbols thereof and the names of all persons authorized to draw thereon or to have access thereto. 

6.26 Major Customers; Vendors. 

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 6.26.1 Section 6.26.1 of the Disclosure Schedule lists the top 25 customers of each
Purchased Company, organized by Purchased Company, product and geographic region. 
 6.26.2 Section 6.26.2 of the
Disclosure Schedule lists the top 25 vendors of each Purchased Company, organized by Purchased Company, product and geographic region. 
 6.27 Other Information. To the Knowledge of the Seller, the written information relating to each Purchased Company provided to Purchaser by or on behalf of the Seller prior to the date of this
Agreement is in accord with the books and records of such Purchased Company and is accurate and complete and fairly presents the data and other information it purports to present and does not contain any untrue statement of a material fact or omit
to state any material fact necessary to make the statements or other information contained therein not misleading. None of this Agreement, the Transaction Documents and the schedules, exhibits and other documents delivered in connection herewith and
therewith, when read together as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading. As of the date of this Agreement,
Seller has no Knowledge of any facts pertaining to any of the Purchased Companies which could have or result in a Material Adverse Effect and which have not been disclosed in this Agreement or the schedules to this Agreement. 

 

	7.	IGLOO’S REPRESENTATIONS AND WARRANTIES 

 Except as set forth in the Disclosure Schedule, IGLOO hereby represents and warrants to Purchaser Group as follows: 
 7.1 Organization, Authority, Due Execution and Binding Effect. IGLOO is duly organized, validly existing and in good standing under the laws of the State of Israel and has the requisite power and
authority to execute and deliver this Agreement or any Transaction Document to which IGLOO is a party, to consummate the Transaction and to perform its obligations under this Agreement and such Transaction Documents. This Agreement and each
Transaction Document to which IGLOO is a party has been duly and validly executed and delivered by IGLOO. Assuming the due authorization, execution and delivery by the other Parties hereto, this Agreement and such Transaction Documents shall
constitute, upon such execution and delivery hereof, the valid and binding obligations of IGLOO, enforceable in accordance with their respective terms except as enforcement may be limited by applicable bankruptcy, reorganization, insolvency,
fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors rights generally and by general principles of equity (regardless of whether enforcement is considered in a proceeding in law or equity). 

7.2 No Conflict. Neither the execution and delivery of this Agreement by IGLOO, nor the performance by IGLOO of its obligations
hereunder shall, directly or indirectly: (a) contravene, conflict with, or result in (with or without notice or lapse of time) a violation or breach of any law or order to which IGLOO may be subject; (b) violate, conflict with or result in the
breach of any provision of the Organizational Documents of IGLOO; or (c) conflict with, result in a breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any
consent under, or give to others any right of termination, amendment, acceleration, suspension, revocation or cancellation of, result in 

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the creation of any Encumbrance (other than a Permitted Encumbrance) pursuant to any Contract to which it is a party or by which LogiaDeck is affected. 

7.3 Authorizations. The execution, delivery and performance of this Agreement and each Transaction Document to which IGLOO is a
party do not and shall not require any third party consent governmental authorization. 
 7.4 Ownership; No Encumbrances with
Respect to LogiaDeck. IGLOO owns of record and beneficially all right, title and interest in and to all Intellectual Property and other rights comprising LogiaDeck, free and clear of any Encumbrances, and has good and valid title to LogiaDeck.

 7.5 Securities Laws Matters. IGLOO is acquiring the Share Consideration for IGLOO’s own account and the Share
Consideration is being, and will be, acquired by IGLOO for the purpose of investment and not with a view to distribution or resale thereof. IGLOO has no present intention of selling, granting any participation in, or otherwise distributing any
portion of the Share Consideration and does not presently have any Contract, undertaking or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Share Consideration.
IGLOO acknowledges it is able to bear the economic risk of the Share Consideration, and has such knowledge and experience in financial or business matters that IGLOO is capable of evaluating the merits and risks of the Share Consideration. Without
derogating from any of the rights of IGLOO pursuant to the Registration Rights and Lock Up Agreement, IGLOO understands that (i) the Share Consideration has not been, and will not be, registered under the Securities Act, (ii) the
securities comprising the Share Consideration are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, IGLOO must hold the Share Consideration indefinitely unless such shares are
registered with the Securities and Exchange Commission and qualified by any applicable state authorities, or an exemption from such registration and qualification requirements is available, (iii) Purchaser Group has no obligation to register or
qualify the Share Consideration and, if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Share
Consideration, and on requirements relating to Purchaser Group which are outside of IGLOO’s control, and which Purchaser Group is under no obligation and may not be able to satisfy, (iv) this offering is not intended to be part of a public
offering, and that IGLOO will not be able to rely on the protection of Section 11 of the Securities Act and (v) the Share Consideration and any securities issued in respect of or exchange for the Share Consideration shall bear the
following legend, as well as any other legends required by state or foreign securities laws: 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY FOREIGN OR STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH.” 

7.6 Litigation. There are no Actions by or against IGLOO affecting LogiaDeck, pending or, to the Knowledge of IGLOO, threatened.
There are no Actions by or against IGLOO 

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pending before, or to IGLOO’s Knowledge, threatened to be brought by or before, any governmental authority, which would seek to delay or prevent the consummation of the Transaction, or which
would result in a Material Adverse Effect on the Transaction. 
 7.7 LogiaDeck Material Contracts. 

7.7.1 Section 7.7.1 of the Disclosure Schedule lists each the following written or oral Contracts and agreements (any Contract
listed, or required to be listed, on Section 7.7.1 of the Disclosure Schedule, a “LogiaDeck Material Contract”): 
 (a) Each Contract with any seller, reseller, distributor or operator of mobile phone equipment or services to which IGLOO is a party and that relates to LogiaDeck; and 

(b) Each Contract related to LogiaDeck; 
 7.7.2 Each LogiaDeck Material Contract to which IGLOO is a party or to which its assets are bound (i) is valid and binding on IGLOO, as applicable, and, to the Knowledge of IGLOO, on the other
parties thereto, and is in full force and effect, and (ii) upon consummation of the Transaction contemplated by this Agreement, shall continue in full force and effect without penalty or other adverse consequence. IGLOO is not, in any material
respect, in breach or violation of, or default under, any LogiaDeck Material Contract and, to the Knowledge of IGLOO, no other party to any LogiaDeck Material Contract is, in any material respect, in breach or violation thereof or default
thereunder. To the Knowledge of IGLOO, no event or circumstance has occurred that, with notice or lapse of time or both, would constitute any event of default under any LogiaDeck Material Contract. IGLOO has delivered to Purchaser Group true and
complete copies of each LogiaDeck Material Contract. 
 7.8 LogiaDeck Intellectual Property. 

7.8.1 IGLOO owns, is licensed for, or possesses sufficient rights with respect to, its Intellectual Property with respect to LogiaDeck,
except for such items as have yet to be conceived or developed or that may reasonably be expected to be available for licensing on reasonable terms from third parties. Without limiting the foregoing, IGLOO owns all right, title and interest to
LogiaDeck and all related Intellectual Property, which are sufficient to carry on the business conducted with respect to LogiaDeck as now conducted and proposed to be conducted, and all such rights will be transferred to Purchaser at Closing. To
IGLOO’s Knowledge, LogiaDeck has not violated or infringed, and is not currently violating or infringing, any Intellectual Property of any other person. There are no pending proceedings or adverse claims made or, to the Knowledge of IGLOO,
threatened with respect to LogiaDeck. IGLOO has not received any written communication alleging that LogiaDeck infringes or misappropriates any Intellectual Property Rights of a third party. IGLOO has not brought or threatened any action, suit or
proceeding against any third party for any infringement of any Intellectual Property or any breach of any license, sublicense or agreement involving LogiaDeck and is not aware of a bona fide basis for such a proceeding. Section 7.8.1 of the
Disclosure Schedule lists (by name, number, jurisdiction and owner) all Intellectual Property owned by IGLOO with respect to or comprising LogiaDeck, all issued Patents, all registered and material

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unregistered Marks, all registered Copyrights and all domain name registrations with respect thereto. No cancellation, termination, expiration or abandonment of any of the foregoing (except
natural expiration or termination at the end of the full term) is anticipated by IGLOO. 
 7.8.2 To IGLOO’s Knowledge,
there are no questions or challenges with respect to the validity of any claims of any of the Intellectual Property with respect to LogiaDeck listed in Section 7.8.1 of the Disclosure Schedule or the validity (or any other aspect or status) of
any other Intellectual Property with respect to LogiaDeck. 
 7.8.3 Section 7.8.3 of the Disclosure Schedule lists:
(i) all licenses, sublicenses and other Contracts to which IGLOO is a party or to which LogiaDeck is affected that assign, authorize to use, encumber, or give access to any Intellectual Property related to LogiaDeck to a third party; and
(ii) all licenses, sublicenses and other agreements pursuant to which IGLOO has received rights to use any third party Intellectual Property with respect to LogiaDeck (other than off-the-shelf shrink-wrap, click-through or similar licenses for
commercially available software, in each case, with no recurring license fee). To the IGLOO’s Knowledge, no event or circumstance has occurred or exists (including, without limitation, the authorization, execution or delivery of this Agreement
or the consummation of any of the transactions contemplated hereby) that would result in a breach or violation of any license, sublicense or other Contract required to be listed in Section 7.8 of the Disclosure Schedule. 

7.8.4 There are (i) no defects in any software included in the Intellectual Property with respect to LogiaDeck that would prevent
such software from performing in accordance with its user specifications and (ii) no viruses, worms, Trojan horses or similar programs in any such software, in each case, that would materially impair the performance of such software or
otherwise compromise the integrity or security of any data used or accessible by such software. All software related to LogiaDeck operates and performs in all material respects in a manner that permits IGLOO, and will permit Purchaser after Closing,
to use and operate LogiaDeck in the manner now used and operated and, to the Knowledge of IGLOO, no person has gained unauthorized access to such software and IGLOO has implemented reasonable backup and disaster recovery technology with respect to
LogiaDeck consistent with industry practices. 
 7.8.5 IGLOO has not granted, directly or indirectly, any current or contingent
rights, licenses or interests in or to the source code of any of its products or software related to LogiaDeck and since IGLOO developed the source code of each of its products and software related to LogiaDeck, IGLOO has not provided or disclosed
the source code of such products or software to any person. Except as set forth in Section 7.8.5 of the Disclosure Schedule, (i) no Open Source Software is used in, incorporated into or integrated or bundled with LogiaDeck or otherwise
used in connection with LogiaDeck and (ii) none of the licenses relating to the Open Source Software listed on Section 7.8.5 of the Disclosure Schedule or any other software code used, modified or distributed with respect to LogiaDeck
obligate IGLOO to (1) distribute or disclose any other software combined, distributed or otherwise made commercially available with such Open Source Software in source code form, or (2) license or otherwise make available such Open Source
Software and/or other software combined, distributed or otherwise made commercially available with such Open Source Software or any associated Intellectual Property on a royalty free basis. 

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 7.8.6 IGLOO has taken reasonable steps to protect and preserve the confidentiality of
all of its Intellectual Property with respect to LogiaDeck to which IGLOO has exclusivity and is not otherwise disclosed in published patents or patent applications or registered copyrights (“LogiaDeck Confidential Information”).
Each current and former employee and contractor of IGLOO who contributed to the creation or development of any LogiaDeck Confidential Information has executed a written agreement, in substance (i) to retain in confidence the proprietary and
confidential information of IGLOO, as applicable, including the LogiaDeck Confidential Information, or (ii) to transfer to IGLOO, as applicable, all of its interests in any LogiaDeck Confidential Information relating to the products or services
of LogiaDeck, developed during their work hours for IGLOO. To IGLOO’s Knowledge, none of IGLOO’s present or former employees, officers or consultants are in violation of any confidentiality, invention assignment or other agreements
protecting Intellectual Property, and IGLOO has used commercially reasonable efforts to prevent and detect any such violation. 

7.8.7 LogiaDeck does not install Spyware. No claims have been asserted against IGLOO alleging any use of Spyware or any third party
marketing LogiaDeck and, to the Knowledge of IGLOO, no such claims are likely to be asserted. 
 7.8.8 IGLOO has not received or
is pending receipt of any grants, incentives or subsidies, or applications therefor from the government of the State of Israel or any agency thereof, or from any foreign governmental or administrative agency, including, but not limited to, grants
from the OCS. In no event have any grant funds obtained by Seller been used to finance IGLOO, or any of its assets or operations, including, without limitation, LogiaDeck., 
 7.9 Brokers. No broker, finder or agent is entitled to any brokerage fees, finder’s fees or commissions payable by IGLOO in connection with this Agreement or the Transaction. 

7.10 Other Information. To the Knowledge of IGLOO, the written information relating to LogiaDeck provided to Purchaser by or on
behalf of IGLOO prior to the date of this Agreement is in accord with the books and records of IGLOO and is accurate and complete and fairly presents the data and other information it purports to present and does not contain any untrue statement of
a material fact or omit to state any material fact necessary to make the statements or other information contained therein not misleading. None of this Agreement, the Transaction Documents and the schedules, exhibits and other documents delivered in
connection herewith and therewith, when read together as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading. IGLOO has no
Knowledge of any facts pertaining to LogiaDeck which could have or result in a Material Adverse Effect and which have not been disclosed in this Agreement or the schedules to this Agreement. 

 

	8.	PURCHASER GROUP’S REPRESENTATIONS AND WARRANTIES 

 The Purchaser Group jointly and severally represents and warrants to Seller Group on and as of the Closing Date, as follows: 

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 8.1 Due Organization of Parent. The Parent is a company duly organized and
validly existing as a limited liability company under the laws of the State of the Delaware, the United States of America. 

8.2 Due Organization of Purchaser. The Purchaser is a company duly organized and validly existing as a corporation under the laws
of the Israel. 
 8.3 Power and Authority. Each of the Purchaser Group has full corporate power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated in this Agreement. 
 8.4 Authorization. Each
of the Purchaser Group has taken all actions required by law, its articles of association or otherwise to authorize the entering into of this Agreement and the consummation of all transactions contemplated hereby. 

8.5 Enforceability. This Agreement and any documents or instruments executed by each of the Purchaser Group in connection with
this Agreement have been duly authorized and constitute binding obligations of, and are enforceable against, the Purchaser Group in accordance with their respective terms. 
 8.6 Compliance with Laws. Neither the execution and delivery of this Agreement by Purchaser Group, nor the performance by Purchaser Group of its obligations hereunder shall, directly or indirectly:
(a) contravene, conflict with, or result in (with or without notice or lapse of time) a violation or breach of any law or order to which Purchase Group may be subject; or (b) violate, conflict with or result in the breach of any provision of
the Organizational Documents of Purchaser Group. 
 8.7 Financing. Purchaser Group presently has and will have at the
Closing, all funds or financing in place necessary to pay and deliver to Seller the Purchase Price as contemplated hereby and fulfil all other obligations hereunder. 
 8.8 Legal Proceedings. There is no proceeding pending or, to the Purchaser’s Knowledge, threatened, against the Purchaser that challenges, or that may have the effect of preventing, delaying,
making illegal or otherwise interfering with, any of the Transactions contemplated by this Agreement. 
  

	9.	CONDITIONS PRECEDENT TO THE CLOSING 

 9.1 Conditions Precedent to Each Party’s Obligations. The respective obligations of each Party to consummate the Transaction shall be subject to the satisfaction, at or prior to the Closing,
of all of the following conditions: 
 (a) No Legal Prohibition. No law or order shall be enacted, promulgated, entered,
issued or enforced by any governmental authority that would have the effect of making the Transaction illegal or otherwise restrain or prohibit the consummation of the Transaction. 

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 (b) No Restraints. No temporary restraining order, preliminary or permanent
injunction or other order preventing the consummation of the Transaction shall have been issued by any governmental authority and shall remain in effect. 
 9.2 Conditions Precedent to Obligations of Purchaser Group. The obligations of Purchaser Group to consummate the Transaction shall be subject to the satisfaction, at or prior to the Closing, of all
of the following conditions, any one or more of which may be waived in writing by Parent: 
 (a) The LogiaDeck Assignment and
Transfer Agreement, in the form attached hereto as Exhibit 2.2, shall be executed and delivered by the parties thereto, and LogiaDeck and all related Intellectual Property shall have been transferred to Purchaser free and clear of all
Encumbrances; 
 (b) Cellcom shall have consented to the Transaction under the 2012 Cellcom Agreement, in a manner reasonably
acceptable to Purchaser Group; 
 (c) Delivery of a certificate executed by an officer of the Seller (A) attaching and
certifying (i) copies of all minutes or consents of the board and shareholders of Seller required to approve the Transaction and (ii) true and correct copies of the Organizational Documents of the Purchased Companies, (B) listing the
names of the officers of the Seller authorized to sign this Agreement and the Transaction Documents, together with the true signatures of such officers and (C) certifying that (i) all representations and warranties of Seller are true and
correct in all material respects as of the Closing Date, except where a specific representation relates only to a specific date, in which case it shall be true and correct in all material respects as of that date, (ii) Seller has complied with
all covenants on its part to perform on or prior to Closing and (iii) all closing conditions in favour of Seller shall have been satisfied or waived; 
 (d) Delivery of a certificate executed by an officer of IGLOO (A) attaching and certifying copies of all minutes or consents of the board and shareholders of IGLOO required to approve the
Transaction, (B) listing the names of the officers of IGLOO authorized to sign this Agreement and the Transaction Documents, together with the true signatures of such officers and (C) certifying that (i) all representations and
warranties of IGLOO are true and correct in all material respects as of the Closing Date, except where a specific representation relates only to a specific date, in which case it shall be true and correct in all material respects as of that date,
(ii) IGLOO has complied with all covenants on its part to perform on or prior to Closing and (iii) all closing conditions in favour of IGLOO shall have been satisfied or waived; 

(e) Delivery of the Purchased Shares, together with duly executed share transfer deeds signed by the Seller effecting the transfer of
the Purchased Shares; 
 (f) Each Purchased Company shall have (i) registered the transfer of the Purchased Shares to the
Purchaser Group (based on the allocation directed by the Purchaser Group) in the Register of Shareholders of such Purchased Company and (ii) notify the Israel Registrar of Companies of the transfer of the Purchased Shares to Purchaser Group;

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 (g) Delivery of duly executed counterparts to the Escrow Agreement from Seller Group
and the Escrow Agent; 
 (h) Evidence of the payment and release of, the conditional release pursuant to payoff letter in form
reasonably satisfactory to Purchaser, or, with the approval of Purchaser, remittance to Purchaser of the amounts necessary to pay, all Indebtedness and Encumbrances listed in Exhibit 9.2(h); 

(i) Evidence that the Founders Agreement is terminated; 
 (j) Evidence that the Intercompany Services Agreements shall have been terminated; 
 (k) Duly executed resignations (or termination notices) from each director of the Purchased Companies, and each officer or other employee of the Purchased Companies specified by the Purchaser Group (each,
a “Terminated Person”) shall have been delivered to Purchaser until the date hereof; 
 (l) A Registration
Rights and Lock-Up Agreement substantially in the form attached hereto as Exhibit 9.2(1) (the “Registration Rights and Lock Up Agreement”) shall have been executed by each of Seller and Igloo with respect to the Share
Consideration, providing for piggy back registration rights and trading restrictions of twelve months from the date of issuance of each tranche of Share Consideration; 
 (m) all Consents specified on Exhibit 9.2(m) hereof required in connection with the Transaction shall have been obtained, each in form and substance reasonably acceptable to Purchaser Group;

 (n) a General Release in the form attached hereto as Exhibit 9.2(n) shall have been executed and delivered by the
Seller Group to Purchaser Group; and 
 9.3 Conditions Precedent to Obligations of the Seller Group. The obligations of
the Seller Group to consummate the Transaction shall be subject to the satisfaction, at or prior to the Closing, of all the following conditions, any one or more of which may be waived in writing by the Seller Group: 

(a) Parent Group shall have delivered the Closing Share Purchase Consideration in the manner specified in this Agreement; 

(b) Parent Group shall have delivered the LogiaDeck Consideration to IGLOO; 

(c) Purchaser Group and the Escrow Agent shall have delivered to the Seller a duly executed counterpart to the Escrow Agreement; and

 (d) A certificate executed by an officer of the Purchaser Group (A) attaching and certifying as to the true and correct
copies of the Organizational Documents of the Purchaser, (B) listing the names of the officers of the Purchaser Group authorized to sign this 

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Agreement and the Transaction Documents, together with the true signatures of such officers and (C) certifying that (i) all representations and warranties of the Purchaser Group are
true and correct in all material respects as of the Closing Date, except where a specific representation relates only to a specific date, in which case it shall be true and correct in all material respects as of that date, (ii) Purchaser Group
has complied with all covenants on its part to perform on or prior to Closing and (iii) all closing conditions in favour of Purchaser Group shall have been satisfied or waived. 

 

	10.	INDEMNIFICATION 

 10.1
Survival. All representations, warranties, covenants, and agreements of the Seller Group and Purchaser Group made in this Agreement (i) shall be deemed to have been relied upon by the Party or Parties to whom they are made, and shall
survive the Closing (subject to the immediately following sentence) regardless of any investigation on the part of such Party or its representatives, with each party reserving all of its rights hereunder in connection with any breach or alleged
breach, and (ii) shall bind the Parties’ successors and assigns (including, without limitation, any successor to any party by way of acquisition, merger or otherwise), whether so expressed or not, and, except as otherwise provided in this
Agreement, all such representations, warranties, covenants and agreements shall inure to the benefit of the Parties and their respective successors and permitted assigns, whether so expressed or not. Notwithstanding the foregoing, the
representations and warranties of the Seller Group and the Purchaser Group contained in this Agreement shall expire and terminate and be of no further force on the date which is eighteen months following the Closing Date (the “Survival
Date”), except that the representations and warranties contained in Sections 6.1 (Organization, Authority, Due Execution and Binding Effect), 6.4 (Ownership, Capitalization, No Encumbrances), 6.7(Organization and Qualification), 6.19
(Intellectual Property), 6.21 (Taxes), 7.1 (Organization, Authority, Due Execution and Binding Effect), 7.4 (Ownership, No Encumbrances) and 7.8 (LogiaDeck Intellectual Property) shall survive the Closing in perpetuity (but subject to any applicable
statute of limitations),(such representations and warranties, collectively, the “Fundamental Representations”). All covenants and other agreements contained in this Agreement shall survive the Closing in perpetuity or until
terminated in accordance with their respective terms. No Indemnified Party shall be indemnified and held harmless for any liability for a breach of any representation or warranty (excluding the breach of any Fundamental Representation) unless the
applicable Indemnifying Party is given written notice from such Indemnified Party asserting a claim on or before the Survival Date. Notwithstanding anything herein to the contrary, if such written notice has been delivered on or before the Survival
Date, then such representation or warranty shall survive as to any claim in such notice until such claim has been finally resolved. 
 10.2 Indemnification of Purchaser Indemnified Parties. 
 10.2.1
Subject to the limitations set forth in this Section 10, Seller Group hereby jointly and severally agree to indemnify and hold harmless the Purchaser Indemnified Parties from and against any and all Losses suffered, sustained or incurred by any
Purchaser Indemnified Party, resulting from, arising in connection with or related to (i) any breach of a representation or warranty made by any of the Seller Group contained in this Agreement, any Transaction Document or any certificate or
other writing delivered pursuant hereto or thereto 

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(other than a Fundamental Representation), (ii) any breach of a Fundamental Representation by any of the Seller Group, (iii) any breach of any covenant made by any of the Seller Group in this
Agreement or any Transaction Document, (iv) any Pre Closing Liabilities, (v) the Volume Litigation, (vi) any Losses with respect to the OCS related to any actions taken by the Seller, the Purchased Companies or any of their Affiliates prior to the
Closing, (vi) any Liabilities related to the termination of the Terminated Persons, regardless of when such Liabilities are payable or (vii) any Transaction Expenses that were not either paid by the Seller Group at or prior to the Closing or set
forth on the Estimated Closing Certificate. 
 10.2.2 If any Purchaser Indemnified Party becomes entitled to any indemnification
under this Agreement, the amount that such Purchaser Indemnified Party is entitled to recover in connection therewith shall nevertheless be limited as follows: 
 (i) first, no Losses in respect of indemnity claims under Section 10.2.1 (i) shall be payable until the total of all such Losses exceeds Fifty Thousand Dollars (U.S. $50,000) (the
“Deductible”), and then recovery shall be permitted hereunder only for all Losses in excess of the Deductible; 
 (ii) second, while the application of the working capital adjustment pursuant to Section 4.7 shall not limit, impair or mitigate any party’s rights to bring any claims for indemnification
hereunder, the Purchaser Indemnified Parties shall not be entitled to recover twice for the same Losses under this Section; and 
 (iii) third, in the case of indemnity claims under Section 10.2.1(i) the maximum aggregate liability of the Seller Group shall be U.S. $750,000; provided that in no event shall the maximum aggregate
liability for indemnity claims liability, other than any claims under Section 10.2.1(vi), exceed the Purchase Price. 

10.2.3 In addition to the indemnification obligations provided in Section 10.2.1, the Seller Group shall jointly and severally
indemnify the Purchaser Indemnified Parties as provided in this Section. Notwithstanding anything herein to the contrary, none of the limitations set forth in Section 10.2.2 shall apply to any of the indemnification obligations under this
Section 10.2.3. If Requisite Consents or Renewals have not been obtained with respect to all of the Designated Contracts on or before the expiration of thirty six (36) months from the Closing Date, the Purchaser Group shall be entitled to
recover liquidated damages by cancelling one-third of the number of shares comprising the Share Consideration deposited in the Escrow Fund at Closing. All other Share Consideration held in the Escrow Fund and not subject to any other indemnity claim
shall thereafter be promptly be released to the Seller Group. If at any time prior to the expiration of thirty six (36) months from the Closing Date the aggregate number of shares comprising the Share Consideration in the Escrow Fund shall be
less than one third of the number of shares deposited at Closing, Purchaser Group shall be entitled to deposit with the Escrow Agent out of any Contingent Share Purchase Consideration payable hereunder a portion of the Contingent Share Purchase
Consideration comprised of shares sufficient to cause the total number of shares comprising the Share Consideration held in the Escrow Fund to be equal one third of the number of shares deposited at Closing. For purposes of this Section, the
Designated Contracts are set forth on Exhibit 10.2.3. 

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 10.3 Indemnification of the Seller Indemnified Parties. 

10.3.1 Subject to the limitations set forth in this Section 10, Purchaser Group hereby agrees to indemnify and hold harmless the
Seller Indemnified Parties from and against any and all Losses suffered, sustained or incurred by any Seller Indemnified Party, resulting from, arising in connection with or related to (i) any breach of a representation or warranty made by
Purchaser Group contained in this Agreement, any Transaction Document or any certificate or other writing delivered pursuant hereto or thereto, (ii) any breach of any covenant made by Purchaser Group in this Agreement or any Transaction
Document or (iii) any Post Closing Liabilities. 
 10.3.2 If any Seller Indemnified Party becomes potentially entitled to
any indemnification, the amount that such Seller Indemnified Party is entitled to recover in connection therewith shall nevertheless be limited as follows: 
 (i) first, no Losses in respect of indemnity claims under Section 10.3.1 (i) shall be payable until the total of all such Losses exceeds the Deductible, and then recovery shall be permitted
hereunder only for all Losses in excess of the Deductible; 
 (ii) second, while the application of the working capital
adjustment pursuant to Section 4.7 shall not limit, impair or mitigate any party’s rights to bring any claims for indemnification hereunder, the Seller Indemnified Parties party shall not be entitled to recover twice for the same Losses
under this Section; and 
 (iii) third, the maximum aggregate liability of Purchaser Group in the case of indemnity claims
under Section 10.3.1 (i) shall be $750,000; provided that in no event shall the maximum aggregate liability for indemnity claims liability exceed the Purchase Price. 
 10.4 Indemnification Procedures. 
 10.4.1 An Indemnified Party may make
claims for indemnification hereunder by giving written notice thereof to the Indemnifying Party within the period in which such indemnification claim can be made hereunder. In the event that an indemnification claim involves a Third Party Claim
against such Indemnified Party, the Indemnified Party shall give prompt written notice thereof together with a statement of any available information regarding such Third Party Claim to the Indemnifying Party; provided that no delay on the part of
the Indemnified Party in giving any such notice shall relieve the Indemnifying Party of any indemnification obligation hereunder except to the extent that the Indemnifying Party is materially prejudiced by such delay. Such written notice shall
describe in reasonable detail the facts constituting the basis for such Third Party Claim and the amount of the potential Losses, in each case to the extent known. If the Indemnifying Party acknowledges in writing its obligation to fully indemnify
the Indemnified Party against any and all Losses that may result from a Third Party Claim, the Indemnifying Party shall have the right upon written notice to the Indemnified Party within fifteen (15) days after receipt from the Indemnified
Party of notice of such claim (or less if the nature of the asserted liability requires (e.g., if an answer is due with respect to a formal complaint)), to assume and conduct at its expense the defense against such Third Party

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Claim through the counsel of its choice (such counsel to be reasonably acceptable to the Indemnified Party); provided, the Indemnifying Party shall not be entitled to assume or maintain control
of the defence of any Third Party Claim if such Third Party Claim relates to or arises in connection with any criminal proceeding, indictment, allegation or investigation. If the Indemnifying Party elects not to assume control within such fifteen
(15) day period, or fails to diligently prosecute or defend such Third Party Claim, the Indemnified Party shall retain or assume control of such Third Party Claim at the expense of the Indemnifying Party. The Party not controlling such Third
Party Claim shall cooperate with and make available to the controlling Party such assistance and materials as may be reasonably requested by it (including copies of any summons, complaint or other pleading which may have been served on such Party
and any written claim, demand, invoice, billing or other document evidencing or asserting the same), and shall have the right at its expense to participate in the defence assisted by counsel of its own choosing; provided, that the Indemnifying Party
shall pay the reasonable fees and expenses of any separate counsel to the Indemnified Party (A) incurred by the Indemnified Party prior to the date the Indemnifying Party assumes control of the defence of the Proceeding or (B) if
representation of both the Indemnifying Party and the Indemnified Party by the same counsel would create an actual or potential conflict of interest, but the Indemnifying Party shall not be obligated to pay the fees and expenses of more than one
counsel for the Indemnified Party unless additional local counsel or specialized counsel is necessary as determined in good faith by the Indemnifying Party. The Party controlling such Third Party Claim shall keep the non-controlling Party reasonably
advised of the status of such Third Party Claim and shall consider in good faith recommendations made by the non-controlling Party with respect thereto. 
 10.4.2 The Indemnified Party shall not agree to any settlement of, or the entry of any judgment arising from, any Third Party Claim without the prior written consent of the Indemnifying Party, which shall
not be unreasonably withheld, conditioned or delayed. If the Indemnifying Party assumes the defence of any Third Party Claim, the Indemnifying Party shall not, without the prior written consent of the Indemnified Party, enter into any settlement or
compromise or consent to the entry of any judgment with respect to such Third Party Claim if such settlement, compromise or judgment (i) involves a finding or admission of wrongdoing by the Indemnified Party, (ii) does not include an
unconditional written release by the claimant or plaintiff of the Indemnified Party from all liability in respect of such Third Party Claim or (iii) imposes equitable remedies or any obligation on the Indemnified Party other than solely the payment
of money damages for which the Indemnified Party will be fully indemnified hereunder. If an offer is made to settle a Third Party Claim, which offer the Indemnifying Party is permitted to settle under this Section only upon the prior written consent
of the Indemnified Party, and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party shall give prompt written notice to the Indemnified Party to that effect. Notwithstanding the foregoing, in the event of a Loss
relating to a Tax Contest, to the extent that this Section 10 is inconsistent with Section 11.3, the provisions of Section 11.3 shall govern. 
 10.5 Set-Off. Notwithstanding anything to the contrary contained in this Agreement, if the Purchaser Group has made, in good faith, any indemnification claim or claims that are reasonably likely to
exceed the amount remaining in the Escrow Fund, Purchaser Group shall not be obligated to make any payment pursuant to Section 4.2 to Seller for the amount by which such indemnification claim or claims are reasonably expected by Purchaser Group
to exceed the 

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amount remaining in the Escrow Fund (the “Set-off Amount”) and instead Purchaser Group shall withhold the Set-off Amount until the indemnification claim is resolved. 

10.6 Treatment of Indemnification Claims. All indemnification payments made under this Agreement shall be treated by all parties
as an adjustment to the Purchase Price. 
 10.7 Calculation of Losses. 

10.7.1 The Seller Group agrees that if, following the Closing, any claim is made against Seller Group by a Purchaser Indemnified Party in
respect of any Losses (a “Loss Payment”), Seller Group shall not have any rights against Purchaser Group or any of the Purchased Companies, by reason of subrogation in respect of any such Loss Payment. 

10.7.2 All Losses shall be determined net of any available insurance proceeds but shall include the amount of any increased premiums
which are the direct result of the Losses. 
 10.7.3 Notwithstanding anything in this Agreement to the contrary, for purposes of
the parties’ indemnification obligations, all of the representations and warranties set forth in this Agreement that are qualified as to “material,” “materiality,” “material respects,” “Material Adverse
Effect” or words of similar import or effect or exception related thereto shall be deemed to have been made without any such qualification or exception for purposes of determining the amount of Losses resulting from, arising out of or relating
to any such breach of representation or warranty. 
 10.7.4 Neither Seller Group nor Purchaser Group shall be liable to the
other under this Agreement in respect of any action, fact or event and any Loss arising therefrom to the extent that the same occurred as a consequence of the passing of, or any change in, after the Closing Date hereof, any law or regulation or any
administrative practice of any public authority, including any increase in the Tax rates or any imposition of taxation or any withdrawal of relief from taxation or any changes in social insurance contribution or any change after the Closing Date of
any generally accepted interpretation or application of any legislation. 
 10.8 Exclusion of Other Remedies. This
Section 10 and Section 11.3 constitute the sole and exclusive remedies from and after the Closing for recovery of Losses arising out of or relating to this Agreement, except (i) with respect to fraud or intentional misrepresentation,
(ii) determination of the Closing Date Net Working Capital Amount, which shall be governed by Section 4.7, and (iii) determining any Contingent Share Purchase Consideration, which shall be governed by Section 4.2 and
(iii) nothing herein shall restrict the ability of Purchaser Group to seek other non-monetary remedies, including, without limitation, specific performance or injunctive relief, against Seller Group in respect of a breach by Seller Group of the
covenants set forth in Section 11.1 or Section 11.2. 
 10.9 Representations and Warranties. The Parties
acknowledge and agree that each is relying only on the representations and warranties of the other Parties set forth in this Agreement and the Transaction Documents, and no Party shall be entitled to rely on, or seek indemnification for, any other
representation or warranty not set forth in this Agreement or the other Transaction Documents. 

 43 (45) 

 
  

	11.	COVENANTS 

 11.1
Confidential Information. 
 (a) Any information obtained by any Party to this Agreement (i) in terms of, or
arising from the implementation of, this Agreement and any other Transaction Document, including its terms and conditions, (ii) relating to the Business of the Purchased Companies, (iii) related to LogiaDeck or (iv) relating to the
business, products, affairs, performance and finances of the Parties for the time being confidential to any of the foregoing or treated by any of the foregoing as such and all inventions (whether patentable or not), invention disclosures and
improvements, all trade secrets, proprietary or confidential information, data, know-how and technology relating to the business of any of the foregoing and/or of any of their respective suppliers, clients and/or customers (“Confidential
Information”), shall be treated as confidential by the Parties and shall not be divulged or permitted to be divulged to any person not being a party to this Agreement, without prior written consent by the other Parties. 

(b) Confidential Information shall not include information, which (i) at the point in time it became known to the receiving party,
was available to the general public, or which, after that point in time, became known to the general public by no fault of, especially no breach of this Agreement by, the receiving party and those persons for whom the receiving party is responsible;
(ii) at the time of its disclosure by a party, was already known to and/or in the possession of the receiving party and was not acquired, directly or indirectly, from the disclosing party; (iii) the receiving party is by regulation and/or
rules of a stock exchange required to disclose to any person and/or governmental authority; or (iv) subsequent to disclosure, is once more disclosed to the receiving party by a third party not under an obligation of secrecy to any of the
parties with respect thereto. In each case the burden of proof on all of the above circumstances shall rest with the party making the allegation that the confidentiality provisions hereof are not applicable. 

(c) A Party shall be entitled to make Confidential Information available to its officers, employees and advisors involved in the
negotiation and/or implementation of this Agreement; subject in each case to such persons being subject to a confidentiality obligation that imposes at least the same level of confidentiality required under this Section. If a Party become legally
compelled to make any disclosure that is prohibited or otherwise restricted by this Section 11.1, then such party will (i) give the other Party immediate written notice of such requirement, (ii) consult with and assist the other Party
in obtaining an injunction or other appropriate remedy to prevent such disclosure and (iii) use its commercially reasonable efforts to obtain a protective order or other reliable assurance that confidential treatment will be accorded to any
information so disclosed. Subject to the previous sentence, the disclosing party may make only such disclosure that, in the written opinion of its counsel, it is legally compelled or otherwise required to make to avoid standing liable for contempt
or suffering other material penalty. 
 (d) No party may issue any press release or make any public statement or other
communication of any kind about the matters in this Agreement or any document referred to in it unless it is agreed in writing by the other Parties; provided, however, that Parent 

 44 (45) 

 
  

 
may issue such press releases as it believes are necessary or appropriate to comply with regulation and/or rules of a stock exchange and/or governmental authority. 

(e) This Section 11.1 shall remain valid indefinitely. 
 11.2 Non-Competition; Non-Solicitation. 
 11.2.1 Seller Group covenants and
agrees that during the period beginning on the Closing Date and ending on the fourth (4th) anniversary of the Closing Date (the “Restricted Period”), the Seller Group shall not, directly or indirectly, whether through any of
their Subsidiaries or otherwise: 
 (a) engage anywhere in the world, either directly or indirectly, as a principal or for its
own account, or solely or jointly with others, or as an equityholder in any corporation or joint stock association or other entity, in any business that directly competes with the Business or LogiaDeck; or 

(b) solicit the employment services of any person employed during the Restricted Period by the Purchased Companies; or 

(c) call upon, solicit, divert, take away or otherwise interfere with any of the customers or prospective customers, or any of the
suppliers, of the Purchased Companies, Purchaser Group or any of their respective Affiliates. 
 11.2.2 Seller Group
acknowledges and agrees that the restrictions contained in this Section 11.2 are a reasonable and necessary protection of the immediate interests of the Purchased Companies and Purchaser Group, and that Purchaser Group would not have entered
into this Agreement without receiving the consideration offered by Seller in binding Seller Group to these restrictions. If any provision contained in this Section 11.2 shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Section 11.2, but this Section 11.2 shall be construed as if such invalid, illegal or unenforceable provision had never been contained
herein. It is the intention of the Parties that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a length of time that is not permitted by applicable law, or in any way construed to be too
broad or to any extent invalid, such provision shall not be construed to be null, void and of no effect, but to the extent such provision would be valid or enforceable under applicable law, a court of competent jurisdiction shall construe and
interpret or reform this Section 11.2 to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained herein) as shall be valid and enforceable under such applicable
law. Seller Group acknowledges that Purchaser Group would be irreparably harmed by any breach of this Section 11.2 and that there would be no adequate remedy at law or in damages to compensate Purchaser Group for any such breach. Seller Group
agrees that, in the event of a breach or threatened breach of this Section 11.2, Purchaser Group shall be entitled to injunctive relief requiring specific performance by Seller Group, without the necessity of proving the inadequacy as a remedy of
money damages or the posting of a bond, and Seller Group consents to the entry thereof; provided, however, that the right to injunctive relief will not be construed as prohibiting Purchaser Group or the Purchased 

 45 (45) 

 
  

 
Companies from pursuing any other available remedies, whether at law or in equity, for such breach or threatened breach. 
 11.2.3 Affirmative Covenants of the Seller. Prior to the Closing, unless the Purchaser otherwise agrees in writing, the Seller will cause each of the Purchased Companies to: 

(a) conduct its business and operations only in the ordinary course of business, consistent with past practice, and preserve intact its
business organizations and goodwill, keep available the services of its officers and employees consistent with past practice and maintain its respective relationships with those persons having business relationships with such Purchased Company;

 (b) maintain its books, accounts, and records in accordance with past custom and practice; 

(c) continue to collect accounts receivable and pay accounts payable using normal procedures, consistent with past practice, and without
discounting or accelerating the collection of, or decelerating the payment of, such accounts; 
 (d) comply in all material
respects with all applicable laws; 
 (e) promptly inform the Purchaser Group in writing of any material variances from the
representations and warranties of Seller contained in this Agreement or any breach of any covenant hereunder by the Seller (provided, that the such notification shall not in any way limit Purchaser Group’s remedies for any breach of a
representation, warranty or covenant); and 
 (f) cooperate with the Purchaser Group and use commercially reasonable efforts to
cause the conditions to the Purchaser Group’s obligation to close to be satisfied. 
 11.2.4 Negative Covenants of the
Seller. Prior to the Closing, unless the Purchaser otherwise agrees in writing and except as expressly contemplated by this Agreement, the Seller will not permit any of the Purchased Companies to: 

(a) sell, lease, assign, license or transfer any of its assets having a value in excess of NIS 35,000, individually, or NIS 70,000 in
the aggregate (or any portion thereof) or any Intellectual Property (other than non-exclusive licenses granted in the ordinary course of business) or mortgage, pledge or subject any of the foregoing to any Encumbrance (other than a Permitted
Encumbrance), (ii) acquire the assets of any other person (including any merger, consolidation or similar transaction), other than in the ordinary course of business, consistent with past practice; 

(b) create, incur, assume or guarantee any Indebtedness or make any loans or advances to any person (except for advances to employees or
officers of such Purchased Company for expenses incurred in the ordinary course of business consistent with past practice); 

 46 (45) 

 
  

 (c) enter into any transaction with any officer, director, Seller, or any Affiliate of
the Seller or (ii) make, grant or promise any bonus, any increase in any employee’s or officer’s compensation or any other change in employment, severance, consulting or benefit terms for any employee, consultant, officer or director
of any of the Purchased Companies, (iii) make any change in the management structure of any of the Purchased Companies (including hiring additional management level employees or officers or the termination of existing management level employees or
officers) or (iv) make or grant any increase in any employee benefits; 
 (d) enter into any Contract or transaction,
other than in the ordinary course of business consistent with past practice with unaffiliated third parties, or (ii) enter into, materially modify or terminate any Contract; 

(e) amend or authorize an amendment to any Organizational Document of any of the Purchased Companies; 

(f) issue or sell any of shares or other equity interests of any of the Purchased Companies, securities convertible into shares or other
equity securities or any options, warrants or other rights to purchase shares or other equity securities or declare, pay, set aside, make or pay any distribution or effectuate any redemptions, equity repurchases, or other transactions involving the
shares or any other equity securities of the Purchased Companies; 
 (g) make, revoke, or change any tax election or method of
tax accounting or procedure, file any amended Tax Return (unless required by law), enter into any closing agreement relating to any Taxes, settle or compromise any liability with respect to Taxes, or consent to any extension or waiver of the statute
of limitations for any such claim or assessment, other than in the ordinary course of business consistent with past practice; 

(h) enter into any agreement, or otherwise become obligated, to take any action prohibited under this Section. 

11.3 Covenants Related to Taxes 
 11.3.1 Seller shall be liable for and shall indemnify and defend Purchaser Indemnified Parties against all Losses for (i) Taxes of the Purchased Companies (including, without limitation, Taxes
attributable to any of the Purchased Company’s assets or employees) imposed on, allocated to, incurred or suffered by the Purchaser Indemnified Parties that are attributable to any period prior to Closing, (ii) any and all Taxes of any
other person imposed on any of the Purchased Companies as a transferee or successor, by Contract or pursuant to any law, which Taxes relate to an event or transaction occurring before the Closing and (iii) any and all payroll Taxes, in each of
the above cases, except to the extent such Taxes were included in the calculation of Closing Date Net Working Capital Amount. 

11.3.2 In the case of any Straddle Period, the amount of any Taxes (other than property or ad valorem Taxes) for the portion of such
Straddle Period ending on the Closing Date shall be determined based on an interim closing of the books as of the close of business on the Closing Date. In the case of any property or ad valorem Taxes that are payable for a Straddle Period, the
portion of such Tax which relates to the portion of such Straddle Period ending on the 

 47 (45) 

 
  

 
Closing Date shall be deemed to be the amount of such Tax for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days in the Straddle Period ending on
the Closing Date and the denominator of which is the number of days in the entire Straddle Period. 
 11.3.3 The Purchaser Group
shall control and be responsible for the preparation and filing of (i) all Tax Returns required to be filed with respect to the Purchased Companies after the Closing Date and (ii) all income Tax Returns filed on or after the Closing Date
that relate to periods ending on or before the Closing Date. All such Tax Returns shall be completed in accordance with applicable law and past practice to the extent permitted by applicable law. The Purchaser Group shall provide copies of any Tax
Returns referred to in clause (ii) above to the Seller for its review and comment at least fifteen (15) days prior to filing; provided the Seller shall make all payments to the Israeli Tax Authorities required with respect to any such Tax
Return. If either the Seller or Purchaser Group is liable for any Taxes to be paid by the other Party pursuant to this Section 11.3 with respect to any Tax Return, prompt reimbursement by the other Party shall be made. 

11.3.4 Purchaser shall control the conduct of any Tax Contest, including determining actions taken to pay, compromise or settle such
Taxes relating to income Tax Returns of the Purchased Companies for any periods prior to the Closing. Seller shall bear reasonable costs in connection therewith. To the extent not inconsistent with the provisions of this Section 11.3, the
provisions of Section 10 shall apply in the case of any claim for Losses related to Taxes; provided, that none of the limitations set forth in Section 10 shall apply to the indemnification provisions set forth in this Section 11.3.

 11.3.5 Each of Purchaser Group and Seller shall: (a) provide assistance to the other Party or Parties as reasonably
requested in preparing and filing Tax Returns and responding to Tax audits or Tax authority disputes; (b) make available to the other Party or Parties as reasonably requested all information, records, and documents relating to Taxes concerning
the Purchased Companies (including copies of Tax Returns); and (c) retain any books and records that could reasonably be expected to be necessary or useful in connection with any preparation by any the other Party or Parties of any Tax Return,
or for any audit, examination, or proceeding relating to Taxes. Prior to filing any Tax Return that is attributable to the Straddle Period, Purchaser Group shall provide to Seller copies of all Tax Return Purchaser Group proposes to file and shall
give Seller a reasonable opportunity to review and comment on the same. 
 11.4 Transfer of LogiaDeck. IGLOO shall,
concurrently with the Closing, transfer good and marketable title to LogiaDeck and all related Intellectual Property to Purchaser pursuant to the terms of the LogiaDeck Assignment and Transfer Agreement in the form attached hereto as Exhibit 2.2

 11.5 Transfer of Key Assets and Contracts not held by the Purchased Companies. The Seller Group shall assign and
transfer or cause to be assigned and transferred to the Purchaser all rights related to Key Assets and Contracts held by the Seller Group or any Affiliated (other than the Purchased Companies) as of the Closing Date, on terms and conditions
reasonably acceptable to Purchaser Group 

 48 (45) 

 
  

 11.6 Use of Logia Name. Within thirty days following the Closing, Seller shall,
and shall cause each of its Affiliates, to cease using the name “Logia” as part of their corporate names, trade names or for any other purpose. 
 11.7 Certain Covenants With Respect to Contracts. 
 11.7.1 If any Contract
is not capable of being assigned, transferred or conveyed without first obtaining any approval, consent or waiver of any party to such Contract, or if the consummation of the Transaction would otherwise constitute a breach thereof or permit any
party thereto to terminate the Contract or modify the Contract in any material manner, Seller shall use its best efforts to obtain all requisite Consents with respect to such Contract, in form and substance reasonably satisfactory to the Purchaser
Group (each, a “Requisite Consent”) as soon as practicable so as assign and convey such Contracts to Purchaser or to otherwise enable the Purchaser and the Purchased Companies to enjoy the benefits under such Contracts, free of any
such default, termination or other rights that may arise as a result of the consummation of the Transaction. 
 11.7.2 To the
extent that any Requisite Consent with respect to any Contract has not been obtained by the Closing, Seller Group shall, if requested by Purchaser Group, during the remaining term of such Contract use its best efforts to (i) obtain the
Requisite Consent with respect to each such Contract, (ii) cooperate with Purchaser Group in any reasonable and lawful arrangements designed to provide the benefits of each such Contract to Purchaser; and (iii) enforce, at the request of
Purchaser Group, any rights of Seller Group arising from each such Contract against each other party thereto (including the right to elect to terminate any such Contract in accordance with the terms thereof upon the direction of Purchaser Group.

 11.8 Sales and Transfer Taxes. IGLOO shall be responsible for the payment of any and all sales, transfer and similar Taxes
related to the assignment and transfer of LogiaDeck and related Intellectual Property to Purchaser. 
 11.9 Release of
Guarantees. Purchaser Group shall use commercially reasonable efforts to release, and if necessary or appropriate, replace, those certain guarantees described on Exhibit 11.9 hereto related to deposit accounts maintained by one or more of
the Purchased Companies, promptly following the Closing. Purchaser Group shall use commercially reasonable efforts to release, or replace, any other comparable guarantees (if and to the extent any exist) extended by the Seller or its shareholders
with respect to any other deposit accounts of the Purchased Companies. 
  

	12.	TERMINATION 

 12.1
Termination. This Agreement may be terminated by written notice of termination at any time before the Closing Date only as follows: 
 (i) by mutual written consent of Purchaser and Seller; or 
 (ii) by Purchaser or
Seller, if the Closing shall not have occurred within ninety days of the date of this Agreement (or by such later date as shall be mutually agreed to by Purchaser and the Seller in writing), so long as the terminating party is not

 49 (45) 

 
  

 
then in material breach of any of its representations, warranties, covenants or agreements contained in this Agreement; or 

(iii) by Purchaser or Seller, if any court of competent jurisdiction or governmental authority shall have issued an order, decree or
ruling or taken any other action permanently restraining, enjoining or otherwise prohibiting the consummation of the transactions provided hereunder and such order, decree, ruling or other action shall have become final and nonappealable; or

 (iv) by Seller, in the event of a breach in any material respect by Purchaser of any representation, warranty, covenant or
agreement contained in this Agreement which (i) cannot or has not been cured within fifteen (15) days after the giving of written notice of such breach to Purchaser and has not been waived by Seller pursuant to the provisions hereof and
(ii) would cause the closing conditions in favor of Seller not to be satisfied; or 
 (v) by Purchaser, in the event of a
breach in any material respect by Seller of any representation, warranty, covenant or agreement contained in this Agreement which (i) cannot or has not been cured prior to fifteen (15) days after the giving of written notice of such breach
to Seller and has not been waived by Purchaser pursuant to the provisions hereof and (ii) would cause the conditions in favor of Purchaser not to be satisfied. 
 12.2 Remedies for Breach of Agreement Prior to Closing. Termination of this Agreement by either Party shall be without prejudice to any rights or remedies of the Parties. 

 

	13.	MISCELLANEOUS 

 13.1
Waiver. The failure of any Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of any right hereunder, nor shall it deprive that Party of the right thereafter to insist upon the
strict adherence to that term or any other terms of this Agreement. 
 13.2 Assignment. No Party may assign, delegate,
sub-contract or otherwise transfer or pledge or grant any other security interest in or over any of its rights or obligations under this Agreement. 
 13.3 Costs. The Seller Group and the Purchaser Group will each bear its own fees and expenses, including but not limited to legal fees and expenses, incurred in connection with the negotiations,
preparation and execution of this Agreement and the transactions contemplated hereby. 
 13.4 Arrears. Any past due sum
under this Agreement shall bear an interest of 1% per month, as of the last date designated for such payment and until the actual disbursement thereof. 
 13.5 Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction or arbitrator selected under this
Agreement, such invalidity, illegality or unenforceability shall not affect any other provision hereof or the application of such provision to any other persons or circumstances. 

 50 (45) 

 
  

 13.6 No Agreement to the benefit of Third Parties. No provision or representation
contained in this Agreement shall be deemed as to grant or impart any right or create any obligation towards any third party. 

13.7 Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one and the same
Agreement. 
 13.8 Previous Agreements. All agreements prior to the date of this Agreement between the Parties regarding
the subject matter hereof, whether written or oral, have been superseded by this Agreement, including the Summary of Proposed Terms dated April 19th, 2012 and the Mutual Non-Disclosure Agreement dated February 16th, 2012. 

13.9 Amendments. No modifications, amendments or alterations of this Agreement may be made except in writing, signed by all
parties hereto and designated as an amendment. 
 13.10 Notices. Any notice, request or other communication with respect
to this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally, sent by reputable international overnight courier or e-mail (with return or delivery receipt obtained) to the Parties at the respective
addresses set out in the introduction to this Agreement, or to such other addresses that a Party specifies in writing to the other Parties. All communication between the Parties shall be in English. 

13.11 Governing Law and dispute resolution. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of California, United States of America, without giving rise to its provisions regarding choice of laws.

 (b) Except for claims for injunctive relief, which may be sought from any court having jurisdiction (whether US, Israeli or
other), any claim arising out of or relating to this Agreement, including without limitation its validity, interpretation, enforceability or breach, and any related tort law theories, which are not settled by agreement between the parties, shall (a)
first be submitted to good faith mediation between parties’ counsels and (b) if mediation does not produce an agreed solution within 30 days after notice of claim is first given, then either party may submit the dispute to arbitration.

 (c) Any and all disputes, controversies or differences in opinion shall be finally resolved through arbitration in
accordance with the arbitration rules and procedures of the American Arbitration Association, by one (1) arbitrator appointed in accordance with the said rules. Such proceedings shall take place in Los Angeles, California and shall be conducted
in the English language. Except as provided herein, each party agrees that such arbitration is its exclusive remedy and expressly waives any right to seek redress in any other forum. 

(d) The fees of any mediator or arbitrator shall be borne equally by each party until the conclusion of any arbitration. The non
prevailing party in any arbitration shall reimburse the prevailing party for its reasonable attorneys, accountants and expert fees and related expenses and for the costs of the arbitration and mediation proceeding (including the fees of the mediator
and arbitrator), unless the arbitrator finds that the prevailing party did not make a 

 51 (45) 

 
  

 
good faith effort to resolve the matter through mediation, in which case each party shall bear its own such expenses. The parties hereby agree to use their best efforts to keep all matters
relating to any dispute confidential. 
 (e) Each of the Parties submits to the exclusive jurisdiction of the state or federal
courts located in Los Angeles, California, in any action or proceeding arising out of, or relating to, this Agreement, agrees that all claims in respect of the action or proceeding may be heard and determined in any such court and agrees not to
bring any action or proceeding arising out of, or relating to, this Agreement in any other court. Each of the Parties waives any defence of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or
other security that might be required of any other Party with respect thereto. Each Party agrees that service of summons and complaint or any other process that might be served in any action or proceeding may be made on such Party by sending or
delivering a copy of the process to the Party to be served at the address of the Party and in the manner provided for the giving of notices in Section 13.10. Nothing in this Section, however, shall affect the right of any Party to serve legal
process in any other manner permitted by law or to enforce any arbitral award or judgment in any court of competent jurisdiction. Each Party agrees that a final judgment in any action so brought shall be conclusive and may be enforced by suit on the
judgment or in any other manner provided by law. 
 13.12 Public Announcements. The Parties shall not issue or cause the
publication of any press release or other public announcement with respect to this Agreement or the Transaction, except that the Purchaser Group, on the one hand, and the Seller Group, on the other hand, may issue a joint press release if mutually
agreed; provided, however, that nothing herein shall prohibit any Party from issuing or causing publication of any such press release or public announcement to the extent that such Party determines such action to be required by law, applicable
regulation or stock exchange rule, in which case the Party making such determination shall, if practicable in the circumstances, use reasonable efforts to allow the other Parties reasonable time to comment on such release or announcement in advance
of its issuance. 
 13.13 Purchaser Group – Joint and Several Obligations. The obligations of Parent and Purchaser
under this Agreement in favour of Seller Group are joint and several obligations of each of them. 
 IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement. 
  

			
	Seller Group:
	
	Logia Group Ltd.
		
	By:	 	 /s/ Kobi Marenko

 52 (45) 

 
  

			
	Name:	 	Kobi Marenko
		
	Title:	 	CEO
	
	S.M.B.P. IGLOO Ltd.
		
	By:	 	 /s/ Kobi Marenko

		
	Name:	 	Kobi Marenko
		
	Title:	 	CEO
	
	Purchaser Group:
	
	Mandalay Digital Group, Inc.
		
	By:	 	 /s/ Peter Adderton

		
	Name:	 	Peter Adderton
		
	Title:	 	CEO
	
	MDG Logia Holdings LTD
		
	By:	 	 /s/ Peter Adderton

		
	Name:	 	 Peter Adderton

		
	Title:	 	CEO

 Execution Version 
 FIRST AMENDMENT 
 TO PURCHASE AGREEMENT 

This FIRST AMENDMENT TO PURCHASE AGREEMENT (this “Amendment”) dated as of September 13, 2012 (the
“Effective Date”), is entered into by and among Mandalay Digital Group, Inc. and M.D.G. Logia Holdings, Ltd. (collectively, the “Purchaser Group”), and LOGIADECK Ltd. (formerly known as
S.M.B.P. IGLOO Ltd.) and Logia Group Ltd. (collectively, the “Seller Group”). All capitalized terms not otherwise defined in this Amendment have the meaning ascribed to them in the Purchase Agreement (as defined below).

 RECITALS 
 WHEREAS, Purchaser Group and Seller Group are parties to that certain Purchase Agreement, dated as of August 11, 2012 (the “Purchase Agreement”), pursuant to which the
Seller Group agreed to sell to Purchaser Group, and Purchaser Group agreed to purchase from Seller Group, Logia Content Development and Management Ltd., Volas Entertainment Ltd., Mail Bit Logia (2008) Ltd. and the assets comprising LogiaDeck;

 WHEREAS, S.M.B.P. IGLOO Ltd. has changed its name from S.M.B.P. IGLOO Ltd. to LOGIADECK Ltd. with no modification of
its responsibilities under the Purchase Agreement; and 
 WHEREAS, Purchaser Group and Seller Group desire to amend the
Purchase Agreement to reflect the change in S.M.B.P. IGLOO Ltd.’s name. 
 NOW, THEREFORE, in consideration of the
foregoing, the mutual promises of the parties hereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Purchaser Group and Seller Group hereby amend the
Purchase Agreement as follows: 
 1. Effective as of the Effective Date, all references in the Purchase Agreement to
“S.M.B.P. IGLOO Ltd.” are hereby deleted and replaced with “LOGIADECK Ltd.” 
 2. Except as expressly
amended hereby, the Purchase Agreement shall remain in full force and effect and the Purchase Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects. 

3. This Amendment may be executed in one or more counterparts, all of which, when taken together, shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or electronic delivery in PDF format shall be as effective as delivery of a manually executed counterpart of this Amendment and shall be sufficient
to bind the Parties to the terms and conditions hereof. 

  
 - 1 -

 IN WITNESS WHEREOF, the parties have caused this Amendment to the Purchase Agreement
to be duly executed as of the date first written above. 
  

			
	SELLER GROUP:
	
	Logia Group Ltd.
		
	By:	 	 /s/ Kobi Marenko

		
	Name:	 	Kobi Marenko
		
	Title:	 	CEO
	
	 LOGIADECK Ltd.
 (f/k/a S.M.B.P. IGLOO Ltd.)

		
	By:	 	 /s/ Kobi Marenko

		
	Name:	 	Kobi Marenko
		
	Title:	 	CEO
	
	PURCHASER GROUP:
	
	Mandalay Digital Group, Inc.
		
	By:	 	 /s/ Peter Adderton

		
	Name:	 	Peter Adderton
		
	Title:	 	CEO
	
	M.D.G. Logia Holdings, Ltd.
		
	By:	 	 /s/ Peter Adderton

		
	Name:	 	 Peter Adderton

		
	Title:	 	CEO

  

					
		 	- 2 -	 	Signature Page of
		 		 	First Amendment to Purchase Agreement

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