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Exhibit 4.20    
    

 
 

SILICON VALLEY BANCSHARES
  
    and
  
    WELLS FARGO BANK MINNESOTA, N.A.    
    
    
    AMENDED AND RESTATED
  
    PREFERRED STOCK RIGHTS AGREEMENT
  
    Dated as of January 29,
 2004    
    

 
 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	Section 1.	 	Certain Definitions	 	1
	

Section 2.	
 	

Appointment of Rights Agent	
 	

6
	

Section 3.	
 	

Issuance of Rights Certificates	
 	

6
	

Section 4.	
 	

Form of Rights Certificates	
 	

7
	

Section 5.	
 	

Countersignature and Registration	
 	

8
	

Section 6.	
 	

Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates	
 	

8
	

Section 7.	
 	

Exercise of Rights; Exercise Price; Expiration Date of Rights	
 	

9
	

Section 8.	
 	

Cancellation and Destruction of Rights Certificates	
 	

11
	

Section 9.	
 	

Reservation and Availability of Preferred Shares	
 	

11
	

Section 10.	
 	

Record Date	
 	

12
	

Section 11.	
 	

Adjustment of Exercise Price, Number of Shares or Number of Rights	
 	

12
	

Section 12.	
 	

Certificate of Adjusted Exercise Price or Number of Shares	
 	

18
	

Section 13.	
 	

Consolidation, Merger or Sale or Transfer of Assets or Earning Power	
 	

18
	

Section 14.	
 	

Fractional Rights and Fractional Shares	
 	

21
	

Section 15.	
 	

Rights of Action	
 	

22
	

Section 16.	
 	

Agreement of Rights Holders	
 	

22
	

Section 17.	
 	

Rights Certificate Holder Not Deemed a Stockholder	
 	

23
	

Section 18.	
 	

Concerning the Rights Agent	
 	

23
	

Section 19.	
 	

Merger or Consolidation or Change of Name of Rights Agent	
 	

23
	

Section 20.	
 	

Duties of Rights Agent	
 	

24
	

Section 21.	
 	

Change of Rights Agent	
 	

25
	

Section 22.	
 	

Issuance of New Rights Certificates	
 	

26
	

Section 23.	
 	

Redemption	
 	

26
	

Section 24.	
 	

Exchange	
 	

27
	

Section 25.	
 	

Notice of Certain Events	
 	

28
	

Section 26.	
 	

Notices	
 	

29
	

Section 27.	
 	

Supplements and Amendments	
 	

29
	

Section 28.	
 	

Successors	
 	

30
	

Section 29.	
 	

Determinations and Actions by the Board of Directors, etc.	
 	

30
	

Section 30.	
 	

Benefits of this Agreement	
 	

31
	

Section 31.	
 	

Severability	
 	

31
	 	 	 	 	 

ii

 

	

Section 32.	
 	

Governing Law	
 	

31
	

Section 33.	
 	

Counterparts	
 	

31
	

Section 34.	
 	

Descriptive Headings	
 	

31
	

EXHIBITS	
 	

 
	

Exhibit A	
 	

Form of Certificate of Designation	
 	

 
	

Exhibit B	
 	

Form of Rights Certificate	
 	

 
	

Exhibit C	
 	

Summary of Rights	
 	

 

iii

 
 

AMENDED AND RESTATED PREFERRED STOCK RIGHTS AGREEMENT    
    

        This Amended and Restated Preferred Stock Rights Agreement, dated as of January 29, 2004, between Silicon Valley Bancshares, a Delaware corporation (the
"Company" or "Delaware Bancshares"), and Wells Fargo Bank Minnesota, N.A. (the
"Rights Agent") amends, restates, supercedes and replaces in its entirety that certain Preferred Shares Rights Agreement, dated as of October 22,
1998 (the "Original Agreement"), between Norwest Bank Minnesota, N.A., predecessor in interest to the Rights Agent, and Silicon Valley Bancshares, a
California corporation and predecessor to the Company ("California Bancshares"). 

        WHEREAS,
on October 22, 1998, (the "Rights Dividend Declaration Date"), the Board of Directors of California Bancshares authorized
and declared a dividend of one Preferred Share Purchase Right (a "California Bancshares Right") for each share of California Bancshares Common Stock
outstanding as of the Close of Business (as hereinafter defined) on November 9, 1998 (the "Record Date"), each California Bancshares Right
representing the right to purchase one one-thousandth (0.001) of a share of Series A Participating Preferred Stock of California Bancshares. 

        WHEREAS,
on April 23, 1999, in connection with the Company's reincorporation into Delaware, California Bancshares was merged with and into Delaware Bancshares pursuant to which
California Bancshares ceased to exist and Delaware Bancshares continued to operate the business of the Company as the surviving corporation (the
"Reincorporation"). 

        WHEREAS,
in connection with the Reincorporation, the duties of California Bancshares under the Original Agreement became the duties of the Company. 

        WHEREAS,
on November 6, 2003, the Board of Directors of the Company confirmed and ratified the assumption of the California Bancshares Rights and the Original Agreement upon the
effectiveness of the Reincorporation. 

        WHEREAS,
on November 6, 2003, the Company and the Rights Agent executed Amendment No. 1 to the Original Agreement ("Amendment
No. 1") to amend Section 1(a) of the Original Agreement to increase from 10% to 15% the minimum percentage of Common Shares then outstanding that any Person, who
or which, together with all Affiliates and Associates of such Person, shall beneficially own to qualify as an Acquiring Person (as each capitalized term is defined in the Original Agreement, as
amended). 

        WHEREAS,
pursuant to Section 27 of the Original Agreement, as amended, the parties hereto wish to amend and restate the Original Agreement, as amended, to read in its entirety as
set forth herein, such that this Agreement shall supercede and replace the Original Agreement, as amended. 

        NOW,
THEREFORE, in consideration of the promises and the mutual agreements herein set forth, the parties agree that the Original Agreement, as amended, is hereby amended and restated to
read in its entirety as follows: 

        Section 1.    Certain Definitions.    For purposes of this Agreement, the following terms have the meanings
indicated: 

        (a)   "Acquiring Person" shall mean any Person, who or which, together with all Affiliates and Associates of such Person, shall
be the Beneficial Owner of 15% or more of the Common Shares then outstanding, but shall not include the Company, any Subsidiary of the Company or any employee benefit plan of the Company or of any
Subsidiary of the Company, or any entity holding Common Shares for or pursuant to the terms of any such plan. Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the
result of an acquisition of Common Shares by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 15% or
more of the Common Shares of the Company then outstanding; provided, however, that if a Person shall
become the Beneficial Owner of 15% or more of the Common Shares of the Company then outstanding by reason of share purchases by the Company and shall, after such share purchases by the Company, become
the Beneficial Owner of any additional Common Shares of the Company 

 

(other
than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Shares in Common Shares or pursuant to a split or subdivision of the outstanding Common
Shares), then such Person shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional Common Shares of the Company such Person does not beneficially own 15%
or more of the Common Shares of the Company then outstanding. Notwithstanding the foregoing, (i) if the Company's Board of Directors determines in good faith that a Person who would otherwise
be an "Acquiring Person," as defined pursuant to the foregoing provisions of this paragraph (a), has become such inadvertently (including, without limitation, because (A) such Person was
unaware that it beneficially owned a percentage of the Common Shares that would otherwise cause such Person to be an "Acquiring Person," as defined pursuant to the foregoing provisions of this
paragraph (a), or (B) such Person was aware of the extent of the Common Shares it beneficially owned but had no actual knowledge of the consequences of such beneficial ownership under
this Agreement) and without any intention of changing or influencing control of the Company, and if such Person divested or divests as promptly as practicable a sufficient number of Common Shares so
that such Person would no longer be an "Acquiring Person," as defined pursuant to the foregoing provisions of this paragraph (a), then such Person shall not be deemed to be or to have become an
"Acquiring Person" for any purposes of this Agreement including, without limitation, Section 1(hh) hereof; and (ii) if, as of the date hereof, any Person is the Beneficial Owner of 15%
or more of the Common Shares outstanding, such Person shall not be or become an "Acquiring Person," as defined pursuant to the foregoing provisions of this paragraph (a), unless and until such
time as such Person shall become the Beneficial Owner of additional Common Shares (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Shares in
Common Shares or pursuant to a split or subdivision of the outstanding Common Shares), unless, upon becoming the Beneficial Owner of such additional Common Shares, such Person is not then the
Beneficial Owner of 15% or more of the Common Shares then outstanding. 

        (b)   "Adjustment Fraction" shall have the meaning set forth in Section 11(a)(i) hereof. 

        (c)   "Affiliate" and "Associate" shall have the respective meanings ascribed
to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement. 

        (d)   A
Person shall be deemed the "Beneficial Owner" of and shall be deemed to "beneficially
own" any securities: 

          (i)  which
such Person or any of such Person's Affiliates or Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the Exchange Act
and Rule 13d-3 thereunder (or any comparable or successor law or regulation); 

         (ii)  which
such Person or any of such Person's Affiliates or Associates has (A) the right to acquire (whether such right is exercisable immediately or only after the
passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public
offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise;  provided, however, that a Person shall not be deemed pursuant to this Section 1(d)(ii)(A) to be
the Beneficial Owner of, or to beneficially own, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person's Affiliates or
Associates until such tendered securities are accepted for purchase or exchange, or (2) securities which a Person or any of such Person's Affiliates or Associates may be deemed to have the
right to acquire pursuant to any merger or other acquisition agreement between the Company and such Person (or one or more of its Affiliates or Associates) if such agreement has been approved by the
Board of 

2

 

Directors
of the Company prior to there being an Acquiring Person; or (B) the right to vote pursuant to any agreement, arrangement or understanding;  provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own,
any security under this Section 1(d)(ii)(B) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person
in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange Act and (2) is not also then reportable on
Schedule 13D under the Exchange Act (or any comparable or successor report); or 

        (iii)  which
are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such Person or any of such Person's
Affiliates or Associates has any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with
respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to Section 1(d)(ii)(B)) or disposing of any
securities of the Company; provided, however, that in no case shall an officer or director of the
Company be deemed (x) the Beneficial Owner of any securities beneficially owned by another officer or director of the Company solely by reason of actions undertaken by such persons in their
capacity as officers or directors of the Company or (y) the Beneficial Owner of securities held of record by the trustee of any employee benefit plan of the Company or any Subsidiary of the
Company for the benefit of any employee of the Company or any Subsidiary of the Company, other than the officer or director, by reason of any influence that such officer or director may have over the
voting of the securities held in the plan. 

        (e)   "Business Day" shall mean any day other than a Saturday, Sunday or a day on which banking institutions in New York are
authorized or obligated by law or executive order to close. 

        (f)    "Close of Business" on any given date shall mean 5:00 P. M., New York time, on such date;  provided, however,
that if such date is not a Business Day it shall mean 5:00 P.M., New York
time, on the next succeeding Business Day. 

        (g)   "Common Stock Equivalents" shall have the meaning set forth in Section 11(a)(iii) hereof.  "Common Shares" when used with reference to the
Company shall mean the shares of Common Stock of the Company, par value at $0.001 per share. Common
Shares when used with reference to any Person other than the Company shall mean the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a
Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person. 

        (h)   "Company" shall mean Silicon Valley Bancshares, a Delaware corporation, subject to the terms of
Section 13(a)(iii)(C) hereof. 

        (i)    "Current Per Share Market Price" of any security (a "Security" for purposes of this definition), for all computations
other than those made pursuant to Section 11(a)(iii) hereof, shall mean the average of the daily closing prices per share of such Security for the thirty (30) consecutive Trading
Days immediately prior to such date, and for purposes of computations made pursuant to Section 11(a)(iii) hereof, the Current Per Share Market Price of any Security on any date shall be
deemed to be the average of the daily closing prices per share of such Security for the ten (10) consecutive Trading Days immediately prior to such date;  provided, however, that in the event that the Current Per Share Market Price of the Security is
determined during a period following the announcement by the issuer of such Security of (i) a dividend or distribution on such Security payable in shares of such Security or securities
convertible into such shares or (ii) any subdivision, combination or reclassification of such Security, and prior to the expiration of the applicable thirty (30) Trading Day or ten
(10) Trading Day period, after the ex-dividend date for such dividend or distribution, or the Record date for such subdivision, combination or 

3

 

reclassification,
then, and in each such case, the Current Per Share Market Price shall be appropriately adjusted to reflect the current market price per share equivalent of such Security. The closing
price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported
in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not listed or admitted to
trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which
the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last sale price or, if such last sale price is not
reported, the average of the high bid and low asked prices in the over-the-counter market, as reported by Nasdaq or such other system then in use, or, if on any such date the
Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board of
Directors of the Company. If on any such date no market maker is making a market in the Security, the fair value of such shares on such date as determined in good faith by the Board of Directors of
the Company shall be used. If the Preferred Shares are not publicly traded, the Current Per Share Market Price of the Preferred Shares shall be conclusively deemed to be (x) the Current Per
Share Market Price of the Common Shares as determined pursuant to this Section 1(j), as appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
the date hereof, multiplied by (y) 1,000. If the Security is not publicly held or so listed or traded, Current Per Share Market Price shall mean the fair value per share as determined in good
faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

        (j)    "Current Value" shall have the meaning set forth in Section 11(a)(iii) hereof. 

        (k)   "Distribution Date" shall mean the earlier of (i) the Close of Business on the tenth (10th) Business
day (or such later date as may be determined by action of the Company's Board of Directors) after the Shares Acquisition Date (or, if the tenth (10th) Business day after the Shares
Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) or (ii) the Close of Business on the tenth (10th) Business Day (or such later date as may
be determined by action of the Company's Board of Directors) after the date that a tender or exchange offer by any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established by the Company for or pursuant to
the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if, assuming the
successful consummation thereof, such Person would be an Acquiring Persont. 

        (l)    "Equivalent Shares" shall mean Preferred Shares and any other class or series of capital stock of the Company which is
entitled to the same rights, privileges and preferences as the Preferred Shares. 

        (m)  "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. 

        (n)   "Exchange Ratio" shall have the meaning set forth in Section 24(a) hereof. 

        (o)   "Exercise Price" shall have the meaning set forth in Section 4(a) hereof. 

        (p)   "Expiration Date" shall mean the earliest to occur of: (i) the Close of Business on the Final Expiration Date,
(ii) the Redemption Date, or (iii) the time at which the Board of Directors orders the exchange of the Rights as provided in Section 24 hereof. 

        (q)   "Final Expiration Date" shall mean January 31, 2014. 

4

 

        (r)   "Nasdaq" shall mean The Nasdaq Stock Market, Inc. 

        (s)   "Person" shall mean any individual, firm, corporation or other entity, and shall include any successor (by merger or
otherwise) of such entity. 

        (t)    "Post-Event Transferee" shall have the meaning set forth in Section 7(e) hereof. 

        (u)   "Preferred Shares" shall mean shares of Series A Participating Preferred Stock, par value $0. 001 per share, of
the Company. 

        (v)   "Pre-Event Transferee" shall have the meaning set forth in Section 7(e) hereof. 

        (w)  "Principal Party" shall have the meaning set forth in Section 13(b) hereof. 

        (x)   "Record Date" shall have the meaning set forth in the recitals at the beginning of this Agreement. 

        (y)   "Redemption Date" shall have the meaning set forth in Section 23(a) hereof. 

        (z)   "Redemption Price" shall have the meaning set forth in Section 23(a) hereof. 

        (aa) "Right" shall mean a right to purchase one one-thousandth (0.001) of a Preferred Share (as such number may
be adjusted pursuant to the provisions of this Agreement), upon the terms and subject to the conditions set forth herein. 

        (bb) "Rights Agent" shall mean (i) Wells Fargo Bank Minnesota, N.A., (ii) its successor or replacement as
provided in Sections 19 and 21 hereof or (iii) any additional Person appointed pursuant to Section 2 hereof. 

        (cc) "Rights Certificate" shall mean a certificate substantially in the form attached hereto as Exhibit B. 

        (dd) "Rights Dividend Declaration Date" shall have the meaning set forth in the recitals at the beginning of this Agreement. 

        (ee) "Section 11(a)(ii) Trigger Date" shall have the meaning set forth in
Section 11(a)(iii) hereof. 

        (ff)  "Section 13 Event" shall mean any event described in clause (i), (ii) or (iii) of
Section 13(a) hereof. 

        (gg) "Securities Act" shall mean the Securities Act of 1933, as amended. 

        (hh) "Shares Acquisition Date" shall mean the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such;  provided that, if
such Person is determined not to have become an Acquiring Person pursuant to Section 1(a) hereof, then no Shares Acquisition
Date shall be deemed to have occurred by virtue of such event. 

        (ii)   "Spread" shall have the meaning set forth in Section 11(a)(iii) hereof. 

        (jj)
"Subsidiary" of any Person shall mean any corporation or other entity of which an amount of voting securities sufficient to elect a
majority of the directors or Persons having similar authority of such corporation or other entity is beneficially owned, directly or indirectly, by such Person, or any corporation or other entity
otherwise controlled by such Person. 

        (kk)  "Substitution Period" shall have the meaning set forth in Section 11(a)(iii) hereof. 

        (ll)
"Summary of Rights" shall mean a summary of this Agreement substantially in the form attached hereto as Exhibit C. 

5

 

        (mm)  "Total Exercise Price" shall have the meaning set forth in Section 4(a) hereof. 

        (nn)
"Trading Day" shall mean a day on which the principal national securities exchange on which a referenced security is listed or
admitted to trading is open for the transaction of business or, if a referenced security is not listed or admitted to trading on any national securities exchange, a Business Day. 

        (oo)
A "Triggering Event" shall be deemed to have occurred upon any Person becoming an Acquiring Person. 

        Section 2.    Appointment of Rights Agent.    The Company hereby appoints the Rights Agent to act as agent for
the Company and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Shares) in accordance with the terms
and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable. 

        Section 3.    Issuance of Rights Certificates.    

        (a)   Until
the Distribution Date, (i) the Rights will be evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates for Common Shares
registered in the names of the holders thereof (which certificates shall also be deemed to be Rights Certificates) and not by separate Rights Certificates and (ii) the right to receive Rights
Certificates will be transferable only in connection with the transfer of Common Shares. Until the earlier of the Distribution Date or the Expiration Date, the surrender for transfer of certificates
for Common Shares shall also constitute the surrender for transfer of the Rights associated with the Common Shares represented thereby. As soon as practicable after the Distribution Date, the Company
will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if requested, send) by first-class, postage-prepaid mail, to each
record holder of Common Shares as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the Company, a Rights Certificate evidencing one Right for
each Common Share so held, subject to adjustment as provided herein. In the event that an adjustment in the number of Rights per Common Share has been made pursuant to Section 11 hereof, then
at the time of distribution of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so that Rights
Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights (in accordance with Section 14(a) hereof). As of the Distribution Date,
the Rights will be evidenced solely by such Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart from any transfer of Common
Shares, and the holders of such Rights Certificates as listed in the records of the Company or any transfer agent or registrar for the Rights shall be the record holders thereof. 

        (b)   Shortly
following the Record Date, the Company sent a copy of the summary of rights attached to the Original Agreement to each record holder of California Bancshares
Common Stock as of the Close of Business on the Record Date. With respect to certificates for Common Shares outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced
by such certificates registered in the names of the holders thereof together with such summary of rights. 

        (c)   Unless
the Board of Directors by resolution adopted at or before the time of the issuance of any Common Shares after the Record Date but prior to the earlier of the
Distribution Date or the Expiration Date (or, in certain circumstances provided in Section 22 hereof, after the Distribution Date) specifies to the contrary, Rights shall be issued in respect
of all Common 

6

 

Shares
that are so issued, and Certificates representing such Common Shares shall also be deemed to be certificates for Rights, and shall bear substantially the following legend: 

THIS
CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN SILICON VALLEY BANCSHARES AND WELLS FARGO BANK MINNESOTA, N.A., AS THE
RIGHTS AGENT, (THE "RIGHTS AGREEMENT"), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF SILICON VALLEY BANCSHARES.
UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. SILICON VALLEY BANCSHARES
WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT,
RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD BY
OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID. 

With
respect to such certificates containing the foregoing legend, until the earlier of the Distribution Date or the Expiration Date, the Rights associated with the Common Shares represented by such
certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall also constitute the transfer of the Rights associated with the Common Shares
represented thereby. 

        (d)   In
the event that the Company purchases or acquires any Common Shares after the Record Date but prior to the Distribution Date, any Rights associated with such Common
Shares shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no longer outstanding. 

        Section 4.    Form of Rights Certificates.    

        (a)   The
Rights Certificates (and the forms of election to purchase Common Shares and of assignment to be printed on the reverse thereof) shall be substantially in the form
of Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the
Company may deem appropriate and are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange or a national market system, on which the Rights may from time to time be listed or included, or to conform to usage. Subject to the
provisions of Section 11 and Section 22 hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date (or in the case of Rights issued with respect to
Common Shares issued by the Company after the Record Date, as of the date of issuance of such Common Shares) and on their face shall entitle the holders thereof to purchase such number of
one-thousandths (0.001) of a Preferred Share as shall be set forth therein at the price set forth therein (such exercise price per one one-thousandth (0.001) of a Preferred
Share being hereinafter referred to as the "Exercise Price" and the aggregate Exercise Price of all Preferred Shares issuable upon exercise of one Right
being hereinafter referred to as the "Total Exercise Price"), but the number and type of securities purchasable upon the exercise of each Right and the
Exercise Price shall be subject to adjustment as provided herein. 

7

 

        (b)   Any
Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person or
any Associate or Affiliate of an Acquiring Person, (ii) a Post-Event Transferee, (iii) a Pre-Event Transferee or (iv) any subsequent transferee receiving
transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees, and any Rights Certificate issued
pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain (to the extent
feasible) the following legend: 

THE
RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS
ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS
AGREEMENT. 

        Section 5.    Countersignature and Registration.    

        (a)   The
Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its President
or any Vice President, either manually or by facsimile signature, and by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature, and shall have affixed
thereto the Company's seal (if any) or a facsimile thereof. The Rights Certificates shall be manually countersigned by the Rights Agent and
shall not be valid for any purpose unless countersigned. In case any officer of the Company who shall have signed any of the Rights Certificates shall cease to be such officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company
with the same force and effect as though the person who signed such Rights Certificates on behalf of the Company had not ceased to be such officer of the Company; and any Rights Certificate may be
signed on behalf of the Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at
the date of the execution of this Rights Agreement any such person was not such an officer. 

        (b)   Following
the Distribution Date, the Rights Agent will keep or cause to be kept, at its office designated for such purposes, books for registration and transfer of the
Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the
Rights Certificates and the date of each of the Rights Certificates. 

        Section 6.    Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights
Certificates.    

        (a)   Subject
to the provisions of Sections 7(e), 14 and 24 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business
on the Expiration Date, any Rights Certificate or Rights Certificates may be transferred, split up, combined or exchanged for another Rights Certificate or Rights Certificates, entitling the
registered holder to purchase a like number of one-thousandths (0.001) of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets, as the case may be)
as the Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Rights Certificate or
Rights Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be transferred, split up, combined or
exchanged at the office of the Rights 

8

 

Agent
designated for such purpose. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate
until the registered holder shall have completed and signed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. Thereupon the Rights Agent shall, subject to
Sections 7(e), 14 and 24 hereof, countersign and deliver to the person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Company may require
payment from the registered holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights
Certificates. 

        (b)   Upon
receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, and,
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company's request, reimbursement to the Company and the Rights Agent of all reasonable
expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will make and deliver a new Rights Certificate of like tenor to
the Rights Agent for delivery to the registered holder in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated. 

        Section 7.    Exercise of Rights; Exercise Price; Expiration Date of Rights.    

        (a)   Subject
to Sections 7(e), 23(b) and 24(b) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided
herein) in whole or in part at any time after the Distribution Date and prior to the Close of Business on the Expiration Date by surrender of the Rights Certificate, with the form of election to
purchase on the reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each
one-thousandth (0.001) of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as to which the Rights are exercised. 

        (b)   The
Exercise Price for each one-thousandth (0.001) of a Preferred Share issuable pursuant to the exercise of a Right shall be $100.00 as of the date of this
Amended and Restated Preferred Stock Rights Agreement, subject to adjustment from time to time after the date hereof as provided in Sections 11 and 13 hereof and shall be payable in lawful money of
the United States of America in accordance with paragraph (c) below. 

        (c)   Upon
receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase duly executed, accompanied by payment of the Exercise Price
for the number of one-thousandths (0.001) of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and an amount
equal to any applicable transfer tax required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section 20(k)
hereof, thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer agent for the Preferred Shares) a
certificate or certificates for the number of one-thousandths (0.001) of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to
be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests or (B) if the Company shall have elected to deposit the total number of
one-thousandths (0.001) of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) issuable upon exercise of the Rights hereunder
with a depository agent, requisition from the depository agent depository receipts representing such number of one-thousandths (0.001) of a Preferred 

9

 

Share
(or, following a Triggering Event, other securities, cash or other assets as the case may be) as are to be purchased (in which case certificates for the Preferred Shares (or, following a
Triggering Event, other securities, cash or other assets as the case may be) represented by such receipts shall be deposited by the transfer agent with the depository agent) and the Company hereby
directs the depository agent to comply with such request, (ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in
accordance with Section 14 hereof, (iii) after receipt of such certificates or depository receipts, cause the same to be delivered to or upon the order of the registered holder of such
Rights Certificate, registered in such name or names as may be designated by such holder and (iv) when appropriate, after receipt thereof, deliver such cash to or upon the order of the
registered holder of such Rights Certificate. The payment of the Exercise Price (as such amount may be reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount
equal to any applicable transfer tax required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, may be made in cash or by certified bank check,
cashier's check or bank draft payable to the order of the Company. In the event that the Company is obligated to issue securities of the Company other than Preferred Shares, pay cash and/or distribute
other property pursuant to Section 11(a) hereof, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the
Rights Agent, if and when appropriate. 

        (d)   In
case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent
to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or to his or her duly authorized assigns, subject to the provisions of
Section 14 hereof. 

        (e)   Notwithstanding
anything in this Agreement to the contrary, from and after the first occurrence of a Triggering Event, any Rights beneficially owned by (i) an
Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the
Acquiring Person becomes such (a "Post-Event Transferee"), (iii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who
becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the
Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the
transferred Rights or (B) a transfer which the Company's Board of Directors has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance
of this Section 7(e) (a "Pre-Event Transferee") or (iv) any subsequent transferee receiving transferred Rights from a
Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees, shall become null and void without any further action and no
holder of such Rights shall have any rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall use all reasonable efforts to ensure
that the provisions of this Section 7(e) and Section 4(b) hereof are complied with, but shall have no liability to any holder of Rights Certificates or to any other Person as a result of
its failure to make any determinations with respect to an Acquiring Person or any of such Acquiring Person's Affiliates, Associates or transferees hereunder. 

        (f)    Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with respect to a
registered holder upon the occurrence of any purported exercise as set forth in Section 7 unless such registered holder shall, in addition to having complied with the requirements of subsection
7(a), have (i) completed and signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and
(ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. 

10

   
        Section 8.    Cancellation and Destruction of Rights Certificates.    All Rights Certificates surrendered for
the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled
form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any Rights Certificate purchased or acquired by the Company
otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of the Company, and after any Securities and
Exchange Commission required retention period, destroy such canceled Rights Certificates, and in such case shall deliver a certificate evidencing the destruction thereof to the Company. 

        Section 9.    Reservation and Availability of Preferred Shares.    

        (a)   The
Company covenants and agrees that it will use its best efforts to cause to be reserved and kept available out of its authorized and unissued Preferred Shares not
reserved for another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued Common Shares and/or other securities), the number of Preferred Shares (and,
following the occurrence of the Triggering Event, Common Shares and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights. 

        (b)   If
the Company shall hereafter list any of its Preferred Shares on a national securities exchange, then so long as the Preferred Shares (and, following the occurrence of
a Triggering Event, Common Shares and/or other securities) issuable and deliverable upon exercise of the Rights may be listed on such exchange, the Company shall use its best efforts to cause, from
and after such time as the Rights become exercisable (but only to the extent that it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be listed on such
exchange upon official notice of issuance upon such exercise. 

        (c)   The
Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence of a Triggering Event in which
the consideration to be delivered by the Company upon exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii) hereof, or as soon as is required by
law following the Distribution Date, as the case may be, a registration statement under the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate
form, (ii) cause such registration statement to become effective as soon as practicable after such filing and (iii) cause such registration statement to remain effective (with a
prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and (B) the
date of expiration of the Rights. The Company may temporarily suspend, for a period not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this
Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective. Upon any such suspension, the Company shall issue a
public announcement stating, and notify the Rights Agent, that the exercisability of the Rights has been temporarily suspended, as well as a public announcement and notification to the Rights Agent at
such time as the suspension is no longer in effect. The Company will also take such action as may be appropriate under, or to ensure compliance with, the securities or "blue sky" laws of the various
states in connection with the exercisability of the Rights. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction, unless the
requisite qualification in such jurisdiction shall have been obtained, or an exemption therefrom shall be available, and until a registration statement has been declared and remains effective. 

11

 

        (d)   The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or other securities of the Company) delivered
upon exercise of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and
nonassessable. 

        (e)   The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect
of the original issuance or delivery of the Rights Certificates or of any Preferred Shares (or other securities of the Company) upon the exercise of Rights. The Company shall not, however, be required
to pay any transfer tax which may be payable in respect of any transfer or delivery of Rights Certificates to a person other than, or the issuance or delivery of certificates or depository receipts
for the Preferred Shares (or other securities of the Company) in a name other than that of, the registered holder of the Rights Certificate evidencing Rights surrendered for exercise or to issue or to
deliver any certificates or depository receipts for Preferred Shares (or other securities of the Company) upon the exercise of any Rights until any such tax shall have been paid (any such tax being
payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company's satisfaction that no such tax is due. 

        Section 10.    Record Date.    Each Person in whose name any certificate for a number of
one-thousandths (0.001) of a Preferred Share (or other securities of the Company) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record
of Preferred Shares (or other securities of the Company) represented thereby on, and such
certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Total Exercise Price with respect to which the Rights have been
exercised (and any applicable transfer taxes) was made; provided, however, that if the date of such
surrender and payment is a date upon which the transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be
dated, the next succeeding Business Day on which the transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be
entitled to any rights of a holder of Preferred Shares (or other securities of the Company) for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive
dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

        Section 11.    Adjustment of Exercise Price, Number of Shares or Number of Rights.    The Exercise Price, the
number and kind of shares or other property covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11. 

        (a)   (i)
Anything in this Agreement to the contrary notwithstanding, in the event that the Company shall at any time after the date of this Agreement (A) declare a
dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares (by reverse stock split or
otherwise) into a smaller number of Preferred Shares, or (D) issue any shares of its capital stock in a reclassification of the Preferred Shares (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such event, except as otherwise provided in this Section 11 and
Section 7(e) hereof: (1) the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification shall
be adjusted so that the Exercise Price thereafter shall equal the result obtained by dividing the Exercise Price in effect immediately prior to such time by a fraction (the  "Adjustment Fraction"),
 the numerator of which shall be the total number of Preferred Shares (or shares of capital stock issued in such reclassification
of the Preferred Shares) outstanding immediately following such time and the denominator of which shall be the total number of Preferred Shares outstanding immediately prior to such time;  provided,
however, that in 

12

 

no
event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of such Right; and
(2) the number of one-thousandths (0.001) of a Preferred Share (or share of such other capital stock) issuable upon the exercise of each Right shall equal the number of
one-thousandths (0.001) of a Preferred Share (or share of such other capital stock) as was issuable upon exercise of a Right immediately prior to the occurrence of the event described in
clauses (A)-(D) of this Section 11(a)(i), multiplied by the Adjustment Fraction; provided, however, that, no such adjustment shall be made pursuant to this Section 11(a)(i) to the
extent that there shall have simultaneously occurred an event described in clause (A), (B), (C) or (D) of Section 11(n) with a proportionate adjustment being made
thereunder. Each Common Share that shall become outstanding after an adjustment has been made pursuant to this Section 11(a)(i) shall have associated with it the number of Rights,
exercisable at the Exercise Price and for the number of one-thousandths (0.001) of a Preferred Share (or shares of such other capital stock) as one Common Share has associated with it
immediately following the adjustment made pursuant to this Section 11(a)(i). 

                (ii)   Subject
to Section 24 of this Agreement, in the event that a Triggering Event shall have occurred, then promptly following such Triggering Event
each holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon exercise thereof in accordance with the terms of this
Agreement and payment of the Exercise Price in effect immediately prior to the occurrence of the Triggering Event, in lieu of a number of one-thousandths (0.001) of a Preferred Share, such
number of Common Shares of the Company as shall equal the quotient obtained by dividing (A) the product obtained by multiplying (1) the Exercise Price in effect immediately prior to the
occurrence of the Triggering Event by (2) the number of one-thousandths (0.001) of a Preferred Share for which a Right was exercisable (or would have been exercisable if the
Distribution Date had occurred) immediately prior to the first occurrence of a Triggering Event, by (B) fifty percent (50%) of the Current Per Share Market Price for Common Shares on the date
of occurrence of the Triggering Event; provided, however, that the Exercise Price and the number of
Common Shares of the Company so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof to reflect any events occurring
in respect of the Common Shares of the Company after the occurrence of the Triggering Event. 

                (iii)  In
lieu of issuing Common Shares in accordance with Section 11(a)(ii) hereof, the Company may, if the Company's Board of Directors
determines that such action is necessary or appropriate and not contrary to the interest of holders of Rights and, in the event that the number of Common Shares which are authorized by the Company's
Certificate of Incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of the Rights, or if any
necessary regulatory approval for such issuance has not been obtained by the Company, the Company shall: (A) determine the excess of (1) the value of the Common Shares issuable upon the
exercise of a Right (the "Current Value") over (2) the Exercise Price (such excess, the "Spread")
and (B) with respect to each Right, make adequate provision to substitute for such Common Shares, upon exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price,
(3) other equity securities of the Company (including, without limitation, shares or units of shares of any series of preferred stock which the Company's Board of Directors has deemed to have
the same value as Common Shares (such shares or units of shares of preferred stock are herein called "Common Stock Equivalents")), except to the extent
that the Company has not obtained any necessary stockholder or regulatory approval for such issuance, (4) debt securities of the Company, except to the extent that the Company has not obtained
any necessary stockholder or regulatory approval for such issuance, (5) other assets or (6) any combination of the foregoing, having an aggregate value equal to the Current Value, where
such aggregate value has been determined by the Company's Board of Directors based upon the 

13

 

advice
of a nationally recognized investment banking firm selected by the Company's Board of Directors; provided,  however, that if the Company shall not have made
adequate provision to deliver value pursuant to clause (B) above within thirty (30) days
following the later of (x) the first occurrence of a Triggering Event and (y) the date on which the Company's right of redemption pursuant to Section 23(a) expires (the later of
(x) and (y) being referred to herein as the "Section 11(a)(ii) Trigger Date"), then the Company shall be obligated to
deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price, Common Shares (to the extent available), except to the extent that the Company has not obtained
any necessary stockholder or regulatory approval for such issuance, and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Company's Board of
Directors shall determine in good faith that it is likely that sufficient additional Common Shares could be authorized for issuance upon exercise in full of the Rights or that any necessary regulatory
approval for such issuance will be obtained, the thirty (30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days after the
Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares or take action to obtain such regulatory approval
(such period, as it may be extended, the "Substitution Period"). To the extent that the Company determines that some action need be taken pursuant to
the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all
outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares, to take any
action to obtain any required regulatory approval and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of
any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the
suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common Shares shall be the Current Per Share Market Price of the Common Shares on the
Section 11(a)(ii) Trigger Date and the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Shares on such date. 

        (b)   In
case the Company shall, at any time after the date of this Agreement, fix a record date for the issuance of rights, options or warrants to all holders of Preferred
Shares entitling such holders (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares or Equivalent Shares
or securities convertible into Preferred Shares or Equivalent Shares at a price per share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent Shares)
less than the then Current Per Share Market Price of the Preferred Shares or Equivalent Shares on such record date, then, in each such case, the Exercise Price to be in effect after such record date
shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of Preferred Shares and Equivalent
Shares (if any) outstanding on such record date, plus the number of Preferred Shares or Equivalent Shares, as the case may be, which the aggregate offering price of the total number of Preferred
Shares or Equivalent Shares, as the case may be, to be offered or issued (and/or the aggregate initial conversion price of the convertible securities to be offered or issued) would purchase at such
current market price, and the denominator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of additional Preferred
Shares or Equivalent Shares, as the case may be, to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible);  provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be
less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a consideration part or 

14

 

all
of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Company's Board of Directors, whose determination shall be described in a
statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Preferred Shares and Equivalent Shares owned by or held for the account of the Company
shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights, options or
warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed. 

        (c)   In
case the Company shall, at any time after the date of this Agreement, fix a record date for the making of a distribution to all holders of the Preferred Shares or of
any class or series of Equivalent Shares (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of
evidences of indebtedness or assets (other than a regular quarterly cash dividend, if any, or a dividend payable in Preferred Shares) or subscription rights, options or warrants (excluding those
referred to in Section 11(b)), then, in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately
prior to such record date by a fraction, the numerator of which shall be the Current Per Share Market Price of a Preferred Share or an Equivalent Share on such record date, less the fair market value
per Preferred Share or Equivalent Share (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent) of the
portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a Preferred Share or Equivalent Share, as the case may be, and
the denominator of which shall be such Current Per Share Market Price of a Preferred Share or Equivalent Share on such record date; provided,  however, that
in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the
shares of capital stock of the Company issuable upon exercise of one Right. Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is
not so made, the Exercise Price shall be adjusted to be the Exercise Price which would have been in effect if such record date had not been fixed. 

        (d)   Anything
herein to the contrary notwithstanding, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at
least one percent (1%) of the Exercise Price; provided, however, that any adjustments which by reason of
this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the
nearest cent or to the nearest ten-thousandth (0.0001) of a Common Share or other share or one hundred-thousandth (0.00001) of a Preferred Share, as the case may be. Notwithstanding the
first sentence of this Section 11(d), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the
transaction which requires such adjustment or (ii) the Expiration Date. 

        (e)   If
as a result of an adjustment made pursuant to Section 11(a) or Section 13(a) hereof, the holder of any Right thereafter exercised shall become entitled
to receive any shares of capital stock other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right and, if required, the Exercise Price thereof,
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11(a), 11(b),
11(c), 11(d), 11(g), 11(h), 11(i), 11(j), 11(k) and 11(l), and the provisions of Sections 7, 9, 10, 13 and 14 with respect to the Preferred Shares shall apply on like terms to any such other shares. 

15

 

        (f)    All
Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at the adjusted
Exercise Price, the number of one-thousandths (0.001) of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as
provided herein. 

        (g)   Unless
the Company shall have exercised its election as provided in Section 11(h), upon each adjustment of the Exercise Price as a result of the calculations made
in Section 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number
of Preferred Shares (calculated to the nearest one hundred-thousandth (0.00001) of a share) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately
prior to this adjustment, by (y) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price, and (ii) dividing the product so obtained by the Exercise Price
in effect immediately after such adjustment of the Exercise Price. 

        (h)   The
Company may elect on or after the date of any adjustment of the Exercise Price as a result of the calculations made in Section 11(b) or (c) to adjust
the number of Rights, in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number
of Rights shall be exercisable for the number of one-thousandths (0.001) of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of
record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one hundred-thousandth (0.00001)) obtained by dividing the Exercise Price in
effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price. The Company shall make a public announcement of its
election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which
the Exercise Price is adjusted or any day thereafter, but, if any Rights Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement. If Rights
Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(h), the Company shall, as promptly as practicable, cause to be distributed to holders of
record of Rights Certificates on such record date Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such
adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by such holders prior to the date
of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Rights
Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be
registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement. 

        (i)    Irrespective
of any adjustment or change in the Exercise Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights Certificates
theretofore and thereafter issued may continue to express the Exercise Price per one one-thousandth (0.001) of a Preferred Share and the number of one-thousandths (0.001) of a
Preferred Share which were expressed in the initial Rights Certificates issued hereunder. 

        (j)    Before
taking any action that would cause an adjustment reducing the Exercise Price below the par or stated value, if any, of the number of one-thousandths
(0.001) of a Preferred Share issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally 

16

 

issue
as fully paid and nonassessable shares such number of one-thousandths (0.001) of a Preferred Share at such adjusted Exercise Price. 

        (k)   In
any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the
Company may elect to defer until the occurrence of such event the issuing to the holder of any Right exercised after such record date of the number of one-thousandths (0.001) of a
Preferred Share and other capital stock or securities of the
Company, if any, issuable upon such exercise over and above the number of one-thousandths (0.001) of a Preferred Share and other capital stock or securities of the Company, if any,
issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided,  however, that the Company shall deliver to
such holder a due bill or other appropriate instrument evidencing such holder's right to receive such
additional shares (fractional or otherwise) upon the occurrence of the event requiring such adjustment. 

        (l)    Anything
in this Section 11 to the contrary notwithstanding, prior to the Distribution Date, the Company shall be entitled to make such reductions in the Exercise
Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any
(i) consolidation or subdivision of the Preferred or Common Shares, (ii) issuance wholly for cash of any Preferred or Common Shares at less than the current market price,
(iii) issuance wholly for cash of Preferred or Common Shares or securities which by their terms are convertible into or exchangeable for Preferred or Common Shares, (iv) stock dividends
or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred or Common Shares shall not be taxable to such
stockholders. 

        (m)  The
Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit to be taken) any
action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 

        (n)   In
the event that the Company shall at any time after the date of this Agreement (A) declare a dividend on the Common Shares payable in Common Shares,
(B) subdivide the outstanding Common Shares, (C) combine the outstanding Common Shares (by reverse stock split or otherwise) into a smaller number of Common Shares, or (D) issue
any shares of its capital stock in a reclassification of the Common Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or
surviving corporation), then, in each such event, except as otherwise provided in this Section 11(a) and Section 7(e) hereof: (1) each Common Share (or shares of capital stock
issued in such reclassification of the Common Shares) outstanding immediately following such time shall have associated with it the number of Rights as were associated with one Common Share
immediately prior to the occurrence of the event described in clauses (A)-(D) above; (2) the Exercise Price in effect at the time of the record date for such dividend or of the effective date
of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by multiplying the Exercise Price in effect immediately
prior to such time by a fraction, the numerator of which shall be the total number of Common Shares outstanding immediately prior to the event described in clauses (A)-(D) above, and the denominator
of which shall be the total number of Common Shares outstanding immediately after such event; provided,  however, that in no event shall the consideration
to be paid upon the exercise of one Right be less than the aggregate par value of the shares of
capital stock of the Company issuable upon exercise of such Right; and (3) the number of one-thousandths (0.001) of a Preferred Share (or shares of such other capital stock)
issuable upon the exercise of each Right outstanding after such event shall equal the number of one-thousandths (0.001) of a Preferred Share (or shares of such other capital stock) as were
issuable with respect to one Right immediately prior to such event. Each Common 

17

 

Share
that shall become outstanding after an adjustment has been made pursuant to this Section 11(n) shall have associated with it the number of Rights, exercisable at the Exercise Price and
for the number of one-thousandths (0.001) of a Preferred Share (or shares of such other capital stock) as one Common Share has associated with it immediately following the adjustment made
pursuant to this Section 11(n). If an event occurs which would require an adjustment under both this Section 11(n) and Section 11(a)(ii) hereof, the adjustment provided for
in this Section 11(n) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof. 

        Section 12.    Certificate of Adjusted Exercise Price or Number of Shares.    Whenever an adjustment is made as
provided in Sections 11 and 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment,
(b) file with the Rights Agent and with each transfer agent for the Preferred Shares a copy of such certificate and (c) mail a brief summary thereof to each holder of a Rights
Certificate in accordance with Section 26 hereof. Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give such notice shall not affect the validity
of such adjustment or the force or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment contained therein
and shall not be deemed to have knowledge of such adjustment unless and until it shall have received such certificate. 

        Section 13.    Consolidation, Merger or Sale or Transfer of Assets or Earning Power.    

        (a)   In
the event that, following a Triggering Event, directly or indirectly: 

          (i)  the
Company shall consolidate with, or merge with and into, any other Person (other than a wholly-owned Subsidiary of the Company in a transaction the principal purpose
of which is to change the state of incorporation of the Company and which complies with Section 11(m) hereof); 

         (ii)  any
Person shall consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or surviving corporation of such consolidation
or merger and, in connection with such merger, all or part of the Common Shares shall be changed into or exchanged for stock or other securities of any other person (or the Company); or 

        (iii)  the
Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning
power aggregating fifty percent (50%) or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one or
more of its wholly owned Subsidiaries in one or more transactions, each of which individually (and together) complies with Section 11(m) hereof), 

	
then,
	concurrent
 with and in each such case, 

        (A)  each
holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof at a price equal to the
Total Exercise Price applicable immediately prior to the occurrence of the Section 13 Event in accordance with the terms of this Agreement, such number of validly authorized and issued, fully
paid, nonassessable and freely tradeable Common Shares of the Principal Party (as hereinafter defined), free of any liens, encumbrances, rights of first refusal or other adverse claims, as shall be
equal to the result obtained by dividing such Total Exercise Price by an amount equal to fifty percent (50%) of the Current Per Share Market Price of the Common Shares of such Principal Party on the
date of consummation of such Section 13 Event, provided, however, that the Exercise Price and the number of Common Shares of such Principal Party
so receivable upon exercise of a 

18

 

Right
shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof; 

        (B)  such
Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant
to this Agreement; 

        (C)  the
term "Company" shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11 hereof shall
apply only to such Principal Party following the first occurrence of a Section 13 Event; 

        (D)  such
Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Shares) in connection with the
consummation of any such transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its Common Shares
thereafter deliverable upon the exercise of the Rights; and 

        (E)  upon
the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such Principal Party, each
holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Total Exercise Price as provided in this Section 13(a), such cash, shares, rights, warrants
and other property which such holder would have been entitled to receive had such holder, at the time of such transaction, owned the Common Shares of the Principal Party receivable upon the exercise
of such Right pursuant to this Section 13(a), and such Principal Party shall take such steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the
subsequent exercise of the Rights in accordance with the terms hereof for such cash, shares, rights, warrants and other property. 

        (F)  For
purposes hereof, the "earning power" of the Company and its Subsidiaries shall be determined in good faith by the Company's Board of Directors on the basis of the
operating income of each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by
the Company or any Subsidiary during three full fiscal years preceding such date, during the period such business was operated by the Company or any Subsidiary). 

        (b)   For
purposes of this Agreement, the term "Principal Party" shall mean: 

          (i)  in
the case of any transaction described in clause (i) or (ii) of Section 13(a) hereof: (A) the Person that is the issuer of the securities
into which the Common Shares are converted in such merger or consolidation, or, if there is more than one such issuer, the issuer the Common Shares of which have the greatest aggregate market value of
shares outstanding, or (B) if no securities are so issued, (x) the Person that is the other party to the merger, if such Person survives said merger, or, if there is more than one such
Person, the Person the Common Shares of which have the greatest aggregate market value of shares outstanding or (y) if the Person that is the other party to the merger does not survive the
merger, the Person that does survive the merger (including the Company if it survives) or (z) the Person resulting from the consolidation; and 

         (ii)  in
the case of any transaction described in clause (iii) of Section 13(a) hereof, the Person that is the party receiving the greatest portion of the
assets or earning power transferred pursuant to such transaction or transactions, or, if more than one Person that is a party to such transaction or transactions receives the same portion of the
assets or earning power so transferred and each such portion would, were it not for the other equal portions, constitute the greatest portion of the assets or earning power so transferred, or if the
Person 

19

 

receiving
the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the issuer of Common Shares having the greatest aggregate market value of shares
outstanding; provided that in any such case described in the foregoing clause (b)(i) or (b)(ii), if the Common Shares of such Person are
not at such time or have not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if such Person is a direct or
indirect Subsidiary of another Person the Common Shares of which are and have been so registered, the term "Principal Party" shall refer to such other Person, or (2) if such Person is a
Subsidiary, directly or indirectly, of more than one Person, the Common Shares of which are and have been so registered, the term "Principal Party" shall refer to whichever of such Persons is the
issuer of Common Shares having the greatest aggregate market value of shares outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more
Persons that are not owned, directly or indirectly by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the owners having an interest in the
venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the obligations set forth in this
Section 13 in the same ratio as its interest in such Person bears to the total of such interests. 

        (c)   The
Company shall not consummate any Section 13 Event unless the Principal Party shall have a sufficient number of authorized Common Shares that have not been
issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such issuer shall have executed and
delivered to the Rights Agent a supplemental agreement confirming that such Principal Party shall, upon consummation of such Section 13 Event, assume this Agreement in accordance with Sections
13(a) and 13(b) hereof, that all rights of first refusal or preemptive rights in respect of the issuance of Common Shares of such Principal Party upon exercise of outstanding Rights have been waived,
that there are no rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction, would eliminate or substantially
diminish the benefits intended to be afforded by the Rights and that such transaction shall not result in a default by such Principal Party under this Agreement, and further providing that, as soon as
practicable after the date of such Section 13 Event, such Principal Party will: 

          (i)  prepare
and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights on an
appropriate form, use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement
to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws; 

         (ii)  use
its best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange or to
meet the eligibility requirements for quotation on Nasdaq and list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on Nasdaq; and 

        (iii)  deliver
to holders of the Rights historical financial statements for such Principal Party which comply in all respects with the requirements for registration on
Form 10 (or any successor form) under the Exchange Act. 

20

   
        In the event that at any time after the occurrence of a Triggering Event some or all of the Rights shall not have been exercised at the time of a transaction described in this
Section 13, the Rights which have not theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a) (without taking into account any prior
adjustment required by Section 11(a)(ii)). 

        (d)   In
case the "Principal Party" for purposes of Section 13(b) hereof has provision in any of its authorized securities or in its certificate of incorporation or
by-laws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than to holders of Rights
pursuant to Section 13 hereof), in connection with, or as a consequence of, the consummation of a Section 13 Event, Common Shares or Equivalent Shares of such Principal Party at less
than the then Current Per Share Market Price thereof or securities exercisable for, or convertible into, Common Shares or Equivalent Shares of such Principal Party at less than such then Current Per
Share Market Price, or (ii) providing for any special payment, tax or similar provision in connection with the issuance of the Common Shares of such Principal Party pursuant to the provisions
of Section 13 hereof, then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate any such transaction unless prior thereto the Company and such
Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or
amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with or as a consequence of, the consummation of the proposed
transaction. 

        (e)   The
Company covenants and agrees that it shall not, at any time after the Distribution Date, effect or permit to occur any Section 13 Event, if (i) at the
time or immediately after such Section 13 Event there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially diminish or
otherwise eliminate the benefits intended to be afforded by the Rights, (ii) prior to, simultaneously with or immediately after such Section 13 Event, the stockholders of the Person who
constitutes, or would constitute, the "Principal Party" for purposes of Section 13(b) hereof shall have received a distribution of Rights previously owned by such Person or any of its
Affiliates or Associates or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability of the Rights. 

        (f)    The
provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. 

        Section 14.    Fractional Rights and Fractional Shares.    

        (a)   The
Company shall not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights,
there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the
current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately
prior to the date on which such fractional Rights would have been otherwise issuable, as determined pursuant to the second sentence of Section 1(j) hereof. 

        (b)   The
Company shall not be required to issue fractions of Preferred Shares (other than fractions that are integral multiples of one one-thousandth (0.001) of a
Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions that are integral multiples of one
one-thousandth (0.001) of a Preferred Share). Interests in fractions of Preferred Shares in integral multiples of one one-thousandth (0.001) of a Preferred Share may, at the
election of the Company, be evidenced by depository receipts, pursuant to an appropriate agreement between the Company and a depository selected by it;  provided, that such agreement shall provide that
the holders of such depository receipts shall have 

21

 

all
the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Shares represented by such depository receipts. In lieu of fractional Preferred Shares that
are not integral multiples of one one-thousandth (0.001) of a Preferred Share, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised
as herein provided an amount in cash equal to the same fraction of the current market value of a Preferred Share. For purposes of this Section 14(b), the current market value of a Preferred
Share shall be (x) one thousand multiplied by (y) the closing price of a Common Share (as determined pursuant to the second sentence of Section 1(j) hereof) for the Trading Day
immediately prior to the date of such exercise. 

        (c)   The
Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares upon the exercise or exchange
of Rights. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash
equal to the same fraction of the current market value of a Common Share. For purposes of this Section 14(c), the current market value of a Common Share shall be the closing price of a Common
Share (as determined pursuant to the second sentence of Section 1(j) hereof) for the Trading Day immediately prior to the date of such exercise. 

        (d)   The
holder of a Right by the acceptance of the Right expressly waives his or her right to receive any fractional Rights or any fractional shares (other than fractions
that are integral multiples of one one-thousandth (0.001) of a Preferred Share) upon exercise of a Right. 

        Section 15.    Rights of Action.    All rights of action in respect of this Agreement, excepting the rights of
action given to the Rights Agent pursuant to Section 18 hereof, are vested in the respective registered
holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any registered holder of any Rights Certificate (or, prior to the
Distribution Date, of the Common Shares), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the Common Shares), may, in
his or her own behalf and for his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his or her
right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available to
the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance
of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Agreement. 

        Section 16.    Agreement of Rights Holders.    Every holder of a Right, by accepting the same, consents and
agrees with the Company and the Rights Agent and with every other holder of a Right that: 

        (a)   prior
to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Shares; 

        (b)   after
the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at the principal office or offices of
the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates fully executed; and 

        (c)   subject
to Sections 6(a) and 7(f) hereof, the Company and the Rights Agent may deem and treat the person in whose name the Rights Certificate (or, prior to the
Distribution Date, the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on
the Rights 

22

 

Certificates
or the associated Common Shares certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be
affected by any notice to the contrary. 

        Section 17.    Rights Certificate Holder Not Deemed a Stockholder.    No holder, as such, of any Rights
Certificate shall be entitled to vote, receive dividends or be deemed for any purpose to be the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable
on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of
the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate
action, or to receive notice of meetings or other actions affecting stockholders (except as specifically provided in Section 25 hereof), or to receive dividends or subscription rights, or
otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof. 

        Section 18.    Concerning the Rights Agent.    

        (a)   The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent,
its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company
also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability or expense, incurred without gross negligence, bad faith or willful misconduct on the part of the
Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim
of liability in the premises. In no event will the Rights Agent be liable for special, indirect, incidental or consequential loss or damage of any kind whatsoever, even if the Rights Agent has been
advised of the possibility of such loss or damage. 

        (b)   The
Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted by it in connection with, its administration
of this Agreement in reliance upon any Rights Certificate or certificate for the Preferred Shares or Common Shares or for other securities of the Company, instrument of assignment or transfer, power
of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document reasonably believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof. 

        Section 19.    Merger or Consolidation or Change of Name of Rights Agent.    

        (a)   Any
corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation succeeding to the corporate trust business of the Rights Agent or any successor
Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto;  provided, however,
that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof.
In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights Certificates shall have been countersigned but not delivered, any such
successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates
shall not have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in 

23

 

the
name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement. 

        (b)   In
case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the
Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been
countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force
provided in the Rights Certificates and in this Agreement. 

        Section 20.    Duties of Rights Agent.    The Rights Agent undertakes the duties and obligations imposed by
this Agreement upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound: 

        (a)   The
Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the written advice or opinion of such counsel shall be full and complete
authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such written advice or opinion. 

        (b)   Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including, without
limitation, the identity of any Acquiring Person and the determination of Current Per Share Market Price) be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the
Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights
Agent; and such certificate shall be full
authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

        (c)   The
Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful misconduct. 

        (d)   The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Rights Certificates (except its
countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

        (e)   The
Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof
by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Rights Certificate; nor shall it be responsible for any change in the exercisability of the Rights or any adjustment in the terms of the
Rights (including the manner, method or amount thereof) provided for in Sections 3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would require any such change or adjustment
(except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate furnished pursuant to Section 12 describing such change or
adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Preferred Shares to be issued pursuant to this Agreement
or any Rights Certificate or as to whether any Preferred Shares will, when issued, be validly authorized and issued, fully paid and nonassessable. 

24

 

        (f)    The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts,
instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 

        (g)   The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any one of the Chairman of the
Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable for any action taken or suffered by it in good faith in accordance with instructions of any such officer or for any delay in
acting while waiting for those instructions. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action
proposed to be taken or omitted by the Rights Agent under this Rights Agreement and the date on and/or after which such action shall be taken or such
omission shall be effective. The Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after
the date specified in such application (which date shall not be less than five (5) Business Days after the date on which any officer of the Company actually receives such application, unless
any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received
written instructions in response to such application specifying the action to be taken or omitted. 

        (h)   The
Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or
become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights
Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity. 

        (i)    The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or
agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such
act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 

        (j)    No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not
reasonably assured to it. 

        (k)   If,
with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of
election to purchase, as the case may be, has either not been completed or indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action
with respect to such requested exercise or transfer without first consulting with the Company. 

        Section 21.    Change of Rights Agent.    The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties under this Agreement upon thirty (30) days' notice in writing mailed to the Company and to each transfer agent of the Preferred Shares and the Common Shares by
registered or certified mail, and to the holders of the Rights Certificates by first-class mail. The Company may remove the Rights Agent or any successor Rights Agent upon thirty (30) days'
notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer 

25

 

agent
of the Preferred Shares and the Common Shares by registered or certified mail, and to the holders of the Rights Certificates by first-class mail. If the Rights Agent shall resign or be removed
or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate
(who shall, with such notice, submit his or her Rights Certificate for inspection by the Company), then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction
for the appointment of a new Rights Agent. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as
Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Preferred Shares and the Common Shares, and mail a notice thereof in writing to the registered holders of the Rights Certificates. Failure to
give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment
of the successor Rights Agent, as the case may be. 

        Section 22.    Issuance of New Rights Certificates.    Notwithstanding any of the provisions of this Agreement
or of the Rights to the contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or
change in the Exercise Price and the number or kind or class of shares or other securities or property purchasable under the Rights Certificates made in accordance with the provisions of this
Agreement. In addition, in connection with the issuance or sale of Common Shares following the Distribution Date and prior to the redemption or expiration of the Rights, the Company (a) shall,
with respect to Common Shares so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement or upon the exercise, conversion or exchange of other securities of
the Company outstanding at the date hereof or upon the exercise, conversion or exchange of securities hereinafter issued by the Company and (b) may, in any other case, if deemed necessary or
appropriate by the Board of Directors of the Company, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale;  provided, however, that
(i) no such Rights Certificate shall be issued and this sentence shall be null and void ab
initio if, and to the extent that, such issuance or this sentence would create a significant risk of or result in material adverse tax consequences to the Company or the Person
to whom such Rights Certificate would be issued or would create a significant risk of or result in such options' or employee plans' or arrangements' failing to qualify for otherwise available special
tax treatment and (ii) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. 

        Section 23.    Redemption.    

        (a)   The
Company may, at its option and with the approval of the Board of Directors, at any time prior to the Close of Business on the earlier of (i) the fifth day
following the Shares Acquisition Date (or such later date as may be determined by action of the Company's Board of Directors and publicly announced by the Company) and (ii) the Final Expiration
Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date hereof (such redemption price being herein referred to as the "Redemption Price") and the Company may, at its option, pay the
Redemption Price either in Common Shares (based on the Current Per Share Market Price thereof at the time of redemption) or cash. Such redemption of the Rights by the Company may be made effective at
such time, on such basis and 

26

 

with
such conditions as the Board of Directors in its sole discretion may establish. The date on which the Board of Directors elects to make the redemption effective shall be referred to as the  "Redemption
Date."

        (b)   Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights, evidence of which shall have been filed with the Rights
Agent, and without any further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption
Price. The Company shall promptly give public notice of any such redemption; provided, however, that the
failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within ten (10) days after the action of the Board of Directors ordering the redemption of
the Rights, the Company shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice to all such holders at their last addresses as
they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made.
Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this
Section 23 or in Section 24 hereof, and other than in connection with the purchase of Common Shares prior to the Distribution Date. 

        Section 24.    Exchange.    

        (a)   Subject
to applicable laws, rules and regulations, and subject to subsection 24(c) below, the Company may, at its option, by action of the Board of Directors, at any
time after the occurrence of a Triggering Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of
Section 7(e) hereof) for Common Shares at an exchange ratio of one Common Share per Right (such exchange ratio being hereinafter referred to as the "Exchange
Ratio"). Notwithstanding the foregoing, the Board of Directors shall not
be empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity
holding Common Shares for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares then
outstanding. 

        (b)   Immediately
upon the action of the Board of Directors ordering the exchange of any Rights pursuant to subsection 24(a) of this Section 24 and without any further
action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares equal to the
number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall give public notice of any such exchange; provided,  however,
that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company shall mail a notice of any
such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be
deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Shares for Rights will be effected and, in the event
of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant
to the provisions of Section 7(e) hereof) held by each holder of Rights. 

27

 

        (c)   In
the event that there shall not be sufficient Common Shares issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in
accordance with Section 24(a), the Company shall either take such action as may be necessary to authorize additional Common Shares for issuance upon exchange of the Rights or alternatively, at
the option of a majority of the Board of Directors, with respect to each Right (i) pay cash in an amount equal to the Current Value (as hereinafter defined), in lieu of issuing Common Shares in
exchange therefor, or (ii) issue debt or equity securities or a combination thereof, having a value equal to the Current Value, in lieu of issuing Common Shares in exchange for each such Right,
where the value of such securities shall be determined by a nationally recognized investment banking firm selected by majority vote of the Board of Directors, or (iii) deliver any combination
of cash, property, Common Shares and/or other securities having a value equal to the Current Value in exchange for each Right. For purposes of this Section 24(c) only, the Current Value shall
mean the product of the Current Per Share Market Price of Common Shares on the date of the occurrence of the event described above in subsection (a), multiplied by the number of Common Shares for
which the Right otherwise would be exchangeable if there were sufficient shares available. To the extent that the Company determines that some action need be taken pursuant to clauses (i),
(ii) or (iii) of this Section 24(c), the Board of Directors may temporarily suspend the exercisability of the Rights for a period of up to sixty (60) days following the
date on which the event described in Section 24(a) shall have occurred, in order to seek any authorization of additional Common Shares and/or to decide the appropriate form of distribution to
be made pursuant to the above provision and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the
Rights has been temporarily suspended. 

        (d)   The
Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of such fractional
Common Shares, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Common Shares would otherwise be issuable, an amount in cash equal to the
same fraction of the current market value of a whole Common Share (as determined pursuant to the second sentence of Section 1(j) hereof). 

        (e)   The
Company may, at its option, by majority vote of the Board of Directors, at any time before any Person has become an Acquiring Person, exchange all or part of the
then outstanding Rights for rights of substantially equivalent value, as determined reasonably and with good faith by the Board of Directors based upon the advice of one or more nationally recognized
investment banking firms. 

        (f)    Immediately
upon the action of the Board of Directors ordering the exchange of any Rights pursuant to subsection 24(e) of this Section 24 and without any further
action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of rights in exchange therefor
as has been determined by the Board of Directors in accordance with subsection 24(e) above. The Company shall give public notice of any such exchange;  provided, however, that the failure to give, or any defect in, such notice shall not affect the validity
of such exchange. The Company shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the transfer agent for the
Common Shares of the Company. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the
method by which the exchange of the Rights will be effected. 

        Section 25.    Notice of Certain Events.    

        (a)   In
case the Company shall propose to effect or permit to occur any Triggering Event or Section 13 Event, the Company shall give notice thereof to each holder of
Rights in accordance 

28

 

with
Section 26 hereof at least twenty (20) days prior to occurrence of such Triggering Event or such Section 13 Event. 

        (b)   In
case any Triggering Event or Section 13 Event shall occur, then, in any such case, the Company shall as soon as practicable thereafter give to each holder of a
Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under
Sections 11(a)(ii) and 13 hereof. 

        Section 26.    Notices.    Notices or demands authorized by this Agreement to be given or made by the Rights
Agent or by the holder of any Rights Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in
writing with the Rights Agent) as follows: 

Silicon
Valley Bancshares

3003 Tasman Drive

Santa Clara, California 95054-1191

Attention: General Counsel 

with
a copy to:

Wilson Sonsini Goodrich & Rosati

Professional Corporation

650 Page Mill Road

Palo Alto, California 94304-1050

Attention: Martin W. Korman 

        Subject
to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Rights Certificate to
or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows: 

Wells
Fargo Bank Minnesota, N.A.

161 North Concord Exchange

South St. Paul, Minnesota 55075

Attention: Corbin Connell 

        Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate shall be sufficiently given or made if sent
by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 

        Section 27.    Supplements and Amendments.    Prior to the occurrence of a Distribution Date, the Company may
supplement or amend this Agreement in any respect without the approval of any holders of Rights and the Rights Agent shall, if the Company so directs, execute such supplement or amendment. From and
after the occurrence of a Distribution Date, the Company and the Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Rights in order to
(i) cure any ambiguity, (ii) correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) shorten or
lengthen any time period hereunder or (iv) to change or supplement the provisions hereunder in any manner that the Company may deem necessary or desirable and that shall not adversely affect
the interests of the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person); provided, this Agreement
may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are
not then redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights 

29

 

(other
than an Acquiring Person or an Affiliate or Associate of an Acquiring Person). Upon the delivery of a certificate from an appropriate officer of the Company that states that the proposed
supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment. Prior to the Distribution Date, the interests of the
holders of Rights shall be deemed coincident with the interests of the holders of Common Shares. 

        Section 28.    Successors.    All the covenants and provisions of this Agreement by or for the benefit of the
Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

        Section 29.    Determinations and Actions by the Board of Directors, etc.    For all purposes of this
Agreement, any calculation of the number of Common Shares outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding Common Shares of which
any Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. The
Board of Directors of the Company shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board, or the Company, or
as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power (i) to interpret the provisions of this Agreement and (ii) to
make all determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem the Rights or to amend the Agreement). All such
actions, calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good
faith, shall (x) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights Certificates and all other parties and (y) with respect to claims
specifically arising from the Agreement, not subject the Board to any liability to the holders of the Rights. 

30

   
        Section 30.    Benefits of this Agreement.    Nothing in this Agreement shall be construed to give to any
Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or
claim pursuant to this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to
the Distribution Date, the Common Shares). 

        Section 31.    Severability.    If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated; provided, however, that
notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board
of Directors of the Company determines in its good faith judgment that severing the invalid language from this Agreement would adversely affect the purpose or effect of this Agreement, the right of
redemption set forth in Section 23 hereof shall be reinstated and shall not expire until the Close of Business on the tenth day following the date of such determination by the Board of
Directors. 

        Section 32.    Governing Law.    This Agreement and each Right and each Rights Certificate issued hereunder
shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts
to be made and performed entirely within such State. 

        Section 33.    Counterparts.    This Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

        Section 34.    Descriptive Headings.    Descriptive headings of the several Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written. 

	"COMPANY"	SILICON VALLEY BANCSHARES
	

 	

By:	
 	

/s/  KEN WILCOX      

	

 	

Name:	
 	

Ken Wilcox

	

 	

Title:	
 	

President and CEO

	
"RIGHTS AGENT"	

WELLS FARGO BANK MINNESOTA, N.A.
	

 	

By:	
 	

/s/  DARREN LARSON      

	

 	

Name:	
 	

Darren Larson

	

 	

Title:	
 	

Assistant Vice President

31

 
 

EXHIBIT A

 
  CERTIFICATE OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES OF
  SERIES A PARTICIPATING PREFERRED STOCK OF SILICON VALLEY
  BANCSHARES    
    

        The undersigned,
[                                        ],
does hereby certify: 

        1.     That
[he/she] is duly elected and acting
[                                        ]
of Silicon Valley Bancshares, a
Delaware corporation (the "Company"). 

        2.     That
pursuant to the authority conferred upon the Board of Directors by the Amended and Restated Certificate of Incorporation of the said Company, the said Board of
Directors of the Company on January 29, 2004 adopted the following resolutions creating a series of 1,500,000 shares of Preferred Stock designated as Series A Participating Preferred
Stock: 

"NOW, THEREFORE, BE IT RESOLVED: That pursuant to the authority vested in the Board of Directors of the Company by the Amended and Restated Certificate
of Incorporation, the Board of Directors does hereby provide for the issue of a series of Preferred Stock of the Company and does hereby fix and herein state and express the designations, powers,
preferences and relative and other special rights and the qualifications, limitations and restrictions of such series of Preferred Stock as follows: 

        Section 1.    Designation and Amount.    The shares of such series shall be designated as  "Series A Participating Preferred Stock." The Series A Participating Preferred Stock shall have a par value of $0.001 per share, and the
number of shares constituting such series shall be 1,500,000. 

        Section 2.    Proportional Adjustment.    In the event that the Company shall at any time after the issuance of
any share or shares of Series A Participating Preferred Stock (i) declare any dividend on Common Stock of the Company ("Common Stock")
payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the
Company shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series A Participating Preferred Stock. 

        Section 3.    Dividends and Distributions.    

        (a)   Subject
to the prior and superior right of the holders of any shares of any series of Preferred Stock ranking prior and superior to the shares of Series A
Participating Preferred Stock with respect to dividends, the holders of shares of Series A Participating Preferred Stock shall be entitled to receive when, as and if declared by the Board of
Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the last day of January, April, July, and October in each year (each such date being referred to herein
as a "Quarterly Dividend Payment Date"), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a
share of Series A Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times
the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock or a subdivision of the
outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first
Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Participating Preferred Stock. 

        (b)   The
Company shall declare a dividend or distribution on the Series A Participating Preferred Stock as provided in paragraph (a) above immediately after it
declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock). 

        (c)   Dividends
shall begin to accrue on outstanding shares of Series A Participating Preferred Stock from the Quarterly Dividend Payment Date next preceding the date
of issue of such shares of Series A Participating Preferred Stock, unless the date of issue of such shares is prior to the 

record
date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a
Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Participating Preferred Stock entitled to receive a quarterly dividend
and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear
interest. Dividends paid on the shares of Series A Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall
be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of
shares of Series A Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the
date fixed for the payment thereof. 

        Section 4.    Voting Rights.    The holders of shares of Series A Participating Preferred Stock shall
have the following voting rights: 

        (a)   Each
share of Series A Participating Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the
Company. 

        (b)   Except
as otherwise provided herein or by law, the holders of shares of Series A Participating Preferred Stock and the holders of shares of Common Stock shall
vote together as one class on all matters submitted to a vote of stockholders of the Company. 

        (c)   Except
as required by law, the holders of Series A Participating Preferred Stock shall have no special voting rights and their consent shall not be required
(except to the extent that they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

        Section 5.    Certain Restrictions.    

        (a)   The
Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration any shares of Common Stock after
the first issuance of a share or fraction of a share of Series A Participating Preferred Stock unless concurrently therewith it shall declare a dividend on the Series A Participating
Preferred Stock as required by Section 3 hereof. 

        (b)   Whenever
quarterly dividends or other dividends or distributions payable on the Series A Participating Preferred Stock as provided in Section 3 are in
arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Participating Preferred Stock outstanding shall have been paid
in full, the Company shall not 

        (i)    declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock ranking junior (either as
to dividends or upon liquidation, dissolution or winding up) to the Series A Participating Preferred Stock; 

        (ii)   declare
or pay dividends on, or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or
winding up) with the Series A Participating Preferred Stock, except dividends paid ratably on the Series A Participating Preferred Stock and all such parity stock on which dividends are
payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; 

        (iii)  redeem
or purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding
up) with the Series A Participating Preferred Stock, provided that the Company may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares 

of
any stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Participating Preferred Stock; 

        (iv)  purchase
or otherwise acquire for consideration any shares of Series A Participating Preferred Stock, or any shares of stock ranking on a parity with the
Series A Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon
such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in
good faith will result in fair and equitable treatment among the respective series or classes. 

        (c)   The
Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company unless the Company
could, under paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such time and in such manner. 

        Section 6.    Reacquired Shares.    Any shares of Series A Participating Preferred Stock purchased or
otherwise acquired by the Company in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but
unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions of the Board of Directors, subject to the conditions and
restrictions on issuance set forth herein and in the Amended and Restated Certificate of Incorporation, as then amended. 

        Section 7.    Liquidation, Dissolution or Winding Up.    Upon any liquidation, dissolution or winding up of the
Company, the holders of shares of Series A Participating Preferred Stock shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed
per share to holders of shares of Common Stock plus an amount equal to any accrued and unpaid dividends on such shares of Series A Participating Preferred Stock. 

        Section 8.    Consolidation, Merger, etc.    In case the Company shall enter into any consolidation, merger,
combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of
Series A Participating Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share equal to 1,000 times the aggregate amount of stock, securities, cash
and/or any other
property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. 

        Section 9.    No Redemption.    The shares of Series A Participating Preferred Stock shall not be
redeemable. 

        Section 10.    Ranking.    The Series A Participating Preferred Stock shall rank junior to all other
series of the Company's Preferred Stock as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. 

        Section 11.    Amendment.    The Amended and Restated Certificate of Incorporation of the Company shall not be
further amended in any manner which would materially alter or change the powers, preference or special rights of the Series A Participating Preferred Stock so as to affect them adversely
without the affirmative vote of the holders of a majority of the outstanding shares of Series A Participating Preferred Stock, voting separately as a series. 

        Section 12.    Fractional Shares.    Series A Participating Preferred Stock may be issued in fractions
of a share which shall entitle the holder, in proportion to such holder's fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Participating Preferred Stock. 

RESOLVED FURTHER:    That the President, Chief Executive Officer or any Vice President and the Secretary or any Assistant Secretary of the
Company be, and they hereby are, authorized and directed to prepare and file a Certificate of Designation of Rights, Preferences and Privileges in accordance with 

the
foregoing resolution and the provisions of Delaware law and to take such actions as they may deem necessary or appropriate to carry out the intent of the foregoing resolution." 

        I
further declare under penalty of perjury that the matters set forth in the foregoing Certificate of Designation are true and correct of my own knowledge. 

        Executed
at
[                                        ],
California on February [    ],
2004. 

	 	
 [Name]
 [Title]

 
 

EXHIBIT B    
    

 
 

FORM OF RIGHTS CERTIFICATE    
    

	Certificate No. R-	 	            Rights

NOT
EXERCISABLE AFTER THE EARLIER OF (i) JANUARY 31, 2014, (ii) THE DATE TERMINATED BY THE COMPANY OR (iii) THE DATE THE COMPANY EXCHANGES THE RIGHTS PURSUANT TO THE RIGHTS
AGREEMENT. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.001 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY
OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID.
[THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF SUCH
RIGHTS AGREEMENT.]* 

	*
	The
portion of the legend in bracket shall be inserted only if applicable and shall replace the preceding sentence. 

 
 

RIGHTS CERTIFICATE
  
    Silicon Valley Bancshares    
    

        This certifies that                        , or registered assigns,
 is the registered owner of the number of Rights set forth above, each of which entitles the owner
thereof, subject to the terms, provisions and conditions of the Amended and Restated Preferred Stock Rights Agreement dated as of January 29, 2004, (the "Rights
Agreement"), between Silicon Valley Bancshares, a Delaware corporation (the "Company"), and Wells Fargo Bank Minnesota, N.A.
(the "Rights Agent"), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior
to 5:00 P.M., New York time, on January 31, 2014, at the office of the Rights Agent designated for such purpose, or at the office of its successor as Rights Agent, one
one-thousandth (0.001) of a fully paid and non-assessable share of Series A Participating Preferred Stock, par value $0.001 per share (the  "Preferred Shares"), of the Company, at an Exercise
Price of $100.00 per one-thousandth (0.001) of a Preferred Share (the  "Exercise Price"), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase and
related Certificate duly
executed. The number of Rights evidenced by this Rights Certificate (and the number of one-thousandths (0.001) of a Preferred Share which may be purchased upon exercise hereof) set forth
above are the number and Exercise Price as of January 29, 2004 based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the Exercise Price and the number
and kind of Preferred Shares or other securities which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the
happening of certain events. 

        This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by
reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances
set forth in the Rights 

Agreement.
Copies of the Rights Agreement are on file at the principal executive offices of the Company and the above-mentioned office of the Rights Agent. 

        Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate (i) may be redeemed by the Company, at its option, at a redemption price of
$0.001 per Right or (ii) may be exchanged by the Company in whole or in part for Common Shares, substantially equivalent rights or other consideration as determined by the Company. 

        This
Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another Rights
Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate amount of securities as the Rights evidenced by the Rights Certificate or
Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof
another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 

        No
fractional portion of less than one one-thousandth (0.001) of a Preferred Share will be issued upon the exercise of any Right or Rights evidenced hereby but in lieu
thereof a cash payment will be made, as provided in the Rights Agreement. 

        No
holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities
of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of
the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement. 

        This
Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent. 

        WITNESS
the facsimile signature of the proper officers of the Company and its corporate seal. Dated as of                        ,
        . 

	ATTEST:	 	Silicon Valley Bancshares
	

    
 Secretary	
 	

By:	
 	

    

	

 	
 	

 	
 	

Its:	
 	

    

	

Countersigned:	
 	

 	
 	

 
	

Wells Fargo Bank Minnesota, N.A.

as Rights Agent	
 	

 	
 	

 
	

By:	
 	

    
	
 	

 	
 	

 
	

Its:	
 	

    
	
 	

 	
 	

 

 
 

Form of Reverse Side of Rights Certificate    
    

 
 

FORM OF ASSIGNMENT    
    

(To
be executed by the registered holder if such

holder desires to transfer the Rights Certificate) 

        FOR
VALUE RECEIVED                          hereby sells, assigns and transfers
unto 

	

 (Please print name and address)
	

 this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint                          Attorney, to transfer the within Rights Certificate on the books
of the within-named Company, with full power of substitution.

	Dated:	 	    
	,	 	    
	 	 
	

 	
 	

 	

 	
 	

 	
 	

 Signature

Signature
Medallion Guaranteed: 

        Signatures
must be medallion guaranteed by an "Eligible Guarantor Institution" (with membership in an approved signature guarantee medallion program) pursuant to
Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 

 
 

CERTIFICATE    
    

        The undersigned hereby certifies by checking the appropriate boxes that: 

        (1)   this
Rights Certificate [    ] is [    ] is not being sold, assigned and transferred by or on behalf
of a Person who is or was an Acquiring Person, or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); 

        (2)   after
due inquiry and to the best knowledge of the undersigned, it [    ] did [    ] did not acquire
the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of any such Person. 

	Dated:	 	    
	,	 	    
	 	 
	

 	
 	

 	

 	
 	

 	
 	

 Signature

Signature
Medallion Guaranteed: 

        Signatures
must be medallion guaranteed by an "Eligible Guarantor Institution" (with membership in an approved signature guarantee medallion program) pursuant to
Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 

 
 

Form of Reverse Side of Rights Certificate—continued    
    

 
 

FORM OF ELECTION TO PURCHASE    
    

(To
be executed if holder desires to

exercise the Rights Certificate) 

	To:	    
	 

        The
undersigned hereby irrevocably elects to exercise                         
Rights represented by this Rights
Certificate to purchase the number of one-thousandths (0.001) of a Preferred Share issuable upon the exercise of such Rights and requests that certificates for such number of
one-thousandths (0.001) of a Preferred Share issued in the name of: 

Please
insert social security

or other identifying number 

	

 (Please print name and address)
	

If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and
delivered to: 

Please
insert social security

or other identifying number 

	

 (Please print name and address)
	

	Dated:	 	    
	,	 	    
	 	 
	

 	
 	

 	

 	
 	

 	
 	

 Signature

Signature
Medallion Guaranteed: 

        Signatures
must be medallion guaranteed by an "Eligible Guarantor Institution" (with membership in an approved signature guarantee medallion program) pursuant to
Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 

 
 

CERTIFICATE    
    

        The undersigned hereby certifies by checking the appropriate boxes that: 

        (1)   the
Rights evidenced by this Rights Certificate [    ] are [    ] are not being exercised by or on
behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); 

        (2)   after
due inquiry and to the best knowledge of the undersigned, it [    ] did [    ] did not acquire
the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of any such Person. 

	Dated:	 	    
	,	 	    
	 	 
	

 	
 	

 	

 	
 	

 	
 	

 Signature

Signature
Medallion Guaranteed: 

        Signatures
must be medallion guaranteed by an "Eligible Guarantor Institution" (with membership in an approved signature guarantee medallion program) pursuant to
Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 

 
 

Form of Reverse Side of Rights Certificate—continued    
    

 
 

NOTICE    
    

        The signature in the foregoing Forms of Assignment and Election must conform to the name as written upon the face of this Rights Certificate in every particular,
without alteration or enlargement or any change whatsoever. 

 
 

EXHIBIT C    
    

 
  STOCKHOLDER RIGHTS PLAN
  Silicon Valley Bancshares    
    

 
  Summary of Rights    
    

	Distribution and Transfer of Rights; Rights Certificate:	 	One Right has been issued for each share of Common Stock of Silicon Valley Bancshares (the "Company") outstanding. Prior to the Distribution Date referred to below,
the Rights will be evidenced by and trade with the certificates for the Common Stock. After the Distribution Date, the Company will mail Rights certificates to the Company's stockholders and the Rights will become transferable apart from the Common
Stock.
	
Distribution Date:	
 	

Rights will separate from the Common Stock and become exercisable following (a) the tenth business day (or such later date as may be determined by the Company's Board of Directors) after a person or group acquires beneficial ownership of 15% or
more of the Company's Common Stock or (b) the tenth business day (or such later date as may be determined by the Company's Board of Directors) after a person or group announces a tender or exchange offer, the consummation of which would result
in ownership by a person or group of 15% or more of the Company's Common Stock.
	
Preferred Stock Purchasable Upon Exercise of Rights:	
 	

After the Distribution Date, each Right will entitle the holder to purchase for $100.00 (the "Exercise Price"), a fraction of a share of the Company's Preferred Stock with economic terms similar
to that of one share of the Company's Common Stock.
	
Flip-In:	
 	

If an acquirer (an "Acquiring Person") obtains 15% or more of the Company's Common Stock, then each Right (other than Rights owned by an Acquiring
Person or its affiliates) will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of the Company's Common Stock having a then-current market value of twice the Exercise Price.
	
Flip-Over:	
 	

If, after an Acquiring Person obtains 15% or more of the Company's Common Stock, (a) the Company merges into another entity, (b) an acquiring entity merges into the Company or (c) the Company sells more than 50% of the Company's assets
or earning power, then each Right (other than Rights owned by an Acquiring Person or its affiliates) will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of Common
Stock of the person engaging in the transaction having a then current market value of twice the Exercise Price.
	 	 	 

	
Exchange Provision:	
 	

At any time after the date on which an Acquiring Person obtains 15% or more of the Company's Common Stock and prior to the acquisition by the Acquiring Person of 50% of the outstanding Common Stock, the Board of Directors of the Company may exchange
the Rights (other than Rights owned by the Acquiring Person or its affiliates), in whole or in part, for shares of Common Stock of the Company at an exchange ratio of one share of Common Stock per Right (subject to adjustment).
	
Redemption of the Rights:	
 	

Rights will be redeemable at the Company's option for $0.001 per Right at any time on or prior to the fifth day (or such later date as may be determined by the Company's Board of Directors) after public announcement that a Person has acquired
beneficial ownership of 15% or more of the Company's Common Stock (the "Shares Acquisition Date").
	
Expiration of the Rights:	
 	

The Rights expire on the earliest of (a) January 31, 2014 or (b) exchange or redemption of the Rights as described above.
	
Amendment of Terms of Rights:	
 	

The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the Rights holders on or prior to the Distribution Date; thereafter, the terms of the Rights and the Rights Agreement may be amended without the
consent of the Rights holders in order to cure any ambiguities or to make changes which do not adversely affect the interests of Rights holders (other than the Acquiring Person).
	
Voting Rights:	
 	

Rights will not have any voting rights.
	
Anti-Dilution Provisions:	
 	

Rights will have the benefit of certain customary anti-dilution provisions.
	
Taxes:	
 	

The Rights distribution should not be taxable for federal income tax purposes. However, following an event which renders the Rights exercisable or upon redemption of the Rights, stockholders may recognize taxable income.

The
foregoing is a summary of certain principal terms of the Amended and Restated Stockholder Rights Plan only and is qualified in its entirety by reference to the Amended and Restated Preferred Stock
Rights Agreement, dated as of January 29, 2004, between the Company and Wells Fargo Bank Minnesota, N.A. as Rights Agent (the "Rights
Agreement"). The Rights Agreement may be amended from time to time. A copy of the Rights Agreement was filed with the Securities and Exchange Commission as an Exhibit to a
Registration Statement on Form 8-A/A dated January 29, 2004. A copy of the Rights Agreement is available free of charge from the Company. 

QuickLinks

Exhibit 4.20

SILICON VALLEY BANCSHARES and WELLS FARGO BANK MINNESOTA, N.A. AMENDED AND RESTATED PREFERRED STOCK RIGHTS AGREEMENT Dated as of January 29, 2004

TABLE OF CONTENTS

AMENDED AND RESTATED PREFERRED STOCK RIGHTS AGREEMENT

EXHIBIT A

CERTIFICATE OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES A PARTICIPATING PREFERRED STOCK OF SILICON VALLEY BANCSHARES

EXHIBIT B

FORM OF RIGHTS CERTIFICATE

RIGHTS CERTIFICATE Silicon Valley Bancshares

Form of Reverse Side of Rights Certificate

FORM OF ASSIGNMENT

CERTIFICATE

Form of Reverse Side of Rights Certificate—continued

FORM OF ELECTION TO PURCHASE

CERTIFICATE

Form of Reverse Side of Rights Certificate—continued

NOTICE

EXHIBIT C

STOCKHOLDER RIGHTS PLAN Silicon Valley Bancshares

Summary of Rights<Page>

                                                                   Exhibit 10.14

                             SALE-PURCHASE AGREEMENT

       THIS SALE-PURCHASE AGREEMENT (this "AGREEMENT"), is made as of this 5th
day of SEPTEMBER, 2003, between CDG (Park Place) LLC, a Texas limited liability
company having an office at One North Clematis Street, Suite 305, West Palm
Beach, Florida 33401 ("SELLER"), and Inland Real Estate Acquisitions, Inc., a
corporation organized under the laws of the State of Illinois, having an office
at 2901 Butterfield Road, Ok Brook, Illinois, 60035 ("PURCHASER").

                              W I T N E S S E T H:

       WHEREAS, Seller is the owner of the Shopping Center (as hereinafter
defined) known as the Shops at Park Place, 6401 West Plano Parkway, Plano,
Texas; and

       WHEREAS, Seller desires to sell, and Purchaser desires to purchase, the
Shopping Center, on the terms and conditions set forth herein.

       NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the mutual
receipt and legal sufficiency of which are hereby acknowledged, Seller and
Purchaser hereby agree as follows:

       1.     SALE-PURCHASE.

              Seller agrees to sell and convey to Purchaser, and Purchaser
agrees to purchase from Seller, upon the terms and conditions hereinafter set
forth, the following (the "SHOPPING CENTER"):

              (i)    all that certain plot, piece and parcel of land, consisting
of approximately 13.24 acres, including an approximately 3 acre vacant parcel,
located in the County of Collin in the State of Texas, described in EXHIBIT "A"
annexed hereto and made a part hereof, together with all easements, rights of
way, privileges, appurtenances and other rights, if any, pertaining thereto
(collectively, the "LANDS");

              (ii)   all buildings and improvements located on the Lands and all
of Seller's right, title and interest in and to any and all fixtures attached
thereto (collectively, the "IMPROVEMENTS") comprising approximately 116,300
square feet of floor area;

              (iii)  all equipment, machinery, apparatus and other articles of
personal property, to the extent same is owned by Seller, located on the Lands
and used in connection with the operation of the Improvements (collectively, the
"PERSONAL PROPERTY");

              (iv)   to the extent assignable, and subject to the terms thereof,
the Service Contracts (as hereinafter defined), except those Service Contracts
which Purchaser shall elect not to assume, such election to be made by written
notice delivered by Purchaser to Seller not later than the last day of the Due
Diligence Period (as hereinafter defined), it being understood and agreed,
anything in the foregoing to the contrary notwithstanding, that Purchaser shall
be obligated at the Closing (as hereinafter defined) to accept an assignment of,
and to assume, those Service Contracts, if any, more particularly described in
PART 2 of Exhibit "E" annexed hereto and made a part hereof;

              (vii)  to the extent assignable, and subject to the terms thereof,
all licenses, franchises, permits, certificates of occupancy, authorizations and
approvals used in or relating to the ownership, occupancy or operation of any
part of the Improvements (the "PERMITS");

              (viii) the Leases (as hereinafter defined); and

              (ix)   to the extent assignable and subject to the terms thereof,
all of the interest of Seller in any and all contracts, rights, warranties,
guaranties and trade names (including the name "The Shops at Park Place")
(collectively the "INTANGIBLE PROPERTY").

       2.     PURCHASE PRICE.

              The purchase price for the Shopping Center (the "PURCHASE PRICE")
is Twenty Three Million Eight Hundred Sixty Eight Thousand Two Hundred Fifty and
No/100 Dollars (U.S.$23,868,250.00).

                                      - 1 -
<Page>

              The Purchase Price shall be payable as follows:

              2.1.   Three Hundred Thousand and No/100 Dollars (U.S.$300,000.00)
(the "INITIAL DEPOSIT"), by wire transfer of immediately available federal funds
to the order of Chicago Title Insurance Company, Chicago, Illinois office) (in
such capacity, the "ESCROW AGENT") not later than two (2) business days
following the execution and delivery of this Agreement by Purchaser, which
Initial Deposit shall be held by Escrow Agent in escrow pursuant to the
provisions of SECTION 15 hereof. The Initial Deposit shall automatically become
nonrefundable upon the expiration of the Due Diligence Period, unless Purchaser
terminates (or is deemed to have terminated) this Agreement in accordance with
the provisions of SECTIONS 5, 8, 11, 14, 20, or 36.

              2.2.   Two Hundred Thousand and No/100 Dollars (U.S.$200,000.00)
(the "ADDITIONAL DEPOSIT"; together with the Initial Deposit, the "DEPOSIT"), by
wire transfer of immediately available federal funds to the order of the Escrow
Agent on the first Business Day following the expiration of the Due Diligence
Period, which Additional Deposit, together with the Initial Deposit, shall be
held by Escrow Agent in escrow pursuant to the provisions of SECTION 15 hereof.
The Deposit together with accrued interest thereon, is hereinafter referred to
collectively as the "DOWNPAYMENT." Time shall be of the essence with respect to
the obligation of Purchaser to deliver the Additional Deposit to the Escrow
Agent and the failure of Purchaser to so deliver the Additional Deposit to the
Escrow Agent by the aforesaid date shall be deemed a default by Purchaser under
this Agreement which shall entitle Seller to exercise its remedies under SECTION
10 hereof. The parties agree that the Downpayment is nonrefundable, other than
as specifically set forth herein.

              2.3.   [intentionally deleted].

              2.4.   The balance of the Purchase Price, as adjusted for
prorations, adjustments and apportionments as herein provided, by wire transfer
on the Closing Date of immediately available federal funds to the Escrow Agent,
for further transfer, upon Closing, to an account or accounts designated by
Seller (such funds, the "CLOSING FUNDS"). At Purchaser's option, Purchaser may
wire the full amount of the Purchase Price to the Escrow Agent on the Closing
Date, and upon disbursement of the full amount of the Purchase Price to Seller
upon Closing, the entire Down payment shall be refunded to Purchaser.

       3.     PERMITTED EXCEPTIONS.

              3.1.   The Shopping Center shall be sold, and title thereto
conveyed, subject to: (i) [intentionally deleted]; (ii) the leases and occupancy
agreements described on EXHIBIT "D" attached hereto and made a part hereof (as
amended, modified, renewed or extended as of the date hereof, the "EXISTING
LEASES"), all amendments, modifications, renewals and extensions of the Existing
Leases approved in writing (or deemed approved) by Purchaser in accordance with
the provisions of SECTION 18 of this Agreement (collectively, the "APPROVED
LEASE AMENDMENTS"), and all other leases and occupancy agreements approved in
writing (or deemed approved) by Purchaser in accordance with the provisions of
SECTION 18 of this Agreement (collectively, the "APPROVED NEW LEASES"; together
with the Existing Leases and the Approved Lease Amendments, the "LEASES"), (iii)
all Violations (as hereinafter defined), (iv) to the extent assignable, Seller's
right, title and interest in and to the service contracts described on EXHIBIT
"E" attached hereto and made a part hereof (as amended, modified, renewed or
extended as of the date hereof, the "EXISTING SERVICE CONTRACTS"), all
amendments, modifications, renewals and extensions of the Existing Service
Contracts approved in writing (or deemed approved) by Purchaser in accordance
with the provisions of SECTION 18 of this Agreement (collectively, the "APPROVED
SERVICE CONTRACT AMENDMENTS"), and all other service contracts approved in
writing (or deemed approved) by Purchaser in accordance with the provisions of
SECTION 18 of this Agreement (collectively, the "APPROVED NEW SERVICE
CONTRACTS"; together with the Existing Service Contracts and the Approved
Service Contract Amendments, the "SERVICE CONTRACTS"), it being acknowledged
that if any Service Contract is not assignable by its terms and a consent to the
assignment thereof is not obtained by the Closing Date, then the transaction
shall nevertheless proceed to Closing and Seller shall terminate such Service
Contract at Closing at Seller's expense, it being agreed that the failure to
obtain any such consent to assignment shall not constitute a default by any
party hereunder, constitute a failure of condition precedent in favor of any
party or grant any party hereunder any right or remedy, and (v) the Permitted
Title Exceptions and the Permitted Survey Conditions (as such terms are
hereinafter defined) (the Leases, the Violations, the Service Contracts, the
Permitted Title Exceptions and the Permitted Survey Conditions being hereinafter
collectively referred to as the "PERMITTED EXCEPTIONS").

                                      - 2 -
<Page>

              3.2.   Seller shall give and Purchaser shall accept such fee
simple title to the Shopping Center as the Title Company (as hereinafter
defined) shall approve and insure as provided in SECTION 8 hereof, without
material exceptions other than the Permitted Exceptions and standard preprinted
exceptions.

       4.     CLOSING DATE.

              The consummation of the transactions contemplated hereby (the
"CLOSING"), shall take place at the offices of the Escrow Agent, at 171 North
Clark Street, Division II Escrow, Chicago, Illinois 60601, Attention: Nancy
Castro, on the 17th day of September, 2003 (the "INITIAL SCHEDULED CLOSING
DATE"). Notwithstanding the foregoing, Seller shall have the right, by
delivering notice to Purchaser not later than three (3) Business Days before the
Initial Scheduled Closing Date, as applicable, to adjourn such closing date to a
date (the "SELLER ADJOURNED CLOSING DATE") not later than thirty (30) days after
the Initial Scheduled Closing Date, such right being in addition to any other
right provided for in this Agreement for Seller to extend or adjourn the Closing
Date (as hereinafter defined). As used herein, the term "CLOSING DATE" shall
mean the Initial Scheduled Closing Date, the Seller Adjourned Closing Date or
any other Closing Date adjourned by Seller pursuant to the provisions hereof, as
applicable. It is expressly agreed by Seller and Purchaser that time is of the
essence with respect to Purchaser's obligation to close this transaction on the
Closing Date. For the avoidance of doubt, Purchaser acknowledges that if Seller
adjourns the Closing Date pursuant to any right of adjournment granted
hereunder, then time shall be of the essence with respect to Purchaser's
obligation to close this transaction on such adjourned Closing Date. The Closing
shall be conducted through a New York style escrow (i.e., the concurrent [aa]
execution and delivery of the Closing Documents by the parties, [bb] payment by
Purchaser of the Purchase Price, plus or minus adjustments and/or prorations as
provided herein, and [cc] delivery to the Purchaser of an owners title insurance
policy with respect to the Lands [or a mark-up of the Title Commitment] in the
amount of the Purchase Price and subject to no exceptions other than the
Permitted Title Exceptions and the Permitted Survey Conditions), such escrow to
be established conducted by the Escrow Agent in accordance with its usual form
of deed and money escrow agreement then in use by the Escrow Agent, with such
special provisions inserted therein as may be required to conform with this
Agreement. The cost of the escrow shall be divided equally between the parties.
The escrow shall supplement and not supersede this Agreement. Each party shall
execute and deliver to the Escrow Agent at Closing such additional documents as
are required to be provided by each party in order to satisfy its respective
responsibilities as to the "Requirements" set forth in the Title Commitment.
This Agreement shall not be merged into the escrow instructions but as between
the parties hereto, the provisions of this Agreement, shall govern and control.
Seller agrees to reasonably cooperate with Purchaser's lender, if any, and with
the lender's money lender escrow, provided that such cooperation does not (x)
impose any cost or liability upon Seller, (y) purport to involve any change in
any of the terms or provisions of this Agreement, or (z) purport to require any
postponement of the Closing or any other time period set forth herein.

                            Anything herein to the contrary notwithstanding,
                            Closing shall occur seven (7) days after Purchaser's
       5.     VIOLATIONS.   receipt of the last of the Tenant and Seller
                            Estoppel Certificates required by this Agreement,
                            but not earlier than September 30, 2003 and not
                            later than December 31, 2003.

              Purchaser shall accept title to the Shopping Center subject to any
and all violations of law or municipal ordinances, orders or requirements issued
by the departments of buildings, fire, labor, health or other Federal, State,
County, Municipal or other departments and governmental agencies having
jurisdiction against or affecting the Shopping Center, and any outstanding work
orders, whether outstanding as of the date hereof or noticed at any time during
the Due Diligence Period (each, an "EXISTING VIOLATION"). Any such violation
that is noticed (i.e., issued by the applicable governmental authority) after
the expiration of the Due Diligence Period is referred to herein as a "NEW
VIOLATION". The Existing Violations and the New Violations are referred to
herein, collectively, as the "VIOLATIONS". Purchaser and Seller agree that the
following shall apply in respect of any Violations:

              (a)    In respect of Existing Violations, Seller shall have no
restoration, repair or other obligation or liability of any kind or nature with
respect thereto and Purchaser shall be required to take title to the Shopping
Center without adjustment of the Purchase Price.

              (b)    In respect of New Violations:

                     (i)    Purchaser shall deliver notice thereof to Seller
("PURCHASER'S VIOLATIONS NOTICE") by the earlier of one (1) day prior to the
Closing Date or five (5) days after it becomes aware of the existence of any New
Violation and Purchaser's failure to deliver Purchaser's Violations Notice
within such time period shall be deemed to be Purchaser's waiver of any rights
under this SECTION 5(b) and agreement to take title to the Shopping Center
without adjustment of the Purchase Price.

                                      - 3 -
<Page>

                     (ii)   Within five (5) Business Days after Seller receives
Purchaser's Violations Notice (and if the expiration of such five (5) Business
Day period is after the Closing Date, then at the option of Seller the Closing
shall be adjourned to the date three (3) Business Days after the expiration of
such five (5) Business Day period). Seller shall deliver notice to Purchaser
("SELLER'S VIOLATIONS RESPONSE NOTICE") stating either (x) that Seller agrees to
either cure such Violation prior to the Closing or to grant Purchaser a credit
at Closing against the Purchase Price, such credit to be in an amount equal to
the reasonably estimated cost of curing same or (y) that Seller does not elect
to cure such Violation or grant Purchaser such credit against the Purchase
Price. Seller's failure to deliver Seller's Violations Response Notice within
such five (5) Business Day period shall be deemed to be Seller's election under
CLAUSE (y) on the last day of such five (5) Business Day period. In the event
that the reasonably estimated aggregate cost of curing all such Violations is
less than $5,000, then Seller shall be required to make its election under
CLAUSE (x)

                     (iii)  In the event that Seller in Seller's Violations
Response Notice makes (or is deemed to have made) the election under CLAUSE (x)
of SECTION 5(b)(ii) above, then Seller shall either cause the applicable
Violation to be cured prior to the Closing (and shall be entitled to adjourn the
Closing for up to sixty [60] days to effectuate such cure) or grant Purchaser a
credit at Closing against the Purchase Price, such credit to be in an amount
equal to the reasonably estimated cost of curing same, as set forth in an cost
estimate obtained by Seller from an unrelated licensed contractor. In the event
that Seller in Seller's Violations Response Notice makes (or is deemed to have
made) the election under CLAUSE (y) of SECTION 5(b)(ii) above, then by the
earlier of one (1) day prior to the Closing Date (as it may have been adjourned
by Seller pursuant to SECTION 5(b)(ii) or five (5) days after Purchaser receives
Seller's Violations Response Notice making such election, Purchaser shall
deliver notice to Seller ("PURCHASER'S VIOLATIONS RESPONSE NOTICE") stating
either (x) that Purchaser elects to accept title to the Shopping Center subject
to the applicable Violation without adjustment of the Purchase Price, in which
event the Closing hereunder shall occur without any further obligation of Seller
under this SECTION 5 or (y) that Purchaser elects to terminate this Agreement,
in which event Seller and Purchaser shall direct the Escrow Agent to return the
Downpayment to Purchaser, this Agreement shall terminate and neither party shall
have any further obligation under this Agreement, except that the obligations of
the parties under SECTIONS 13, 31, 32, 34, 35.2 and 35.3 shall survive.
Purchaser's failure to deliver Purchaser's Violation Response Notice to Seller
within the time period referred to in the preceding sentence shall be deemed to
be Purchaser's election under CLAUSE y of the preceding sentence.

                     (iv)   Without limiting the generality of the foregoing
provisions of this Section 5, in the event that Purchaser takes title to the
Shopping Center without raising any objection to any Violation in accordance
with the provisions of this SECTION 5, same shall constitute a complete waiver
of any right Purchaser may have to object to such Violation or to make any claim
against Seller on account thereof and any such claim is hereby waived by
Purchaser.

              (c)    Purchaser shall not, without first obtaining the prior
written consent of Seller, request that any governmental authority inspect or
otherwise evaluate the condition of the Shopping Center in respect of the
existence of Violations, provided that the foregoing shall not prohibit
Purchaser from making customary inquiries of governmental authorities as to
whether Violations have been noticed by any such governmental authorities.

              (d)    Purchaser (i) acknowledges that it is aware of the
existence of the matters (if any) listed on EXHIBIT "F", (ii) agrees that same
constitute Existing Violations for purposes of this SECTION 5, and (iii)
acknowledges that Seller has not made any representation regarding such
Violations nor made any representation that such matters constitute all Existing
Violations.

       6.     APPORTIONMENTS.

              6.1.   The following are to be apportioned as of the Closing Date:

                     (i)    Real property taxes and assessments (including,
without limitation, any assessments relating to Permitted Exceptions,
improvement district assessments or similar charges), personal property taxes,
water and other utility charges and sewer taxes not otherwise payable directly
to the taxing authority by any tenant under a Lease. Seller and Purchaser each
agree to deliver to the other, as appropriate, the required portion of any funds
received by Seller or Purchaser, as the case may be, in order to effectuate the
foregoing. Anything in the foregoing or elsewhere in this Agreement to the
contrary notwithstanding, it is understood and agreed that if the Closing shall
take place prior to the date upon which Seller shall have paid the real property
taxes and/or assessment for the calendar year in which the Initial Scheduled
Closing Date (or, if applicable, the Seller Adjourned Closing Date) falls, then,
in lieu of any other sums which, pursuant to any provision of this Agreement,
might otherwise be payable (or credited) by Seller to Purchaser on account or in
respect of the real property taxes and assessments allocable to the portion of
calendar year

                                      - 4 -
<Page>

2003 ending at 11:59PM on the calendar day immediately preceding the Closing
Date, Seller shall (aa) pay (or credit) to Purchaser the amount of any and all
estimated tax payments theretofore received by Seller from tenants of the
Shopping Center, and (bb) pay (or credit) to Purchaser an amount equal to the
product computed by multiplying (x) $54.79 per day (i.e., $20,000 DIVIDED BY 365
days), by (y) the number of calendar days which shall have elapsed between
January 1, 2003 and the Closing Date, and (cc) assign to Purchaser any and all
rights which Seller may have to recover other payments on account of such taxes
and assessments from tenants of the Shopping Center. Seller and Purchaser
acknowledge that a fee in the approximate amount of $23,000.00 is payable to the
tax consultant (the "consultant") who secured a reduction in the Shopping
Center's 2003 assessed valuation for real property taxes. Fifty percent (50%) of
the consultant's fee (i.e., approximately $11,500.00) shall be paid by Seller
prior to Closing, and Seller shall provide Purchaser with proof of such payment
at or prior to Closing. Purchaser agrees that to the extent that Purchaser shall
receive payment for same from the tenants of the Shopping Center, Purchaser
shall reimburse Seller for the portion of the consultant's fee paid by Seller,
such reimbursement to be made by Purchaser to Seller on the earlier of March 15,
2004 or the date upon which Seller reconciles 2003 real property tax payments
with the tenants of the Shopping Center. Purchaser agrees to make commercially
reasonable efforts to collect said sum from those tenants of the Shopping Center
who are obligated by their respective leases to contribute to such tax
consultant's fee.

                     (ii)   Fixed, additional and percentage rent, pylon and/or
sign rents or charges, escrows, impounds and/or prepaid expenses and all other
charges under the Leases, if, as and when collected in accordance with
SECTION 6.6 hereof (all of the foregoing being collectively referred to as
"RENTS").

                     (iii)  Charges under the Service Contracts.

                     (iv)   License, permit and inspection fees.

                     (v)    Deposits, if any, on account with utility companies
servicing the Shopping Center (and Seller and Purchaser each agrees to cooperate
to effectuate the transfer of any such deposits), provided that, at Seller's
option, Seller will obtain a refund of any such utility deposits in effect and
Purchaser shall provide its own utility deposits directly to the applicable
utility companies.

                     (vi)   All other items customarily apportioned in
connection with the sale of similar properties similarly located.

              6.2.   Real estate taxes and assessments shall be prorated on and
as of the Closing Date based on the most current tax bills available, taking
into account the maximum available discounts and any and all other exemptions
available; PROVIDED, HOWEVER, in the event Seller is protesting or challenging
any real property taxes or assessments, the benefits of any such challenge or
protest shall be shared pro rata, in cash, after expenses, between the parties
for 2003 taxes provided a claim is made pursuant to this SECTION 6.2 by the
Seller or Purchaser within one (1) year from the Closing Date.

              6.3.   (i)    If the Shopping Center or any part thereof shall be
or shall have been affected by any bond district, facilities district or special
assessment prior to the Closing Date, such portion of such bond district,
facilities district or special assessment due and relating to the period of time
prior to the Closing Date shall be paid by Seller and such portion of such bond
district, facilities district or special assessment due or relating to the
period of time from and after the Closing Date shall be paid by Purchaser. If
any bond district, facilities district or special assessment on the Shopping
Center is payable in installments, then the installment for the current period
shall be prorated (with Purchaser assuming the obligation to pay any
installments due from and after the Closing Date) (it being agreed that if there
is a dispute as to the amount or the obligations of the parties under this
CLAUSE (i) then at Seller's option the Closing shall nevertheless take place,
however there shall be withheld from Seller's portion of the Closing Funds an
amount equal to the amount in dispute as reasonably determined by Purchaser,
which amount shall be held by Escrow Agent in escrow pursuant to instructions of
the parties.

                     (ii)   If the Shopping Center or any part thereof shall be
or shall have been affected by any bond district, facilities district or special
assessment on or subsequent to the Closing Date, whether or not payable in
annual installments, the entire amount of such assessment shall be paid by
Purchaser.

              6.4.   If there are any water meters on the Shopping Center (other
than meters measuring water consumption costs which are the obligation of
tenants to pay under Leases), Seller shall furnish readings, and the

                                      - 5 -
<Page>

unfixed water and sewer charges, if any, based thereon for the intervening time,
shall be apportioned on the basis of such last readings.

              6.5.   The amount of any unpaid real property taxes, assessments,
personal property taxes, water charges and sewer charges which Seller is
obligated to pay and discharge, with interest and penalties thereon to the
Closing Date may, at the option of Seller, be allowed to Purchaser out of the
balance of the Purchase Price, provided that official bills therefor with
interest and penalties thereon are furnished by Seller at the Closing. If there
are any other liens or encumbrances which Seller is paying and discharging
pursuant to SECTION 8 hereof, Seller may use any portion of the Purchase Price
to satisfy the same, provided that the Title Company shall be willing to insure
Purchaser against collection of such liens and/or encumbrances, including
interest and penalties, in which event such liens and encumbrances shall not be
objections to title.

              6.6.   (i)    To the extent that Purchaser receives Rents under
Leases (including monthly payments of percentage rents and "pass throughs")
after the Closing Date, Purchaser shall, within ten (10) Business Days
thereafter, render an accounting to Seller with respect thereto, and,

                            (x)    if such Rents shall have been received on or
prior to the last calendar day of the month in which the Closing occurred, the
amount of such Rents (after deducting reasonable out-of-pocket cost of
collection, if any) shall be applied in the following order of priority: (a)
first, to the calendar month in which the Closing occurs, (b) second to any
calendar month or months following the calendar month in which the Closing
occurred until such tenant is current on post-Closing Rents, and (c) third, to
the calendar months preceding the Closing until such tenant is current on
pre-Closing Rents, or

                            (y)    if such Rents shall have been received
following the last calendar day of the month in which the Closing occurred, the
amount of such Rents (after deducting reasonable out-of-pocket cost of
collection, if any) shall be applied in the following order of priority: (a)
first to any calendar month or months following the calendar month in which the
Closing occurred until such tenant is current on post-Closing Rents, (b) second,
to the calendar month in which the Closing occurs, and (c) third, to the
calendar months preceding the Closing until such tenant is current on
pre-Closing Rents.

                            Seller has advised Purchaser that certain sums are
due and owing to Seller from certain tenants of the Shopping Center in respect
of the calendar year 2002 reconciliation(s) of Shopping Center operating
expenses (the "Reconciliation Amounts"). Anything in this Agreement to the
contrary notwithstanding, it is understood and agreed that Seller shall be
entitled receive and retain any and all sums paid and/or payable by such tenants
on account of the Reconciliation Amounts, and if any such sums shall be received
by Purchaser following the Closing, Purchaser shall, within ten (10) days
following receipt thereof, render an accounting to Seller with respect thereto
and simultaneously pay the full amount thereof over to Seller.

                     (ii)   Within sixty (60) days following the end of the
fiscal year in which the Closing occurs, with respect to which percentage rents
or other similar payments are payable under each Lease or other occupancy
arrangement, Purchaser shall calculate the portion of such rents or payments to
which Seller shall be entitled, which portion shall equal a fraction, the
numerator of which is the number of days in such fiscal year with respect to
such Lease that elapsed prior to the Closing Date and the denominator of which
is the total number of days in such fiscal year. Purchaser shall be entitled to
the remaining portion of such rents or payments. If Seller has received
percentage rents or other similar payments with respect to any Lease or other
occupancy arrangement for such fiscal year in excess of the amount to which it
is entitled pursuant to this Agreement, Seller shall pay such excess to
Purchaser within ten (10) Business Days after such calculation. If Purchaser has
received percentage rents or other similar payments with respect to any Lease or
other occupancy arrangement for such fiscal year in excess of the amount to
which it is entitled pursuant to this Agreement, such excess shall be paid by
Purchaser to Seller within ten (10) Business Days after the later of (a)
Purchaser's receipt of such excess percentage rents or other similar payments
and (b) the date of such calculation.

                     (iii)  Purchaser shall make good faith reasonably diligent
efforts to collect any and all Rents due pursuant to the Leases. Notwithstanding
the foregoing, if Purchaser shall commence any legal action to collect any
amounts due from a tenant under a Lease and such tenant shall also owe amounts
which Seller shall be entitled to retain pursuant to the provisions of this
Agreement, then Purchaser shall include in its legal action the claim for
amounts due to Seller, and Seller shall reimburse Purchaser for a portion of the
reasonable and actual out-of-pocket legal fees and disbursements incurred by
Purchaser in prosecuting such action, such reimbursement to be in an amount
equal to

                                      - 6 -
<Page>

the total amount of such fees and disbursements multiplied by a fraction, the
numerator of which is the total amount realized by Seller in such action and the
denominator of which is the combined total amount realized by Seller and
Purchaser in such action. If Seller is entitled, in accordance with the
provisions of this Agreement, to all or any portion of any Rents owed by any
tenant under a Lease and such tenant shall be in default of its obligation to
pay such Rents, Seller reserves the right to commence any and all appropriate
legal proceedings to collect such amounts (but Seller shall not commence any
action against a tenant to dispossess such tenant from possession of space in
the Shopping Center, and Purchaser agrees to cooperate with Seller in connection
with such proceedings, PROVIDED that, if under applicable law it is necessary to
use Purchaser's name in order to commence or maintain any such proceedings,
Purchaser shall, at Seller's request and sole cost and expense, commence and
maintain such proceedings at the direction of Seller and shall otherwise
cooperate with Seller in connection therewith, PROVIDED, FURTHER, that Seller
shall agree to indemnify Purchaser for any loss, cost, damage or reasonable
expense incurred by Purchaser in connection with such proceedings.

              6.7.   Prior to the Closing, Purchaser and Seller shall cooperate
to arrange for utility services to the Shopping Center to be discontinued in
Seller's name, as of the day immediately prior to the Closing Date, and to be
reinstated in Purchaser's name, as of the Closing Date. In the event that the
foregoing cannot be effectuated, then Seller shall furnish readings of the
applicable utility meters to a date not more than thirty (30) days prior to the
Closing Date, and the unfixed charges, if any, based thereon for the intervening
time, shall be apportioned on the basis of such last readings.

              6.8.   Purchaser agrees that it shall be responsible for the
payment of the commissions due to brokers, whether payable prior to or
subsequent to the Closing Date ("LEASING COMMISSIONS"), the costs to be incurred
for tenant improvements ("TENANT IMPROVEMENT COSTS"), and all other
out-of-pocket costs and expenses (including, without limitation, reasonable
legal fees, costs and disbursements and tenant relocation costs) arising out of,
under or in connection with, any Approved Lease Amendments or Approved New
Leases or any extension or renewal of an Existing Lease (collectively, "OTHER
LEASING COSTS"; together with any Leasing Commissions and Tenant Improvement
Costs, "LEASING COSTS"), and Purchaser hereby assumes, effective as of the
Closing Date, the obligation to pay all Leasing Costs with respect to Approved
New Leases and Approved Lease Amendments. In the event that (i) Seller becomes
obligated to pay any Leasing Costs with respect to an Approved Lease Amendment
or an Approved New Lease and (ii) Seller pays any such Leasing Costs prior to
the date of the Closing, then at Closing Purchaser shall reimburse Seller for
such Leasing Costs. In addition, Purchaser hereby assumes, effective as of the
Closing Date, the obligation to pay those commissions referred to on the list of
Lease Commissions Payable on EXHIBIT "D" attached hereto (the "SPECIAL
COMMISSIONS"). Purchaser hereby indemnifies Seller and holds Seller harmless
from and against any and all claims and liabilities (including, without
limitation, reasonable attorneys' fees, costs and disbursements and costs
incurred in the enforcement of the foregoing indemnity) arising out of
Purchaser's failure to comply with its obligations under this SECTION 6.8.
Without limiting any of the foregoing provisions, Purchaser hereby specifically
assumes the obligation to pay any and all leasing commissions that may be due to
third party brokers in connection with a future renewal of any Existing Lease,
and Purchaser hereby specifically indemnifies Seller against any liability
arising therefrom.

              6.9.   Seller shall transfer to Purchaser concurrently with the
Closing all security deposits of tenants under the Leases, together with any
interest accrued on such security deposits (the "SECURITY DEPOSITS") or grant
Purchaser a credit against the Purchase Price at Closing for the full amount of
the Security Deposits. To effectuate such intent, at or subsequent to the
Closing, Seller and Purchaser shall cooperate to notify any third party
institutions holding tenant security deposits of the transfer of title thereto
from Seller to Purchaser. In the event any security deposits are evidenced by
letters of credit, Seller and Purchaser shall cooperate (on a post-closing
basis, but with all transfer/assignment documentation completed on or before
Closing and, to the extent not payable by the corresponding tenant, with Seller
paying any and all transfer/assignment fees and costs) to transfer such letter
of credit to Purchaser.

              6.10.  With the exception of SECTIONS 6.2 AND 6.6(ii), the
provisions of this SECTION 6 shall survive for ninety (90) days and either party
shall have the right prior to expiration of ninety (90) day period to require
that errors related to computations and calculations under this SECTION 6 be
corrected and the parties agree that any errors not raised prior to the
expiration of such ninety (90) day period shall be deemed to be waived,
PROVIDED, HOWEVER, notwithstanding the foregoing, computations that cannot
reasonably be determined on or before the expiration of such ninety (90) day
period shall not be waived until the date that is the earlier to occur of (i)
nine (9) months after the Closing Date or (ii) sixty (60) days after the date
that such computations can reasonably be determined. For the avoidance of doubt,
the parties acknowledge that after the expiration of such ninety (90) day
period, the indemnification obligations of Seller, if any, contained in this
SECTION 6, shall expire, provided that the indemnification obligations of
Purchaser, if any, contained in this SECTION 6 shall survive indefinitely.

                                      - 7 -
<Page>

       7.     CLOSING DOCUMENTS.

              7.1.   At the Closing, Seller shall deliver to Purchaser and
execute, where applicable, the following:

                     (i)    a Special Warranty Deed with respect to the Shopping
Center in the form attached hereto as EXHIBIT "G" and made a part hereof (the
"DEED"), which Deed shall be in recordable form, duly executed and acknowledged;

                     (ii)   a bill of sale with respect to the Personal
Property, in the form attached hereto as EXHIBIT "H" and made a part hereof (the
"BILL OF SALE");

                     (iii)  an assignment and assumption of the Leases,
substantially in the form attached hereto as EXHIBIT "I" and made a part hereof
(the "ASSIGNMENT AND ASSUMPTION OF LEASES");

                     (iv)   an assignment and assumption of the Service
Contracts, substantially in the form attached hereto as EXHIBIT "J" and made a
part hereof (the "ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS");

                     (v)    to the extent same are in the possession or
reasonable control of Seller, Seller's executed counterparts of all Leases and
any guarantees relating thereto;

                     (vi)   a signed notice to the tenants of the Shopping
Center, in the form attached hereto as EXHIBIT "K" and made a part hereof (the
"NOTICE TO TENANTS"), advising them of the within sale and directing them to pay
rent and address all communications to Purchaser or, at Purchaser's option, to
Purchaser's managing agent;

                     (vii)  to the extent the same are in the possession or
reasonable control of Seller and are transferable to Purchaser, all original
licenses, certificates and permits pertaining to the Shopping Center and
required for the use or occupancy thereof and an assignment and assumption
thereof, but only if and to the extent that the same are not assigned and
assumed pursuant to any of the other Closing Documents;

                     (viii) to the extent the same are in the possession or
reasonable control of Seller, any and all keys to entrance doors to, and
equipment and utility rooms located in, the Shopping Center;

                     (ix)   a "non-foreign person affidavit" that meets the
requirements of Section 1445(b)(2) of the Internal Revenue Code of 1986, as
amended;

                     (x)    such documents (such as corporate resolutions or
partnership authorizations and certified corporate or partnership organizational
documents) as are reasonably required by the Title Company to evidence the
authorization of the within sale of the Shopping Center by Seller and the
delivery by Seller of all of the Closing documents required by this Agreement;

                     (xi)   the Tenant Estoppel Certificates (as hereinafter
defined) and/or Seller Estoppel Certificates (as hereinafter defined) to the
extent required to be delivered pursuant to SECTION 36;

                     (xii)  an assignment and assumption of Intangible Property
with respect to the Shopping Center, in the form attached hereto as EXHIBIT "L"
and made a part hereof (the "ASSIGNMENT AND ASSUMPTION OF INTANGIBLE PROPERTY");

                     (xiii) an up-to-date rent roll as required by SECTION
11.1(iii) hereto;

                     (xiv)  a duly executed termination of Seller's existing
property management agreement, if any;

                     (xv)   such other documents as may reasonably be requested
by the Title Company to evidence Seller's authorization of the sale of the
Shopping Center; and

                     (xvi)  such other documents, instruments and/or deliveries
as are required to be delivered by Seller pursuant to the terms of this
Agreement.

                                      - 8 -
<Page>

              7.2.   At the Closing, Purchaser shall deliver to Seller and
execute, where applicable, the following:

                     (i)    the Closing Funds (in addition to Escrow Agent's
delivery of the Downpayment);

                     (ii)   the Assignment and Assumption of Leases;

                     (iii)  the Assignment and Assumption of Service Contracts;

                     (iv)   the Assignment and Assumption of Intangible
Property;

                     (v)    such documents (such as limited liability company
resolutions, corporate resolutions or partnership authorizations and certified
limited liability company, corporate or partnership organizational documents) as
are reasonably required by Seller evidencing the authorization of the purchase
of the Shopping Center by Purchaser and the delivery by Purchaser of all of the
Closing documents required by this Agreement;

                     (vi)   such other documents as may reasonably be requested
by the Title Company to evidence Purchaser's authorization of the acquisition of
the Shopping Center by Purchaser; and

                     (vii)  such other documents, instruments and/or deliveries
as are required to be delivered by Purchaser pursuant to the terms of this
Agreement.

              7.3.   [intentionally deleted].

              7.4.   The acceptance of transfer of title to the Shopping Center
by Purchaser shall be deemed to be full performance and discharge of any and all
obligations on the part of Seller to be performed pursuant to the provisions of
this Agreement, except where such agreements and obligations are specifically
stated to survive the transfer of title.

       8.     TITLE INSURANCE.

              8.1.   Purchaser acknowledges that Seller has delivered to
Purchaser a copy of Seller's existing survey for the Shopping Center and a
commitment for title insurance dated not earlier than thirty (30) days prior to
the date of execution and delivery of this Agreement (the "TITLE COMMITMENT")
from Chicago Title Insurance Company (the "TITLE COMPANY"). Additionally, not
later than five (5) days prior to the end of the Due Diligence Period, Seller
shall deliver to Purchaser, at Seller's sole cost and expense, six (6) copies of
an ALTA/ACSM Land Title Survey plat of survey of the Lands (the "SURVEY"),
certified to Seller, Purchaser, the Title Company and Purchaser's lender, if
any, with a certification date subsequent to the date of this Agreement, as
being made in compliance with the then current ALTA/ASCM Minimum Standard Detail
Requirements for Land Title Surveys, including the following Table A Optional
Survey Responsibilities and Specifications: 1; 2; 3; 4; 6; 7(a), (b) and (c);
and 8 through 11 inclusive (with item 7[b][2] showing the tract area in both
square footage and acres), and in form sufficient for the Title Company to Issue
its owners title policy without survey exception (except for non-material
encroachments, and the like which do not affect any buildings on the Lands.

              8.2.   If the Title Commitment discloses exceptions to title which
are not acceptable to Purchaser in Purchaser's reasonable discretion (any such
exception being referred to herein as an "UNPERMITTED TITLE EXCEPTIONS"), then
Purchaser shall give Seller notice of any Unpermitted Title Exception on or
prior to the 7th day following Purchaser's receipt of the Title Commitment and
Survey (said 7th day being hereinafter sometimes referred to as the "Title and
Survey Objection Deadline"). Any matters not objected to by Purchaser on or
prior to the Title and Survey Objection Deadline shall be deemed "PERMITTED
TITLE EXCEPTIONS". Seller acknowledges that under letter dated July 16, 2003
issued by Purchaser's counsel (the "Title and Survey Comments Letter"), a copy
of which is attached hereto as Exhibit "R", Purchaser gave Seller timely notice
of Unpermitted Title Exceptions. Seller agrees to make commercially reasonable
efforts to resolve, to Purchaser's satisfaction, the Unpermitted Title
Exceptions referred to in the Title and Survey Comments Letter on or before
twelve (12) days prior to the Closing Date (and Seller shall have the right to
adjourn the Closing Date for up to sixty (60) days in order to effectuate same).
If Seller fails or is unable to resolve to Purchaser's satisfaction, the
Unpermitted Title Exceptions referred to in the Title and Survey Comments Letter
on or before twelve (12) days prior to the Closing Date, then either party shall
be entitled to terminate this Agreement. In such case, Seller and Purchaser
shall direct the Title Company to return the Downpayment to Purchaser, and
neither party

                                      - 9 -
<Page>

shall have any further obligation under this Agreement, except that the
obligations of the parties under SECTIONS 13, 31, 32, 34, 35.2 and 35.3 shall
survive.

              8.3.   If the Survey discloses conditions or exceptions to title
which are not acceptable to Purchaser in Purchaser's reasonable discretion (any
such exception being referred to herein as an "UNPERMITTED SURVEY CONDITION"),
then Purchaser shall give Seller notice of any Unpermitted Survey Condition on
or prior to the Title and Survey Objection Deadline. Any matters not objected to
by Purchaser on or prior to the Title and Survey Objection Deadline shall be
deemed "PERMITTED SURVEY CONDITIONS". Seller acknowledges that pursuant to the
Title and Survey Comments Letter, Purchaser gave Seller timely notice of
Unpermitted Survey Conditions. Seller agrees to make commercially reasonable
efforts to resolve, to Purchaser's satisfaction, the Unpermitted Survey
Conditions referred to in the Title and Survey Comments Letter on or before
twelve (12) days prior to the Closing Date (and Seller shall have the right to
adjourn the Closing Date for up to sixty (60) days in order to effectuate same).
If Seller falls or is unable to resolve to Purchaser's satisfaction, the
Unpermitted Survey Conditions referred to in the Title and Survey Comments
Letter on or before twelve (12) days prior to the Closing Date, then either
party shall be entitled to terminate this Agreement. In such case, Seller and
Purchaser shall direct the Title Company to return the Downpayment to Purchaser,
and neither party shall have any further obligation under this Agreement, except
that the obligations of the parties under SECTIONS 13, 31, 32, 34, 35.2 and 35.3
shall survive.

              8.4.   In the event that any update of the Title Commitment or the
Survey shows any new adverse matters or conditions to which Purchaser does not
desire to take subject. Purchaser shall deliver notice thereof to Seller not
later than five (5) days prior to the Closing Date (and if Purchaser fails to
deliver such notice within such five (5) day period, then Purchaser shall be
deemed to have accepted such matters or conditions as Permitted Title Exceptions
or Permitted Survey Conditions, as applicable). Seller shall have three (3)
Business Days following the receipt of any such notice in which to give
Purchaser notice that Seller will either (a) make commercially reasonable
efforts to cause such new matter or condition to be deleted from the Title
Commitment or removed from the Survey, as the case may be, or (b) not cause such
new matter or condition to be deleted from the Title Commitment or removed from
the Survey. If Seller gives notice pursuant to clause (a), then Seller will
cause same to occur prior to the Closing Date (and Seller shall have the right
to adjourn the Closing Date for up to sixty (60) days in order to effectuate
same). If Seller (i) fails to give any such notice within said three (3)
Business Day period, or (ii) fails, after having made commercially reasonable
efforts, to cause such new matter or condition to be deleted from the Title
Commitment or removed from the Survey, as the case may be, or (iii) gives
Purchaser notice that Seller will not cause such new matter or condition to be
deleted from the Title Commitment or the Survey or otherwise cured as requested
by Purchaser, as the case may be, then Purchaser will have until 5PM Central
Time on September 16, 2003 to elect either to terminate this Agreement, or to
waive the right to terminate this Agreement as a result of any such new matter
or condition, which election must be made by the giving of notice thereof to
Seller on or before 5PM Central Time on September 16, 2003. If Purchaser fails
to deliver such notice waiving Purchaser's right to terminate this Agreement as
a result of such new matter or condition on or before 5PM Central Time on
September 16, 2003, then Purchaser shall be deemed to have terminated this
Agreement. If Purchaser elects to waive the right to terminate this Agreement as
aforesaid, then any new matter or condition previously objected to by Purchaser
shall become Permitted Survey Conditions or Permitted Title Exceptions, as the
case may be. If Purchaser terminates this Agreement as aforesaid, then the
Seller and Purchaser shall direct the Title Company to return the Downpayment to
Purchaser, and neither party shall have any further obligation under this
Agreement, except that the obligations of the parties under SECTIONS 13, 31, 32,
34, 35.2 and 35.3 shall survive. Seller shall be entitled to deliver its notice
under (a) or (b) above in its sole and absolute discretion subject to the
provisions of SECTION 8.5 of this Agreement.

              8.5.   Notwithstanding anything contained herein to the contrary,
except as specified in this SECTION 8.5, Seller shall have no obligation to take
any steps, bring any action or proceeding or incur any effort or expense
whatsoever to cure any title or survey objection, PROVIDED, HOWEVER,
notwithstanding the foregoing, Seller shall cause to be removed as exceptions to
title (i) any mortgages, mechanic's or materialmen's liens filed against the
Shopping Center due to work performed at the Shopping Center by Seller at
Seller's direction (and Seller shall have the right to adjourn the Closing Date
for up to sixty (60) days in order to effectuate same) and (ii) any consensual
lien or encumbrance placed upon the Shopping Center by Seller subsequent to the
date of the Title Commitment and which can be removed as an exception to title
by the payment of a sum money, the amount of which is fixed or
readily-ascertainable.

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       9.     DISPOSITION OF DOWNPAYMENT.

              If (x) Seller is unable to convey title in accordance with the
terms of this Agreement, or (y) in accordance with the provisions of SECTIONS 5,
8, 11, 20, 35 or 36 of this Agreement, Purchaser is entitled to and does elect
to terminate this Agreement, Seller and Purchaser shall direct the Escrow Agent
to refund to Purchaser the Downpayment (or such portion thereof as shall have
been deposited with the Escrow Agent together with all interest thereon, if
any). Upon such delivery of the Downpayment to Purchaser, this Agreement shall
terminate and neither party to this Agreement shall have any further rights or
obligations hereunder, except for obligations of the parties under SECTIONS 13,
31, 32, 34, 35.2 and 35.3.

       10.    PURCHASER'S DEFAULT.

              If Purchaser shall default hereunder (including, without
limitation, a default hereunder based on breach by Purchaser of Purchaser's
Representations [as hereinafter defined] that is discovered prior to the
Closing) or shall fail or refuse to perform its obligation to purchase the
Shopping Center in accordance with this Agreement, Seller, as its sole and
exclusive remedy (except as provided in this SECTION 10), shall have the right
to cause Escrow Agent to deliver to Seller the Downpayment (with all interest
thereon, if any), as and for its liquidated damages (the parties hereto
acknowledging that it would be difficult or impossible to accurately ascertain
the amount of Seller's damages). Notwithstanding the foregoing, the liquidated
damages limitation set forth above shall have no application to any claim made
by Seller against Purchaser based on Purchaser's obligations under SECTIONS 13,
31, 32, 34, 35.2 or 35.3 herein, and in the event Seller has a claim against
Purchaser based on any such Section, Seller shall be entitled to recover damages
for such claim in addition to retention to the Downpayment. For example, if
under SECTION 35.2 Purchaser is obligated to indemnify Seller for damages of
$10,000 and Purchaser defaults under this Agreement, then Seller shall be
entitled to receive $10,000 plus the entire Downpayment plus accrued interest
thereon plus amounts under SECTION 32.

       11.    REPRESENTATIONS.

              11.1.  Seller hereby represents and warrants to Purchaser that, as
of the date hereof:

                     (i)    Seller is a limited liability company duly organized
and in good standing under the laws of the State of Texas and qualified to do
business in, and in good standing under the laws of the State of Texas;

                     (ii)   the execution, delivery and performance of this
Agreement by Seller (a) are within Seller's powers and (b) have been duly
authorized by all necessary corporate, partnership and/or other action;

                     (iii)  attached hereto as EXHIBIT "D" is a rent roll for
the Shopping Center, which, to the actual knowledge of Seller, is accurate in
all material respects as of the date hereof. To Seller's actual knowledge, no
parties except the tenants identified in EXHIBIT "D" (and any permitted
assignees, sublessees, licensees and/or concessionaires thereof) has or shall
have on the Closing Date any right to occupy any portion of the Shopping Center.
A revised EXHIBIT "D", to be designated EXHIBIT "D-1", shall be certified by
Seller to its actual knowledge as being true and correct in all material
respects as of Closing, shall reflect those Leases and guarantees in effect on
the Closing Date and shall be delivered to Purchaser at Closing as provided in
SECTION 7.1 (xiii) hereof. As of the date hereof, and to the actual knowledge of
Seller, each of the Leases described in EXHIBIT "D" is valid and subsisting and
in full force and effect, has not been amended, modified or supplemented other
than as previously delivered to Purchaser. To Seller's actual knowledge, the
copies of the Leases and guarantees previously or hereafter delivered by Seller
to Purchaser for Purchaser's review were and will be, respectively, true and
complete copies thereof. Seller has received no written notice of default or
breach on the part of the landlord under any of the Leases which remains uncured
by the landlord. Except as set forth on EXHIBIT "D", AND EXCEPT AS PREVIOUSLY
DISCLOSED BY SELLER TO PURCHASER REGARDING CERTAIN RIGHTS GRANTED TO WALGREEN,
AS MORE FULLY SET FORTH IN THE WALGREEN LEASE, no tenant under any of the Leases
is entitled to any purchase option or right of first refusal regarding a sale of
the Shopping Center. To Seller's actual knowledge, no Lease extends beyond the
term and option terms stated therein. Except as set forth on EXHIBIT "D", and
except for those Leasing Commissions, etc. payable by Purchaser in accordance
with Section 6.8 above, to Seller's actual knowledge, no other Leasing
Commissions are now due and payable, or on the Closing Date shall be due and
payable, by Seller;

                     (iv)   to the actual knowledge of Seller, EXHIBIT "E" sets
forth a true, correct and complete list of all material Existing Service
Contracts in effect as of the date hereof. Seller has no employees in connection
with the operation of the Shopping Center whose employment will not be lawfully
terminated, prior to Closing, without recourse to Purchaser. To the actual
knowledge of Seller, the Existing Service Contracts delivered by Seller to Buyer
are true and

                                     - 11 -
<Page>

complete copies of all Service Contracts now in effect. To the actual knowledge
of Seller, no person or entity bound by any Existing Service Contract has given
notice to Seller of any claim of default under any such Service Contract;

                     (v)    to the actual knowledge of Seller and except as set
forth in the reports described in EXHIBIT "M" (the "ENVIRONMENTAL REPORTS"),
Seller has received no written notice from any Environmental Agency (as
hereinafter defined) to the effect that there has been a release of any
Hazardous Material (as hereinafter defined) on the Shopping Center. The term
"HAZARDOUS MATERIAL" shall mean asbestos, petroleum products, and any other
hazardous waste or substance which has, as of the date hereof, been determined
to be hazardous or a pollutant by the U.S. Environmental Protection Agency, the
U.S. Department of Transportation, or any instrumentality authorized to
regulate substances in the environment which has jurisdiction over the Shopping
Center ("ENVIRONMENTAL AGENCY") which substance causes the Shopping Center (or
any part thereof) to be in material violation of any applicable environmental
laws; PROVIDED, HOWEVER, that the term "Hazardous Material" shall not include
(x) motor oil, gasoline and other automotive fluids contained in or discharged
from vehicles not used primarily for the transport of motor oil or gasoline, or
(y) materials which are stored, used and/or sold in the ordinary course of a
tenant's occupancy at (or in the course of Seller's or Seller's managing agents'
operation of) the Shopping Center, including but not limited to cleaning
supplies, office supplies, Insecticides and other similar products stored, use
and/or sold in the ordinary course of business;

                     (vi)   to the actual knowledge of Seller, except as set
forth on EXHIBIT "N", there is no material litigation pending or threatened with
respect to the Shopping Center (other than as is covered by insurance);

                     (vii)  to the actual knowledge of Seller, except as set
forth on EXHIBIT "F", (aa) Seller has not received written notice of that Seller
is in material default under that certain Amended and Restated Declaration of
Restrictions for Park Place Shopping Center dated the 17th day of April, 2000,
and recorded in Volume 4469, Page 1005 Deed Records of the Collin County, Texas
real estate records [the "REA"], and (bb) Seller has not received written notice
from any governmental authority having jurisdiction over the Shopping Center (x)
to the effect that the Shopping Center is not in compliance in all material
respects with applicable laws and ordinances, or (y) of any pending or
threatened condemnation, eminent domain or similar proceeding with respect to
the Shopping Center;

                     (viii) neither the execution, delivery or performance by
Seller of this Agreement, the fulfillment of and compliance with the respective
terms and provisions hereof by Seller, nor the consummation of the transactions
contemplated hereby by Seller, will (aa) conflict with, or result in a breach
of, any of the terms, conditions or provisions of, or constitute a default
under, or give rise to any right of termination, acceleration, or cancellation
under any agreement or other instrument or other obligation to which Seller is a
party or is subject, (bb) to the actual knowledge of Seller, constitute a
material violation of any code, resolution, law, statute, regulation, ordinance,
rule, judgment, decree, determination, writ or order applicable to Seller, or
(iii) violate the terms of Seller's organizational documents;

                     (ix)   None of the funds to be received by Seller under
this Agreement will be subject to 18 U.S.C. Sections 1956-1957 (Laundering
of Money Instruments), 18 U.S.C. Sections 981-986 (Federal Asset
Forfeiture), 21 U.S.C. Section 881 (Drug Property Seizure), Executive Order
Number 13224 on Terrorism Financing, effective September 24, 2001, or the United
and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (the "USA
PATRIOT ACT");

                     (x)    except as otherwise provided in this Agreement, all
bills and other payments due from Seller with respect to the ownership,
operation and maintenance of the Shopping Center have been, or on the Closing
Date shall be, paid in full by Seller or prorated by Seller and Purchaser.

                     As used herein, the term "to the actual knowledge of
Seller" and words of similar import, shall mean the actual, present cognitive
awareness (as differentiated from imputed or constructive knowledge) of Stephen
Preston without any obligation to make inquiry of any kind. The Seller
represents that Stephen Preston has been the Asset Manager of the Shopping
Center since April 2000.

              11.2.  Purchaser hereby represents and warrants to Seller that, as
of the date hereof:

                     (i)    Purchaser is a corporation, validly existing, duly
organized and in good standing under the laws of the State of Illinois and, on
the Closing Date shall be duly qualified to do business in the State of Texas;

                                     - 12 -
<Page>

                     (ii)   the execution, delivery and performance of this
Agreement by Purchaser (a) are within Purchaser's corporate, partnership,
limited liability or other applicable powers, and (b) have been duly authorized
by all necessary corporate, partnership, limited liability or other applicable
action;

                     (iii)  neither the execution, delivery or performance by
Purchaser of this Agreement, the fulfillment of and compliance with the
respective terms and provisions hereof by Purchaser, nor the consummation of the
transactions contemplated hereby by Purchaser, will (aa) conflict with, or
result in a breach of, any of the terms, conditions or provisions of, or
constitute a default under, or give rise to any right of termination,
acceleration, or cancellation under, any agreement or other instrument or other
obligation to which Purchaser is a party or is subject, (bb) to Purchaser's
knowledge, constitute a material violation of any code, resolution, law,
statute, regulation, ordinance, rule, judgment, decree, determination, writ or
order applicable to Purchaser, or (iii) violate the terms of Purchaser's
organizational documents;

                     (iv)   Purchaser is not acquiring the Shopping Center with
the assets of an employee benefit plan as defined in Section 3(3) of the
Employment Retirement Income Security Act of 1974, as amended ("ERISA") and the
transaction which is the subject of this Agreement is not a prohibited
transaction under Section 406 of ERISA;

                     (v)    None of the funds to be used for payment by
Purchaser of the Purchase Price will be subject to 18 U.S.C. Sections 1956-1957
(Laundering of Money Instruments), 18 U.S.C. Sections 981-986 (Federal Asset
Forfeiture), 21 U.S.C. Section 881 (Drug Property Seizure), Executive Order
Number 13224 on Terrorism Financing, effective September 24, 2001, or the United
and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (the "USA
PATRIOT ACT").

                     (vi)   Purchaser is not, and will not become, a person or
entity with whom U.S. persons are restricted from doing business with under
regulations of the Office of Foreign Asset Contract ("OFAC") of the Department
of the Treasury (including those named on OFAC's Specially Designated and
Blocked Persons list) or under any statute, executive order (including the
September 24, 2001, Executive Order Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism),
or other governmental action; and

                     (vii)  This Agreement constitutes, and all other
agreements, documents and instruments to be executed by Purchaser pursuant
hereto, when duly executed and delivered by Purchaser, will each constitute,
valid and binding obligations of Purchaser, enforceable in accordance with their
respective terms.

              11.3.  Each of the representations and warranties set forth in
Section 11.1 (collectively, "Seller's Representations") shall be deemed to have
been remade at and as of the Closing Date with the same force and effect as if
first made on and as of such date; provided, that, at the Closing, Seller may
submit to Purchaser one (1) or more schedules, certified as true and correct as
of the Closing Date by Seller, which modify or update any of Seller's
Representations, or any Exhibits referred to therein, to reflect matters, if
any, which arise subsequent to the date hereof, and Seller's Representations
shall be deemed to have been remade with the changes, if any, set forth in such
schedule or schedules. If prior to Closing, Seller's Representations made as of
the date hereof are determined to be untrue in any material respect as of the
date hereof or if Seller's Representations, as remade on the Closing Date, shall
result in Seller's Representations made as of the date hereof being untrue in
any material respect as of the Closing Date, or if any of Seller's
Representations, as remade on the Closing Date reflect a material change, to
Purchaser's detriment of any of Seller's Representations, as originally made,
Purchaser may, at its option, and as its sole remedy (Purchaser specifically
waiving any right to bring an action against Seller for damages arising
therefrom), either (i) terminate this Agreement by notice in writing to Seller,
in which event (subject to the provisions of this Section 11.3) Seller shall
cause the Escrow Agent to take the actions required to be taken in respect of
the Downpayment pursuant to Section 9, whereupon neither party shall have any
further rights or obligations hereunder except that the obligations of the
parties under Sections 13, 31, 32, 34, 35.2 and 35.3 shall survive, or (ii)
waive the same and accept title to the Shopping Center without any abatement of
the Purchase Price; provided, however, that Purchaser shall have no right to
terminate this Agreement as a result of any modification to or updating of
Seller's Representations to reflect (w) Approved New Leases, Approved Lease
Amendments, Approved New Service Contracts, or Approved Service Contract
Amendments, (x) changes to the rent roll for the Shopping Center or to the
Service Contracts that arise after the date hereof (it being expressly
acknowledged and agreed by Purchaser that the risk of changes to the rent roll
for the Shopping Center or the leasing status of the Shopping Center for any
reason after the date hereof is Purchaser's risk and no such change is intended
to grant Purchaser any right to terminate this Agreement or obtain any damages
from Seller), or (y) changes to the schedule of litigation set forth in Exhibit
"N" to reflect any additions or deletions other than litigation that if
adversely determined would affect title to the Shopping Center (it being
expressly acknowledged and agreed that (A) changes to

                                     - 13 -
<Page>

the schedule of litigation for any reason, including, without limitation,
landlord/tenant litigation and claims covered by insurance, after the date
hereof are Purchaser's risk (meaning that no such change is intended to grant
Purchaser any right to terminate this Agreement or obtain any damages from
Seller), and (B) changes to the schedule of litigation for matters affecting
title to the Shopping Center are Seller's risk (meaning that any such changes to
the schedule of litigation shall entitle Purchaser to terminate this Agreement
subject to and in accordance with the provisions of this Section 11.3 but no
such changes to the schedule of litigation shall, if not cured by Seller,
entitle Purchaser to bring any action against Seller or constitute a breach of a
representation or warranty of Seller); provided, further, however, Purchaser
shall have no right to terminate this Agreement pursuant to the provisions of
this Section 11.3 as a result of the untruth of any Seller's Representation if,
within ten (10) days after the delivery of Purchaser's notice terminating this
Agreement, Seller delivers written notice of intention to cure to Purchaser, in
which event Purchaser's notice of termination shall be without effect and Seller
shall, at Seller's option, either (i) cause such untrue Seller's Representation
to be corrected at or before Closing (and Seller shall be entitled to adjourn
the date of the Closing for not more than sixty (60) days to effectuate such
cure), or (ii) [intentionally deleted]. Seller's Representations (as modified or
updated by Seller in accordance with the provisions of this Section 11) shall
survive the Closing for a period of one hundred eighty (180) days. Within
ten (10) days of becoming aware that any of Seller's Representations are untrue
in any material respect, Purchaser shall deliver notice thereof to Seller
stating whether Purchaser desires to proceed under clause (i) or (ii) above in
respect thereof, and in the event that Purchaser fails to so notify Seller of
any such untruth and its desire to proceed under clause (i) or (ii) above within
such ten (10) day period, then Purchaser shall be deemed to have waived its
right to assert the untruth of such representation against Seller pursuant to
the terms hereof. Without limitation of the foregoing, in the event that
Purchaser becomes aware that any of Seller's Representations are untrue in any
material respect prior to the Closing Date and nonetheless proceeds to Closing
without making a claim under this Section 11.3, then same shall be deemed to be
a waiver by Purchaser of any further right to make a claim arising out of such
falsity of such Seller's Representation.

              11.4.  Each of the representations and warranties set forth in
Section 11.2 (collectively, "Purchaser's Representations") shall be deemed to
have been remade at and as of the Closing Date with the same force and effect as
if first made on and as of such date. Purchaser's Representations shall survive
the Closing for a period of one hundred eighty (180) days.

              11.5.  If any of Purchaser's Representations or Seller's
Representations is discovered to be untrue in any material respect after
Closing, and a claim is asserted within the time period set forth in SECTION
11.3 or SECTION 11.4, as the case may be, then Seller or Purchaser, as the case
may be, shall, subject to SECTION 19, have the right to pursue any and all
remedies available against Purchaser or Seller, as the case may be, as a result
of such inaccuracy, PROVIDED, HOWEVER, (A) Purchaser shall not pursue any claim
against Seller that causes damage to Purchaser that is less than the Floor (as
hereinafter defined) and (B) the maximum amount of liability that Seller shall
have under any circumstance for any surviving obligation under this Agreement
(including, without limitation, any obligation arising out of any Seller's
Representation that survives the Closing, any indemnification or other
obligation contained herein that is specifically stated to survive the Closing,
any obligation of Seller under any Seller Estoppel Certificate [as hereinafter
defined] and any liability under any other document or instrument delivered by
Seller in connection with the Closing) shall not exceed a total aggregate amount
of $250,000 (the "MAXIMUM AMOUNT"). As used herein, the term "FLOOR" shall mean,
with respect to any claim against Seller for the breach of any of Seller's
Representations, $15,000.00.

       12.    FIXTURES AND PERSONAL PROPERTY.

              All of Seller's right, title and interest in and to all fixtures,
machinery, equipment and other articles of personal property attached or
appurtenant to, or used in connection with, the Shopping Center are included in
this sale.

       13.    BROKERS.

              13.1.  Purchaser represents and warrants that Purchaser has not
dealt with any broker, agent, finder or similar party in connection with the
transaction contemplated hereby other than CB Richard Ellis (the "Broker") and
Purchaser hereby indemnifies and holds harmless Seller and each Seller
Exculpated Party (as hereinafter defined) from any liability, cost or expense
(including, without limitation, reasonable attorneys' fees and costs of
enforcement of the foregoing indemnity) arising out of the falsity of the
foregoing representation.

              13.2.  Seller represents and warrants that Seller has not dealt
with any broker, agent, finder or similar party in connection with the
transaction contemplated hereby other than Broker and Seller hereby indemnifies
and holds

                                     - 14 -
<Page>

harmless Purchaser and each Purchaser Exculpated Party (as hereinafter defined)
from any liability, cost or expense (including, without limitation, reasonable
attorneys' fees and costs of enforcement of the foregoing indemnity) arising out
of the falsity of the foregoing representation.

              13.3.  Seller shall be responsible for the payment of any
commission due Broker pursuant to separate agreement and shall indemnify and
hold harmless Purchaser and each Purchaser Exculpated Party from any liability,
cost or expense (including, without limitation, reasonable attorneys' fees and
costs of enforcement of the foregoing indemnity) in connection with any
commission or other compensation claimed to be due by Broker from Purchaser in
connection with this transaction. No commission, fee or other compensation or
remuneration shall be earned by, or due or payable to, the Broker except if, as
and when (a) the Closing hereunder shall take place, and (b) Seller shall
receive the full amount due Seller at such Closing, as provided in Section 2
above, and (c) [intentionally deleted].

              13.4.  The provisions of this SECTION 13 shall survive the Closing
or any earlier termination of this Agreement.

       14.    CONDEMNATION AND DESTRUCTION.

              14.1.  If, prior to the Closing Date a Non-Material Taking (as
hereinafter defined) occurs, then (i) Seller shall notify Purchaser of such
fact, (ii) Purchaser shall not have any right or option to terminate this
Agreement and this Agreement shall continue in effect, (iii) at the Closing,
Purchaser shall accept the Shopping Center subject to such Non-Material Taking
or so much of the Shopping Center as remains after such Non-Material Taking, as
the case may be, with no abatement of the Purchase Price, and (iv) at the
Closing, Seller shall assign and turn over to Purchaser, and Purchaser shall be
entitled to receive and keep, all of Seller's interest in and to all awards for
such Non-Material Taking. If, prior to the Closing Date, a Material Taking (as
hereinafter defined) occurs with respect to the Shopping Center, then (i) Seller
shall notify Purchaser of such fact and (ii) Purchaser shall have the right to
terminate this Agreement by delivering notice of such termination to Seller on
or before the tenth (10th) day after Purchaser receives such notice from Seller,
and if necessary, the Closing Date shall be postponed until the Business Day
next immediately following such tenth (10th) day. In the event that Purchaser
fails to exercise such termination right within such ten (10) day period,
Purchaser shall be deemed to have waived such termination right, in which event
the provisions of the first sentence of this SECTION 14.1 shall apply to such
Material Taking. In the event that Purchaser delivers a notice of termination
within such ten (10) day period, then this Agreement shall terminate, Escrow
Agent shall refund the Downpayment to Purchaser, whereupon neither party shall
have any further rights or obligations hereunder except that the obligations of
the parties under SECTIONS 13, 31, 32, 34, 35.2 and 35.3 shall survive.

              14.2.  If, prior to the Closing Date a Non-Material Casualty (as
hereinafter defined) occurs, then (i) Seller shall promptly notify Purchaser of
such fact, (ii) Purchaser shall not have any right or option to terminate this
Agreement and this Agreement shall continue in effect, (iii) at the Closing
Purchaser shall accept the Shopping Center in its then "as is" condition with no
abatement of the Purchase Price, and (iv) at the Closing, Seller shall assign
and turn over to Purchaser, and Purchaser shall be entitled to receive and keep,
all of Seller's interest in and to all insurance proceeds payable in connection
with such Casualty, and Purchaser shall receive a credit against the Purchase
Price at the Closing in the amount of any loss deductible payable in connection
with such insurance proceeds plus an amount equal to all additional funds (in
excess of available insurance proceeds) reasonably required to fully restore the
Shopping Center to its condition prior to such Non-Material Casualty. If, prior
to the Closing Date, a Material Casualty (as hereinafter defined) occurs with
respect to the Shopping Center, then (i) Seller shall promptly notify Purchaser
of such fact and (ii) Purchaser shall have the right to terminate this Agreement
by delivering notice of such termination to Seller on or before the tenth (10th)
day after Purchaser receives such notice from Seller, and if necessary, the
Closing Date shall be postponed until the Business Day next immediately
following such tenth (10th) day. In the event that Purchaser fails to exercise
such termination right within such ten (10) day period, Purchaser shall be
deemed to have waived such termination right, in which event the provisions of
the first sentence of this SECTION 14.2 shall apply to such Material Casualty.
In the event that Purchaser delivers a notice of termination within such ten
(10) day period, then this Agreement shall terminate, Escrow Agent shall refund
the Downpayment to Purchaser, whereupon neither party shall have any further
rights or obligations hereunder except that the obligations of the parties under
SECTIONS 13, 31, 32, 34, 35.2 and 35.3 shall survive.

              14.3.  As used herein, the following terms shall have the
following meanings:

              "CASUALTY" means the destruction of all or a portion of the
Shopping Center by fire or other casualty.

                                     - 15 -
<Page>

              "MATERIAL CASUALTY" means a Casualty (i) which results in damage
to the Shopping Center where the cost to repair is $500,000 or more or (ii)
which causes any tenant to terminate its lease at the Shopping Center or to
abate the payment of rent.

              "MATERIAL TAKING" means a Taking (i) which affects more than two
percent (2%) of the Shopping Center, or (ii) which materially and adversely
affects access to the Shopping Center, or (iii) which causes any tenant
occupying to terminate its lease at the Shopping Center or to abate the payment
of rent.

              "NON-MATERIAL CASUALTY" means any Casualty other than a Material
Casualty.

              "NON-MATERIAL TAKING" means any Taking other than a Material
Taking.

              "TAKING" means any actual or overtly threatened taking of any
portion of the Shopping Center by condemnation or eminent domain.

       15.    ESCROW.

              15.1.  The Escrow Agent shall hold and disburse the Deposit as
provided in this Agreement.

              15.2.  If the Closing takes place, the Escrow Agent shall deliver
the Downpayment to, or upon the instructions of, Seller at the Closing, unless
Purchaser shall wire to Escrow Agent on or prior to the Closing Date the full
amount of the Purchase Price, in which event, upon Closing, the Downpayment
shall be returned to Purchaser.

              15.3.  If this Agreement is terminated in accordance with the
terms hereof, or if the Closing does not take place under this Agreement by
reason of the failure of either party to comply with such party's obligations
hereunder, then the Escrow Agent shall pay the Downpayment, as set forth in a
written notice to Escrow Agent from Seller and/or Purchaser, provided however,
that if such written notice has not been jointly executed by both Seller and
Purchaser, then Escrow Agent shall not disburse any portion of the Downpayment
until (a) Escrow Agent shall have provided ten (10) days' prior notice to both
Seller and Purchaser of Escrow Agent's intention to disburse the Downpayment in
accordance with the instructions set forth in the notice provided to Escrow
Agent (which notice from Escrow Agent shall include a copy of the notice
provided to Escrow Agent) and (b) neither Seller nor Purchaser shall have
objected to such disbursement during such ten (10) day period.

              15.4.  It is agreed that;

                     (i)    the duties of the Escrow Agent are only as herein
specifically provided and are purely ministerial in nature, and the Escrow
Agent shall incur no liability whatever except for willful misconduct or gross
negligence, as long as the Escrow Agent has acted in good faith;

                     (ii)   in the performance of its duties hereunder, the
Escrow Agent shall be entitled to rely upon any document, instrument or
signature believed by it to be genuine and signed by either or both of the
parties or their successors;

                     (iii)  the Escrow Agent may assume that any person
purporting to give any notice of instructions in accordance with the provisions
hereof has been duly authorized to do so;

                     (iv)   the Escrow Agent shall not be bound by any
modification, cancellation or rescission of this Agreement unless in writing and
signed by it, Seller and Purchaser;

                     (v)    Seller and Purchaser shall jointly and severally
reimburse and indemnify the Escrow Agent for, and hold it harmless against, any
and all loss, liability, costs or expenses in connection herewith, including
reasonable attorneys' fees and disbursements, incurred without willful
misconduct or gross negligence on the part of the Escrow Agent arising out of or
in connection with its acceptance of, or the performance of its duties and
obligations under, this Agreement, as well as the reasonable costs and expenses
of defending against any claim or liability arising out of or relating to this
Agreement;

                                     - 16 -
<Page>

                     (vi)   Seller and Purchaser each hereby release the Escrow
Agent from any act done or omitted to be done by the Escrow Agent in good faith
without gross negligence or willful misconduct in the performance of its duties
hereunder; and

                     (vii)  if requested by the Escrow Agent, Seller and
Purchaser shall each execute Escrow Agent's standard form or escrow agreement
provided that the terms thereof shall not be substantively inconsistent with the
terms set forth in this Section 15.

              15.5.  The Escrow Agent is acting as a stake-holder only with
respect to the Downpayment. If there is any dispute as to whether the Escrow
Agent is obligated to deliver all or any portion of the Downpayment or as to
whom the proceeds of the Downpayment are to be delivered, the Escrow Agent shall
not be required to make any delivery, but in such event the Escrow Agent shall
hold the Downpayment until receipt by the Escrow Agent of an authorization in
writing, signed by all of the parties having any interest in such dispute,
directing the disposition of the Downpayment, or, in the absence of such
authorization, the Escrow Agent shall hold the Downpayment, until the final
determination of the rights of the parties in an appropriate proceeding. If such
written authorization is not given, or proceedings for such determination have
not begun within ninety (90) days after the date the Escrow Agent receives
written notice of such dispute, and thereafter diligently continued, the Escrow
Agent may, but is not required to, bring an appropriate action or proceeding for
leave to deposit the Downpayment in court, pending such determination. The
Escrow Agent shall be reimbursed for all costs and expenses of such action or
proceeding including, without limitation, reasonable attorneys' fees and
disbursements, by the party determined not to be entitled to the Downpayment, or
if the Downpayment is split between the parties hereto, such costs of the Escrow
Agent shall be split, PRO RATA, between Seller and Purchaser, based upon the
amount of Downpayment received by each. Upon making delivery of the Downpayment,
in the manner provided in this Agreement, the Escrow Agent shall have no further
liability hereunder.

              15.6.  The Escrow Agent has executed this Agreement contract
solely to confirm (i) receipt of the Deposit and (ii) that the Escrow Agent,
upon receipt thereof, will hold the Downpayment in escrow, pursuant to the
provisions of this Agreement.

       16.    CLOSING COSTS.

              Seller shall pay (i) all documentary stamp taxes, surtaxes and
other transfer, stamp and conveyance taxes and recording fees with respect to
this transaction and/or the Deed, (ii) all title examination and search fees and
that portion of the title insurance premium payable in connection with the
policy of owner's title insurance to be issued Purchaser in connection with the
Shopping Center which would be payable for a standard coverage owner's title
insurance policy, (iii) [intentionally deleted], (iv) [intentionally deleted],
(v) [intentionally deleted], (vi) [intentionally deleted], (vii) the cost of the
Survey, and (viii) fifty percent (50%) of any escrow fees charged by Escrow
Agent. Purchaser shall pay (i) fifty percent (50%) of any escrow fees charged by
Escrow Agent, (ii) any additional title insurance premiums payable in connection
with the owner's policy of title insurance to be issued to Purchaser as
aforesaid, i.e., in excess of the sum payable by Seller on account thereof, as
set forth above, (iii) any and all premiums payable in connection with the
modification of the survey exception in such owner's title insurance policy (if
requested by Purchaser) and in connection with any endorsements to such owner's
title insurance policy (if requested by Purchaser, provided same are permitted
to be issued in connection with this transaction pursuant to applicable Texas
title insurance regulations), and (iv) all due diligence costs related to this
transaction. Each party shall pay its own legal fees and all of its other
expenses in connection with this transaction.

       17.    SELLER'S COVENANTS.

              Seller agrees as follows:

              17.1.  Between the date hereof and the Closing Date or earlier
termination of this Agreement, Seller will provide or cause to be provided
substantially such services with respect to the Shopping Center that have been
provided by Seller in the past in accordance with its customary practice.

              17.2.  Between the date hereof and the Closing Date or earlier
termination of this Agreement, Seller will maintain casualty insurance and
liability insurance with respect to the Shopping Center (which insurance may be
effected under a blanket policy or policies of insurance) in accordance with its
past practice.

                                     - 17 -
<Page>

              17.3.  Between the date hereof and the Closing Date, Seller will
cause to be performed all normal operational repairs required to be made to the
Shopping Center in order to maintain the Shopping Center in its condition as of
the date of this Agreement, reasonable wear and tear and natural deterioration
and damage by fire or other casualty or condemnation excepted, provided that the
foregoing shall not have the effect of requiring Seller to make any repairs or
replacements of a capital nature to the Shopping Center.

       18.    APPROVAL OF LEASES AND SERVICE CONTRACTS.

              18.1.  From and after the date hereof, in the event that Seller
desires to enter into (i) any amendment, modification, renewal or extension of
any Existing Lease (a "PROPOSED LEASE AMENDMENT") or (ii) any new lease
affecting any portion of the Shopping Center (a "PROPOSED NEW LEASE"), Seller
shall deliver written notice ("LEASING NOTICE") to Purchaser, which Leasing
Notice shall contain a copy of such Proposed Lease Amendment or Proposed New
Lease (and supporting tenant data and tenant credit information) and request
Purchaser's consent to such Proposed Lease Amendment or Proposed New Lease.
Within five (5) Business Days after Seller delivers the Leasing Notice to
Purchaser, Purchaser shall deliver written notice to Seller approving or
disapproving such Proposed Lease Amendment or such Proposed New Lease (and if
Purchaser disapproves such Proposed Lease Amendment or Proposed New Lease
Purchaser shall specify in such notice the reasons for such disapproval). On or
prior to the expiration of the Due Diligence Period, Purchaser shall not
unreasonably withhold its consent to any such Proposed Lease Amendment or
Proposed New Lease. Subsequent to the expiration of the Due Diligence Period,
Purchaser may withhold its consent to a Proposed Lease Amendment or Proposed New
Lease in its sole and absolute discretion. In the event that Purchaser fails to
affirmatively approve or disapprove any Proposed Lease Amendment or Proposed New
Lease within the five (5) Business Day period set forth above, Purchaser shall
be deemed to have approved such Proposed Lease Amendment or such Proposed New
Lease. If Purchaser shall approve (or be deemed to have approved) such Proposed
Lease Amendment or such Proposed New Lease, then Seller shall have the right to
execute such Proposed Lease Amendment or Proposed New Lease and upon such
execution and delivery, the same shall be deemed to be an "Approved Lease
Amendment" or an "Approved New Lease", as the case may be, for purposes of this
Agreement. If Purchaser, acting reasonably, shall disapprove such Proposed Lease
Amendment or such Proposed New Lease, then Seller shall not enter into such
Proposed Lease Amendment or Proposed New Lease.

              18.2.  From and after the date hereof, in the event that Seller
desires to enter into (i) any amendment, modification, renewal or extension of
any Existing Service Contract (a "PROPOSED SERVICE CONTRACT AMENDMENT"), or (ii)
any new service contract affecting any portion of the Shopping Center (a
"PROPOSED NEW SERVICE CONTRACT"), Seller shall deliver written notice to
Purchaser requesting Purchaser's consent to such Proposed Service Contract
Amendment or Proposed New Service Contract. Within five (5) Business Days after
Seller delivers such request to Purchaser, Purchaser shall deliver written
notice to Seller approving or disapproving such Proposed Service Contract
Amendment or such Proposed New Service Contract (and if Purchaser disapproves
such Proposed Service Contract Amendment or Proposed New Service Contract
Purchaser shall specify in such notice the reasons for such disapproval). On or
prior to the expiration of the Due Diligence Period, Purchaser shall not
unreasonably withhold its consent to any Proposed Service Contract Amendment or
Proposed New Service Contract. Subsequent to the expiration of the Due Diligence
Period, Purchaser may withhold its consent to a Proposed Service Contract
Amendment or Proposed New Service Contract in its sole and absolute discretion.
In the event that Purchaser fails to affirmatively approve or disapprove any
Proposed Service Contract Amendment or Proposed New Service Contract within the
five (5) Business Day period set forth above, Purchaser shall be deemed to have
approved such Proposed Service Contract Amendment or such Proposed New Service
Contract. If Purchaser shall approve such Proposed Service Contract Amendment or
such Proposed New Service Contract, then Seller shall have the right to execute
such Proposed Service Contract Amendment or Proposed New Service Contract and
upon such execution and delivery, the same shall be deemed to be an "Approved
Service Contract Amendment" or an "Approved New Service Contract", as the case
may be, for purposes of this Agreement. If Purchaser, acting reasonably, shall
disapprove such Proposed Service Contract Amendment or such Proposed New Service
Contract, then Seller shall not enter into such Proposed Service Contract
Amendment or Proposed New Service Contract. Notwithstanding the foregoing,
Seller shall have the right, without the necessity of obtaining the approval of
Purchaser, to execute any amendment to an Existing Service Contract and any new
service contract affecting the Shopping Center (a) if and to the extent that
such amendment to an Existing Service Contract or such new service contract will
not be binding upon Purchaser after the date of the Closing or (b) if such
amendment to an Existing Service Contract pertains to a Service Contract that
is, or such New Service Contract is, terminable by Purchaser without cost on not
more than thirty (30) days notice without penalty. Anything in this Agreement to
the contrary notwithstanding, it is expressly understood and agreed that
Purchaser shall be obligated to assume the Service Contracts, if any, more
particularly described in Part 2 of EXHIBIT "E".

                                     - 18 -
<Page>

       19.    NON-LIABILITY.

              19.1   Notwithstanding anything to the contrary contained in this
Agreement, none of the of the directors, officers, employees, shareholders,
members, managers, partners, agents or attorneys of Seller or of any partners of
Seller nor any other person, partnership, corporation or trust, as principal of
Seller, whether disclosed or undisclosed (collectively, the "SELLER EXCULPATED
PARTIES") shall have any personal obligation or liability hereunder, and
Purchaser shall not seek to assert any claim or enforce any of its rights
hereunder against any Seller Exculpated Party.

              19.2   Notwithstanding anything to the contrary contained in this
Agreement, none of the of the directors, officers, employees, shareholders,
members, managers, partners, agents or attorneys of Purchaser or of any partners
of Purchaser nor any other person, partnership, corporation or trust, as
principal of Purchaser, whether disclosed or undisclosed (collectively, the
"Purchaser EXCULPATED PARTIES") shall have any personal obligation or liability
hereunder, except in connection with any negligent or wrongful act(s) or
omission(s) of any such Purchaser Exculpated Party(ies), and, except as relates
to any such negligent or wrongful act(s) or omission(s) of any such Purchaser
Exculpated Party(ies), Seller shall not seek to assert any claim or enforce any
of its rights hereunder against any Purchaser Exculpated Party.

       20.    SELLER'S DEFAULT.

              Subject to the provisions of SECTION 19 hereof, if Seller fails to
comply in any material respect with any of the provisions of this Agreement,
then Purchaser, as its sole remedy (Purchaser specifically waiving any right to
bring an action for monetary damages), may either:

              20.1.  cause the Escrow Agent to take the actions with respect to
the Downpayment set forth in SECTION 9, whereupon this Agreement shall be
terminated and neither party shall have any further rights or obligations
hereunder, except that the obligations of the parties under SECTIONS 13, 31, 32,
34, 35.2 and 35.3 shall survive such termination; or

              20.2.  bring an action against Seller to seek specific performance
of Seller's obligations hereunder.

              The foregoing shall not be deemed to limit Purchaser's rights, if
any, under SECTION 32 hereof.

       21.    CONDITION OF SHOPPING CENTER.

              21.1.  Except as otherwise expressly provided in this Agreement,
Purchaser shall accept the Shopping Center at the Closing in its "AS IS", "WHERE
IS" condition WITH ALL FAULTS as of the Closing Date. Purchaser agrees that,
except as expressly set forth herein, Seller shall not be liable for any latent
or patent defects in the Shopping Center, and shall not be bound in any manner
whatsoever by any guarantees, promises, projections, operating expenses, set-ups
or other information pertaining to the Shopping Center made, furnished or
claimed to have been made or furnished by Seller or any other person or entity,
including, without limitation, the Broker, or any partner, member, manager,
shareholder, employee, agent, attorney or other person representing or
purporting to represent Seller or the Broker, whether verbally or in writing.
Purchaser acknowledges that neither Seller nor any of the employees, agents or
attorneys of Seller has made any verbal or written representations or warranties
whatsoever to Purchaser, whether express or implied, except as expressly set
forth in this Agreement and, in particular, except as expressly set forth in
this Agreement, that no such representations and warranties have been made with
respect to the physical or environmental condition or operation of the Shopping
Center, the layout or footage of the Shopping Center, the actual or projected
revenue and expenses of the Shopping Center or any of the Leases, zoning and
entitlements, environmental, and other laws, regulations and rules applicable to
the Shopping Center, or the compliance of the Shopping Center therewith, the
quantity, quality or condition of the articles of personal property and fixtures
included in the transactions contemplated hereby, the use or occupancy of the
Shopping Center or any part thereof or any other matter or thing affecting or
relating to the Shopping Center or the transactions contemplated hereby, except
as specifically set forth in this Agreement. Purchaser has not relied and is not
relying upon any representations or warranties, other than the representations
and warranties expressly set forth in this Agreement, or upon any statements
made in any informational materials with respect to the Shopping Center provided
by Seller or any other person or entity, including the Broker, or any
shareholder, member, manager, employee, agent, attorney or other person
representing or purporting to represent Seller or the Broker. Without limitation
of the foregoing, Purchaser specifically acknowledges and agrees that it has
assumed the risk of changes in the condition of the Shopping Center due to
normal wear and tear between the date of this Agreement and the Closing Date and
no adverse change in such condition due

                                     - 19 -
<Page>

to normal wear and tear shall grant Purchaser any right to terminate this
Agreement or to obtain any damages against Seller. In this connection, however,
It is understood and agreed (x) that the foregoing is not intended to limit
Purchaser's right to terminate this Agreement at or prior to the expiration of
the Due Diligence Period in accordance with SECTION 35 hereof, and (y) that in
the event of Casualty or Condemnation, the provisions of Section 14 above shall
apply, anything in this Section 21.1 to the contrary notwithstanding. IN
ADDITION TO, AND WITHOUT LIMITATION OF THE FOREGOING, EXCEPT AS SET FORTH IN
THIS AGREEMENT, SELLER MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE
MERCHANTABILITY, TITLE, MARKETABILITY, FITNESS, OR SUITABILITY FOR A PARTICULAR
PURPOSE OF THE SHOPPING CENTER OR ANY COMPONENT THEREOF, AND THE SHOPPING CENTER
AND EACH COMPONENT THEREOF ARE SOLD IN AN "AS IS", "WHERE IS" CONDITION, WITH
ALL FAULTS. BY EXECUTING THIS AGREEMENT, EXCEPT AS SET FORTH IN THIS AGREEMENT,
PURCHASER AFFIRMS AND AGREES THAT (A) PURCHASER HAS NOT RELIED ON SELLER'S SKILL
OR JUDGMENT TO SELECT OR FURNISH THE SHOPPING CENTER OR ANY COMPONENT THEREOF
FOR ANY PARTICULAR PURPOSE, (B) SELLER MAKES NO WARRANTY THAT THE SHOPPING
CENTER OR ANY COMPONENT THEREOF ARE FIT FOR ANY PARTICULAR PURPOSE, AND (C)
THERE ARE NO REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, WITH
RESPECT TO THE SHOPPING CENTER OR ANY COMPONENT THEREOF. PURCHASER HAS BEEN
GIVEN THE OPPORTUNITY TO INSPECT THE SHOPPING CENTER AND EACH COMPONENT THEREOF
AND HAS DETERMINED TO PURCHASE THE SHOPPING CENTER AND EACH COMPONENT THEREOF
BASED ON SUCH INSPECTION.

              21.2.  Without limiting the generality of the provisions of
SECTION 21.1, Purchaser specifically acknowledges and agrees as follows:

                     (i)    except as specifically set forth herein, neither
Seller nor any other party acting (or purporting to act) on behalf of Seller,
has made any representation or warranty of any kind of nature concerning any
environmental condition existing at the Shopping Center;

                     (ii)   Seller has delivered to Purchaser copies of the
environmental reports listed on EXHIBIT "M" (the matters stated therein being
referred to as the "ENVIRONMENTAL DISCLOSED MATTERS");

                     (iii)  Purchaser shall take title to the Shopping Center
subject to any and all environmental conditions thereat, whether known or
unknown, disclosed or undisclosed, including, without limitation, the
Environmental Disclosed Matters (any of the foregoing described in this CLAUSE
(iii) being referred to as "ENVIRONMENTAL CONDITIONS");

                     (iv)   Purchaser hereby releases Seller and each Seller
Exculpated Party from any liability of any kind or nature arising with respect
to any Environmental Conditions and, specifically, agrees that if any claim is
brought against Purchaser arising out of any Environmental Condition Purchaser
shall have no claim of any kind or nature against Seller or any Seller
Exculpated Party; and

                     (v)    Purchaser hereby assumes liability for any and all
Environmental Conditions and hereby indemnifies and holds harmless Seller and
each Seller Exculpated Party from any and all liabilities, claims, losses,
costs, expenses and damages (including, without limitation, reasonable
attorneys' fees, costs and disbursements and costs incurred in the enforcement
of the foregoing indemnification obligation) arising out of any Environmental
Condition, whether or not pre-existing at the Closing and whether or not
disclosed to Purchaser, it being the Intention of the parties hereto that from
and after the Closing (x) Seller shall have no further liability or obligation
in respect of environmental matters of any kind or nature pertaining to the
Shopping Center and (y) Purchaser shall fully assume any such liability or
obligation.

       22.    NOTICES.

              All notices, offers or other communications required or permitted
to be given pursuant to this Agreement shall be in writing and shall be
considered as properly given or made (i) upon the date of personal delivery (if
notice is delivered by personal delivery), (ii) on the date of delivery, as
confirmed by electronic answerback (if notice is delivered by facsimile
transmission), or (iii) on the day of deposit with a nationally recognized
overnight courier service (if notice is

                                     - 20 -
<Page>

delivered by nationally recognized overnight courier service), and in any case
addressed to the parties at the addresses set forth below (or to such other
addresses as the parties may specify by due notice to the other):

       If to Seller:

        CDG (Park Place), LLC
        6210 Campbell Road, Suite 140
        Dallas, Texas 75248
        Attention: Mr. Stephen Preston
        Facsimile Number (214) 522-8656

        with a copy to:

        CDG (Park Place) LLC
        One North Clematis Street, Suite 305
        West Palm Beach, Florida 33401
        Attention: Mr. John W.S. Preston
        Facsimile Number: (561) 833-4118

        and with a copy to:

        David J. Wiener, P.A.
        One North Clematis Street, Suite 305
        West Palm Beach, Florida 33401
        Attention: David J. Wiener, Esq.
        Facsimile Number: (561) 366-9145

        If to Purchaser:

        Inland Real Estate Acquisitions, Inc.
        2901 Butterfield Rood
        Oak Brook, Illinois 60523
        Attention: Mr. G. Joseph Cosenza
        Facsimile Number: (630) 218-4900

        with a copy to:

        The Inland Real Estate Group, Inc.
        2901 Butterfield Rood
        Oak Brook, Illinois 60523
        Attention: Mr. Elliot B. Kamenear
        Facsimile Number: (630) 218-4900

        If to Escrow Agent:

        Chicago Title Insurance Company
        171 N. Clark Street
        Division II Escrow
        Chicago, Illinois 60601
        Attention: Ms. Nancy Castro
        Facsimile Number: (312) 223-2108

                                     - 21 -
<Page>

       23.    ENTIRE AGREEMENT.

              This Agreement contains all of the terms agreed upon between the
parties with respect to the subject matter hereof, and all agreements heretofore
had or made between the parties hereto are merged in this Agreement which alone
fully and completely expresses the agreement of said parties.

       24.    AMENDMENTS.

              This Agreement may not be changed, modified or terminated, except
by an instrument executed by the parties hereto who are or will be affected by
the terms of such instrument.

       25.    NO WAIVER.

              No waiver by either party of any failure or refusal to comply with
its obligations under this Agreement shall be deemed a waiver of any other or
subsequent failure or refusal to so comply.

       26.    SUCCESSORS AND ASSIGNS.

              The provisions hereof shall inure to the benefit of, and shall be
binding upon, the heirs, executors, administrators, successors and assigns of
the respective parties, PROVIDED, HOWEVER, Purchaser may not assign this
Agreement or any of Purchaser's rights hereunder without the prior written
consent of Seller, PROVIDED, FURTHER, HOWEVER, Seller's consent shall not be
required with respect to an assignment of this Agreement by Purchaser to a
Permitted Assignee (as hereinafter defined), provided that (i) Purchaser
provides Seller with the name, signature block, address, federal taxpayer
identification number and other information pertaining to the proposed Permitted
Assignee reasonably requested by Seller not later than five (5) Business Days
prior to the Closing Date, (ii) such Permitted Assignee assumes all of the
obligations of Purchaser under this Agreement pursuant to an assignment and
assumption agreement in form reasonably acceptable to Seller, (iii) no
assignment of this Agreement to a Permitted Assignee (or in violation of this
Agreement) shall relieve Purchaser from any of its obligations hereunder, (iv)
no such assignment shall have the effect of delaying the Closing in any respect,
and (v) Purchaser and such Permitted Assignee shall be jointly, severally, fully
and completely liable for any and all State and local transfer taxes that may be
payable in connection with such assignment. A Change of Control (as hereinafter
defined) of Purchaser shall constitute an assignment of this Agreement for
purposes of this SECTION 26. As used herein, (x) a "PERMITTED ASSIGNEE" shall
mean a corporation, partnership or limited liability company that is controlled
by Purchaser or an affiliate of Purchaser or a real estate investment trust that
is sponsored by an affiliate of Purchaser, and (y) a "CHANGE OF CONTROL" shall
mean any direct or indirect change in the beneficial ownership or composition of
Purchaser that would cause Purchaser not to be a Permitted Assignee.

       27.    PARTIAL INVALIDITY.

              If any term or provision of this Agreement or the application
thereof to any person or circumstances shall, to any extent, be invalid or
unenforceable, the remainder of this Agreement, or the application of such term
or provision to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Agreement shall be valid and be enforced to the fullest extent
permitted by law.

       28.    PARAGRAPH HEADINGS.

              The headings of the various paragraphs of this Agreement have been
inserted only for the purposes of convenience, and are not part of this
Agreement and shall not be deemed in any manner to modify, explain or restrict
any of the provisions of this Agreement.

       29.    GOVERNING LAW.

              This Agreement shall be governed by, and shall be interpreted,
construed and enforced in accordance with, the laws of the State of Texas
without regard to its rules regarding conflicts of law.

                                     - 22 -
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       30.    BINDING EFFECT.

              This Agreement does not constitute an offer to sell and shall not
bind Seller unless and until Seller, in its sole discretion, elects to be bound
hereby by executing and delivering to Purchaser an original counterpart hereof.

       31.    NO RECORDING OR LIS PENDENS.

              The parties hereto agree that neither this Agreement nor any
memorandum of notice hereof shall be recorded, and Purchaser agrees not to file
any Lis Pendens or other instrument against the Shopping Center in connection
herewith; provided, however, notwithstanding the foregoing, solely in the event
Purchaser brings an action against Seller for specific performance, Purchaser
shall be permitted to file a Lis Pendens against the Shopping Center to preserve
its rights with respect to such action provided such action is commenced within
thirty (30) days of Purchaser's learning of such default by Seller and Purchaser
is not itself in default under this Agreement.

       32.    PREVAILING PARTY TO RECEIVE ATTORNEYS' FEES.

              In the event of any litigation arising out of this Agreement, the
prevailing party shall be entitled to receive from the losing party an amount
equal to the prevailing party's costs incurred in such litigation, including,
without limitation, the prevailing party's reasonable attorneys' fees, costs and
disbursements.

       33.    TAX-FREE EXCHANGE.

              In the event that Seller desires to effectuate the transaction
contemplated by this Agreement as a tax-free exchange, then upon request made by
Seller, Purchaser shall cooperate fully with Seller in effectuating such
tax-free exchange, such cooperation to include, without limitation, executing
and delivering all documents and instruments necessary, for such purpose,
provided that Seller shall reimburse Purchaser for any costs or expenses
incurred by Purchaser in connection with such cooperation; PROVIDED, HOWEVER,
that Purchaser's cooperation hereunder shall be without cost or expense to
Purchaser, Purchaser shall have no obligation to take legal or beneficial title
to any real property other than the Shopping Center, and Purchaser shall not be
required to make any warranties or representations regarding any replacement
property.

       34.    CONFIDENTIALITY.

              Any documents, instruments, records or other information delivered
by Seller to Purchaser pursuant to the provisions of this Agreement shall be
deemed confidential information for purposes of such confidentiality agreement;
PROVIDED, HOWEVER, Purchaser may disclose such information to its attorneys,
lenders, agents, consultants or as otherwise required by law. Purchaser hereby
Indemnifies Seller (and each Seller Exculpated Party) from and against any and
all liabilities, damages, losses, costs or expenses (including, without
limitation, reasonable attorneys' fees and costs incurred in the enforcement of
the foregoing indemnification obligation) arising out of the breach by Purchaser
of any of its obligations under any such confidentiality agreement. The
provisions of this SECTION 34 shall survive the Closing or any earlier
termination of this Agreement.

       35.    DUE DILIGENCE PERIOD.

              35.1   Purchaser has had, and shall have, the right to conduct a
due diligence review (the "DUE DILIGENCE REVIEW") of the Shopping Center during
the period (the "Due Diligence Period") beginning on the 1st day of July, 2003,
and ending at 5:00 P. M. Central Time on the first Business Day following the
date upon which this Agreement shall have been executed by the last of Seller
and Purchaser.

              35.2   During the Due Diligence Period, and as part of the Due
Diligence Review, Purchaser and Purchaser's agents and representatives, shall
have the right, during normal business hours, at Purchaser's sole cost and
expense to enter upon the Shopping Center for the purpose of inspecting the
physical condition of the Shopping Center, testing machinery and equipment,
taking measurements, making surveys, and generally for the reasonable
ascertainment of the physical condition of the Shopping Center; provided,
however, that Purchaser shall (i) give Seller at least two (2) business days
prior written notice of the time and place of Purchaser's first such entry (and
shall make commercially reasonable efforts to coordinate with Seller's property
manager in connection with subsequent entries) and permit a representative of
Seller to accompany Purchaser during all such inspections, testing, etc.; (ii)
not be permitted to conduct any drilling or other invasive testing of the
Shopping Center without the prior written consent of Seller, which

                                     - 23 -
<Page>

consent shall not be unreasonably withheld or delayed, (iii) not interfere with
the operations of the Shopping Center or any tenant thereof; (iv) restore any
damage to the Shopping Center and/or any adjacent property caused by such
actions; (v) indemnify, defend and save Seller and all other Seller Exculpated
Parties harmless of, from and against any and all damages, demands, claims
(including, without limitation, any claims by any tenant[s] of the Shopping
Center), losses, liabilities, costs (including the cost of remediation, if
necessary) and expenses (including, without limitation, reasonable attorneys'
fees and disbursements and costs paid and/or incurred in the enforcement of the
foregoing indemnity) paid and/or incurred by Seller and/or any Seller Exculpated
Party by reason of or in connection with any entry onto, or inspection of, the
Shopping Center by Purchaser or Purchaser's agents, employees, representatives
or contractors in connection therewith, which indemnity shall survive the sale
of the Shopping Center pursuant to the terms of this Agreement or, If such sale
is not consummated, the termination of this Agreement; (vi) prior to entry onto
the Shopping Center, furnish Seller with a certificate of general liability and
property damage insurance maintained by Purchaser with single occurrence
coverage of at least $2,000,000 and naming Seller and its property manager as
additional insureds; and (vii) not conduct any environmental Investigations or
testing other than a standard "Phase I" investigation without the prior written
consent of Seller, such consent not to be unreasonably withheld, delayed or
conditioned, and without prior execution of, and compliance with, Seller's form
of Environmental Access Agreement. All such inspection rights under this Section
35 shall be subject to the right of tenants under the Leases.

                     Without limiting the generality of the foregoing, it is
understood and agreed that if Purchaser shall desire to perform any invasive
testing, Purchaser shall notify Seller thereof not less than five (5) business
days prior to the proposed date of testing, such notice to set forth in detail
the tests proposed to be performed, the name of the contractor who will be
performing same, the date and time (which shall be between the hours of 8AM and
6PM, unless otherwise agreed by Seller) at which such tests are to be performed
and the steps proposed to be taken by Purchaser or its consultant to prevent
injury to persons and property in the conduct thereof. Seller shall have the
right to approve such testing (and the details associated therewith), such
approval not to be unreasonably withheld, delayed or conditioned. Seller shall
also have the right to be present during all such testing. Upon request by
Seller, one-half of any samples (e.g., soil borings, etc.) shall be furnished by
Purchaser to Seller. Purchaser shall be obligated to, and does hereby,
indemnify, defend and save and hold harmless Seller and each Seller Exculpated
Party of, from and against any and all loss, cost, expense (including reasonable
attorneys fees and court costs) and liability resulting from, or arising out of
any such testing, including, but not limited to, any and all losses, costs,
expenses, and/or liabilities resulting from personal Injury, property damage,
contamination or cross-contamination caused by and/or resulting from the conduct
of such testing.

              35.3   Nothing contained in this Agreement shall be deemed or
construed in any way as constituting the consent or request of Seller, express
or implied by inference or otherwise, to any party for the performance of any
labor or the furnishing of any materials to the Shopping Center or any part
thereof, nor as giving Purchaser any right, power or authority to contract for
or permit the rendering of any services or the furnishing of any materials that
would give rise to the filing of any liens against the Shopping Center or any
part thereof. Purchaser agrees to promptly cause the removal of, and indemnify,
defend, and hold Seller harmless with respect to, any mechanic's or similar
liens filed against the Shopping Center or any part thereof by any party
performing labor or services at the Shopping Center or supplying any materials
to the Shopping Center at the request of Purchaser or any of Purchaser's agents,
employees, representatives or contractors.

              35.4.  Not later than five (5) days following the date upon which
this Agreement shall have been duly executed by the last of Seller and
Purchaser, subject to Section 34, Seller shall furnish or make available to
Purchaser the following:

                     (a)    Copies of any plans, specifications and/or site
plans of the Shopping Center, to the extent currently in Seller's possession or
reasonable control;

                     (b)    The current and historical books and records
(including all files located in the property manager's office at the Shopping
Center, but excluding, however, internal memoranda, financial projections,
appraisals and projected budgets) and other operating and maintenance documents
and information, in each case customarily prepared by Seller or by Seller's
property manager at Seller's request, or customarily maintained by Seller's or
Seller's property manager, with respect to the Shopping Center, including,
without limitation, all records of income, expense, capital expenditures,
utility bills, and the most recent property tax bill, and operating statements
for the Shopping Center for calendar years 2001, 2002 and 2003 year to date;

                                     - 24 -
<Page>

                     (c)    Copies of the Leases, the Service Contracts, and any
other occupancy agreements currently in force with respect to the Shopping
Center, if any;

                     (d)    Copies of the Permits, if any, to the extent
currently in Seller's possession or reasonable control;

                     (e)    Copies of any warranties pertaining to the Shopping
Center or any equipment therein, if any, to the extent currently in Seller's
possession or reasonable control;

                     (f)    A copy of the existing survey of the Shopping
Center;

                     (g)    A copy of all pleadings, discovery materials, etc.
relating to the litigation referred to on Exhibit "N" hereto;

                     (h)    A copy of the most recent Phase I environmental
audit report as to the Shopping Center in Seller's possession; and

                     (i)    A copy of any and all current tenant insurance
certificates in Seller's possession.

                     NO WARRANTY, EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, IF AT ALL, SELLER MAKES NO REPRESENTATION OR WARRANTY WHATSOEVER,
EXPRESS OR IMPLIED, AS TO THE COMPLETENESS, CONTENT OR ACCURACY OF THE DELIVERED
MATERIALS, OTHER THAN THAT SELLER HAS NO ACTUAL KNOWLEDGE THAT ANY OF SUCH
MATERIALS WAS FALSE, INACCURATE OR INCOMPLETE IN ANY MATERIAL RESPECT WHEN
PREPARED.

              35.5   On or before the expiration of the Due Diligence Period,
Purchaser shall deliver written notice (the "Diligence Notice") to Seller
stating either:

                     (a)    That Purchaser elects to terminate this Agreement,
in which event this Agreement shall terminate and the Escrow Agent shall take
such actions with respect to the Downpayment as are set forth in SECTION 9,
whereupon neither party shall have any further rights or obligations under this
Agreement except that the provisions of SECTIONS 13, 31, 32, 34, 35.2 and 35.3
shall survive; or

                     (b)    That Purchaser elects not to terminate this
Agreement, in which event Purchaser shall thereupon be deemed to have waived any
right to terminate this Agreement pursuant to the provisions of this SECTION 35,
this Agreement shall continue in full force and effect in accordance with its
terms, Purchaser shall be required to post the Additional Deposit in accordance
with SECTION 2.2 above, and the Deposit shall thereupon become nonrefundable
unless Purchaser terminates this Agreement in accordance with the provisions of
SECTIONS 5, 8, 11, 14, 20 or 36.

              The failure of Purchaser to deliver any Diligence Notice to Seller
during the Due Diligence Period as provided for in this SECTION 35 shall be
deemed to be the delivery of a Diligence Notice by Purchaser under SECTION
35.5(b) above on the last day of the Due Diligence Period. Time shall be of the
essence with respect to Purchaser's right and obligation to deliver the
Diligence Notice.

              35.6   The provisions of this Section 35 shall survive the
termination of this Agreement and/or the Closing and delivery of the Deed.

       36.    ESTOPPEL CERTIFICATES.

              36.1.  During the period commencing on the date hereof and ending
on the Closing Date, Seller shall exercise reasonable efforts to obtain an
estoppel certificate (each, a "TENANT ESTOPPEL CERTIFICATE") from each tenant
under a Lease as of the Closing Date (any space demised to a tenant under a
Lease as of the Closing Date being referred to as "DEMISED SPACE").

              36.2.  As a condition precedent (the "ESTOPPEL CONDITION") to
Purchaser's obligation to acquire the Shopping Center, Seller shall deliver to
Purchaser not later than five (5) days prior to the Closing Date, the following
estoppel certificates (the "REQUIRED ESTOPPEL CERTIFICATES"): (i) Tenant
Estoppel Certificates from the tenants listed on

                                     - 25 -
<Page>

EXHIBIT "O", (ii) Tenant Estoppel Certificates from eighty percent (80%), by
number, of the tenants who occupy the balance of the leasable space in the
Shopping Center that is occupied by tenants as of the Closing Date; and (iii)
Seller's own estoppel certificate (each, a "SELLER ESTOPPEL CERTIFICATE") in the
form attached hereto as EXHIBIT "P" on behalf of all other tenants who occupy
leasable space in the Shopping Center as of the Closing Date.

                     In the event that either (1) Seller is unable to satisfy
the Estoppel Condition or (2) a Required Estoppel Certificate discloses an
Adverse Estoppel Matter (as hereinafter defined), then Purchaser shall have the
right, as its sole remedy (Purchaser specifically waiving any right to bring an
action against Seller for damages), either to (x) terminate this Agreement by
notice in writing to Seller, in which event Seller shall cause the Escrow Agent
to take such actions with respect to the Downpayment as are set forth in SECTION
9, whereupon neither party shall have any further rights or obligations
hereunder except that the obligations of the parties under SECTIONS 13, 31, 32,
34, 35.2 and 35.3 shall survive or (y) waive the same and accept title to the
Shopping Center without any abatement of the Purchase Price. Purchaser
specifically acknowledges and agrees that the failure of Seller to deliver
Tenant Estoppel Certificates or the existence of adverse matters disclosed in
Tenant Estoppel Certificates or Seller Estoppel Certificates shall not give rise
to any remedy of any kind against Seller (other than the termination right in
accordance with and subject to the provisions of this SECTION 36.2). For
purposes of this SECTION 36, "ADVERSE ESTOPPEL MATTER" shall mean (i) a monetary
default under such tenant's Lease or (ii) an adverse discrepancy between the
annual rent set forth in the Required Estoppel Certificate and the annual rent
set forth in the Rent Roll or (iii) an adverse discrepancy between the
representations set forth in Section 1 of EXHIBIT "Q" and the respective terms
of such tenant's lease; or (iv) the certifications in Section 2 of EXHIBIT "Q"
are not true and correct, provided, however, that if any Estoppel Certificate
indicates that the certification in Subsection 2f of Exhibit "Q" is not correct,
the provisions of Section 36.3(v) below shall apply.

              36.3.  For purposes of this SECTION 36, Seller and Purchaser agree
that the following shall apply:

                     (i)    Seller shall request Tenant Estoppel Certificates
from the tenants in the form attached hereto as EXHIBIT "Q" and the delivery of
a certificate from a tenant in such form shall be deemed to be the delivery of a
Tenant Estoppel Certificate from such tenant for purposes of SECTION 36.2,
PROVIDED, HOWEVER, if the tenant fails or refuses to deliver a certificate in
the form of EXHIBIT "Q", then the delivery of an estoppel certificate by such
tenant that substantially complies with the estoppel requirements in such
tenant's Lease shall be deemed to be the delivery of a Tenant Estoppel
Certificate from such tenant for purposes of SECTION 36.2 (it being acknowledged
that if a Lease provides for a Tenant Estoppel Certificate containing certain
specified items and such other items as landlord may "reasonably require", then
the delivery by the tenant thereunder of an estoppel certificate without any
Items other than the specified items shall be deemed to be the delivery of an
estoppel certificate by such tenant in compliance with the terms of such Lease).

                     (ii)   In order to be treated as a delivered Tenant
Estoppel Certificate for purposes of SECTION 36.2, the certificate delivered by
a tenant shall be dated no earlier than the date of this Agreement.

                     (iii)  The Seller Estoppel Certificates shall (a) be in the
form of EXHIBIT "P", (b) be dated the not earlier that the 3rd day before the
Closing Date, and (c) survive the Closing for a period of one hundred eighty
(180) days (the "ESTOPPEL SURVIVAL PERIOD").

                     (iv)   A Tenant Estoppel Certificate or a Seller Estoppel
Certificate that discloses defaults by the tenant under the applicable Lease
(including, for example, a statement that the tenant is in default and/or in
bankruptcy and as a result has not paid rent for an extended period of time)
shall nonetheless be deemed to be the delivery of a Tenant Estoppel Certificate
or Seller Estoppel Certificates for purposes of SECTION 36.2 and no such
delivery of a Tenant Estoppel Certificate or Seller Estoppel Certificate shall
entitle Purchaser to any remedy against Seller, it being acknowledged that for
all purposes of this Agreement the risk of tenant defaults occurring following
the expiration of the Due Diligence Period is solely that of Purchaser,
PROVIDED, HOWEVER, if a Tenant Estoppel Certificate discloses that Seller's
Representations contained in SECTION 11.1(iii) as to the accuracy, in all
material respects, of the Rent Roll are untrue in a material respect, same shall
nonetheless be deemed to be the delivery of a Tenant Estoppel Certificate for
purposes of SECTION 36.2, however, such delivery shall not operate to waive any
of Purchaser's rights, or relieve Seller from any of its obligations, in the
event a Seller Representation is untrue in a material respect, and the
provisions of SECTION 11.3 shall apply.

                     (v)    If a Tenant Estoppel Certificate delivered by a
tenant discloses a default by Seller under such tenant's Lease (including,
without limitation, a matter covered by CLAUSES 2c, 2f OR 2q of the form of
Tenant

                                     - 26 -
<Page>

Estoppel Certificate provided in EXHIBIT "Q"), then Seller shall either (x) cure
such default prior to Closing (and Seller shall be entitled to adjourn the
Closing for up to sixty (60) days to effectuate such cure), (y) grant Purchaser
a credit against the Purchase Price in the amount reasonably necessary to
effectuate such cure, as set forth in an cost estimate obtained by Seller from
an unrelated licensed contractor, or (z) notify Purchaser that Seller does not
intend to cure such default or grant Purchaser such credit against the Purchase
Price, PROVIDED, HOWEVER, if the total cost to cure a default referenced in a
Tenant Estoppel Certificate (when aggregated with costs to cure defaults under
all other Tenant Estoppel Certificates) is less than $50,000, then Seller shall
not act under CLAUSE (z).

                            (A)    If Seller acts under CLAUSE (x) above, then
Seller shall exercise reasonable efforts to cure the default prior to Closing,
provided that if Seller is unable (despite the exercise of reasonable efforts)
to cause such default to be corrected at or before Closing, then Purchaser's
sole remedy shall be to terminate this Agreement in which event Seller shall
cause the Escrow Agent to take the actions required to be taken in respect of
the Downpayment pursuant to SECTION 9, whereupon neither party shall have any
further rights or obligations hereunder except that the obligations of the
parties under SECTIONS 13, 31, 32, 34, 35.2 and 35.3 shall survive such
termination.

                            (B)    If Seller acts under CLAUSE (y) above, then
Seller will grant Purchaser the credit at Closing required above.

                            (C)    If Seller acts under CLAUSE (z) above, then
Purchaser shall, on or before the earlier of three (3) days after Purchaser
receives notice from Seller pursuant to such CLAUSE (z) or one (1) Business Day
prior to the Closing, deliver notice to Seller stating either (a) that Purchaser
elects to proceed to the Closing without abatement of the Purchase Price and
without further obligation of Seller in respect of such Tenant Estoppel
Certificate or (b) that Purchaser elects to terminate this Agreement, in which
event Seller and Purchaser shall direct the Escrow Agent to return the
Downpayment to Purchaser, and neither party shall have any further obligation
under this Agreement, except that the obligations of the parties under SECTIONS
13, 31, 32, 34, 35.2 and 35.3 shall survive such termination. Purchaser's
failure to deliver the notice referred to in the preceding sentence within the
time period mentioned above shall be deemed to be Purchaser's election under
CLAUSE (b) of the preceding sentence.

              36.4.  In the event that one or more Seller Estoppel Certificates
is delivered by Seller pursuant to the provisions of this SECTION 36, then the
following shall apply:

                     (i)    In the event that Purchaser discovers after the
Closing Date but prior to the expiration of the Estoppel Survival Period that a
statement of Seller set forth in a Seller Estoppel Certificate is false in a
material respect as of the date made, then Purchaser shall have the right to
make a claim (an "ESTOPPEL CLAIM") against Seller for an amount equal to the
damages caused to Purchaser as a result of such false statement. In order to
properly assert an Estoppel Claim against Seller, Purchaser shall be required to
deliver written notice (an "ESTOPPEL CLAIM NOTICE") of such Estoppel Claim
(stating in reasonable detail the basis for the Estoppel Claim) to Seller. In
the event that Purchaser has not delivered an Estoppel Claim Notice by the
expiration of the Estoppel Survival Period, then Purchaser shall be conclusively
deemed to have waived any right to assert an Estoppel Claim.

                     (ii)   If Purchaser delivers an Estoppel Claim Notice prior
to the end of the Estoppel Survival Period, then Seller shall within fifteen
(15) days after Seller receives the Estoppel Claim Notice, deliver notice (an
"ESTOPPEL RESPONSE NOTICE") to Purchaser stating either (x) that Seller agrees
with the Estoppel Claim made by Purchaser, in which event Seller shall reimburse
Purchaser for the amount equal to the damages caused to Purchaser as asserted in
the Estoppel Claim or (y) Seller disputes the Estoppel Claim made by Purchaser,
in which event Purchaser shall have the right to make a claim against Seller for
an amount equal to the damages caused to Purchaser as asserted in the Estoppel
Claim, provided that in no event shall Purchaser have any right to recover
speculative, consequential or punitive damages against Seller, all of which are
expressly hereby waived by Purchaser.

                     (iii)  If subsequent to the delivery of a Seller Estoppel
Certificate with respect to space occupied by a tenant, Seller delivers the
applicable Tenant Estoppel Certificate from such tenant and such Tenant Estoppel
Certificate confirms the information provided in such Seller Estoppel
Certificate, then the Seller Estoppel Certificate will be without further force
or effect and Purchaser shall rely solely upon the applicable Tenant Estoppel
Certificate.

                                     - 27 -
<Page>

       37.    SURVIVAL.

              Except otherwise specifically herein provided, no representation,
warranty, covenant or obligation of Seller set forth in this Agreement or any
document or instrument delivered by Seller in connection herewith, including,
without limitation, the Assignment and Assumption of Leases, the Assignment and
Assumption of Service Contracts or any Seller Estoppel Certificate, shall
survive the Closing and the delivery of the Deed. In addition, any
indemnification or other obligation of Seller that is stated in this Agreement
or any document or instrument delivered by Seller in connection herewith,
including, without limitation, the Assignment and Assumption of Leases and the
Assignment, Assumption of Service Contracts or any Seller Estoppel Certificate
to survive the Closing and the delivery of the deed shall survive the Closing
for a period of one hundred eighty (180) days. Notwithstanding the foregoing,
except as otherwise specifically herein provided, any indemnification or other
obligation of Purchaser set forth in this Agreement or any other such document
shall survive the Closing Indefinitely.

       38.    [INTENTIONALLY DELETED]

       39.    SUBMISSION TO JURISDICTION.

              PURCHASER AND SELLER HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION
OF ANY TEXAS STATE OR FEDERAL COURT SITTING IN COLLIN COUNTY OVER ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. PURCHASER AND
SELLER EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW,
ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO SUCH VENUE AS BEING AN
INCONVENIENT FORUM.

       40.    WAIVER OF JURY TRIAL.

              PURCHASER AND SELLER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY
JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY
JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THIS AGREEMENT OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY PURCHASER AND SELLER, AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY
JURY WOULD OTHERWISE ACCRUE. SELLER OR PURCHASER, AS APPLICABLE, IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY PURCHASER OR SELLER, AS APPLICABLE.

       41.    DEFINITION OF BUSINESS DAY.

              As used herein, the term "BUSINESS DAY" shall mean any day other
than (i) a Saturday or a Sunday, (ii) a national holiday, or (iii) a day on
which banks are not required to be open for business within the State of Texas.

       42.    TIME FOR ACCEPTANCE.

              At Purchaser's option, this Agreement shall be null and void and
of no further force and effect unless a copy of same executed by Seller shall be
delivered to Purchaser not later than 5:00 PM Central Time on the third Business
Day following the date of execution and delivery of same by Purchaser to Seller.
Upon any such termination, Purchaser's Initial Deposit (if theretofore posted by
Purchaser) shall be promptly refunded.

       43.    NO REA DEFAULT.

              Anything in this Agreement to the contrary notwithstanding, it
shall be a condition of Closing and of Purchaser's obligation to perform under
this Agreement that there shall not be any default under the terms of the REA on

                                     - 28 -
<Page>

the Closing Date. This condition shall be deemed satisfied upon the earlier of
the Closing hereunder, or the date upon which Walgreen shall issue an "REA
Estoppel Certificate" as previously requested by Purchaser.

       IN WITNESS WHEREOF, this Agreement has been duly executed by the parties
hereto as of the day and year first above written.

Signed, Sealed and Delivered in the        SELLER:
presence of:
                                           CDG (Park Place) LLC, a Texas
                                           limited liability company

/s/ [ILLEGIBLE]                            By: /s/ Doron Valero   9/5/03
----------------------------------            -------------------------------
/s/ [ILLEGIBLE]                            Name: Doron Valero
----------------------------------              -----------------------------
                                           Title: Manager

/s/ [ILLEGIBLE]                            By: /s/ Tom Hamilton
----------------------------------            -------------------------------
/s/ [ILLEGIBLE]                            Name: Tom Hamilton
----------------------------------              -----------------------------
                                           Title: Manager

                                           PURCHASER:

                                           Inland Real Estate Acquisitions, Inc.

/s/ Kimberly A. Mitchell                   By: /s/ [ILLEGIBLE]
----------------------------------            -------------------------------
/s/ [ILLEGIBLE]                            Name:
----------------------------------         Title:

                                           Federal I.D. No. [36-3614085]

       The undersigned has executed this Agreement solely to confirm its
acceptance of the duties of the Escrow Agent and receipt of the Initial Deposit
as set forth in SECTION 15 hereof.

CHICAGO TITLE INSURANCE COMPANY

By:    /s/ Nancy R. Castro
       ------------------------------
       Name: Nancy R. Castro
       Title: ASST. V.P.

                                     - 29 -
<Page>

                                    EXHIBITS

<Table>
<Caption>
Exhibit           Description
-------           -----------
<S>               <C>
A                 Description of the Lands
B                 [Reserved]
C                 [Reserved]
D                 Rent Rolls (Including Special Commissions)
E                 Existing Service Contracts and Service Contracts that Must Be Assumed by Purchaser
F                 Existing Violations
G                 Deed
H                 Bill of Sale
I                 Assignment and Assumption of Leases
J                 Assignment and Assumption of Service Contracts
K                 Notice to Tenants
L                 Assignment and Assumption of Intangible Property
M                 Environmental Reports
N                 Existing Litigation
O                 Tenants from Whom Estoppel Certificates are Required
P                 Form of Seller Estoppel Certificate
Q                 Form of Tenant Estoppel Certificate

R                 Title and Survey Comments Letter
</Table>

                                     - 30 -
<Page>

                                   EXHIBIT "A"

                             DESCRIPTION OF THE LAND

                                     - 31 -
<Page>

Legal description of the land:

TRACT 1:
Lot 1, Block A, of Park Place Center, Block "A", Lot 1, an addition to the City
of Plano, Collin County, Texas, according to the plat thereof recorded in
Cabinet N, Slide 233, Plat Records, Collin County, Texas.

TRACT 2:
Lot 2, Block A, of Park Place Center, Block A, Lots 1 and 2, an addition to the
City of Plano, Collin County, Texas, according to the plat thereof recorded in
Cabinet M, Slide 469, Plat Records, Collin County, Texas.

TRACT 3:
Lot 3, Block A, of Park Place Center, Block A, Lot 3, an addition to the City of
Plano, Collin County, Texas, according to the plat thereof recorded in Cabinet
M, Slide 527, Plat Records, Collin County, Texas.

TRACT 4:
Lot 4, Block A, of Park Place Center, Block A, Lot 4, an addition to the City of
Plano, Collin County, Texas, according to the plat thereof recorded in Cabinet
M, Slide 437, Plat Records, Collin County, Texas.

<Page>

                                   EXHIBIT "B"

                                    RESERVED

                                     - 32 -
<Page>

                                   EXHIBIT "C"

                                   [RESERVED]

                                     - 33 -
<Page>

                                   EXHIBIT "D"

                RENT ROLL (INCLUDING SPECIAL LEASING COMMISSIONS)

Special Leasing Commissions: Seller's brokerage agreement with Weitzman Group
(copy attached) relating to the lease between Seller and Ebby Halliday, a tenant
of the Shopping Center, may required the payment of an additional leasing
commission in the event that (a) Ebby Halliday shall expand its premises to
encompass additional space in the Shopping Center, and (b) Weitzman Group
"provides a service of negotiating the terms of the expansion". Such commission,
if any, to be prorated to take into account portion of Initial lease term
expired as of date of expansion.

                                     - 34 -
<Page>

7/25/03                          Proted Real Estate                     12:24 pm

User: PAT                           Rent Roll                          Page:   1

Property : CDG (PARK PLACE) L.L.C.

<Table>
<Caption>
                                                                       Rent Per         Rent        Lease
Reference                                       Monthly     Square      Square        Starting       Exp.        Deposits
 Number                    Name                  Rent        Feet        Feet           Date         Date          Held
---------    ------------------------------    ---------   --------   -----------   -----------  -----------    ----------
<S>          <C>                               <C>           <C>        <C>          <C>          <C>            <C>
033-100      OMAR INVESTMENTS, INC. A TEXAS     7,883.33       3500     26.00/yr     11/23/01     11/30/0?        9,245.83
                                                                         2.17/mth
033-104      PHI BANC AND NGA DAM               2,750.00       1100     30.00/yr     10/19/01     10/31/06        2,750.00
                                                                         3.50/mth
033-105      AURELIANO FERNANDEZ                2,100.00        840     30.00/yr     11/01/01     10/31/06        8,000.00
                                                                         2.50/mth
033-106      JAMES KIM(1)                       2,432.50     1042.5     28.00/yr     11/01/01     10/31/06        2,800.00
                                                                         2.33/mth
033-112      EBBY HALLIDAY PROPERTIES, INC.    12,840.96     5313.5     29.00/yr     11/01/01     10/31/06       15,000.00
                                                                         2.42/mth
033-119      WSK EYE ASSOCIATES                 7,800.00       3000     30.00/yr     10/15/01     10/31/06        8,687.50
                                                                         2.50/mth
033-120      OFFICEMAX. INC.(3)                26,357.63      23?2?     23.50/yr     11/25/01     11/30/16            0.00
                                                                         1.23/mth
033-125      BED BATH & BEYOND, INC.           22,916.67      25000     21.00/yr     10/06/01      1/11/12            0.00
                                                                         0.92/mth
033-130      MICHAELS STORES, INC.             27,145.63      24133     13.50/yr     10/04/01     10/11/11            0.00
                                                                         1.13/mth
033-135      SALON BOUTIQUE LLP                15,000.00      10000     15.00/yr      2/14/02      2/28/12       15,833.33
                                                                         1.50/mth
033-4601     CHICK-FIL-A, INC.(2)               6,541.67          0      0.00/yr     10/16/00     10/31/15            0.00
                                                                         0.00/mth
033-6301     WALGREEN COMPANY                  26,250.00      15120     20.83/yr     12/06/00     12/31/60            0.00
                                                                         1.74/mth
</Table>

              PROPERTY TOTALS:

<Table>
              <S>                                 <C>
              Total Occupied Rents                159,422,39
              Total Vacant Rents                        0.00
              Total Gross Rents                   159,422.39
              Total Square Footage                   1124.78
              Average Rent/Sq. Ft. /Yr.                17.01
              Average Rent/Sq. Ft. /Mth                 1.42
              Total Security Deposits              62,316.66
</Table>

              --- Percentage of Occupied Units ---

<Table>
              <S>                                        <C>
              Total Occupied Units                        12
              Total Vacant Units                           0
              Total Units                                 12
              Percentage Occupied                        100%
</Table>

              --- Percentage of Occupied Sq. Feet ---

<Table>
              <S>                                        <C>
              Total Occupied Sq. Feet                         112478
              Total Vacant Sq. Feet                                0
              Total Square Footage                            112478
              Percentage Occupied                        100%
</Table>

(1)    11/01/04 MONTHLY RENT INCREASES TO $2,606.25

(2)    11/01/05 MONTHLY RENT INCREASES TO $7,326.67
       11/01/10 MONTHLY RENT INCREASES TO $8,205.87

(3)    12/01/11 MONTHLY RENT INCREASES TO $27,333.83

<Page>

                                   EXHIBIT "E"

                           EXISTING SERVICE CONTRACTS

                                     PART 2

               SERVICE CONTRACTS THAT MUST BE ASSUMED BY PURCHASER

        Trinity Waste Service (current monthly fee approximately $625.00)

  Knight Security Systems (current monthly monitoring fee approximately $58.00)

                                     - 35 -
<Page>

       Trinity Waste Services
       Landscape Professionals of Texas
       B.T.A. Services, Ltd.
       Knight Security Systems, Inc.
       Shepherd Pest Management
       Citywide - (power wash)

<Page>

                                   EXHIBIT "F"

                               EXISING VIOLATIONS

                                      none

                                     - 36 -
<Page>

                                   EXHIBIT "G"

                                      DEED

                                      Mailing Address of Grantee:

                                      ______________________________

       __________________________

       __________________________

                              SPECIAL WARRANTY DEED

THE STATE OF TEXAS          )(
                                     )(     KNOW ALL PERSON BY THESE PRESENTS:
COUNTY OF DALLAS            )(

       THAT, _______________________, a ___________________ corporation,
(hereinafter referred to as "Grantor"), for and in consideration of the sum of
Ten and No/100 Dollars ($10.00) and other valuable consideration, the receipt
and sufficiency of which consideration are hereby acknowledged, has GRANTED,
SOLD and CONVEYED and by these presents does GRANT, SELL and CONVEY
unto _________________________________________________, (hereinafter referred to
as "Grantee"), whose mailing address is _______________________________________,
_____________, _________, the following described property, to-wit:

       that certain parcel of real property described on Exhibit "A" attached
       hereto and made a part hereof for all purposes, together with all of the
       easements, rights-of-way, privileges, liberties, hereditaments, strips
       and gores, streets, alleys, passages, ways, waters, water courses, rights
       and appurtenances thereto belonging or appertaining, and all of the
       estate, right, title, interest, claims or demands whatsoever of Grantor
       therein and the streets and ways adjacent thereto, either in law or in
       equity; subject, however, to all encumbrances, reservations and
       exceptions now of record.

       TO HAVE AND TO HOLD the above described premises, together with any and
all the rights and appurtenances thereto in anywise belonging to Grantor, unto
the said Grantees, their successors, legal representatives and assigns FOREVER,
and Grantor does hereby bind itself and its legal representatives and successors
to WARRANT AND FOREVER DEFEND all and singular the said premises unto the said
Grantee, its successors, legal representatives and assigns, against every person
whomsoever lawfully claiming or to claim the same or any part thereof, by,
through or under it, but not otherwise.

       EXECUTED the _____ day of ___________________, 2003.

                                       -------------------------------------
                                                  a ____________ corporation

                                       By:
                                          ----------------------------------

                                       Its:
                                           ---------------------------------

                                     - 37 -
<Page>

THE STATE OF TEXAS          )(
                                     )(
COUNTY OF DALLAS            )(

       This instrument was acknowledged before me on the ______ day of
________________, 1992 by ______________________________.

       GIVEN UNDER MY HAND AND SEAL OF OFFICE this ______ day of ______________,
1992.

                                                  ------------------------------
                              Notary Public in and for the
                              State of Texas

                              Notary's printed name:

                                                  ------------------------------

My Commission Expires:

---------------------

                                     - 38 -
<Page>

                                   EXHIBIT "H"

                                  BILL OF SALE

       For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the undersigned, CDG (Park Place) LLC, a limited
liability company organized under the laws of the State of ___________________
(the "Seller"), does hereby quitclaim unto [_________________], a
[_________________] organized under the laws of the State of
[__________________] (the "Purchaser"), all of Seller's right, title and
interest in and to all equipment, appliances, tools, machinery, supplies,
building materials and other personal property of every kind and character
described on Schedule 1 attached hereto (the "Personalty") and located on and
used in connection with the real property described in Schedule 2 attached
hereto. The conveyance contained in this Bill of Sale is made without
representation or warranty by the Seller of any kind or nature and is expressly
without recourse to the Seller of any kind or nature whatsoever.

       IN ADDITION TO, AND WITHOUT LIMITATION OF THE FOREGOING, SELLER MAKES NO
WARRANTY, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY, TITLE, MARKETABILITY,
FITNESS, OR SUITABILITY FOR A PARTICULAR PURPOSE OF THE PERSONALTY, AND THE
PERSONALTY IS SOLD IN AN "AS IS", "WHERE IS" CONDITION, WITH ALL FAULTS. BY
ACCEPTANCE OF THIS BILL OF SALE, PURCHASER AFFIRMS AND AGREES THAT (A) PURCHASER
HAS NOT RELIED ON SELLER'S SKILL OR JUDGMENT TO SELECT OR FURNISH THE PERSONALTY
FOR ANY PARTICULAR PURPOSE, (B) SELLER MAKES NO WARRANTY THAT THE PERSONALTY IS
FIT FOR ANY PARTICULAR PURPOSE AND (C) THERE ARE NO REPRESENTATIONS OR
WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE PERSONALTY.
PURCHASER HAS BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PERSONALTY AND HAS
DETERMINED TO PURCHASE THE PERSONALTY BASED ON SUCH INSPECTION.

       IN WITNESS WHEREOF, intending to be legally bound, the parties have
executed this instrument as of this [________] day of [________________], 2003.

                          SELLER:

                          [_____________________________]

                          By:
                                 ------------------------------
                          Name:
                          Title:

                          PURCHASER:

                          [________________________]

                          By:
                                 ------------------------------
                          Name:
                          Title:

                                     - 39 -
<Page>

                                   Schedule 1

                             Schedule of Personalty

       All equipment, appliances, tools, machinery, supplies, building
materials and other personal property of every kind and character owned by
Seller and located on and used in connection with that certain land (the "Land")
and the improvements located thereon located in the county of [_______________],
State of [______________], which Land is more particularly described in Schedule
2 attached to the Bill of Sale to which this Schedule 1 is attached.

                                     - 40 -
<Page>

                                   Schedule 2

                          Legal Description of the Land

                                     - 41 -
<Page>

                                   EXHIBIT "I"

                       ASSIGNMENT AND ASSUMPTION OF LEASES

       THIS ASSIGNMENT AND ASSUMPTION OF LEASES (this "Assignment"), made as of
the [______] day of [_________________], 2003, by and between [_______________],
a [_____________] organized under the laws of the State of [_______________],
having an office at c/o [_______________________________________] ("Assignor"),
and [______________], a [______________] organized under the laws of the State
of [__________________], having an office [____________________] ("Assignee").

                               W I T N E S S E T H

       WHEREAS, Assignor is the landlord under the leases set forth on Schedule
A attached hereto and made a part hereof (the "Leases"), pursuant to which
Leases, Assignor has demised to the tenants thereunder certain premises located
at [________________], and more particularly described in Schedule B attached
hereto (the "Premises");

       WHEREAS, Assignor and Assignee are parties to that certain Sale-Purchase
Agreement, dated as of [_____________], 2003, (as amended, the "Agreement"),
pursuant to which Agreement, Assignor has agreed to sell to Assignee, and
Assignee has agreed to purchase from Assignor, the Premises; and

       WHEREAS, in connection with the Agreement (i) Assignor is required to
assign, transfer and convey to Assignee all of Assignor's right, title and
interest in, to and under the Leases, together with any and all right, title,
estate and interest of Assignor in and to such security deposits and prepaid
rents, if any, as have been paid to Assignor pursuant to such Leases,
(collectively, the "Security Deposits") and (ii) Assignee is required to accept
such assignment and to assume Assignor's obligations under the Leases and the
Security Deposits from and after the date hereof.

       NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars
($10.00) and other good and valuable consideration, the mutual receipt and
sufficiency of which are hereby acknowledged, the parties hereto to hereby agree
as follows:

       1.  Unless otherwise stated herein, all capitalized terms used in this
Assignment shall have the meanings specified in the Agreement.

       2.  Subject to the terms of the Agreement, Assignor hereby assigns,
transfers, releases and sets over unto Assignee all of the right, title and
interest of Assignor in and to (i) the Leases, and (ii) the Security Deposits.

       3.  Assignee hereby accepts the foregoing assignment and hereby assumes
(a) all of the obligations of Assignor under the Leases from and after the
Closing Date and (b) all obligations of Assignor with respect to the Security
Deposits, including, without limitation, the obligation to return same to the
tenants under the Leases in accordance with the terms of such Leases.

       4.  Assignor hereby indemnifies and holds Assignee harmless from and
against any and all claims, expenses, costs, obligations or other liabilities
with respect to the Leases and the Security Deposits, arising or incurred after
the date hereof with respect to events occurring prior to the date hereof. The
foregoing indemnification obligation shall survive the delivery of this
instrument for a period of one hundred eighty (180) days and any claim not made
within such one hundred eighty (180) day period shall be deemed waived by
Assignee.

       5.  Assignee hereby indemnifies and holds Assignor harmless from and
against any and all claims, expenses, costs, obligations, or other liabilities
with respect to the Leases and the Security Deposits, arising or incurred after
the date hereof with respect to events occurring after the date hereof.

       6.  This Assignment may not be amended, modified or terminated except by
an instrument in writing executed by the parties hereto.

       7.  This Assignment shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and assigns.

                                     - 42 -
<Page>

       8.  This Assignment may be executed in counterparts, each of which shall
constitute an original, and all of which taken together hall constitute one and
the same instrument.

       9.  The provisions hereof are subject to the provisions of Section 19 of
the Agreement.

       IN WITNESS WHEREOF, intending to be legally bound the parties hereto have
executed this Assignment as of the day and year first above written.

                            ASSIGNOR:

                            [___________________________]

                            By:    [___________________________]

                                   By:
                                           ---------------------------
                                           Name:
                                           Title:

                            ASSIGNEE:

                            [___________________________]

                            By:    [__________________]

                                   By:
                                           ---------------------------
                                           Name:
                                           Title:

                                     - 43 -
<Page>

                                   Schedule A

                                     Leases

                                     - 44 -
<Page>

                                   Schedule B

                          Legal Description of the Land

                                     - 45 -
<Page>

                                   EXHIBIT "J"

                 ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS

       THIS ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS (this" Assignment"),
is made as of the [______] day of [_____], 2003, by and between [_____________],
a [__________________] organized under the laws of the State of [_____________],
having an office at [________________________________] ("Assignor"), and
[________________________________], a [________________] organized under the
laws of the State of [_________________], having an office at [________________]
("Assignee")

                               W I T N E S S E T H

       WHEREAS, Assignor has entered into those certain service contracts set
forth on Schedule A attached hereto and made a part hereof (the "Service
Contracts"), in connection with certain real property located in
[______________________], and more particularly described on Schedule B attached
hereto (the "Premises")

       WHEREAS, Assignor and Assignee are parties to that certain Sale-Purchase
Agreement, dated as of [______________], 2003 (as amended, the "Agreement"),
pursuant to which Agreement, Assignor has agreed to sell to Assignee, and
Assignee has agreed to purchase from Assignor, the Premises; and

       WHEREAS, in connection with the Agreement, Assignor is required to
assign, transfer and convey to Assignee all of Assignor's right, title and
interest in, to and under the Service Contracts and Assignee is required to
accept such assignment and to assume Assignor's obligations under the Service
Contracts from and after the date hereof.

       NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars
($10.00) and other good and valuable consideration, the mutual receipt and
sufficiency of which are hereby acknowledged, the parties hereto to hereby agree
as follows:

       1.  Unless otherwise stated herein, all capitalized terms used in this
Assignment shall have the meanings specified in the Agreement.

       2.  Assignor hereby assigns, transfers, releases and sets over unto
Assignee all of the right, title and interest of Assignor in and to the Service
Contracts.

       3.  Assignee hereby accepts the foregoing assignment and hereby assumes
all of the obligations of Assignor under the Service Contracts from, after and
including the Closing Date.

       4.  Assignor hereby indemnifies and holds Assignee harmless from and
against any and all claims, expenses, costs, obligations or other liabilities
with respect to the Service Contracts arising or incurred after the date hereof
with respect to events occurring prior to the date hereof. The foregoing
indemnification obligation shall survive the delivery of this instrument for a
period of one hundred eighty (180) days and any claim not made within such one
hundred eighty (180) day period shall be deemed waived by Assignee.

       5.  Assignee hereby indemnifies and holds Assignor harmless from and
against any and all claims, expenses, costs, obligations, or other liabilities
with respect to the Service Contracts arising or incurred after the date hereof
with respect to events occurring after the date hereof.

       6.  This Assignment shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and assigns.

       7.  This Assignment may be executed in counterparts, each of which shall
constitute an original, and all of which taken together shall constitute one and
the same instrument.

       8.  The provisions hereof are subject to the provisions of Section 19 of
the Agreement.

                                     - 46 -
<Page>

       IN WITNESS WHEREOF, intending to be legally bound, the parties hereto
have executed this Assignment as of the day and year first above written.

                            ASSIGNOR:

                            [___________________________]

                            By:    [___________________________]

                                   By:
                                           ---------------------------
                                           Name:
                                           Title:

                            ASSIGNEE:

                            [___________________________]

                            By:    [_______________________]

                                   By:
                                           ---------------------------
                                           Name:
                                           Title:

                                     - 47 -
<Page>

                                   Schedule A

                                Service Contracts

                                     - 48 -
<Page>

                                   Schedule B

                          Legal Description of the Land

                                     - 49 -
<Page>

                                   EXHIBIT "K"

                                NOTICE TO TENANTS

                To Be Delivered to Seller by Purchaser at Closing

                                     - 50 -
<Page>

                                   EXHIBIT "L"

                ASSIGNMENT AND ASSUMPTION OF INTANGIBLE PROPERTY

       THIS ASSIGNMENT AND ASSUMPTION OF INTANGIBLE PROPERTY (this
"Assignment"), is made as of the [______] day of [_____], 2003, by and between
[________________], a [______________________] organized under the laws of the
State of _____________ having an office [_________________] ("Assignor"), and
[________________], a [_________________] organized under the laws of the State
of Delaware, having an office c[_____________] ("Assignee").

                               W I T N E S S E T H

       WHEREAS, Assignor and Assignee are parties to that certain Sale-Purchase
Agreement, dated as of [___________] [____], 2003 (as amended, the "Purchase
Agreement"), pursuant to which Purchase Agreement, Assignor has agreed to sell
to Assignee, and Assignee has agreed to purchase from Assignor, that certain
real property located at [________________] and more particularly described on
Schedule A attached hereto (the "Premises"); and

       WHEREAS, in connection with the Purchase Agreement, Assignor is required
to assign, transfer and convey to Assignee all of Assignor's right, title and
interest in, to and under, to the extent assignable and subject to the terms of
the Purchase Agreement, any and all contracts, rights, warranties and
guaranties, and trade names related to the Premises (collectively, the
"Intangible Property"), including, without limitation, that certain Intangible
Property identified in Schedule B attached hereto and made a part hereof, and
Assignee is required to accept such assignment and to assume Assignor's
obligations under the Intangible Property, from and after the Closing Date.

       NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars
($10.00) and other good and valuable consideration, the mutual receipt and
sufficiency of which are hereby acknowledged, the parties hereto to hereby agree
as follows:

       1.  Unless otherwise stated herein, all capitalized terms used in this
Assignment shall have the meanings specified in the Purchase Agreement.

       2.  Assignor hereby assigns, transfers, releases and sets over unto
Assignee all of the right, title and interest of Assignor in and to the
Intangible Property to the extent assignable and subject to the terms of the
Purchase Agreement.

       3.  Subject to the terms of the Purchase Agreement, Assignee hereby
accepts the foregoing assignment and hereby assumes all of the obligations of
Assignor under the Intangible Property from, after and including the Closing
Date.

       4.  This Assignment shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and assigns.

       5.  This Assignment may be executed in counterparts, each of which shall
constitute an original, and all of which taken together shall constitute one and
the same instrument.

       6.  Assignor and Assignee hereby agree that they will, at any time and
from time to time, execute any documents and take such additional actions as
Assignor or Assignee or their respective successors or assigns shall reasonably
require in order to more completely or perfectly carry out the transfers
intended to be accomplished hereby.

       7.  The provisions hereof are subject to the provisions of Section 19 of
the Purchase Agreement.

                                     - 51 -
<Page>

       IN WITNESS WHEREOF, intending to be legally bound, the parties hereto
have executed this Assignment as of the day and year first above written.

                            ASSIGNOR:

                            [___________________________]
                            a [___________________________]

                            By:
                                    ---------------------------
                                    Name:
                                    Title:

                            ASSIGNEE:

                            [___________________________]
                            a [___________________________]

                            By:
                                    ---------------------------
                                    Name:
                                    Title:

                                     - 52 -
<Page>

                                   Schedule A

                        Legal Description of the Premises

                                 (See Attached)

                                     - 53 -
<Page>

                                   Schedule B

                               Intangible Property

                                     - 54 -
<Page>

                                    EXHIBIT M

REED ENGINEERING GROUP Environmental Reports:

       1)  Phase I Environmental Update - Project # 6456 dated March 7, 2000
       2)  Phase I Environmental Site Assessment - Project # 4660 dated July 9,
           1998

<Page>

                                   EXHIBIT "N"

                               EXISTING LITIGATION

                                      none

                                     - 56 -
<Page>

                                   EXHIBIT "O"

              TENANTS FROM WHOM ESTOPPEL CERTIFICATES ARE REQUIRED

                                   Walgreens

                                   Chick-A-Filet

                                   Bed Bath and Beyond

                                   Michaels

                                   Office Max

                                   Ebby Halliday

                                   Salon Boutique

                                     - 57 -
<Page>

                                   EXHIBIT "P"

                       FORM OF SELLER ESTOPPEL CERTIFICATE

To:    Inland Real Estate Acquisitions, Inc.,
       and its lenders, successors and assigns
       2901 Butterfield Road
       Oak Brook, Illinois 60523
       Attention: Warren Jarog ("Purchaser")

       Re: Lease Agreement dated _______________ and amended ______________
       ("Lease"), between as "Landlord", and _________________, as "Tenant",
       guaranteed by ("Guarantor") for leased premises known as ________________
       (the "Premises") of the property commonly known as (the "Property").

1.     Landlord hereby certifies that, to the actual knowledge of Landlord, the
following representations with respect to the Lease are accurate and complete in
all material respects as of the date hereof.

       a.  Dates of all amendments, letter
           agreements, modifications and
           waivers related to the Lease               ___________________

       b.  Commencement Date                          ___________________
           [Note: Commencement Date info to be provided for following tenants
           only: Michael's, Salon Boutique, Ebby Halliday Realty, Carpet Mills
           of America, North Dallas Eye Associates, The Nail Club, Oxford
           Cleaners and Rick's Tailors.]

       c.  Expiration Date                            ___________________

       d.  Current Annual Base Rent                   $__________________

       e.  Fixed or CPI Rent Increases     ADJUSTMENT DATE RENTAL AMOUNT $______

       f.  Square Footage of Premises

       g.  Security Deposit Paid to Landlord          ___________________

       h.  Renewal Options____ Additional Terms for      years at $____ per year
       i.  Termination Options                     Termination Date___________
                                                   Fees Payable    $__________

2.     Landlord further certifies that, to the actual knowledge of Landlord, the
following representations with respect to the Lease are accurate and complete in
all material respects as of the date hereof:

       a.     the Lease is presently in full force and effect and represents the
              entire agreement between Tenant and Landlord with respect to the
              Premises;
       b.     the Lease has not been assigned and the Premises have not been
              sublet by Tenant;
       c.     Tenant has accepted and is occupying the Premises, all
              construction required to be performed by Landlord under the Lease
              has been completed and any payments, credits or abatements
              required to be given by Landlord to Tenant have been given;
       d.     Tenant is open for business or is operating its business at the
              Premises;
       e.     No installment of rent or other charges under the Lease other than
              current monthly rent has been paid more than 30 days in advance
              and Tenant is not in arrears on any rental payment or other
              charges;
       f.     Landlord is not in default under the Lease and no event has
              occurred which, with the giving of notice or passage of time, or
              both, could result in a default by Landlord;
       g.     Tenant has no existing defenses, offsets, liens, claims or credits
              against the payment obligations under the Lease;

                                     - 58 -
<Page>

       h.     Except as set forth in the Lease, Tenant has not been granted any
              options or rights to terminate the Lease earlier than the
              Expiration Date (except as stated in paragraph 1 (i));
       i.     Except as set forth in the Lease, Tenant has not been granted any
              options or rights of first refusal to purchase the Premises or the
              Property [Note: this representation must be qualified to address
              the right of first refusal granted to Walgreen;
       j.     Except as set forth in the Lease, the Lease does not give the
              Tenant any operating exclusives for the Property; and
       k.     Rent has been paid through___________, 2003.

3.     This certification is made with the knowledge that Purchaser is about to
acquire title to the Property and its lender ("Lender") will be providing
Purchaser with financing which shall be secured by a Deed of Trust (or
Mortgage), Security Agreement and Assignment of Rents, Leases and Contracts
("Mortgage") upon the Property.

4.     The provisions hereof are subject to the provisions of Section 19, of the
Sale-Purchase Agreement, dated as of [____] [____]. 2003 between [Name of
Purchaser] and the undersigned (the "Agreement").

5.     The certifications stated herein are subject to the provisions of the
Agreement, and, specifically, the provisions of Section 36 thereof.

6.     As used herein, the term "to the actual knowledge of the undersigned" and
words of similar import, shall mean the actual present cognitive awareness (as
differentiated from imputed or constructive knowledge) of ___________ without
any obligation to make inquiry of any kind.

                                   CDG (Park Place) LLC
                                   By:
                                       -------------------------
                                   Its:
                                       -------------------------
                                   Date: __________________, 2003

                                     - 59 -
<Page>

                                   EXHIBIT "Q"

                       FORM OF TENANT ESTOPPEL CERTIFICATE

To:    Inland Real Estate Acquisitions, Inc.,
       and its lenders, successors and assigns
       2901 Butterfield Road
       Oak Brook, Illinois 60523
       Attention: Warren Jarog ("Purchaser")

       Re: Lease Agreement dated _______________ and amended ______________
       ("Lease"), between as "Landlord", and _________________, as "Tenant",
       guaranteed by ("Guarantor") for leased premises known as ________________
       (the "Premises") of the property commonly known as (the "Property").

1.     Tenant hereby certifies that the following representations with respect
to the Lease are accurate and complete as of the date hereof.

       a.  Dates of all amendments, letter
           agreements, modifications and
           waivers related to the Lease               ___________________

       b.  Commencement Date                          ___________________
           [Note: Commencement Date info to be provided for following tenants
           only: Michael's, Salon Boutique, Ebby Halliday Realty, Carpet Mills
           of America, North Dallas Eye Associates, The Nail Club, Oxford
           Cleaners and Rick's Tailors.]

       c.  Expiration Date                            ___________________

       d.  Current Annual Base Rent                   $__________________

       e.  Fixed or CPI Rent Increases     ADJUSTMENT DATE   RENTAL AMOUNT $____

       f.  Square Footage of Premises

       g.  Security Deposit Paid to Landlord          ___________________

       h.  Renewal Options____ Additional Terms for       years at $___ per year

       i.  Termination Options               Termination Date____________
                                             Fees Payable    $___________

2.     Tenant further certifies to Lender and Purchaser that:

       a.     the Lease is presently in full force and effect and represents the
              entire agreement between Tenant and Landlord with respect to the
              Premises;
       b.     the Lease has not been assigned and the Premises have not been
              sublet by Tenant, except as follow:______________________________;
       c.     Tenant has accepted and is occupying the Premises, all
              construction required by the Lease to be performed by Landlord has
              been completed and any payments, credits or abatements required to
              be given by Landlord to Tenant have been given;
       d.     Tenant is open for business or is operating its business at the
              Premises;
       e.     No installment of rent or other charges under the Lease other than
              current monthly rent has been paid more than 30 days in advance
              and Tenant is not in arrears on any rental payment or other
              charges;
       f.     Landlord is not in default under the Lease and no event has
              occurred which, with the giving of notice or passage of time, or
              both, could result in a default by Landlord;

                                     - 60 -
<Page>

       g.     Tenant has no existing defenses, offsets, liens, claims or credits
              against the payment obligations under the Lease;
       h.     Tenant has not been granted any options or rights to terminate the
              Lease earlier than the Expiration Date (except as stated in
              paragraph 1(i));
       i.     Tenant has not been granted any options or rights of first refusal
              to purchase the Premises or the Property [Note - insert the
              following in the Estoppel Certificate for Walgreen: "except as set
              forth in Section 25 of the Lease"];
       j.     Tenant has not received notice of violation of any federal, state,
              county or municipal laws, regulations, ordinances, orders or
              directives relating to the use or condition of the Premises or the
              Property;
       k.     To the Tenant's knowledge no hazardous wastes or toxic substances,
              as defined by all applicable federal, state or local statutes,
              rules or regulations have been disposed, stored or treated on or
              about the Premises or the Property by Tenant;
       l.     the Lease does not give the Tenant any operating exclusives for
              the Property, except as set forth in the Lease; and
       m.     Rent has been paid through________, 2003.

3.     This certification is made with the knowledge that Purchaser is about to
acquire title to the Property and its lender ("Lender") will be providing
Purchaser with financing which shall be secured by a Deed of Trust (or
Mortgage), Security Agreement and Assignment of Rents, Leases and Contracts
("Mortgage") upon the Property. Tenant acknowledges that Purchaser's interest in
the Lease (as landlord) will be duly assigned to Lender as security for Lender's
loan to Landlord. All rent payments under the Lease shall continue to be paid to
landlord in accordance with the terms of the Lease until Tenant is notified
otherwise in writing by Lender or its successors and assigns. In the event that
Lender succeeds to landlord's interest under the Lease, Tenant agrees to
recognize Lender as the landlord under the Lease at Lender's request and Lender
agrees that unless Tenant is in default under the Lease, the Lease will remain
in full force and effect. Tenant further acknowledges and agrees that Purchaser,
Lender and their respective successors and assigns shall have the right to rely
on the information contained in this Certificate. The undersigned is authorized
to execute this Tenant Estoppel Certificate on behalf of Tenant.

                                   [TENANT]
                                   By:
                                      --------------------------
                                   Its:
                                       -------------------------
                                   Date: __________________, 2003

                                     - 61 -
<Page>

                                   EXHIBIT "R"

                        TITLE AND SURVEY COMMENTS LETTER

                                     - 62 -
<Page>

[INLAND LOGO]

The Inland Real Estate Group, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523
630-218-8000 Fax: 630-218-4900

Law Department

ELLIOT B. KAMENEAR
VICE PRESIDENT AND
SENIOR COUNSEL
KAMENEAR@INLANDGROUP.COM

                                                        July 16, 2003

VIA FACSIMILE (214) 522-8656
AND FEDERAL EXPRESS

CDG (Park Place), LLC
6210 Campbell Road, Suite 140
Dallas, TX 75248
Attention: Mr. Stephen Preston

       RE:    THE SHOPS AT PARK PLACE, PLANO, TEXAS/TITLE COMMITMENT AND SURVEY
              OBJECTIONS

Dear Steve:

       Pursuant to Article 8, Title Insurance, of the proposed Real Estate Sale
and Purchase Agreement, on behalf of Inland Real Estate Acquisitions, Inc., the
Purchaser, I am hereby giving notice of the following Unpermitted Title
Exceptions:

       1.     Survey and title legal descriptions do not match.

       2.     Taubman sanitary sewer easement needs to be added as an additional
              insured parcel.

       Regarding the survey, please note the following as Unpermitted Survey
       Conditions:

       1.     The survey and title legal descriptions do not match.

       2.     Per the Bed, Bath & Beyond lease, the elevations of the highest
              structure on the buildings on Pads A & B need to be taken to
              verify compliance with the Bed, Bath & Beyond height restrictions
              of other buildings.

       3.     Schedule B Item 14, the Taubman sanitary sewer easement, needs to
              be surveyed and shown on the survey, which may be shown on a
              separate page. Such depiction must show or otherwise indicate to
              the satisfaction of purchaser that the sanitary sewer ultimately
              runs into a public sanitary sewer and that there is no impairment
              by buildings, or otherwise, of the Taubman sanitary sewer
              easement.

       4.     Schedule B Exception 23, easements per Volume M, Page 527, over
              and across Lot 3, are not shown on the survey.

                                    EXHIBIT R

<Page>

Mr. Stephen Preston
July 16, 2003
Page 2

       5.     Aggregate parking space count, as well as the number of parking
              spaces for each lot, need to be shown on the survey. The total
              acreage of all four lots needs to be shown on the survey.

       6.     The certification needs to be written in conformance with
              Paragraph 8 of the current ALTA survey standards and with Inland
              Real Estate being described as Inland Real Estate Acquisitions,
              Inc. Also, the ultimate grantee, which I expect to form in the
              next week or so, will need to be on the certification as well.

       7.     The Survey needs the approval of Chicago Title Insurance Company,
              in all respects including as required for modification of the
              survey exception.

       As provided in Article 8 of the agreement, please advise me of your
decisions in handling the Unpermitted Title Exceptions and the Unpermitted
Survey Exceptions as required by said Article 8.

                                   Cordially,

                                   THE INLAND REAL ESTATE GROUP, INC.

                                   /s/ Elliot B. Kamenear
                                   Elliot B. Kamenear
                                   Senior Counsel

EBK/km

c:     Mr. John W.S. Preston (via facsimile 561.833.4118 and Federal Express)
       David J. Wiener, Esq. (via facsimile 561.366.9145 and Federal Express)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]