Document:

Exhibit 10.1

 

REAL ESTATE SALE
CONTRACT

 

THIS
CONTRACT (“Contract”) entered into this 26th day of February 2020, (“Effective Date”) by and
between Rubicon Technology, Inc. (“Seller”) and the Batavia Park District, an Illinois municipal corporation (“Purchaser”).

 

In
consideration of the mutual covenants contained in this Contract, the Parties agree as follows:

 

1. 
Property. Seller agrees to sell, and Purchaser agrees to purchase from Seller, Seller’s interest in that parcel
of real property commonly known as Fox Valley Business Park, Lot 101, Batavia, Illinois 60510, (“Subject Property”)
consisting of permanent index number 12-27-428-016. The Subject Property consists of one (1) unimproved parcel of land and shall
include the land, parking areas, improvements, fixtures, fencing and common facilities comprising the Subject Property, if any,
together with all rights appurtenant to running with the land and all air rights.

 

2.
 Earnest Money.

 

2.1. 
Purchaser shall make a Sixty Thousand Dollar ($60,000.00) initial earnest money deposit (“Initial Earnest Money Deposit”)
paid to Chicago Title Insurance Company (“Title Company”), as escrowee, upon execution of this Contract. The Initial
Earnest Money Deposit shall be non-refundable; however, it shall be credited towards the Purchase Price at Closing or forfeited
to the Seller as provided Section 4.A herein.

 

2.2. 
Within five (5) business days of voter approval of the Bond Referendum as set forth in 4.B.1 herein, Purchaser shall deposit
an additional Thirty Thousand Dollars ($30,000.00) (“Additional Earnest Money Deposit #1”). The Additional Earnest
Money Deposit #1 shall be non-refundable and shall be credited towards the Purchase Price at Closing or forfeited to the Seller
as provided Section 4.A herein.

 

2.3. 
In the event Purchaser’s successful financing of the bond(s) as set forth in 4.B.2 herein is not completed by May
31, 2020, and Purchaser opts to continue with the purchase, Purchaser shall pay directly to Seller a fee of Thirty Thousand Dollars
($30,000.00) (“Contract Extension Fee #1”). The Contract Extension Fee #1 shall be non-refundable and shall not be
credited towards the Purchase Price.

 

Notwithstanding the foregoing,
if Purchaser, is unable or unwilling to complete the Bond Financing set forth in 4.B.2, then Purchaser may terminate this Contract
and amounts of Earnest Money on deposit with the Title Company shall be tendered to the Seller.

 

2.4. 
In the event Purchaser’s acquisition and successful closing on Lot 102 as set forth in 4.B.4 herein, is not completed
by July 20, 2020, Purchaser may extend the Condition period until August 14, 2020, with a direction payment of Thirty Thousand
Dollars ($30,000.00) (“Contract Extension Fee #3”). Contract Extension Fee #3 shall be non-refundable and shall not
be credited towards the Purchase Price. In the event that Purchaser’s extension of the Condition period until August 14,
2020 is as a result of the failures of the seller of Lot 102, Purchaser shall articulate such failure in written Notice to the
Seller and shall not be required to make the Contract Extension Fee #3 payment provided in this Section 2.4. Notwithstanding the
foregoing, if Purchaser, is unable or unwilling to complete the Lot 102 purchase, then Purchaser may terminate this Contract and
amounts of Earnest Money on deposit with the Title Company shall be tendered to the Seller

 

     

     

    

 

2.5. 
In the event Purchaser has not successfully completed re-zoning of the Subject Property for “recreational use”
as set forth in 4.B.3 herein by July 6, 2020, and Purchaser opts to continue with the purchase, Purchaser shall pay directly to
Seller a fee of Thirty Thousand Dollars ($30,000.00) (“Contract Extension Fee #2”). Contract Extension Fee #2 shall
be non-refundable and shall not be credited toward the Purchase Price. Notwithstanding the foregoing, if Purchaser is unable or
unwilling to complete the re-zoning, then Purchaser may terminate this Contract and amounts of Earnest Money on deposit with the
Title Company shall be tendered to the Seller.

 

2.6. 
Any and all Earnest Money deposits set forth herein shall be held by Chicago Title, as escrowee, under its Standard form
of Strict Joint Order Escrow to be disbursed pursuant to the terms of this Contract.

 

3.  Purchase
Price.

 

3.1. 
The purchase price (the “Purchase Price”) for the Subject Property shall be Nine Hundred Twenty-One Thousand
Four Hundred One Dollars ($921,401.00). The Purchase Price shall be payable, plus or minus prorations, by wire transfer of immediately
available funds on the Closing Date.

 

4.  Conditions
Precedent.

 

4.A 
Due Diligence.

 

The
following are conditions precedent (“Conditions”), which must be satisfied fully or waived in writing by Purchaser
on or before March 17, 2020 before Purchaser is obligated to purchase the Subject Property. Such Conditions must remain satisfied
(if not waived) as of the Closing. If for any reason the Purchaser determines that the site is not satisfactory, or any condition
set forth in Section 4.A, is not met on or before March 17, 2020, the Purchaser may terminate this Contract upon written notice
to Seller without cost or penalty to either party (except as provided herein), and this Contract shall be null and void at which
time the Title Company shall be directed to tender the Initial Earnest Money to the Seller and such amounts shall be retained by
Seller. In the event that Purchaser does not terminate this Contract, upon written notice to the Seller, on or before March 17,
2020, the Conditions set for in this Section 4.A shall be deemed waived by the Purchaser. Purchaser shall be reasonable in making
all determinations and opinions to satisfy the Conditions. The Conditions are:

 

4.A.1 
Purchaser has completed all physical assessments of the property and obtained any and all environmental and/or use assessments
of the Subject Property prepared by consultants approved by Purchaser, including, but not limited to, subsurface soil analysis,
flood hazard determinations, Phase One environmental site assessment, confirmation of availability/use of utilities and geothermal
energy systems, and the results thereof are satisfactory to Purchaser.

 

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4.A.2 
Purchaser has obtained a preliminary title report from the Title Company on the Subject Property, and has determined that
the Subject Property is not subject to any title exceptions that would impede the development or contemplated use of the Subject
Property other than current taxes not delinquent, covenants, conditions and restrictions of record, and those title exceptions
approved by Purchaser in writing (“Permitted Title Exceptions”).

 

4.A.3 
Purchaser has reviewed all existing building code violations, leases, insurance policies, management agreements, employment
agreements, vendor agreements and any other agreements and/or reports related to the Subject Property and the results are satisfactory
to Purchaser.

 

4.A.4 
The Title Company is unconditionally prepared to issue to Purchaser or its nominee, at Closing, an ALTA Owner’s Policy
in the full amount of the Purchase Price, insuring fee simple title to the Subject Property to be vested in Purchaser or
its nominee, together with extended coverage and any endorsements requested by Purchaser.

 

4.A.5
 Purchaser’s Board of Commissioners has authorized and approved the Contract.

 

4.B. 
Bond Referendum/Lot 102 Closing/Zoning:

 

The
following are conditions precedent (“Conditions”), which must be satisfied fully or waived in writing by Purchaser
before Purchaser is obligated to purchase the Subject Property. Such Conditions must remain satisfied (if not waived) as of the
Closing. If for any reason any condition set forth herein is not met, the Purchaser may terminate this Contract upon written notice
to Seller without cost or penalty to either party (except as provided herein), and this Contract shall be null and void at which
time the Title Company shall be directed to tender all the Earnest Money Deposit to the Seller and such amounts shall be retained
by Seller. In the event that Purchaser does not terminate this Contract, upon written notice to the Seller, on or before the dates
set forth in Section 4.B.1, 4.B.2, 4.B.3 and 4.B.4 below, the Conditions set for in this Section 4.B shall be deemed waived by
the Purchaser. The Conditions are:

 

4.B.1 
Successful passage by voter approval of the bond referendum scheduled for March 17, 2020, enabling Purchaser to procure
and finance bonds for the acquisition of the Subject Property.

 

4.B.2 
Purchaser’s successful issuance of the bond(s) for the acquisition of the Subject Property after approval of the referendum
on or before May 31, 2020.

 

4.B.3 
Purchaser successfully obtaining all the necessary approval from the City of Batavia for re-zoning and use of the Subject
Property for its intended use as “recreational use” on or before July 6, 2020. The parties agree to cooperate with
one another in the re-zoning process for the Subject Property and any other necessary zoning changes or variance regarding the
Fox Valley Business Park

 

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4.B.4 
Purchaser’s successful acquisition and closing of the Fox Valley Business Park, Lot 102, Batavia, Illinois 60510 (“Lot
102”) on or before July 20, 2020.

 

5. 
Survey.Within one hundred (100) days of the Effective Date, Seller, at Seller’s sole cost and expense,
shall order, obtain and deliver to Purchaser a Survey of the Property, which survey conforms to the Minimum Standard Detailed Requirements
for ALTA/ACSM Land Title Surveys as adopted in 2016 by ALTA/ASCM and NSPS and including Table A Items 1, 2, 3, 4, 6(a), 6(b), 7(a),
7(b) (1), 8, 9, 11, 13, 16, 18 and 19 (the “Survey”), and in form fully sufficient to cause the Title Company: (i)
to delete the standard printed survey exception; and (ii) to issue the Title Policy free from any survey related objections or
exceptions, whatsoever. The Survey shall be certified to Purchaser, Purchaser’s Lender, if any and to the Title Company.
If the Survey discloses matters that are unacceptable to Purchaser or render the title uninsurable or unmarketable (“Survey
Defects”), Purchaser shall notify Seller thereof within seven (7) business days after receipt thereof. Seller shall have
fourteen (14) days after receipt of Purchaser’s notification, to notify Purchaser as to whether it intends to correct such
Survey Defects or, with Purchaser’s prior written approval at Closing, have the Title Company commit to insure over any Survey
Defects. If Seller determines not to correct such Survey Defects, then Purchaser may elect upon written notice to Seller made within
five (5) business days after the expiration of the permitted time: (a) to terminate this Contract by written notice to Seller,
in which event any and all Earnest Money shall be refunded to Purchaser and neither party shall have any further liability to any
other party under this Contract, except as otherwise provided in this Contract; or (b) to take the Property as it then is without
offset or deduction from the Purchase Price.

 

6.  Costs;
Prorations; Credits.

 

6.1 
Seller shall pay the cost of the Owner’s Policy of Title Insurance with extended coverage and the cost of the Survey.
The cost of all other endorsements as provided for above or as otherwise requested by Purchaser shall be paid by Purchaser. Seller
shall pay all state and county transfer taxes. Any municipal transfer taxes shall be paid by the party who is responsible for payment
by local ordinance. Purchaser shall pay all recording costs, except those required to remove title exceptions caused by Seller.
All escrow fees and New York Style closing fees payable in connection with the sale contemplated by this Contract shall be shared
equally by Seller and Purchaser provided, however, should Purchaser procure financing for this transaction, the Purchaser shall
bear all costs for the escrow/closing fee. All other closing costs shall be allocated between Seller and Purchaser in the customary
manner in the county in which the Property is located, for transactions of the type contemplated hereby; provided, so long as no
breach of this Contract shall have occurred, each party shall pay its own attorney’s fees incurred in connection with the
transaction which is the subject of this Contract.

 

6.2 
All prorations shall be made on the basis of the actual number of days of the year and month which shall have elapsed as
of the Closing Date. All general real estate taxes shall be prorated as of the closing date based upon 105% of the most recent
fully ascertainable tax bill. All prorations for real estate taxes shall be final as of Closing.

 

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7.  Title.

 

7.1 
Seller shall convey marketable and insurable title for the Subject Property. The title to the Subject Property shall be
subject only to the matters set forth on Exhibit B attached hereto and made a part hereof by this reference, and any other
matters waived or approved by Purchaser in accordance with this Paragraph 7.1 (collectively the “Permitted Title Exceptions”).
The Subject Property shall not be subject to any (i) mortgage, deed to secure debt, deed of trust, security agreement, judgment,
lien or claim of lien, or any other title exception or defect that is monetary in nature, Seller hereby agreeing to pay and satisfy
of record any such title defects or exceptions prior to or at Closing at Seller’s expense, or (ii) any leases, rental agreements
or other rights of occupancy of any kind, whether written or oral (the items described in (i) and (ii) are hereinafter referred
collectively as the “Seller Defects”). Within thirty (30) days of the Effective Date, Seller shall, at the sole expense
of Seller deliver to Purchaser an Owner’s title insurance commitment (“Title Commitment”), issued by Chicago
Title Insurance Company (“Title Company”) on ALTA form 2006 (but without a creditor’s rights exclusion), covering
the Subject Property and naming Purchaser as the proposed insured together with legible copies of all documents shown as exceptions
in the Title Commitment. As to any title exceptions or defects affecting the Subject Property, Purchaser shall have fourteen (14)
working days after receipt of the Title Commitment to give Notice to Seller of any objections of Purchaser. If Purchaser fails
to give any Notice to Seller by such date, Purchaser shall be deemed to have waived this right to object to any exceptions or defects.
If Purchaser does give Seller Notice of objection to any title exceptions or defects, Seller shall have the right for a period
of thirty (30) working days after such Notice to cure or satisfy all Seller Defects. If Seller fails or elects not to cure any
unpermitted title exceptions or defects, then Purchaser may elect to close the transaction and take title subject to such
exception or to terminate this Contract. Purchaser shall have the right at any time to waive any objections that it may have made
and thereby to preserve this Contract in effect. So long as this Contract remains in effect, Seller agrees not to alter or encumber
in any way the title to the Subject Property. The costs of the special endorsements, other than an extended coverage endorsement,
shall be the Purchaser’s responsibility.

 

7.2 
As used in Subparagraph 7.1, “insurable title” shall mean title insurable at standard rates by the Chicago Title
Insurance Company with a standard ALTA (Form 2006, without a creditor’s rights exclusion) extended coverage Contract Purchaser’s
title insurance policy.

 

7.3 
Whether or not the Purchaser delivers to Seller a Notice of objection to title for the Subject Property pursuant to Paragraph
7.1, Purchaser shall, at Purchaser’s expense, have the right, from time-to-time until Closing, to update the title examination
of the Subject Property, from and after the effective date of the Title Commitment. Any expense associated with updating the Title
Commitment shall be the Purchaser’s responsibility. If such updated title examination reveals an existence of any exceptions
or defects in the title for the Subject Property which arose after the effective date of the Title Commitment, and which are caused
by the acts or omissions of the Seller, Purchaser shall be entitled to give Notice of objection to such additional defects and
exceptions with the same rights and obligations as would apply to a Notice of title objection given pursuant to Paragraph 7.1.

 

8. 
Closing.The closing or settlement (“Closing”) of the transaction contemplated by this Contract shall
be held at an office of Chicago Title Insurance Company during regular business hours on or before July 20, 2020, extended in accordance
with Section 2.4 or as mutually agreed upon by the parties (“Closing Date” or “Date of Closing”).

 

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9. 
Broker.Seller represents and warrants to Purchaser that it has not dealt with any person or entity entitled to
a brokerage commission, finder's fee or other compensation with respect to the transaction contemplated hereby. Purchaser represents
and warrants to Seller that it has not dealt with any person or entity entitled to a brokerage commission, finder's fee or other
compensation with respect to the transaction contemplated hereby other than Suburban Real Estate Services (“Purchaser’s
Broker”) whose commission shall be paid by Seller at Closing. Seller shall indemnify Purchaser and hold and defend
Purchaser harmless from and against any and all claims, losses, liabilities, damages, demands, costs and expenses, including actual,
reasonable attorneys’ fees arising out of any claim made by any realtor, broker, finder, consultant or any other intermediary
(collectively “broker claims”), incurred by Purchaser by reason of any breach or inaccuracy of the Seller's representations
and warranties contained in this Section 9. Purchaser hereby agrees to indemnify, defend, and hold Seller harmless from and against
any broker claims incurred by Seller by reason of any breach or inaccuracy of the Purchaser’s representations and warranties
contained in this Section 9. This indemnification shall survive the Closing.

 

10. 
Right of Entry.From and after the date of this Contract, Seller hereby grants Purchaser, its representatives
and agents, the right to enter upon the Subject Property to: (1) examine, inspect and test the feasibility and adaptability of
the Subject Property for Purchaser’s intended use, such tests to include, without limitation, soil borings, soil tests, tests
to determine the adaptability of the Subject Property for drainage and environmental audits, tests to determine the availability
of geothermal energy systems; and (2) collect all information that is necessary or appropriate in connection with this Real Estate
Contract, or for Purchaser’s intended use of the Subject Property. (All of the foregoing examinations, inspections, studies
and tests being hereinafter referred to as the “Studies”.) All such Studies are to be made at Purchaser’s expense.
Purchaser agrees to repair any damage caused to the Subject Property as a result of the Studies. Purchaser hereby indemnifies,
defends and holds harmless Seller and its officers, shareholders, directors, employees and agents against any and all losses, liabilities
and damages (including, without limitation, any damages or injuries to persons, property, or the Property) or actions or claims
with respect thereto (including, without limitation, amounts paid in settlement and reasonable costs of investigation, reasonable
attorneys’ fees and other legal expenses) resulting from claims (whether or not ultimately successful) which the Seller or
any of its officers, employees or agents may suffer or incur, either directly or indirectly, insofar as such losses, liabilities
or damages (or actions or claims in respect thereof) arise out of, or with respect to, Purchaser’s or its representatives’,
agents’, employees’, lenders’, contractors’, appraisers’, architects’ or engineers’ inspection,
measurement or testing of the Subject Property. This indemnity shall survive the closing of the transaction contemplated herein
or the termination of this Contract. Purchaser shall not cause or allow any lien claim to be filed against the Subject Property
as a result of said Studies, and shall remove any such claims so filed within ten (10) days following its filing of record.

 

11. 
Notice. Each Notice (“Notice”) provided for under this Contract must comply with the requirements of
this Paragraph. Each Notice shall be in writing and sent by (i) depositing it with the United States Postal Service or any official
successor thereto, certified or registered mail, return receipt requested, with adequate postage prepaid, or (ii) special courier
service (e.g., Federal Express, UPS), addressed to the appropriate Party (and marked to a particular individual’s
attention if so indicated) as hereinafter provided. Each Notice shall be effective upon the date of delivery. Rejection or other
refusal by the addressee to accept, or the inability of the United States Postal Service to deliver because of a changed address
of which no Notice was given, shall be deemed to be the receipt of the Notice sent. In the event that registered or certified mail
service is not being provided by the United States Postal Service or any official successor thereto at the time in question, each
Notice may then be served by personal service or sent by facsimile. Any Party shall have the right from time-to-time to change
the address or individual’s attention to which Notices to it shall be sent by giving to the other Parties at least ten (10)
days prior Notice thereof. The addresses of the Parties shall be those set forth as follows:

 

	 	IF TO SELLER:	
        Rubicon Technology, Inc.

        Attn: Timothy Brog

        900 East Green Street

        Bensenville, IL 60106

        Telephone: 847.295.7000 Facsimile: 630.595.3264

         

	 	With a copy to:	
        ________________________

        ________________________

        ________________________

         

        Telephone:                        Facsimile:

         

	 	IF TO PURCHASER;	
        Batavia Park District

        Attn: Allison Niemela, Executive Director

        327 W. Wilson St.

        Batavia, Illinois 60510

        Telephone: 630.879.5235 Facsimile: 630.879.9537

         

	 	With a copy to:	
        Ancel Glink, PC

        Attention: Derke J. Price

        1979 Mill Street, Suite 207

        Naperville, IL 60563

        Telephone: 630.596.4610 Facsimile: 630.596.4611

 

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12.  Closing
Documents.At Closing, the following shall occur:

 

12.1
 Seller shall deliver or cause to be delivered to Purchaser the following:

 

(i)  A
Warranty Deed fully executed by Seller conveying to Purchaser the Subject Property, subject only to Permitted Title Exceptions;

 

(ii)
 Owner’s policy of title insurance with extended coverage in the amount of the Purchase Price (the “Title Policy”),
issued by the Title Company pursuant to the Title Commitment, subject only to Permitted Title Exceptions;

 

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

 

(iv) 
Certificate of Non-Foreign Status executed by Seller;

 

(v)  ALTA
Statement duly executed by Seller;

 

(vi)
 Affidavit of Title;

 

(vii)
 A Closing Statement;

 

(viii)
 All required Transfer Tax Declarations;

 

(ix)
 Such other instruments as may be reasonably necessary to effect the conveyance of the Subject Property in accordance with this
Contract.

 

12.2
 Purchaser shall deliver or cause to be delivered to Seller the following:

 

(i)  The
Purchase Price adjusted as provided herein;

 

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

 

(iii) 
A signed Closing Statement; and

 

(iv) 
Such other instruments as may be reasonably necessary to effect the conveyance of the Subject Property in accordance with this
Contract.

 

13. Default
and Remedies.

 

13.1 
Seller’s Default. If prior to or at the Closing, Seller defaults hereunder, or shall have failed to have performed
any of the covenants and/or agreements contained herein which are to be performed by Seller, or if any warranty or representation
made by Seller herein is not true and correct, Purchaser may, at its option, either (i) seek specific performance of this Contract;
or (ii) terminate this Contract and any and all Earnest Money and Contract Extension Fees shall immediately be refunded to Purchaser
and Seller shall immediately reimburse Purchaser for all of Purchaser’s reasonable out-of-pocket expenses incurred in connection
with this transaction, including its legal fees and due diligence investigations not to exceed Fifteen Thousand Dollars ($15,000.00)
as Purchaser’s sole and exclusive remedy.

 

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13.2 
Purchaser’s Default. If Purchaser has not terminated this Contract pursuant to any of the provisions hereof authorizing
such termination, and Purchaser defaults hereunder and fails to perform any of the covenants and/or agreements contained herein
which are to be performed by Purchaser, or if any warranty or representation made by Purchaser herein is not true and correct,
Seller shall be entitled as its sole and exclusive remedy to retain any and all Earnest Money and all Contract Extension Fees as
liquidated damages, and not as a penalty, it being understood that Seller’s actual damages in the event of such a default
are difficult to ascertain and that such retention of the Earnest Money and Contract Extension Fee represents the parties’
best estimate of such damages, and agreement in advance as to the settlement of any and all damages that may arise because of Purchaser’s
default, and bears a relation to the actual damages that might be sustained by Seller. Accordingly, the parties agree that the
liquidated damage provision in this Section 13.2 is fair and reasonable, and it not a penalty as a result of non-performance.

 

14.  Time
of Essence.Time is of the essence of this Contract.

 

15. 
Entire Agreement. This Contract constitutes the entire agreement of the Parties and may not be amended except by
written instrument executed by Purchaser and Seller.

 

16. 
Interpretation. The paragraph headings are inserted for convenience only and are in no way intended to interpret,
define, or limit the scope of content of this Contract or any provision thereof. If any Party is made up of more than one person
or entity, then all such persons and entities shall be included jointly and severally, even though the defined terms of
such Party is used in the singular in this Contract. If any right of approval or consent by a Party is provided for in this Contract,
the Party shall exercise the right promptly, in good faith and reasonably, unless this Contract expressly gives such Party the
right to use its sole discretion. The term “Business Day” shall mean Monday through Friday, excluding holidays recognized
by the state government of the State in which the Subject Property is located. If any time period under this Contract ends on a
day other than a Business Day, then the time period shall be extended until the next Business Day. If a time period under this
Contract is five (5) days or less, it shall mean five (5) Business Days.

 

17. 
Possession; Risk of Loss. Seller shall deliver actual possession of the Subject Property at Closing. The Subject
Property shall, on the date of Closing, be in the same condition as of the Date of this Contract.

 

18.  Survival
and Termination.

 

18.1 
The provisions of this Contract shall not survive Closing except to the extent expressly provided otherwise.

 

18.2 
“Terminate” and “Termination” shall mean the termination of this Contract pursuant to a right to
do so provided herein.

 

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19. 
Applicable Law. This Contract shall be construed and interpreted in accordance with the laws of the State of Illinois.

 

20. 
Successors and Assigns. This Contract shall be binding upon and inure to the benefit of the Parties and their respective
successors and assigns.

 

21. 
Exhibits. The exhibits referred to in, and attached to this Contract, are incorporated herein by reference in full.

 

22. 
 Seller’s Representations and Warranties. Seller represents and warrants to Purchaser as follows, which representations
and warranties are true and correct and shall remain true and correct as of the date hereof and as of the date of Closing:

 

22.1 
Seller is the owner of the Subject Property as of the Date of this Contract.

 

22.2 
Seller represents that it is not a “foreign person” as defined in Paragraph 1445 of the Internal Revenue Code,
and is therefore exempt from the withholding requirements of said Paragraph. Seller will furnish Purchaser at Closing the Exemption
Certification set forth in Paragraph 12.1(iv).

 

22.3 
Seller has no actual knowledge, nor has Seller received any Notice, of any actual or pending litigation or proceeding by
any organization, person, individual or governmental agency against Seller with respect to the Subject Property or any portion
thereof or with respect thereto; and Seller has no actual knowledge, nor has Seller received any notice, of any violations of law,
municipal or county ordinances, or other legal requirements with respect to the Subject Property (or any part thereof) or with
respect to the use or occupancy of the Subject Property.

 

22.4 
The execution and delivery of, and Seller’s performance under, this Contract are within Seller’s powers and
have been duly authorized by all requisite action. This Contract constitutes the legal, valid and binding obligation of Seller
enforceable in accordance with its terms. Performance of this Contract will not result in any breach of, or constitute any default
under, or result in the imposition of any lien or encumbrance upon the Property under, any agreement or other instrument to which
Seller is a party or by which Seller or the Property might be bound.

 

22.5 
To the best of Seller’s knowledge, there are no special assessments, special tax districts or outstanding obligations
(contingent or otherwise) to governmental entities (collectively “Assessments”) with respect to the Property or any
part thereof, nor are there any pending condemnation actions, nor has Seller any knowledge of any Assessments or condemnation actions
being contemplated.

 

22.6 
To the best of Seller’s knowledge: (i) any use of the Property for the generation, storage or disposal of any Hazardous
Material (as defined below) has been in compliance with all Environmental Laws (as defined below); (ii) there are not any Hazardous
Materials present on the Property; (ii) the Property is currently in compliance with all Environmental Laws; and (iii) there are
currently no underground tanks on the Property. As used in this Contract, the term "Hazardous Material" shall
include but not be limited to (a) asbestos, (b) petroleum, (c) any explosives, radioactive materials, wastes or substances, or
(d) any substances defined as "hazardous substances" or "toxic substances" in the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, 42. U.S.C. 9601, et seq., the Hazardous Materials Transportation
Act (49 U.S.C. 1802), the Resource Conservation and Recovery Act (42 U.S.C. 6901), or in any other federal, state or local environmental
law ("Environmental Laws").

 

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22.7.
The Seller represents and warrants that it is not acting, directly or indirectly, for or on behalf of any person, group, entity,
or nation named by the United States Treasury Department as a Specially Designated National and Blocked Person, or for or on behalf
of any person, group, entity, or nation designated in Presidential Executive Order 13224 as a person who commits, threatens to
commit, or supports terrorism; and that is not engaged in this transaction directly or indirectly on behalf of, or facilitating
this transaction directly or indirectly on behalf of, any such person, group, entity or nation. The Seller hereby certifies that
it is not barred from entering into this Contract as a result of a violation of either Section 33E-3 or Section 33E-4 of the Illinois
Criminal Code.

 

23. 
Seller’s Covenants. Seller hereby covenants and agrees with Purchaser that, after the date of this Contract:

 

(a) 
Seller shall not enter into any contracts or leases which would continue for a period subsequent to the Closing Date.

 

(b) 
Seller, on behalf of itself, its agents, contractors and representatives, agrees that during the term hereof, it will not
solicit or accept any offers to purchase the Property from any party other than Purchaser.

 

(c) 
Seller will cause to be paid any due and payable installments of any unpaid taxes and assessments heretofore levied or assessed
against the Property or any part thereof.

 

(d) 
Immediately upon obtaining knowledge of the institution of any proceedings for the condemnation of the Property, or any
portion thereof, or any other proceedings arising out of injury or damage to the Property, or any portion thereof, Seller will
notify Purchaser of the pendency of such proceedings.

 

24. 
Contract. As used herein, the phrase “Date of this Contract” and “Effective Date” shall mean
the date of which the acceptance of the offer is completed by the signing of the offer by Seller or Purchaser, whichever is the
last to execute.

 

25. 
Purchaser’s Exculpation. Purchaser has executed this Contract by Patrick Callahan, Board President, and Tara
Gray, Board Secretary, signing in a representative capacity. Anything contained in this Contract to the contrary notwithstanding,
Purchaser confirms that each and all of the covenants, undertakings, and agreements of Purchaser are made and intended, not as
personal covenants, undertakings and agreements of the President and Secretary, or for the purpose of binding the President and
Secretary personally, but solely in the exercise of the powers conferred upon the President and Secretary and in a representative
capacity. No personal liability or personal responsibility is assumed by, nor shall at any time be asserted or enforced against,
the President and/or Secretary, any consultant of such President and/or Secretary, any advisor of Purchaser, or any beneficiary
of Purchaser, on account of any covenant, undertaking or agreement contained in this Contract.

 

    10

     

    

 

26. 
Counterpart Execution.This Contract may be executed in separate counterparts. It shall be fully executed when
each Party whose signature is required has signed at least on (1) counterpart, even though no one (1) counterpart contains the
signature of all the Parties.

 

27. 
The parties executing this document on behalf of Purchaser do so only in their official capacity and shall incur no personal
obligation or liability.

 

IN WITNESS WHEREOF, the parties
hereto have hereunto set their hands and seals the date first written above.

 

	SELLER:	 	PURCHASER:
	Rubicon
    Technology, Inc.	 	Batavia
    Park District, an Illinois municipal corporation
	 	 	 	 	 
	By:	                 	 	By:	Patrick
    Callahan, President

	 	 	,
    Its	 	 

 

	 	 	 	ATTEST:

        

        

	 	 	 	 
	 	 	 	 
	 	 	 	Tara
    Gray, Secretary

 

    11

     

    

 

EXHIBIT A

(Subject Property
Depiction)

 

 

    12

     

    

 

EXHIBIT B

(Permitted Title
Exceptions)

 

 

    13

     

    

 

Permitted Title Exceptions

 

 

1. Real
estate taxes not yet due and payable;

 

2. Building
lines of record; and

 

3. Utility
easements of record.

 

 

14Exhibit

Exhibit 4.2

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934

As of December 31, 2019, Corporate Property Associates 18 – Global Incorporated has its common stock, $0.001 par value per share, registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  References in the following discussion to “CPA 18 – Global,” “we,” “our” and “us” and similar references mean Corporate Property Associates 18 – Global Incorporated excluding its subsidiaries, unless the context otherwise requires or otherwise expressly stated.

The following description of our shares of common stock does not purport to be complete but contains a summary of portions of the charter and bylaws and such description is qualified in its entirety by reference to the forms of those documents filed or incorporated by reference as exhibits to our Annual Report on Form 10-K of which the Exhibit is a part and the Maryland General Corporation Law (“MGCL”). Our amended and restated charter and bylaws will remain in effect for the duration of our existence although they may be amended in accordance with their terms. 

General Description of Shares 

Our charter authorizes us to issue up to 400,000,000 shares of common stock and 50,000,000 shares of preferred stock, each share having a par value of $0.001. Of the total shares of common stock authorized 320,000,000 are classified as Class A Shares and 80,000,000 are classified as Class C Shares.

Each share of Class A and Class C common stock is entitled to participate in distributions on its respective class of shares when and as authorized by our board of directors and declared by us and in the distribution of our assets upon liquidation. The per share amount of distributions on Class A and Class C Shares will likely differ because of different allocations of class-specific expenses. Shares of common stock are not subject to mandatory redemption. The shares of common stock have no preemptive rights (which are intended to insure that a stockholder has the right to maintain the same ownership interest on a percentage basis before and after the issuance of additional securities) or cumulative voting rights (which are intended to increase the ability of smaller groups of stockholders to elect directors). We have the authority to issue shares of any class or securities convertible into shares of any class or classes, to classify or to reclassify any unissued stock into other classes or series of stock by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of the stock, all as determined by our board of directors. In addition, the board of directors, with the approval of a majority of the entire board and without any action by the stockholders, may amend our charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series that we have authority to issue. The issuance of any preferred stock must be approved by a majority of our independent directors who do not have an interest in the transactions and who have access, at our expense, to our counsel or independent legal counsel.

We will not issue stock certificates. Shares will be held in "uncertificated" form, which will eliminate the physical handling and safekeeping responsibilities inherent in owning transferable stock certificates and eliminate the need to return a duly executed stock certificate to the transfer agent to effect a transfer. Transfers can be effected by mailing to DST Systems, Inc. a duly executed transfer form available upon request from them or from our website at www.cpa18global.com. Upon the issuance of our shares and upon the request of a stockholder, we will send to each such stockholder a written statement which will include all information that is required to be written upon stock certificates under Maryland law.

Class A Shares 

There are no distribution and shareholder servicing fees with respect to the Class A Shares. 

Class C Shares

Class C Shares, excluding any Class C Shares issued under our distribution reinvestment plan, will be subject to an annual distribution and shareholder servicing fee of 1.0% of the amount of our most recently published estimated net asset value (“NAV”) for the Class C Shares. The distribution and shareholder servicing fee will accrue daily and be paid quarterly in arrears to selected dealers. 

We will cease paying the distribution and shareholder servicing fee with respect to the Class C shares on the date at which, in the aggregate, underwriting compensation from all sources, including the distribution and shareholder servicing fee, any organization and offering fee paid for underwriting and underwriting compensation paid by our sponsor and its affiliates, equals 10% of the gross proceeds from our primary offering (i.e., the gross proceeds of our initial public offering of Class A and Class C Shares excluding proceeds from sales pursuant to our distribution reinvestment plan), calculated as of the same date that we calculate the aggregate distribution and shareholder servicing fee. 

Voting Rights.    Class A and Class C Shares vote together as a single class, and each share is entitled to one vote on each matter submitted to a vote at a meeting of our stockholders; provided that with respect to any matter that would only have a material adverse effect on the rights of a particular class of common stock, only the holders of such affected class are entitled to vote. Generally, all matters to be voted on by stockholders at a meeting of stockholders duly called and at which a quorum is present must be approved by a majority of the votes cast by the holders of all shares of common stock present in person or represented by proxy, voting together as a single class, subject to any voting rights granted to holders of any preferred stock, although the affirmative vote of a majority of shares present in person or by proxy at a meeting at which a quorum is present is necessary to elect each director.

Control Share Acquisitions

Maryland law provides that holders of “control shares” of a Maryland corporation acquired in a “control share acquisition” have no voting rights, except to the extent approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror or, by officers or by employees who are also our directors are excluded from shares entitled to vote on the matter. “Control shares” are voting shares of stock that, if aggregated with all other shares of stock currently owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:

		
	•
	one-tenth or more but less than one-third, 

		
	•
	one-third or more but less than a majority, or

		
	•
	a majority or more of all voting power.

Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A “control share acquisition” means the acquisition of issued and outstanding control shares, subject to certain exceptions. A person who has made or proposes to make a control share acquisition may compel our board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

If voting rights are not approved at the stockholders meeting or if the acquiring person does not deliver an acquiring person statement as required by Maryland law, then, subject to certain conditions and limitations, we may redeem any or all of the control shares for fair value, except those for which voting rights have previously been approved. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. The control share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if we are a party to the transaction, nor (b) to acquisitions approved or exempted by our charter or bylaws.

Our bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of shares of our stock and, consequently, the control share acquisition statute will not apply to us unless our board of directors later amends our Bylaws to modify or eliminate this provision, which it may do without stockholder approval, and which it may make effective prospectively or retrospectively. There can be no assurance that this provision will not be amended or eliminated at any time in the future. 

Rights Upon Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of us, or any liquidating distribution of our assets, then such assets, or the proceeds therefrom, will be distributed between the holders of Class A Shares and Class C Shares ratably in proportion to the respective NAV for each class until the NAV for each class has been paid. Each holder of shares of a particular class of common stock will be entitled to receive, ratably with each other holder of shares of such class, that portion of such aggregate assets available for distribution as the number of outstanding shares of such class held by such holder bears to the total number of outstanding shares of such class then outstanding. 

Business Combinations

Under Maryland law, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

		
	•
	any person who beneficially owns 10% or more of the voting power of the corporation's outstanding voting stock; or

		
	•
	an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding stock of the corporation.

A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which he otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

		
	•
	80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

		
	•
	two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than voting shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder.

The business combination statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

Subtitle 8

Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

		
	•
	a classified board,

		
	•
	a two-thirds vote requirement for removing a director,

		
	•
	a requirement that the number of directors be fixed only by vote of the directors,

		
	•
	a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred, and

		
	•
	a majority requirement for the calling of a special meeting of stockholders.

In our charter, we have elected that vacancies on the board be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we vest in the board the exclusive power to fix the number of directorships. Our charter, however, provides that the total number of directors shall not be fewer than three. We have not adopted provisions for a classified board. Stockholders may, by the affirmative vote of a majority of the votes entitled to be cast generally in the election of directors, remove a director. In addition, stockholders entitled to cast at least 10% of all the votes entitled to be cast at the meeting on any matter that may properly be considered at a meeting of stockholders may request that we call a special meeting of stockholders to act on such matter.

Becoming governed by any of these provisions could discourage an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of our securities.

Restriction on Ownership of Shares

In order for us to qualify as a real estate investment trust (“REIT”), not more than 50% of our outstanding shares may be owned by any five or fewer individuals (including some tax-exempt entities) during the last half of each taxable year, and the outstanding shares must be owned by 100 or more persons independent of us and each other during at least 335 days of a 12-month taxable year or during a proportionate part of a shorter taxable year for which an election to be treated as a REIT is made. We may prohibit certain acquisitions and transfers of shares so as to facilitate our qualification as a REIT under the Internal Revenue Code (the “Code”). However, there can be no assurance that this prohibition will be effective.

Our charter contains restrictions on the number of shares of our stock that a person may own. No person may acquire or hold, directly or indirectly, in excess of 9.8% in value of our outstanding shares of stock. In addition, no person may acquire or hold, directly or indirectly, common stock in excess of 9.8% (in value or in number of shares, whichever is more restrictive) of our outstanding shares of common stock.

Our charter further prohibits (a) any person from owning shares of our stock that would result in our being "closely held" under Section 856(h) of the Code or otherwise cause us to fail to qualify as a REIT and (b) any person from transferring shares of our stock if the transfer would result in our stock being beneficially owned by fewer than 100 persons. Any person who acquires or intends to acquire shares of our stock that may violate any of these restrictions, or who is the intended transferee of shares of our stock which are transferred to the trust, as defined below, is required to give us immediate written notice or, in the case of a proposed or attempted transaction, at least 15 days' prior written notice and provide us with such information as we may request in order to determine the effect of the transfer on our status as a REIT. The above restrictions will not apply if our board of directors determines that it is no longer in our best interests to continue to qualify as a REIT or that compliance is no longer required for REIT qualification.

Our board of directors, in its sole discretion, may exempt a person (prospectively or retroactively) from these limits. However, the board may not exempt any person whose ownership of our outstanding stock would result in our being "closely held" within the meaning of Section 856(h) of the Code or otherwise would result in our failing to qualify as a REIT. In order to be considered by the board for exemption, a person also must not own, directly or indirectly, an interest in our tenant (or a tenant of any entity which we own or control) that would cause us to own, directly or indirectly, more than a 9.9% interest in the tenant. The person seeking an exemption must represent to the satisfaction of the board that it will not violate these two restrictions. The person also must agree that any violation or attempted violation of these restrictions will result in the automatic transfer of the shares of stock causing the violation to the trust. The board of directors may require a ruling from the IRS or an opinion of counsel in order to determine or ensure our status as a REIT.

Any attempted transfer of our stock that, if effective, would result in our stock being beneficially owned by fewer than 100 persons will be null and void and the proposed transferee will acquire no rights in such shares. Any attempted transfer of our stock which, if effective, would result in violation of the ownership limits discussed above or in our being "closely held" under Section 856(h) of the Code or otherwise failing to qualify as a REIT, will cause the number of shares causing the violation (rounded to the nearest whole share) to be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries, and the proposed transferee will not acquire any rights in the shares. The automatic transfer will be deemed to be effective as of the close of business on the business day (as defined in the charter) prior to the date of the transfer. If the automatic transfer would not be effective for any reason to prevent the violation, then the transfer of that number of shares that otherwise would cause the violation will be null and void and the proposed transferee will acquire no rights in such shares. Shares of our stock held in the trust will be issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares of stock held in the trust, will have no rights to dividends and no rights to vote or other rights attributable to the shares of stock held in the trust. The trustee of the trust will have all voting rights and rights to dividends or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive benefit of the charitable beneficiary. Any dividend or other distribution paid prior to our discovery that shares of stock have been transferred to the trust will be paid by the recipient to the trustee upon demand. Any dividend or other distribution authorized but unpaid will be paid when due to the trustee. Any dividend or other distribution paid to the trustee will be held in trust for the charitable beneficiary. Subject to Maryland law, the trustee will have the authority (i) to rescind as void any vote cast by the proposed transferee prior to our discovery that the shares have been transferred to the trust and (ii) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast the vote.

Within 20 days of receiving notice from us that shares of our stock have been transferred to the trust, the trustee will sell the shares to a person designated by the trustee, whose ownership of the shares will not violate the above ownership limitations. Upon the sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee and to the charitable beneficiary as follows. The proposed transferee will receive the lesser of (i) the price paid by the proposed transferee for the shares or, if the proposed transferee did not give value for the shares in connection with the event causing the shares to be held in the trust (e.g., a gift, devise or other similar transaction), the market price (as defined in our charter) of the shares on the day of the event causing the shares to be held in the trust and (ii) the price received by the trustee from the sale or other disposition of the shares. The trustee may reduce the amount payable to the proposed transferee by the amount of dividends and other distributions which have been paid to the proposed transferee and are owed by the proposed transferee to the trustee. Any net sale proceeds in excess of the amount payable to the proposed transferee will be paid immediately to the charitable beneficiary. If, prior to our discovery that shares of our stock have been transferred to the trust, the shares are sold by the proposed transferee, then (i) the shares shall be deemed to have been sold on behalf of the trust and (ii) to the extent that the proposed transferee received an amount for the shares that exceeds the amount he was entitled to receive, the excess shall be paid to the trustee upon demand.

In addition, shares of our stock held in the trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in the transfer to the trust (or, in the case of a devise or gift, the market price at the time of the devise or gift) and (ii) the market price on the date we, or our designee, accept the offer. We may reduce the amount payable to the proposed transferee by the amount of dividends and other distributions which have been paid to the proposed transferee and are owed by the proposed transferee to the trustee. We may pay the amount of such reduction to the trustee for the benefit of the charitable beneficiary. We will have the right to accept the offer until the trustee has sold the shares. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee.

Every owner of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) of our stock, within 30 days after the end of each taxable year, is required to give us written notice, stating his name and address, the number of shares of each class and series of our stock which he beneficially owns and a description of the manner in which the shares are held. Each such owner shall provide us with such additional information as we may request in order to determine the effect, if any, of his beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, each stockholder shall upon demand be required to provide us with such information as we may request in good faith in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.

These ownership limits could delay, defer or prevent a transaction or a change in control that might involve a premium price for the common stock or otherwise be in the best interest of the stockholders.

Transfer Agent and Registrar 

The transfer agent and registrar for our Common Stock is DST Systems, Inc.

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