Document:

EXHIBIT 10.27

 

CAMBRIDGE CRAFT, LLC

 

 

 

OPERATING AGREEMENT

 

 

 

As of September 25, 2015

 

     

     

    

 

OPERATING AGREEMENT

 

THIS OPERATING AGREEMENT
(the “Agreement”) of CAMBRIDGE CRAFT, LLC, a Connecticut limited liability company (the “Company”), dated
as of September 25, 2015, by and among New England WOB, LLC and Attitude Beer Holding Co. (each a “Member and collectively
the “Members”).

 

WHEREAS, the Company, was
formed as a limited liability company pursuant to the laws of the State of Connecticut by filing the Articles of Organization with
the Connecticut Secretary of State on July 22, 2015, as the same may be amended, supplemented or modified from time to time (the
“Articles of Organization”); and

 

WHEREAS, the undersigned
desire to provide for the regulation and establishment of the affairs of the Company, the conduct of its business and the relations
among them as Members of the Company.

 

NOW THEREFORE, for and
in consideration of the premises stated, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Members hereby agree as follows:

 

Article
1

DEFINITIONS

 

SECTION 1.1           Definitions.
As used herein, the following terms have the following respective meanings:

 

(a)          “Act”
shall mean the Limited Liability Company Law of the State of Connecticut and any successor statute, as amended from time to
time.

 

(b)          “Adjusted
Capital Account” means the cash contributed by a Member, (i) reduced from time to time by cash distributions from
the Company to him in accordance with Section 5.2(b)(ii) herein, and (ii) increased from time to time by any additional cash contributions
made by him in accordance with Section 3.2(a) herein, and (iii) otherwise adjusted as required under Treasury Regulations § 1.704-1(b)(2)(iv).

 

(c)          “Affiliate”
means any Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, another Person.

 

(d)          “Agreement”
means this Operating Agreement, as amended from time to time.

 

(e)          “Available
Cash” means all cash of the Company after paying its current obligations and making the appropriate reservations
for foreseeable future expenses.

 

(f)          “Bankruptcy”,
with respect to any Person, means (i) making an assignment for the benefit of creditors, (ii) filing a voluntary petition in bankruptcy,
(iii) becoming the subject of an order for relief or being-declared insolvent in any federal or state bankruptcy or insolvency
proceeding (unless such order is dismissed within ninety (90) days following entry), (iv) filing a petition or answer seeking for
itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute,
law, or regulation, (v) filing an answer or other pleading admitting or failing to contest the material allegation of a petition
filed against it in any proceeding similar in nature to those described in the preceding clause, or otherwise failing to obtain
dismissal of such petition within one hundred- twenty (120) days following its filing, or (vi) seeking, consenting to, or acquiescing
in, the appointment of a trustee, receiver, or liquidator of all or any substantial part of its properties.

 

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(g)          “Capital
Contribution” means the aggregate capital contribution made from time to time in cash by a Member to the Company.

 

(h)          “Capital
Proceeds” means the proceeds of the sale of all or substantially all the assets of the Company.

 

(i)          “Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute.

 

(j)          “Company”
means CAMBRIDGE CRAFT, LLC, a New York limited liability company.

 

(k)          “Incompetency,”
with respect to any member who is a natural person, shall mean the entry by a court of competent jurisdiction of an order or decree
adjudicating such Member incompetent to manage his person or his estate.

 

(l)          “Interest(s)”
means an interest as a Member of the Company.

 

(m)          “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest, conditional sale agreement or encumbrance
of any kind, or any other type of preferential arrangement that has the practical effect of creating a security interest in respect
of such asset.

 

(n)          “Liquidator”
means the Manager, or if there are no Manager at the time in question, such other Person who is appointed in accordance with applicable
law to take all actions related to the winding up of the Company’s business and the distribution of the Company’s assets.

 

(o)          “Manager”
means New England WOB, LLC. 

 

(p)          “Management
Fee” shall mean 4% of Net Sales. Net Sales shall mean the total revenue from sales generated by a company, less deduction
of returns, allowances for damaged or missing goods and any discounts allowed. 

 

(q)          “Member”
means any of those Persons identified above as Members and any substitute or additional Member in such Person’s capacity
as a member of the Company.

 

(r)          “Member
Majority” or “Majority of Members” means, at any time, any combination of Members holding, in
the aggregate, a majority of all of the Interests.

 

(s)          “Membership
Interest” shall mean the same thing as Interest as defined in Section 1.1(o) herein.

 

(t)          “Membership
Percentage” means, with respect to each Member, the percentage set forth in “Schedule A” attached
hereto.

 

(u)          “Net
Profits and Net Losses” means, for any period, the net profits and net losses, respectively, derived from the operation
of the Company for Federal income tax purposes, including gains and losses on the sale of all or any portion of the Company’s
assets.

 

(v)         “Notice”
means a written notice containing all information which is either desirable, relevant or necessary to satisfy the purposes for
which such notice is being delivered.

 

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(w)          “Operating
Reserves” means cash reserves of the Company held by the Company to ensure it can make future payments despite any
drop in revenue. Operating Reserves shall not exceed two (“2”) months expenses determined by taking the average monthly
expense for the previous 12 months.

 

(x)          “P&L
Participant” means a person entitled to participate in the profits and losses of the Company but shall not be a Member
of the Company and shall not have any voting rights, equity interest or stake in the Company. A P&L Participant shall solely
have a contractual agreement with the Company.

 

(y)          “Person”
means any natural person, corporation (stock or nonstock), limited liability company, limited partnership, general partnership,
joint stock company, joint venture, association (profit or nonprofit), company, estate, trust, bank, trust company, land trust,
business trust or other organization, whether or not a legal entity, and any government agency or political subdivision thereof.

 

(z)          “Securities
Act” means the Securities Act of 1933, as amended, and any successor statute, and the rules and regulations promulgated
thereunder.

 

(aa)         “Transfer”
means the sale, transfer, assignment, pledge, mortgage, hypothecation, encumbrance, distribution or other disposition of any
Interests.

 

(bb)         “Treasury
Regulations” means regulations adopted by the Treasury Department of the United States governing application and
enforcement of the Code. Any reference to a section or provision of the Treasury Regulations shall be deemed to refer also to such
section or provision as amended or superseded.

 

(cc)         “Unreturned
Capital Contribution” of any Member means, at any date, the Capital Contributions of such Member reduced from time
to time (but not below zero) by any distribution to such Member pursuant to Section 5.2(b)(ii) hereof.

 

Article
2

THE COMPANY; THE MEMBERS;
VOTING RIGHTS

 

SECTION 2.1           Registered
Office and Registered Agent. The address of the registered office of the Company is 3472 Pine Haven Circle, Boca Raton,
FL 33431 and the registered agent is Corporate Creations Network, Inc.

 

SECTION 2.2           Principal
Office. The address of the principal office of the Company shall be 3472 Pine Haven Circle, Boca Raton, FL 33431 or such
other place as the Manager may from time to time determine.

 

SECTION 2.3           Duration.
The Company’s existence shall continue until dissolved in accordance with the Act and this Agreement.

 

SECTION 2.4           Maintenance.
The Members shall promptly sign and file all certificates, amendments or other instruments as required by law to maintain the Company
in good standing as a limited liability company in all jurisdictions in which it conducts business, including without limitation,
as required to comply with any fictitious name statutes.

 

SECTION 2.5           Changes
in Registered Office, etc. The Manager may make such changes in the registered office, registered agent and principal office
as they may deem necessary or advisable, and shall give Notice to all Members promptly following any such change. The Company may
maintain such other or additional business offices at such other place or places as the Manager may from time to time deem advisable.

 

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SECTION 2.6           Business
Purpose. The Company is formed and organized to engage in the following business:

 

(a)          To
own, improve, develop, operate and manage a World of Beer Franchise in Milford, Connecticut; and

 

(b)          To
engage in any business related or incidental to one or more of the foregoing activities.

 

The Members have entered into a Joint Venture
Agreement dated December 24, 2014, regarding the establishment of World of Beer franchises (the “JV Agreement”).

 

SECTION 2.7           Authority
and Powers. The Company is authorized and empowered to do any and all acts and things necessary, appropriate, proper, advisable,
incidental to, or convenient for the furtherance and accomplishment of its purposes, and for the protection and benefit of the
Company, including without limitation, all acts and things permitted under the Act and this Agreement.

 

SECTION 2.8           Juridical
Existence, Properties, Etc. The Company shall maintain, preserve, and keep in full force and effect its limited liability
company existence and all rights, franchises, licenses and permits necessary to the proper conduct of its business, and the ownership,
lease, or operation of its properties which, if not so maintained, could reasonably be expected to have a material adverse effect
on the Company, and to take all action which may be reasonably required to obtain, preserve, renew and extend all material licenses,
permits, authorizations, trade names, trademarks, service names, service marks, copyrights and patents which are necessary for
the continuance of the operation of any such property by the Company.

 

SECTION 2.9           Members
and Membership Percentages. The Members and their respective Membership Percentages shall are set forth in “Schedule
A” attached hereto.

 

SECTION 2.10         Voting
Rights. All Members shall have the right to vote their membership interest in proportion to their respective Membership
Percentages shall are set forth in “Schedule A” attached hereto.

 

SECTION 2.11         P&L
Participants. The Manger may grant solely to significant employees of the Company the rights to be a P&L Participant
of the Company, up to five percent (5%) of the Company’s profits and losses. Such P&L Participant shall participate in
the profits and losses as if such person was a Member. All P&L Participant shall be identified on Schedule C and their participation
with the Members in the profits and losses of the Company shall be set forth on Schedule B. No Member or employee of a Member may
be a P&L Participant. 

 

Article
3

CAPITAL CONTRIBUTIONS

 

SECTION 3.1           Initial
Capital Contributions. The members have made an initial capital contribution as set forth on Schedule A.

 

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SECTION 3.2           Additional
Capital Contributions.

 

(a)          Upon
the consent of a Majority of Members, the Manager shall have the right to require additional capital contributions (“Capital
Calls”) from the Members to be paid on a pro rata basis as to all Members in accordance with the percentages set forth on
Schedule A.

 

(b)          The
Manager may obtain Company loans to cover any Company required Additional Capital Contributions, with the consent of the Members
holding a majority of the Membership Interest in the Company.

 

(c)          In
the event that a Member fails to, or refuses to contribute towards a Capital Call (the “Defaulting Member”), then either:

 

(i)          The
remaining Members may elect to purchase the Membership Interest from the Defaulting Member, at a 15% discount to the Defaulting
Member’s Initial Capital Contribution; or

 

(ii)         The
remaining Members may elect to contribute the necessary funds (the “Lending Members”) on behalf of the Defaulting Member
which shall be considered a loan to the Defaulting Member, to be secured by its Membership Interest in the Company.

 

(A)         Any
loan given to the Company by the Lending Member on behalf of the Defaulting Member, shall accrue interest at a rate of 300 basis
points above LIBOR per annum. In the event of a Distribution by the Manager under Article 5 herein or under a dissolution of the
Company under Article 10 herein, the Manager shall use the funds attributable to the Defaulting Member, to first pay off any loans
to the Defaulting Member by the Lending Member.

 

(B)         In
furtherance of any loan to any Defaulting Member by the Lending Members in accordance with this Section, the Members hereby expressly
agree to execute any and all loan documents which the Company’s attorneys deem necessary, including but not limited to; a
Note, Guaranty, Loan Agreement, and Pledge Agreement. Furthermore, the Defaulting Member shall be responsible to pay for all legal
fees that the Company shall incur in furtherance of such loan.

 

SECTION 3.3            Return
of Capital Contributions. The contributions of the Members to the capital of the Company shall be returned to them in cash,
in whole or in part, at any time in the discretion of the Manager in accordance with Section 5.2(b) herein.

 

SECTION 3.4           Time
when Capital is Returned. Upon the satisfaction of all the Company’s financing obligations, or a liquidation of the
assets of the LLC, or the dissolution of the LLC, the Capital Contributions shall be returned to the Members pro rata in accordance
with each Member’s Capital Contributions.

 

SECTION 3.5           
No Right to Priority. Except as otherwise expressly provided in this Agreement, or as required to comply with the Code
and Treasury Regulations, no Member shall have priority over any other Member as to any allocations, distributions, or return of
all or any part of its Capital Contributions.         

 

SECTION 3.6           Dilution.
No dilution of the membership interest of any member shall occur without the consent of World of Beer Franchising, Inc.         

 

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Article
4

ALLOCATION OF PROFITS
AND LOSSES TO MEMBERS

 

SECTION 4.1           Allocation
of Net Profits and Net Losses. Net profits and net losses shall be allocated in the proportions set forth on Schedule B.

 

SECTION 4.2           Required
Special Allocations. Notwithstanding Section 4.1 hereof,

 

(a)          Appropriate
adjustments shall be made to the allocations of Net Profits and Net Losses to the extent required under Section 704(c) of the Code
and the Treasury Regulations thereunder and under Sections 1.704-1(b)(2)(iv)(d), (e), (f) and (g) of the Treasury Regulations;

 

(b)          Appropriate
adjustments shall be made to the allocations of Net Profits and Net Losses to the extent required to comply with the “qualified
income offset” provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations; the partnership “minimum gain
chargeback” provisions of Section 1.704-2(f) of the Treasury Regulations; and the “partner nonrecourse deduction”
and “partner nonrecourse debt minimum gain chargeback” provisions of Section 1.704-2(i) of the Treasury Regulations,
all issued pursuant to Section 704(b) of the Code. To the extent permitted by such Treasury Regulations, the allocations in such
year and subsequent years shall be further adjusted so that the cumulative effect of all the allocations shall be the same as if
all such allocations were made pursuant to Section 4.1 hereof (as adjusted by Section 4.3(a) hereof) without regard to this Section
4.3(b).

 

SECTION 4.3           Other
Allocation Rules. For purposes of determining the Net Profits, Net Losses, or any other items allocable to any period,
Net Profits, Net Losses, and any such other items shall be determined on a daily, monthly, or other basis, as determined by the
Manager using any permissible method under Code § 706 and the Treasury Regulations applicable thereto.

 

SECTION 4.4           Recapture
Income. “Recapture Income,” if any, realized by the Company pursuant to Sections 1245 or 1250 of the Code shall
be allocated to the Members to whom the prior corresponding depreciation deductions were allocated, in proportion to the amounts
of such depreciation deductions previously allocated to them.

 

Article
5

DISTRIBUTIONS

 

SECTION 5.1           Distributions
in Kind. No Member shall be entitled to demand and receive distributions other than in cash form. Any non-cash Company
assets distributed in kind shall be distributed to the Members entitled thereto as tenants-in-common owning undivided interests
in the same proportion as would be applicable to cash distributions, however, such distribution in kind may only be made with consent
of the Members holding a Member Majority.

 

SECTION 5.2           Distribution
of Available Cash and Capital Proceeds. 

 

(a)          Available
Cash. The Manager shall distribute Available Cash in the percentages set forth on Schedule B. It is anticipated the Manager
shall make distributions on a monthly basis.

 

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(b)          Capital
Proceeds. Capital Proceeds remaining after the payment of any debts and liabilities of the Company due and payable at such
time and the establishment of any Operating Reserves which the Manager determines, in his sole discretion necessary for reasonable
ongoing business requirements, and necessary to provide for any contingent or unforeseen liabilities or obligations of the Company,
shall be distributed in accordance with the following order of priority:

 

(i)          First,
to repay the Capital Contributions of the Members as set forth on Schedule A; and

 

(ii)         Second,
in the percentages set forth on Schedule B.

 

Article
6

RESIGNATION OR BANKRUPTCY
OF A MEMBER

RESTRICTIONS ON THE
TRANSFER OF INTERESTS;

ADMISSION OF SUBSTITUTE
AND ADDITIONAL MEMBERS;

 

SECTION 6.1           Resignation
or Bankruptcy of a Member; Continuation of the Company.

 

(a)          A
Member shall have the right to withdraw his Capital Contribution upon the termination of the Company as provided in Section 10.2
hereof, provided, however, that no part of the Capital Contribution of any Member shall be withdrawn unless all liabilities of
the Company, except obligations to Members on account of their Capital Contributions, have been paid, or unless the Company has
assets sufficient to pay them.

 

(b)          Within
ninety (90) days following the Resignation or the Bankruptcy (other than by reason of death or incompetency) of a Member, the Company
shall dissolve unless, within such applicable period, a majority in interest of the Members (excluding for such purpose the successor
in interest to the terminated Member’s Interest) elect in writing to continue the Company on such terms as they may agree
upon in writing. If an election to continue the Company is so made then the Company shall continue in existence until the end of
the term for which it has been formed, or until a subsequent Resignation (other than by reason of death or incompetency), Bankruptcy
or other event of dissolution occurs.

 

(c)          The
death or Incompetency of a Member shall neither dissolve nor terminate the Company.

 

SECTION 6.2           Restrictions
on the Transfer of Interests.

 

(a)          Except
as expressly provided herein, no Member shall have the right to Transfer all or any part of its Interest without the prior written
consent of the Manager, which may be withheld in his sole discretion, according to reasonable terms.

 

Upon the consent of the
Manager, a Member may transfer his Membership Interest in the Company to a permitted transferee (“Transferee”). Such
Transferee shall be required to pay the Company’s legal fees in connection with effectuating such Transfer as a condition
precedent to the consent. Such Transferee shall be bound to the same extent as a Member hereunder in making a Transfer of his Interest.
Any purported Transfer in violation of the provisions of this Agreement shall be null and void ab initio.

 

(b)          Notwithstanding
subparagraph (a) above, any Member may Transfer all of his Interest during his lifetime to;

 

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(i)          an
entity that is wholly controlled, and continues to be controlled by that Member. 

 

(ii)         another
Member of the Company, pursuant to Section 6.2 herein.

 

(iii)        an
immediate family member of the Member or a trust for the benefit of an immediate family member.

 

For purposes
of this subparagraph (b), the term “Entity” shall be limited to the transfer of Member’s interest to a Corporation,
LLC or Trust. If control of such Entity is transferred to another individual or another entity, such change and transfer shall
constitute an unauthorized transfer pursuant to the terms of this agreement.

 

(c)          Notwithstanding
anything to the contrary contained herein, pursuant to Section 6.1(a) or the applicability of Section 6.1(b) or 6.2 hereof:

 

(i)          No
Transfer of an Interest shall be made if the Interest which is the subject of a proposed Transfer when added to the total of all
other Interests Transferred within the period of twelve (12) consecutive months prior thereto would result in the termination of
the Company under Section 708 of the Code or if the Transfer would cause the Company to lose its status under the Code as a partnership
for Federal income tax purposes.

 

(ii)         No
Interest shall be transferred unless the registration provisions of the Securities Act of 1933, as amended, and all applicable
state “blue sky laws” have been complied with or unless compliance with such provisions is not required, each Member
recognizing that no interest in the Company has been registered under Federal or state securities laws. The Manager may request
in their sole discretion an opinion from the Company’s counsel or any other counsel that such transfer will not violate applicable
securities laws. The costs of such opinion shall be paid for by the Transferee.

 

(iii)        Although
a permitted Transferee pursuant to Sections 6.1(b) or 6.2 shall be treated as an assignee of, and be entitled to, all of the rights
of the Selling Member to receive profits, losses and distributions to the extent of the Interest assigned to him, no Transferee
whatsoever shall become substituted as a Member in the Company (x) without the prior written consent of a Majority of Members,
which may be withheld in their sole discretion, for any or no reason, and (y) unless and until such Transferee shall have evidenced
his consent and agreement to be bound by all of the terms and provisions of this Agreement, and to assume, as a substituted Member,
his pro rata share hereunder of the obligations of his transferor as a Member, by executing and acknowledging a counterpart of
an amendment of this Agreement and/or such other agreement to that effect as the Manager may request, each of which shall appropriately
reflect his admission as a member of the Company and his capital contribution thereto, and such other documents, all as may reasonably
be required by the Managing Member. Such substitution shall then take effect when the Manager have accepted such person as a Member
and the books and records of the Company reflect such Person as admitted to the Company as a Member. As a condition to such
Transferee becoming a substituted Member, such Transferee shall also be required to pay the Company’s costs and expenses,
including but not limited to legal fees and disbursements, in connection with his becoming a Member.

 

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(d)          If
a Transfer or attempted Transfer of an Interest is made other than in accordance with the terms of this Agreement, it shall be
null and void and no right, title or interest in the Company shall be transferred.

 

(e)          No
assignment, transfer or other disposition of all or any part of the interest of any Member permitted under this Agreement shall
be binding upon the Limited Liability Company unless and until a duly executed and acknowledged counterpart of such assignment
or instrument of transfer, in form and substance satisfactory to the Company, has been delivered to the Company.

 

(f)          As
between a Member and an assignee or transferee of such Member's interest in accordance with this Agreement, allocations and distributions
for any fiscal year shall be apportioned as of the date of the assignment or transfer, on the basis of the number of days before
and after said date, without regard to the results of the Company's operations before or after the assignment or transfer.

 

(g)          No
assignment or other disposition of any interest of any Member may be made if such assignment or disposition, alone or when combined
with other transactions, would result in the termination of the Company within the meaning of Section 708 of the Internal Revenue
Code or under any other relevant section of the Code or any successor statute. No assignment or other disposition of any interest
of any Member may be made without an opinion of counsel satisfactory to the Company that such assignment or disposition is subject
to an effective registration under, or exempt from the registration requirements of, the applicable State and Federal securities
laws. No interest in the Company may be assigned or given to any person below the age of 21 years or to a person who has been adjudged
to be insane or incompetent.

 

SECTION 6.3           RIGHT
OF FIRST REFUSAL

 

(a)          Anything
herein contained to the contrary, the Company shall be entitled to treat the record holder of the interest of a Member as the absolute
owner thereof, and shall incur no liability by reason of distributions made in good faith to such record holder, unless and until
there has been delivered to the Company the assignment or other instrument of transfer and such other evidence as may be reasonably
required by the Company to establish to the satisfaction of the Limited Liability Company that an interest has been assigned or
transferred in accordance with this Agreement.

 

(b)          Notwithstanding
the forgoing terms, and subject to Section 6.1(b) herein, if a Member desires to sell, or otherwise dispose of all or any part
of its interest in the Company, such Member (the “Selling Member”) shall first offer to sell and convey such interest
to any other Members before selling, or otherwise disposing of such interest to any other person, corporation or other entity.
Such offer shall be in writing, shall be given to every other Member, and shall set forth the interest to be sold, purchase price
to be paid, the date on which the closing is to take place, (which date shall be not less than thirty nor more than sixty days
after the delivery of the offer), the location within the State of New York at which the closing is to take place, and all other
material terms and conditions of the sale, transfer or the disposition.

 

(c)          Within
fifteen days after the delivery of said offer to the other Members shall deliver to the Selling Member a written notice either
accepting or rejecting the offer. Failure to deliver said notice within said fifteen days conclusively shall be deemed a rejection
of the offer. Any or all of the other Members may elect to accept the offer, and if more than one of the other Members elects to
accept the offer, the interest being sold and the purchase price therefor shall be allocated among the Members so accepting the
offer in proportion to their Members’ Percentage Interest, unless they otherwise agree in writing.

 

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(d)          If
any or all of the other Members elect to accept the offer, then (a) upon such acceptance in writing, the Member(s) shall pay a
non-refundable ten percent (10%) down payment of the purchase price and (b) then the transfer of the Membership Interest shall
be held in accordance with the offer and the Selling Member shall deliver to the other Members who have accepted the offer an assignment
of the interest being sold by the Selling Member, and said other Member shall pay the remaining balance of the purchase price prescribed
in the offer.

 

(f)          If
no other Member accepts the offer, or if the Members who have accepted such offer default in the obligation to purchase the interest,
than the Selling Member within 120 days after the delivery of the offer may sell such interest to any other person or entity at
a purchase price which is not less than the purchase price prescribed in the offer and upon terms and conditions which are substantially
the same as the terms and conditions set forth in the offer, provided all other applicable requirements of the Agreement are complied
with. An assignment of such interest to a person or entity who is not a Member of the Limited Liability Company shall cause such
Person to become a member upon the execution of the such documents required by Section 6.2(c)(iii).

 

(g)          If
the Selling Member does not sell such interest within said 120 days, then the Selling Member may not thereafter sell such interest
without again offering such interest to the other Members in accordance with this Article 6.

 

SECTION 6.4           Admission
of Persons as Additional Members. In regards to permitted Transferee’s pursuant to Section 6.1 and 6.2 herein, the
Manager shall have the right to admit, and each of the Members hereby consents to the admission of, such additional Members to
the Company as the Manager shall unanimously determine in his sole discretion; it being understood no Member shall have its Membership
Percentage reduced without his prior written consent. In the event that the Manager shall determine to admit one or more Members
to the Company, the Members hereby agree to execute and deliver such documents as the Manager shall request in order to effectuate
the admission of such additional Member(s). Any additional Member(s) admitted to the Company shall be required to execute a counterpart
signature page to this Agreement and, if required, an amendment to the Articles of Organization of the Company and such other documents
as the Manager may request in order to effectuate admission to the Company.

 

SECTION 6.5           Attitude
Beer Holding Co. The Company and Members acknowledge that Attitude Beer Holding Co. is owned by Harrison Vickers and Waterman,
Inc., a publicly traded company. No change in the direct or indirect ownership of Attitude Beer Holding Co. shall be deemed a transfer
of Attitude Beer Holding Co.’s Membership Interest. The Company agrees to fully cooperate with Attitude Beer Holding Co.
and Harrison Vickers and Waterman in supplying all information to Harrison Vickers and Waterman and its auditor so Harrison Vickers
and Waterman can timely comply with its Securities and Exchange Commission reporting obligations.

 

SECTION 6.6           WOB.
The Members acknowledge that the business of the Company is subject to a franchising agreement with WOB and pursuant to the Franchise
Agreement, the Members may be required to or prohibited from transferring their membership interest or make other changes to this
agreement in accordance with the terms of the Franchise Agreement.

 

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Article
7

MANAGEMENT

 

SECTION 7.1           Manager
New England WOB, LLC is hereby appointed the Manager of the Company (the “Manager”). The business and affairs of the
Company shall be managed under the sole direction and control of the Manager, using reasonable business practices, and all powers
of the Company shall be exercised by or under the authority of the Manager. No other Person shall have any right or authority to
act for or bind the Company except as permitted in this Agreement or as required by law. The Manager may be removed by a Majority
of Members only for gross negligence or fraud.

 

SECTION
7.2           General Powers. The Manager shall have
the full power to execute and deliver, for and on behalf of the Company, any and all documents and instruments which may be necessary
or desirable to carry on the business of the Company, including, without limitation, any and all deeds, contracts, leases, mortgages,
deeds of trust, promissory notes, security agreements, and financing statements pertaining to the Company's assets or obligations,
and to authorize the confession of judgment against the Company. No person dealing with the Manager need inquire into the validity
or propriety of any document or instrument executed in the name of the Company by the Manager, or as to the authority of the Manager
in executing the same. 

 

SECTION
7.3.          Limitation on Authority of Members.

 

(a)          No
Member is an agent of the Company solely by virtue of being a Member, and no Member has authority to act for the Company solely
by virtue of being a Member.

 

(b)          This
Article 7 supersedes any authority granted to the Members pursuant to Section 412 of the Law. Any non-manager Member who takes
any action or binds the Company in violation of this Article 7 shall be solely responsible for any loss and expense incurred by
the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or
expense.

 

SECTION
7.4           Appointment of New Manager. A new Manager can
be appointed only by Members holding a Member Majority. Such new Manager need not be a Member of the company. 

 

SECTION
7.5           Liability and Indemnification.

 

(a)          The
Manager shall not be liable, responsible, or accountable, in damages or otherwise, to any Member or to the Company for any act
performed by the Manager within the scope of the authority conferred on the Manager by this Agreement, except for fraud, bad faith,
gross negligence, or an intentional breach of this Agreement.

 

(b)          The
Company shall indemnify the Manager for any act performed by the Manager within the scope of the authority conferred on the Manager
by this Agreement, except for fraud, bad faith, gross negligence, or an intentional breach of this Agreement.

 

    	 	11	 

     

    

 

SECTION
7.6           Major Decisions

 

(a)          Approval
of Major Decisions. Notwithstanding anything to the contrary in this Agreement, certain decisions or actions as set forth in
this Section 7.6 (“Major Decisions”) may not be taken solely in the Manager’s discretion and shall require the
affirmative vote of a Member Majority. Approval of Major Decisions may be given at a Meeting called for that purpose or by written
consent.

 

(b)          Designation
of Major Decisions. The following shall constitute Major Decisions subject to this Section:

 

(i)          
Other than in the regular course of business, the sale of all or a substantial portion of the assets owned by the Company.
For this purpose, Twenty Percent (20%) of the fair market value of the assets owned by the Company shall constitute a “substantial
portion.”

 

(ii)         The
dissolution, liquidation or other termination or cessation of the business operations of the Company, including without limitation
the filing of a voluntary petition in Bankruptcy, the assignment of all or substantially all of the assets of the Company for the
benefit of the Company’s creditors or the appointment of trustee, liquidator, administrator or like person or entity for
the purpose of winding up the business and affairs of the Company.

 

(iii)        Any
change in the principal purpose of the Company’s business, as set forth in Section 2.6 above.

 

(iv)        Any
borrowing or pledge of assets owned by the Company in excess of $50,000 in the aggregate or any loan to a Member or Manager.

 

(v)         The
admission of new Member.

 

Article
8

RELATED PARTY DEALINGS

 

SECTION 8.1           Outside
Business Interests; Business Opportunity. The Members may each engage in or possess interests in other business ventures
of every kind and description for its own account, including without limitation, serving as a member, partner or shareholder of
other entities which own, either directly or through interests in other entities, properties similar to the assets of the Company
and neither the Company nor any of the Members shall have any rights by virtue of this Agreement in or to such other business ventures
or to the income or profits derived therefrom, or to any business opportunities as may become available to the Manager or any Member,
whether or not similar in nature to the Company’s then existing business activities.

 

SECTION 8.2           Member
Dealing With the Company. The fact that a Member or an affiliate thereof is employed by or is directly or indirectly interested
in or connected with any person, firm or corporation employed by the Company for real estate management or otherwise to perform
a service, or from or with which the Company may purchase any property or have other business dealings, shall not prohibit the
Member from employing or otherwise dealing with such person, firm or corporation, so long as such business dealing, contract, or
agreement follows and contains reasonable business terms. Neither the Company nor any of the Members shall have any rights in or
to any income or profits derived therefrom. The said Member or his affiliated company shall not receive any benefit of any kind,
other that is specifically and contractually agreed upon, in writing, between the respective companies and or parties.

 

    	 	12	 

     

    

 

Article
9

MEMBER LIABILITY;
INDEMNIFICATION AND LIABILITY LIMITATION

 

SECTION 9.1           Liability
of Members; Enforcement of Obligations. Except to the extent otherwise expressly stated in this Agreement or prescribed
under the Act, (a) the Members shall have no fiduciary or partnership relationship between or among themselves solely by reason
of their status as Members, and (b) the rights of each of the Members and the Company to sue for matters and claims arising out
of or pertaining to this Agreement shall not be dependent upon the dissolution, winding-up or termination of the Company.

 

SECTION 9.2           Indemnification
of Members . Except as provided in Section 9.4, every Person who was or is a party, or who is threatened to be made a party,
to any pending, completed or impending action, suit or proceeding of any kind, whether civil, criminal, administrative, arbitrative
or investigative (whether or not by or in the right of the Company) by reason of (a) being or having been a Member of the Company,
(b) being or having been a Member, manager, partner, officer or director of any other entity at the request of the Company, or
(c) serving or having served in a representative capacity for the Company in connection with any partnership, joint venture, committee,
trust, employee benefit plan or other enterprise, shall be indemnified by the Company against all expenses (including reasonable
attorneys’ fees and expenses), judgments, fines, penalties, awards, costs, amounts paid in settlement and liabilities of
all kinds, actually incurred by such Person incidental to or resulting from such action, suit or proceeding to the fullest extent
permitted under the Act, without limiting any other indemnification rights to which such Person otherwise may be entitled. The
Company may, but shall not be required to, purchase insurance on behalf of such Person against liability asserted against or incurred
by such Person in its capacity as a Manager or Member of the Company, or arising from such Person’s status as a Manager or
Member, whether or not the Company would have authority to indemnify such Person against the same liability under the provisions
of this Section 9.2 or the Act.

 

SECTION 9.3           Limitation
of Liability. Except as otherwise expressly provided in this Agreement, no Member or Manager shall have liability to the
Company or other Members for monetary damages resulting from errors made in the exercise of good-faith judgment.

 

SECTION 9.4           Qualification
of Indemnification and Liability Limitation. 

 

(a)          The
indemnification rights and limitations on liabilities set forth in Sections 9.2 and 9.3 shall not apply to claims based upon any
willful misconduct, intentional breach or disregard of the terms of this Agreement or knowing violation of criminal law or any
federal or state securities law, including without limitation, unlawful insider trading or market manipulation for any security,
nor shall such indemnification rights and limitations on liabilities preclude the Company or any Member from recovery for any loss
or damage otherwise covered under any insurance policy or fidelity bonding. Nothing herein shall be deemed to prohibit or limit
the Company’s right to pay, or obtain insurance covering, the costs (including reasonable attorneys’ fees and expenses)
to defend an indemnitee, Member or Manager against any such claims, subject to a full reservation of rights to reimbursement in
the event of a final adjudication adverse to such indemnitee, Member or Manager.

 

    	 	13	 

     

    

 

(b)          An
indemnitee shall be entitled to recover from an indemnitor all legal costs or expenses, including reasonable attorney’s fees
and expenses, incurred by such indemnitee to enforce its rights hereunder, or to collect any sums due from the indemnitor hereunder.

 

Article
10

DISSOLUTION AND LIQUIDATION
OF THE COMPANY

 

SECTION 10.1         Dissolution
of the Company. The Company shall be dissolved on the earlier of the expiration of the term of the Company or upon:

 

(a)          The
Resignation (other than by reason of death or incompetency) or Bankruptcy of a Member unless a majority in interest of the Members
(as defined in Section 6.1(b)) elect to continue the Company pursuant to Section 6.1(b);

 

(b)          The
Resignation or Bankruptcy of a Member which leaves only one (1) Member remaining, and no additional or substitute Member is admitted
to the Company in accordance with this Agreement within ninety (90) days thereafter;

 

(c)          The
expiration of thirty (30) days following the sale or other disposition of all or substantially all of the Company’s assets;

 

(d)          The
election by a majority of the Members to liquidate the Company; or

 

(e)          The
occurrence of any other event of dissolution under the provisions of this Agreement or the Act.

 

SECTION 10.2         Winding-up
and Distribution of the Company.

 

(a)          Upon
the dissolution of the Company pursuant to Section 10.1, the Company’s business shall be wound up and its assets liquidated
by the Liquidator as provided in this Section 10.2, and the net proceeds of such liquidation shall be distributed as follows:

 

(i)          First,
to payment of all debts and liabilities of the Company, including, without limitation, any loans from Members and the expenses
of liquidation;

 

(ii)         Second,
to establishment of any reserves reasonably deemed necessary by the Liquidator for contingent, unmatured or unforeseen liabilities
or obligations of the Company. Said reserves shall be paid over to an attorney-at-law of the State of New York, as escrowee, to
be held by him for the purpose of disbursing such reserves in payment of any of the aforementioned contingencies, and, at the expiration
of such period as shall be deemed advisable, to distribute the balance thereafter remaining in the manner hereinafter provided,
together with accrued interest thereon, if any;

 

(iii)        Third,
to those Members having positive Capital Account balances pro rata in the proportion that each such Member’s positive Capital
Account balance bears to the aggregate of the positive Capital Account balances of all such Members, until all Member’s Capital
Account balances are equal to zero;

 

(iv)        Fourth,
any funds remaining shall be distributed in the percentages set forth on Schedule B.

 

(b)          The
Liquidator shall file all certificates and notices of the Company’s dissolution required by law. The Liquidator shall sell
and otherwise liquidate the Company’s assets without unnecessary delay. Upon the complete liquidation of the Company’s
assets and distribution to the Members, they shall cease to be Members of the Company, and the Liquidator shall execute, acknowledge
and cause to be filed all certificates and notices required by law to terminate the existence of the Company.

 

    	 	14	 

     

    

 

Article
11

AMENDMENTS

 

SECTION 11.1         Adoption
of Amendments Generally. Amendments to this Agreement to reflect the substitution or addition of a Member shall be made
by written instrument executed by the substituted Member, the added Member, or the resigned Member (or its authorized representative),
as applicable. Any other amendments to this Agreement may be made by a written instrument executed by Members holding, in the aggregate,
at least two-thirds of Membership Interests; provided, however, that no amendment to this Agreement may:

 

(a)          substantially
alter the purposes of the Company without the written consent of all Members;

 

(b)          expand
the obligations or liabilities of any Member under this Agreement, or modify any Member’s limited liability, without the
written consent of such Member;

 

(c)          modify
the computational method of determining, or priority applicable to, allocations or distributions under Articles 4 and 5 and Section
10.2, without the written consent of all Members; or

 

(d)          amend
this Article 11 without the written consent of all Members.

 

Article
12

MISCELANEOUS

 

SECTION 12.1         Non-Recourse
Company Loans. Any loans taken by the Company, shall be non-recourse loans as to any and all individual Members or the
Manger, and no Member or Manager shall be required to sign a personal guaranty to in order to secure such loan(s), unless unanimously
consented to by the Members.

 

Article
13

GENERAL PROVISIONS.

 

SECTION 13.1         Books
and Records. All records of the Company shall be kept at the principal office of the Company and shall be available for
examination by any Member, or such Member’s duly authorized representatives, at all reasonable times at the office of the
Company and by way of internet access to Company bank accounts. The method of accounting on which the books shall be maintained
shall be determined by the majority of the Members . The Manager may make on behalf of the Company the election permitted by Section
754 of the Code. New England WOB, LLC shall be designated as the “tax matters partner” (the “TMP”) for
purposes of the Code and the “Designated Person” for purposes of maintaining an Investor List to the extent required
by the Code. The TMP is hereby authorized to take such actions as may be required by the Code and the regulations thereunder to
continue such designations. The determination by the TMP with respect to the treatment of any item or its allocation for Federal,
state or local tax purposes shall be binding upon all of the Members, so long as such determination is reasonable and will not
be inconsistent with any express terms hereof. No cause of action shall accrue to any Member under this Section 13.1 if the TMP
acted in good faith to comply with his obligations hereunder. No charge shall be made to the Company for his acting as tax matters
partner. Upon the Resignation or Bankruptcy of the TMP, a majority of the Members may select a Member to become the new “tax
matter partner” and “Designated Person”.

 

    	 	15	 

     

    

 

SECTION 13.2         Fiscal
Year. The fiscal year of the Company shall be the calendar year.

 

SECTION 13.3         Custody
of Company Funds; Bank Accounts.

 

(a)          The
Manager shall have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not
in their immediate possession or control. The Company’s funds shall not be commingled with the funds of any other Person
and the Manager shall not use, or permit use of, the Company’s funds in any manner except for the benefit of the Company.

 

(b)          All
funds of the Company not otherwise invested shall be deposited in one or more internet–accessible accounts maintained in
such federally insured financial institutions as the Manager may deem appropriate, and withdrawals shall be made only in the regular
course of Company business on such signature or signatures as the Manager may deem appropriate. Usernames and passwords for access
to all accounts shall be made available to all members.

 

SECTION 13.4         Notices.
Except as otherwise provided herein, all Notices, requests, consents and other communications hereunder to the Company or to any
Member shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by telecopier, nationally-recognized
overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

(a)          if
to the Company, to its principal office set forth in Section 2.4, as such office may be changed in accordance with Section 2.7.

 

(b)          if
to any Member, to its respective address set forth on Schedule A hereto.

 

Any Member may, at any
time and from time to time, designate a substitute address or addresses for itself by delivering a Notice to the Company and to
each other Member in the manner set forth in this Section. All such Notices, requests, consents and other communications shall
be deemed to have been delivered (i) in the case of personal delivery or delivery by telecopier, on the date of such delivery,
(ii) in the case of delivery by nationally-recognized overnight courier, on the date of such delivery, and (iii) in the case of
mailing in the manner set forth in this Section, on the third business day after the posting thereof.

 

SECTION 13.5         Burden
and Benefit. This Agreement shall be binding upon, and shall inure to the benefit of, the Members, and their respective
heirs, executors, administrators, successors and assigns. There shall be no third party beneficiaries of this Agreement.

 

SECTION 13.6         Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one Agreement binding on all parties hereto, notwithstanding that not all parties shall have signed the
same counterpart.

 

SECTION 13.7         Severability
of Provisions. If any term or provision of this Agreement or the application thereof to any Person or circumstance shall,
to any extent, be invalid or unenforceable, the remainder of this Agreement and 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 enforceable to the fullest extent permitted by law.

 

    	 	16	 

     

    

 

SECTION 13.8         Entire
Agreement. This Agreement sets forth all (and is intended by the Members to be an integration of all) of the promises,
agreements and understandings among the Members with respect to the Company, its business operations and management, the Property
and all other Company assets, and there are no promises, agreements, or understandings, oral or written, express or implied, among
them other than as set forth or incorporated herein.

 

SECTION 13.9         Headings.
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to
be a part of this Agreement.

 

SECTION 13.10       Pronouns
and Plurals. Whenever the context may require, any pronouns used herein shall be deemed to refer to the masculine, feminine,
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural, and vice versa.

 

SECTION 13.11      Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York.

 

SECTION 13.12      Dispute
Resolution. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in New York County, New York for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery). Nothing contained herein shall be deemed to limit in any way any right to serve process in
any manner permitted by law. Each party irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
If either party shall commence an action or proceeding to enforce any provisions of the documents contemplated herein, then the
prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

SECTION 13.13         Agreement
in Counterparts. This Agreement may be executed in several counterparts, and all such executed counterparts shall constitute
one agreement, binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the original
or to the same counterpart.

 

[REST OF THIS PAGE LEFT INTENTIONALLY
BLANK]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Operating Agreement as of the date first above written.

 

COMPANY:

 

	CAMBRIDGE CRAFT, LLC	 
	 	 
	/s/ Glenn E. Straub	 
	Name:   Glenn E. Straub	 
	Title: Manager of its manager New England World of Beer

 

MEMBERS:

 

	New England World of Beer	 	Attitude Beer Holding Co.
	 	 	 
	/s/ Glenn E. Straub	 	/s/ Roy Warren
	By:    Glenn E. Straub	 	By: Roy Warren
	Its: Manager	 	Its: President

 

    	 	18	 

     

    

  

SCHEDULE A

 

	Member	 	Percentage
 Interest	 	 	Initial Capital
 Contribution	 
	New England World of Beer 
505 S. Flagler Drive, Suite 1010 
West Palm Beach, FL 33401	 	 	49	%	 	$	1.00	 
	Attitude Beer Holding Co. 
712 US Highway 1, Suite 200 
North Palm Beach, FL 33408	 	 	51	%	 	$	1,760,000	*
	Total	 	 	100	%	 	$	1,760,001	 

 

* This amount shall be
paid on the following schedule:

1. $115,000 on or before
October 12, 2015;

2. $210,000 on or before
October 30, 2015;

3. $358,750 on or before
January 1, 2016;

4. $358,750 on or before
February 1, 2016;

5. $358,750 on or before
March 1, 2016; and

6. $358,750 on or before
April 1, 2016; .

 

    	 	19Exhibit 10.22

 

Dated 17th July 2015

 

(1) 4 CHARITY FOUNDATION

 

- and -

 

(2) ARC FWREAUK001, LLC

 

 

 

AGREEMENT

for sale and purchase of freehold property
at

SHINFIELD PARK, READING, RG2 9FW

 

 

 

GIBSON, DUNN & CRUTCHER LLP

_________

Telephone House

2-4 Temple Avenue, London EC4Y 0HB

020 7071 4000   020 7071 4244

Ref: AAS/JEE/93455-00054

 

     

    	 

    

 

	Contents

 

Clause

	1.	Interpretation	1
	2.	Sale and purchase	3
	3.	Conditions	3
	4.	Risk and insurance	4
	5.	Deposit	5
	6.	Deducing title	6
	7.	Title guarantee	6
	8.	Matters affecting the Property	7
	9.	Transfer	7
	10.	VAT	7
	11.	Completion	9
	12.	Apportionment of rent due under the Occupational Lease	10
	13.	Arrears due under the Occupational Lease	11
	14.	Management	12
	15.	Release of the Seller	13
	16.	Buyer’s acknowledgement of condition	13
	17.	Entire agreement	13
	18.	Joint and several liability	14
	19.	Notices	14
	20.	Charities Act	15
	21.	Seller’s Liability	15
	22.	Third party rights	15
	23.	Governing law	15
	24.	Jurisdiction	16

 

Schedule

 

	Schedule 1	Occupational Lease	17
	 	 	 
	Part 1.    Occupational Lease	17
	 	 
	Part 2.    Interests deriving out of the Occupational Lease	17
	 	 
	Schedule 2 	Agreed Form of Transfer	18
	 	 	 
	Schedule 3	Agreed Form of Seller Legal Opinion	19
	 	 	 
	Schedule 4	Agreed Form of Deed of Covenant	20
	 	 	 
	Schedule 5 	Agreed Form of Buyer Legal Opinion	21
	 	 	 
	Schedule 6	Documents	22

 

     

    	 

    

 

THIS CONTRACT is dated 17th July 2015

 

Parties

 

		(1)	4 CHARITY FOUNDATION incorporated and registered
in England and Wales with company number 03790215 whose registered office is at suite 137 Devonshire House, 582 Honeypot Lane,
Stanmore, HA7 1JS (Seller).

 

		(2)	ARC FWREAUK001, LLC (incorporated in Delaware, USA) of 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808,
United States of America (Buyer).

 

Agreed
terms

 

		1.	Interpretation

 

The following definitions and
rules of interpretation apply in this contract.

 

		1.1	Definitions:

 

Actual Completion Date: the date on which
completion of the sale of the Property from the Seller to the Buyer pursuant to this contract takes place.

 

Buyer’s Conveyancer: Trowers & Hamlins
LLP of 3 Bunhill Row, London EC1Y 8YZ (reference: Julien Allen).

 

Charge: the charge in favour of DG Bank
Deutsche Genossenschaftsbank AG appearing at entry 5 of the charges register of title number BK357660 as at 19 April 2015 timed
15:32:34.

 

Completion Date: 21 October 2015.

 

Contract Rate: 4% per annum.

 

Deposit: £5,000,000 (Five millions
pounds sterling) (exclusive of VAT).

 

Documents: the documents made available
to the Buyer prior to the date hereof and listed in Schedule 6.

 

Management Information: all documents,
correspondence, notices, assessments, applications, contracts, memoranda, declarations, statutory declarations and other written
communications or documentation relating to the Property, or the Occupational Lease.

 

Occupational Lease: the lease specified
in Schedule 1, Part 1, and every document varying or supplemental or collateral to it and every licence or consent granted under
it, all of which are listed in Schedule 1, Part 2.

 

Occupational Tenant: the tenant under
the Occupational Lease.

 

Part 1 Conditions: the conditions in Part
1 of the Standard Commercial Property Conditions (Second Edition) and Condition means any one of them.

 

    	 	1	 

     

    

 

Part 2 Conditions: the conditions in Part 2
of the Standard Commercial Property Conditions (Second Edition).

 

Property: the freehold property at Shinfield
Park, Reading RG2 9FW and registered at Land Registry with absolute title under title number BK357660.

 

Purchase Price: £98,250,000 (Ninety-eight million
two hundred and fifty thousand pounds sterling) (exclusive of VAT).

 

Seller’s Conveyancer: Gibson Dunn & Crutcher
LLP of Telephone House, 2-4 Temple Avenue, London EC4Y 0HB (reference: Alan Samson).

 

VAT: value added tax chargeable under the VAT
Act and any similar replacement tax and any similar additional tax.

 

VAT Act: Value Added Tax Act 1994.

 

VAT Group: two or more bodies corporate registered
as a group for VAT purposes under section 43 of the VAT Act.

 

		1.2	A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).
	 	 	 

		1.3	Clause, Schedule and paragraph headings shall not affect the interpretation of this contract.
	 	 	 

		1.4	The Schedules form part of this contract and shall have effect as if set out in full in the body of this contract. Any reference
to this contract includes the Schedules.
	 	 	 

		1.5	Unless the context otherwise requires, references to clauses and Schedules are to the clauses and Schedules of this contract
and references to paragraphs are to paragraphs of the relevant Schedule.
	 	 	 

		1.6	Unless otherwise specified, a reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted
from time to time and shall include all subordinate legislation made from time to time under that statute or statutory provision
and all orders, notices, codes of practice and guidance made under it.
	 	 	 

		1.7	A
                                         reference to laws in general is a reference to all local, national and directly
                                         applicable supra-national laws as amended, extended or re-enacted from time to time and
                                         shall include all subordinate laws made from time to time under them and all orders,
                                         notices, codes of practice and guidance made under them.

 

		1.8	Unless
                                         the context otherwise requires, words in the singular shall include the plural and  in
                                         the plural shall include the singular.

 

    	 	2	 

     

    

 

		1.9	Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

 

		1.10	The expressions landlord covenant and tenant
covenant each have the meaning given to them by the Landlord and Tenant (Covenants) Act 1995.

 

		1.11	Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

 

		1.12	A reference to writing or written includes fax but not email.

 

		2.	Sale
                                         and purchase

 

		2.1	The Seller will sell and the Buyer will buy the Property for the Purchase Price on the terms of this contract.

 

		2.2	The Buyer cannot require the Seller to:

 

		(a)	transfer the Property or any part of it to any person other than the Buyer; or
	 	 	 

		(b)	transfer the Property in more than one parcel or by more than one transfer; or
	 	 	 

		(c)	apportion the Purchase Price between different parts of the Property.

 

		3.	Conditions

 

		3.1	The Part 1 Conditions are incorporated in this contract so far as they:

 

		(a)	apply to a sale by private treaty;
	 	 	 

		(b)	relate to freehold property;
	 	 	 

		(c)	are not inconsistent with the other clauses in this contract; and
	 	 	 

		(d)	have not been modified or excluded by any of the other clauses in this contract.

 

		3.2	The Part 2 Conditions are not incorporated into this contract.

 

		3.3	Condition 1.1.4(a) does not apply to this contract.

 

		3.4	Condition 1.1.1(e) is amended so that reference to the contract rate in Condition 1.1.1(e) refers instead to the Contract Rate
as defined in this contract.

 

    	 	3	 

     

    

 

	4.	Risk and insurance

 

	4.1	The Seller will insure the Property in accordance with the Seller’s obligations as landlord under the Occupational Lease until completion.

 

	4.2	The Seller will at the Buyer’s written request:

  

		(a)	permit the Buyer to inspect the policy or evidence of its terms at any reasonable time; and

 

		(b)	obtain or consent to an endorsement on the Seller’s insurance policy for the Property of the Buyer’s
interest, subject to the insurer being willing to make the endorsement and subject to the Buyer paying the Seller on demand any
additional premium due for the endorsement.

 

		4.3	The Seller will be under no obligation to seek any refund from the Occupational Tenant of any additional
premium due or paid in relation to any endorsement on the policy of the Buyer’s interest.

 

		4.4	No damage to or destruction of the Property nor any deterioration in its condition, however caused,
will entitle the Buyer either to any reduction of the Purchase Price or to refuse to complete or to delay completion.

 

		4.5	If in the period between the date of this contract and completion, the Property is damaged or destroyed
by a risk against which the Seller has insured:

 

		(a)	the Seller will make a claim under the Seller’s insurance policy in respect of that damage or destruction;
	 	 	 

		(b)	to the extent that any insurance money in respect of the damage or destruction is paid to the Seller
before completion, and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance
money received by it to repair or rebuild the Property before completion, the Seller will hold the insurance money received by
it on trust for the Buyer and will pay the money to the Buyer on completion to use in accordance with the terms of the Occupational
Lease;
	 	 	 

		(c)	to the extent that any insurance money in respect of the damage or destruction is paid to the Seller
after completion, the Seller will hold the insurance money on trust for the Buyer and will, as soon as is reasonably practicable,
pay it to the Buyer to use in accordance with the terms of the Occupational Lease;
	 	 	 

		(d)	to the extent that any insurance money in respect of the damage or destruction has not been paid
to the Seller before completion, the Seller will, to the extent permitted by the policy and at the Buyer’s expense, assign to the
Buyer all rights to claim under the policy, the assignment being in the form reasonably required by the Buyer.

 

    	 	4	 

     

    

 

		4.6	On completion, the Seller will cancel the Seller’s insurance policy in respect of the Property.
If, following the cancellation, the Sellers insurers refund the Seller any premium paid in respect of any period after the date
of the cancellation, the Seller will at the Seller’s discretion either:

 

		(a)	pay or allow the refund to the Buyer to hold on trust for and to account to the Occupational Tenant
in accordance with the terms of the Occupational Lease; or

 

		(b)	pay or allow the refund to the Occupational Tenant in accordance with the terms of the Occupational
Lease.

 

		4.7	The Buyer will apply any insurance money paid to it by the Seller under this clause in accordance
with the terms of the Occupational Lease and will keep the Seller indemnified against any claims arising from any breach.

 

		4.8	On completion, there will be no apportionment between the Seller and the Buyer of any insurance
rents received or receivable from the Occupational Tenant under the terms of the Occupational Lease.

 

		4.9	The Buyer will keep the Seller indemnified against any outstanding or additional premiums or other
costs of insurance that may become due to the Seller’s insurers after completion but which relate to a period of insurance before
completion.

 

		4.10	Conditions 7.1.2, 7.1.3 and 7.1.4(b) do not apply to this contract.

 

		5.	Deposit

 

		5.1	On the date of this contract, the Buyer will pay the Deposit to the Seller’s Conveyancer as stakeholder
on terms that on completion the Deposit is paid to the Seller with accrued interest.

 

		5.2	The Deposit must be paid by a method that gives immediately available funds.

 

		5.3	Conditions 2.2.1 and 2.2.2 do not apply to this contract.

 

		5.4	In this clause, the expression Deposit Balance means the sum calculated by deducting the
Deposit from 10% of the Purchase Price.

 

		5.5	If completion does not take place on the Completion Date due to the default of the Buyer, the Buyer
will immediately pay the Seller’s Conveyancer the Deposit Balance (together with interest on it at the Contract Rate for the period
from and including the Completion Date to and including the date of actual payment) by a method that gives immediately available
funds.

 

    	 	5	 

     

    

 

		5.6	Condition 9.3.4 is amended to read: “Where the sale is not with vacant possession of the whole
property and completion is delayed, the seller will be entitled to take the net income from the property as well as compensation
under condition 9.3.1”.

 

		5.7	After the Deposit Balance has been paid pursuant to clause 5.5, it will be treated as forming part
of the Deposit for all purposes of this contract.

 

		5.8	The provisions of clause 5.4, clause 5.5, and clause 5.7 (inclusive) are without prejudice to any
other rights or remedies of the Seller in relation to any delay in completion.

 

		6.	Deducing
                                         title

 

		6.1	The Seller’s title to the Property has been deduced to the Buyer’s Conveyancer before the date
of this contract.

 

		6.2	The Buyer is deemed to have full knowledge of the title and is not entitled to raise any enquiry,
objection, requisition or claim in relation to it (save for any matters arising from a Land Registry priority search).

 

		6.3	Conditions 6.1 and 6.2, 6.3.1 and 6.4.2 do not apply to
this contract.

 

		7.	Title
                                         guarantee

 

		7.1	Subject to the other provisions of this clause, the Seller will transfer the Property with full
title guarantee.

 

		7.2	The implied covenants for title are modified so that:

 

		(a)	the covenant set out in section 2(1)(b) of the Law of Property (Miscellaneous Provisions) Act 1994
will not extend to costs arising from the Buyer’s failure to:

 

		(i)	make proper searches; or
	 	 	 

		(ii)	raise requisitions on title or on the results of the Buyer’s searches before the date of this contract; and

 

		(b)	the covenant set out in section 3 of the Law of Property (Miscellaneous Provisions) Act 1994 will
extend only to charges or incumbrances created by the Seller.

 

		7.3	Condition 6.6.2 does not apply to this contract.

 

    	 	6	 

     

    

 

		8.	Matters affecting
                                         the Property

 

		8.1	The Seller will sell the Property free from incumbrances other than:

 

		(a)	any matters, other than the Charge, contained or referred to in the entries
or records made in registers maintained by Land Registry as at 19 April 2015 timed 15:32:34 under title number BK357660;

 

		(b)	any matters discoverable by inspection of the Property before the date of
this contract;

 

		(c)	any matters which the Seller does not and could not reasonably know about;

 

		(d)	any matters, other than the Charge, disclosed or which would have been disclosed
by the searches and enquiries which a prudent buyer would have made before entering into this contract;

 

		(e)	public requirements;

 

		(f)	any matters which are unregistered interests which override registered dispositions
under Schedule 3 to the Land Registration Act 2002;

 

		(g)	the Occupational Lease and all rights and obligations arising by virtue
of it and all interests deriving out of it as listed in Schedule 1, Part 2;

 

		(h)	the rights, obligations and other provisions so far as they remain to be
performed contained or referred to in the Documents.

 

		8.2	Conditions 3.1.1, 3.1.2, 3.1.3 and 3.3 do not apply to this contract.

 

		8.3	The Buyer is deemed to have full knowledge of the matters referred to in clause 8.1 and will not
raise any enquiry, objection, requisition or claim in respect of any of them.

 

		9.	Transfer

 

		9.1	The transfer to the Buyer will be in the agreed form annexed to this contract.

 

		9.2	The Buyer and the Seller will execute the transfer in duplicate.

 

		10.	Vat

 

		10.1	Each amount stated to be payable by the Buyer to the Seller under or pursuant to this contract
is exclusive of VAT (if any).

 

		10.2	The Buyer will against issue of a
                                         valid VAT invoice pay to the Seller all VAT for which the Seller is liable to account
                                         to HM Revenue & Customs (“Customs”) in relation to any supply made
                                         or deemed to be made for VAT purposes pursuant to this contract and the consideration
                                         given for such supply will be exclusive of VAT.

 

    	 	7	 

     

    

 

		10.3	The parties consider that article
                                         5 of the Value Added Tax (Special Provisions) Order 1995 (“Article 5”)
                                         will apply to the transfer of the Property and will use all reasonable endeavours to
                                         secure that it does apply.

 

		10.4	The parties do not intend to request a written ruling from Customs as to whether Article 5 applies
to the transfer of the Property.

 

		10.5	If notwithstanding clause 10.3 Customs at any time determines in writing that VAT is due in respect
of the transfer of the Property or any part thereof the Buyer will pay to the Seller such VAT against issue of a valid VAT invoice
on the Actual Completion Date or, if later, the date falling ten working days after the Buyer has received a copy of the written
determination.

 

		10.6	The Seller warrants to the Buyer that:

 

		(a)	the Seller is and will be at the Actual Completion Date a taxable person and registered for VAT
under registration number 739 6165 01;

 

		(b)	the Seller has validly exercised the option to tax under Schedule 10 to the VAT Act in respect
of the Property, that the option to tax or any other information required by Customs in relation to the option to tax has been
duly notified in writing to Customs in order to make it effective and will not on or before the Actual Completion Date revoke such
option to tax and that there are no circumstances whereby the option to tax has or will be revoked or disapplied for VAT purposes
under existing legislation such that the sale hereunder (but for Article 5) would be a standard rated supply for VAT purposes;

 

		(c)	the Property is not occupied by the Seller or a member of the same VAT group as the Seller;

 

		(d)	the Seller has used the Property for the purposes of its property letting business and will continue
to do so until the Actual Date Completion; and

 

		(e)	as at the Actual Completion Date, the period of adjustment relating to any total input tax incurred
by the Seller in relation to the Property shall have expired (and for the purposes of this paragraph “period of adjustment”
and “total input tax” shall have the same meanings as they bear in Part XV of the Value Added Tax Regulations 1995 (capital
goods scheme)).

 

		10.7	The Buyer warrants to the Seller that:

 

		(a)	the Buyer will be a taxable person for VAT purposes on the Actual Completion Date;

 

		(b)	the Buyer has exercised or will prior to Completion Date exercise the option to tax under Schedule
10 to the VAT Act in respect of the Property with effect from and including Completion Date;

 

		(c)	it will not before on or for a period of six months after Completion Date revoke any such option
to tax;

 

    	 	8	 

     

    

 

		(d)	it will, not less than five working days prior to Completion Date, produce to the
Seller’s Conveyancer a certified copy of its notification of option to tax and, if received, an acknowledgment of receipt thereof
from Customs;

 

		(e)	from and including the Actual Completion
Date the Property will be used for the purposes of a property letting business;

 

		(f)	from and including Completion Date it
will be the legal and beneficial owner of the Property;

 

		(g)	article
                                         5(2B) of the Value Added Tax (Special Provisions) Order 1995 (the “Order”)
                                         does not and will not apply to it in relation to the sale of the Property to the Buyer
                                         as to which (for the avoidance of doubt) notification to the same effect is given by
                                         the Buyer to the Seller for the purposes of article 5(2A) of the Order; and

 

		(h)	the tenant of the Property is not a member
of the same VAT Group as the Buyer.

 

		10.8	The Seller will:

 

		(a)	retain all records relating to the Property as required by, and for such period as is required
by, Schedule 11 to the VAT Act and regulations made thereunder; and

 

		(b)	allow the Buyer and its agents access to and to take copies (at its own expense) of the records
on reasonable notice during normal business hours.

 

		10.9	The Buyer will indemnify the Seller against any interest or penalties assessed by Customs on the
Seller (or the representative member of the VAT Group of which the Seller is a member) as a result of any failure on the part of
the Buyer to comply with any of the provisions of this clause 10.

 

		10.10	Conditions 1.4.1 and 1.4.2 do not apply to this contract.

 

		11.	Completion

 

		11.1	Completion will take place on the Completion Date.

 

		11.2	Condition 8.4 is amended to add “(d) any other sum which the parties agree under the terms
of the contract should be paid or allowed on completion”.

 

		11.3	Condition 8.7 is amended to read: “The buyer is to pay the money due on completion by a method
that gives immediately available funds and, if appropriate, by an unconditional release of a deposit held by a stakeholder”.

 

    	 	9	 

     

    

 

		11.4	On completion, the Seller shall deliver to the Buyer (in each case dated on or prior to completion):

 

		(a)	the transfer properly executed by the Seller substantially in the form annexed to this contract
at Schedule 2;

 

		(b)	a signed and dated form DS1 in respect of the Charge or an irrevocable undertaking from a firm
of solicitors confirming that the form DS1 will be delivered to the Buyer’s Conveyancers within 5 working days of completion (subject
to receipt by the firm of solicitors acting for the proprietor of the Charge, or the proprietor of the Charge itself, of the applicable
redemption monies);

 

		(c)	a legal opinion in the form annexed to this contract at Schedule 3;

 

		(d)	the certificate referred to at
                                         entry 4 of the proprietorship register of title number BK357660 as at 19 April
                                         2015 timed 15:32:34 (which will be included in the transfer referred to at (a) above);

 

		(e)	the certificate referred to at entry 7 of the proprietorship register of title number BK357660
as at 19 April 2015 timed 15:32:34;

 

		(f)	a memorandum executed by the Occupational Tenant (or in default, by the Seller in its capacity
as landlord) pursuant to and in accordance with clause 8.3 of the Occupational Lease confirming that the provisions of Clause 8
of the Occupational Lease are no longer of any effect;

 

		(g)	a rent authority letter addressed to the Occupational Tenant.

 

		11.5	On completion, the Buyer shall deliver to the Seller (in
each case dated on or prior to completion):

 

		(a)	the transfer properly executed by the Buyer in the form annexed to this contract at Schedule 2;

 

		(b)	the deed of covenant (in duplicate) properly executed by the Buyer in the form annexed to this
contract at Schedule 4; and

 

		(c)	the legal opinion referred to at clause 11.6 below.

 

		11.6	The Buyer shall on the date of this contract (and again
on completion) deliver to the Seller a legal opinion from an independent legal adviser in the Buyer’s jurisdiction confirming
the validity of all documents signed by the Buyer, such legal opinion to be addressed to the Seller and be in the form annexed
to this contract at Schedule 5.

 

		12.	Apportionment
                                         of rent due under the Occupational Lease

 

		12.1	In this clause the following definitions apply:

 

Occupational Lease Rent: the annual rent reserved
by the Occupational Lease.

 

    	 	10	 

     

    

 

Occupational Lease Rent Payment Day: a day
under the Occupational Lease for payment of the Occupational Lease Rent or an instalment of the Occupational Lease Rent.

 

		12.2	The Occupational Lease Rent will be apportioned so that on completion the Seller will pay or allow the Buyer:

 

A x B

  365

 

where:

 

A is the Occupational Lease Rent at the rate
payable at the day of completion, and

 

B is the number of days from and excluding
the day of completion to but excluding the next Occupational Lease Rent Payment Day.

 

		12.3	The Occupational Lease Rent for the day of completion will be shared equally between the Seller
and the Buyer.

 

		12.4	If the Seller receives any Occupational Lease Rent attributable
to the period from and excluding the day of completion, the Seller will pay such amount to the Buyer within five working days
of receipt of the same as cleared funds.

 

		13.	Arrears
                                         due under the Occupational Lease

 

		13.1	In this clause, Arrears means all sums due from
the Occupational Tenant to the Seller before completion but which have not been received by the Seller as cleared funds at least
five working days before completion.

 

		13.2	In this clause, Seller’s Arrears means the proper
proportion of the Arrears due to the Seller (as distinct from the Buyer) as at completion.

 

		13.3	On completion there will be no adjustment of the Purchase
Price to take account of Arrears and the Seller shall notify or update the Buyer of any Arrears prior to completion and:-

 

		(a)	the Buyer will not be required to pay the Seller’s Arrears to the Seller;

 

		(b)	if the Buyer receives any money in respect of the Seller’s Arrears (which have not been previously
paid to the Seller) as cleared funds after completion then it will pay that money to the Seller within three working days after
the cleared funds have been received; and

 

    	 	11	 

     

    

 

		(c)	the Buyer will use its reasonable endeavours to recover any Seller’s
Arrears for a period of 12 months following completion.

 

		13.4	If the Seller receives any money in respect of the Arrears
(save to the extent that such money represents Seller’s Arrears which have not been previously paid to the Seller) as cleared
funds later than two working days before completion, then, subject to completion having taken place, it will pay that money to
the Buyer within three working days after the cleared funds have been received.

 

		14.	Management

 

		14.1	From the date of this contract until completion, the Seller
will manage the Property in accordance with the Seller’s normal management practice, and in particular, but without limitation,
the Seller will:

 

		(a)	comply with all landlord covenants in the Occupational Lease;

 

		(b)	deal properly and promptly with:

 

		(i)	any applications for licences or consents made under the Occupational Lease;

 

		(ii)	any rent reviews or arbitration under the Occupational Leases;

 

		(iii)	any other dispute, arbitration, application, claim or matter relating to the Property or its occupation; and

 

		(c)	consult with the Buyer and have regard to the Buyer’s reasonable representations and comply with
the Buyer’s reasonable requirements in connection with all matters in this clause but the Seller will not be obliged to comply
with any requirement where compliance may result in the Seller either being materially prejudiced or incurring any liability under
the Landlord and Tenant Act 1988.

 

		(d)	not (save with the Buyer’s written consent not to be unreasonably withheld or delayed) vary, waive,
performance or observance, or agree to vary or to waive performance or observance of any of the material terms of the Occupational
Lease.

 

		14.2	As soon as reasonably practicable following the date of
this contract, the Seller will give the Buyer reasonable access to all the Management Information that is in the custody or control
of the Seller or the Seller’s agents and, at the request and expense of the Buyer, will supply copies of all the Management Information
to the Buyer, to the extent not already supplied.

 

		14.3	The Buyer will pay to the Seller on demand and keep the
Seller indemnified against:

 

		(a)	all liabilities, costs, expenses, damages and losses arising out of or in connection with any claims arising
after the date of this contract from the Occupational Lease or from any lease or licence listed
in Schedule 1, Part 2; and

 

    	 	12	 

     

    

 

		(b)	all liabilities, expenses, costs (including but not limited to any solicitors’ or other professionals’
costs and expenses calculated on a full indemnity basis), claims, damages and losses suffered or properly incurred by the Seller;

 

in either case, arising out of or in connection with the Seller acting in accordance with the Buyer’s requirements under this clause
14.

 

		14.4	Conditions 4.1, 4.2 and 4.3 do not apply to this contract.

 

		15.	Release of the
                                         Seller

 

The Buyer will promptly, on request,
provide the Seller with any information and assistance that the Seller may reasonably require in connection with any application
that the Seller makes or may wish to make at any time, (whether to the Occupational Tenant or to a court) in accordance with section
8 of the Landlord and Tenant (Covenants) Act 1995.

 

		16.	Buyer’s acknowledgement
                                         of condition

 

The Buyer acknowledges that before
the date of this contract, the Seller has given the Buyer and others authorised by the Buyer, permission and the opportunity to
inspect, survey and carry out investigations as to the condition of the Property. The Buyer has formed the Buyer’s own view as
to the condition of the Property and the suitability of the Property for the Buyer’s purposes.

 

		17.	Entire agreement

 

		17.1	This contract and the documents annexed to it constitutes the whole agreement between the parties
and supersedes all previous discussions, correspondence, negotiations, arrangements, understandings and agreements between them
relating to its subject matter.

 

		17.2	The Buyer acknowledges that in entering into this contract it does not rely on, and shall have
no remedies in respect of, any representation or warranty (whether made innocently or negligently) other than those:

 

		(a)	set out in this contract; or

 

		(b)	contained in any written replies to CPSE.1 or CPSE.2 given by the Seller’s Conveyancer to the Buyer’s
Conveyancer before the date of this contract.

 

		17.3	Nothing in this clause shall limit or exclude any liability for fraud.

 

    	 	13	 

     

    

 

		17.4	Condition 9.1.1 is varied to read, “If any plan or statement in the contract, or in written
replies which the seller’s conveyancer has given to any written enquiries raised by the buyer’s conveyancer before the date of
this contract, is or was misleading or inaccurate due to an error or omission the remedies available are as follows.”

 

		17.5	This contract may be signed in any number of duplicate parts all of which taken together will on
exchange constitute one contract.

 

		18.	Joint and several
                                         liability

 

Where the Buyer is more than
one person, the Seller may release or compromise the liability of any of those persons under this contract or grant time or other
indulgence without affecting the liability of any other of them.

 

		19.	Notices

 

		19.1	Any notice given under this contract must be in writing and signed by or on behalf of the party
giving it.

 

		19.2	Any notice or document to be given or delivered must be given by delivering it personally or sending
it by pre-paid first class post, or recorded delivery, or fax to the address and for the attention of the relevant party as follows:

 

		(a)	to the Seller at:
	 	 	 
	 	 	Suite 137, Devonshire House,
582 Honeypot Lane, Stanmore HA7 1JS
	 	 	 
	 	 	Fax No: +44 (0)20 8732 5401
	 	 	 
	 	 	marked for the attention of:
Michael Staszewski
	 	 	 
	 	 	and to the Seller’s Conveyancer,
quoting the reference Alan Samson;

 

		(b)	to the Buyer at:
	 	 	 
	 	 	c/o Moor Park Capital Partners
	 	 	 
	 	 	Fax No: +44 (0) 203 0111 573
	 	 	 
	 	 	marked for the attention of:
Graydon Butler
	 	 	 
	 	 	37-38 Margaret Street, London
W1G 0JF
	 	 	 
	 	 	and to the Buyer’s Conveyancer,
quoting the reference Julien Allen.

 

		19.3	Any such notice or document will be deemed to have been received:

 

    	 	14	 

     

    

 

		(a)	if delivered personally, at the time of delivery provided that if delivery occurs before 9.00 am
on a working day, the notice will be deemed to have been received at 9.00 am on that day, and if delivery occurs after 5.00 pm
on a working day, or on a day which is not a working day, the notice will be deemed to have been received at 9.00 am on the next
working day.

 

		(b)	in the case of pre-paid first class or recorded delivery post at 9.00 am on the second working
day after posting; and

 

		(c)	in the case of fax, at the time of transmission.

 

		19.4	In proving delivery, it will be sufficient to prove that delivery was made or that the envelope
containing the notice or document was properly addressed and posted as a prepaid first class or recorded delivery letter or that
the fax message was properly addressed and transmitted, as the case may be.

 

		19.5	A notice or document delivered under this contract will not be validly given or delivered if sent
by email.

 

		19.6	Condition 1.3 does not apply to this contract.

 

		20.	Charities Act

 

The Property is held by 4 Charity
Foundation, a non-exempt charity, and this contract is not one falling within section 117(3) of the Charities Act 2011, so that
the restrictions on disposition imposed by sections 117 to 121 of that Act apply to the land.

 

		21.	Seller’s Liability

 

The Seller is a company limited
by guarantee under the Companies Act 2006 and it is agreed that the members and the trustees for the time-being of the Seller will
not incur any personal liability under or by virtue of this contract nor in relation to any related documents, matters or claims
whether in contract, tort or otherwise.

 

		22.	Third party rights

 

A person who is not a party
to this contract shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this contract.

 

		23.	Governing law

 

This contract
and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

 

    	 	15	 

     

    

 

		24.	Jurisdiction

 

Each party irrevocably
agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or
in connection with this contract or its subject matter or formation (including non-contractual disputes or claims).

 

This contract has been entered into on the date stated at the
beginning of it.

 

    	 	16	 

     

    

 

Schedule 1 Occupational Lease

 

Part 1. Occupational Lease

 

	Date	 	Description	 	Parties
	4 August 1999	 	Lease of Shinfield Park	 	Les Freres Charitable Trust (1)  

Foster Wheeler Energy Limited (2)

 

Part 2. Interests
deriving out of the Occupational Lease

 

	Date	 	Description	 	Parties
	3 August 1999	 	Court Application and Order made under s.38(4) Landlord Tenant Act 1954	 	Les Freres Charitable Trust (1)

Foster Wheeler Energy Limited (2)
	4 August 1999	 	Deed of Guarantee	 	Les Freres Charitable Trust (1)

Foster Wheeler Corporation (2)
	16 June 2006	 	Licence to carry out works	 	Les Freres Charitable Trust (1)

Foster Wheeler Energy Limited (2)

 

    	 	17	 

     

    

 

Schedule 2 Agreed Form of Transfer

 

    	 	18	 

     

    

 

 

If you need more room than is provided for in a panel,
and your software allows, you can expand any panel in the form. Alternatively use continuation sheet CS and attach it to this form.

 

	Leave blank if not yet registered.	1.	Title number(s) of the property: 

BK357660
	 	 	 
	
        Insert address including postcode (if any) or other description
        of the property, for example ‘land adjoining 2 Acacia Avenue’.

        
	2.	
        Property:

        

Shinfield Park, Reading RG2 9FW

	 	 	 
	 	3.	Date:
	 	 	 
	Give full name(s).	4.	
        Transferor:

         

        4 Charity Foundation

         

        For UK incorporated companies/LLPs

	 	 	 
	
        Complete as appropriate where the transferor is a company.

         
	 	
        Registered number of company or limited liability partnership
        including any prefix:

         

        03790215

         

        For overseas companies

	 	 	 
	 	 	
        (a) Territory of incorporation:

         

        (b) Registered number in the United Kingdom including any
        prefix:

	 	 	 
	
        Give full name(s).

         
	5.	
        Transferee for entry in the register:

         

        ARC FWREAUK001, LLC

         

        For UK incorporated companies/LLPs

	 	 	 
	 	 	Registered number of company or limited liability partnership including any prefix:
	 	 	 
	
        Complete as appropriate where the
transferee is a company. Also, for an overseas company, unless an arrangement with Land Registry exists, lodge either a certificate
in Form 7 in Schedule 3 to the Land Registration Rules 2003 or a certified copy of the constitution in English or Welsh, or other
evidence permitted by rule 183 of the Land Registration Rules 2003. 
	 	For overseas companies
	 	 
	 	
        (a) Territory of incorporation:

         

        State of Delaware

         

        (b) Registered number in the United Kingdom including any
        prefix:

 

    	 	1	 

     

    

 

	Each transferee may give up to three addresses for service, one of which must be a postal address whether or not in the UK (including the postcode, if any). The others can be any combination of a postal address, a UK DX box number or an electronic address.	6.	
        Transferee’s intended address(es) for service for entry in the
        register:

         

        2711 Centerville Road, Suite 400, Wilmington, Delaware 19808,
        United States of America and care of Moor Park Capital Global II Advisors Limited (for the service of notices only, in their capacity
        as property manager for the Transferee), Ordnance House, 31 Pier Road, St Helier, Jersey JE4 8PW

	 	 	 
	 	7.	The transferor transfers the property to the transferee
	 	 	 
	
        Place ‘X’ in the appropriate box. State the currency
        unit if other than sterling. If none of the boxes apply, insert an appropriate memorandum in panel 11.

         
	8.	
        Consideration

         

        x  The
        transferor has received from the transferee for the 

        property the following sum (in words and figures):

         

        Ninety-eight million two hundred
        and fifty thousand pounds (£98,250,000).

         

         ̈  The
        transfer is not for money or anything that has a monetary value

         

         ̈  Insert
        other receipt as appropriate:

	 	 	 
	Place ‘X in any box that applies.	9.	
        The transferor transfers with

         

        x  full
        title guarantee

	 	 	 
	
        Add any modifications.

         
	 	
         ̈  limited
        title guarantee

         

        The covenants implied under the LPMPA 1994 are modified so that:

         

        (a) the covenant set out in section 2(1)(b)
        of the LPMPA 1994 will not extend to costs arising from the Transferee’s failure to:

         

        (i) make proper searches; or

         

        (ii) raise requisitions on title or on the results of the Transferee’s
        searches; and

         

        (b) the covenant set out in section 3 of the LPMPA 1994 will
        extend only to charges or incumbrances created by the Transferor.

 

    	 	2	 

     

    

 

	Where the transferee is more than one person, place ‘X’ in the appropriate box.	 	
        10.  Declaration
        of trust. The transferee is more than one person and

         

         ̈   they
        are to hold the property on trust for themselves as joint tenants

         

         ̈   they
        are to hold the property on trust for themselves as tenants in common in equal shares

	 	 	 
	Complete as necessary.	 	 ̈   they are to hold the property on trust:
	 	 	 
	 	 	 
	Insert here any required or permitted statement, certificate or application and any agreed covenants, declarations and so on.	 	
        11.  Additional provisions

         

        1.1 The following definitions apply in this transfer.

         

        Charge: the charge appearing
        at entry 5 of the charges register of title number BK357660 as at 19 April 2015 timed 15:32:34.

         

        LPMPA 1994: the Law of
        Property (Miscellaneous Provisions) Act 1994.

         

        Occupational Lease: the
        lease specified in Schedule 1 Part 1 and every document varying or supplemental or collateral to it and every licence or consent
        granted under it, all of which are listed in Schedule 1 Part 2.

         

        1.2 The
        expression “landlord covenant” and “tenant covenant have the meaning given to them by the Landlord and Tenant (Covenants)
        Act 1995.

         

        2.1 The disposition effected by this transfer is
        subject to:

        (a)        any
        matters, other than the Charge, contained or referred to in the entries or records made in registers maintained by HM
        Land Registry under title number BK357660;

        (b)        any
        matters discoverable by inspection of the Property before [DATE OF CONTRACT];

        (c)        any
        matters which the Transferor does not and could not reasonably know about;

        (d)        any
        matters, other than the Charge, disclosed or which would have been disclosed by the searches and enquiries which a prudent buyer
        would have made before entering into a contract for the purchase of the Property;

        (e)         public
        requirements;

 

    	 	3	 

     

    

 

	 	 	(f)	any matters which are unregistered interests which override registered dispositions under Schedule 3 to the Land Registration Act 2002;
	 	 	(g)	the Occupational Lease and all rights and obligations arising by virtue of it and all interests deriving out of it as listed in Schedule 1.
	 	 	 	 
	 	 	2.2 All matters recorded at the date of this transfer in registers open to public inspection, are deemed to be within the actual knowledge of the Transferee for the purposes of section 6(2)(a) of the LPMPA 1994, notwithstanding section 6(3) of the LPMPA 1994.
	 	 	 
	 	 	3.1 The Transferee covenants by way of indemnity only, on the Transferee’s behalf and on behalf of the Transferee’s successors in title, to observe and perform:
	 	 	(a)	the charges, incumbrances, covenants and restrictions, stipulations, conditions, declarations, exceptions, reservations and other matters contained or referred to in the registers of BK357660 and BK118340 in so far as they are subsisting and capable of taking effect; and
	 	 	(b)	the landlord covenants in or implied by the Occupational Lease;
	 	 	 	and will keep the Transferor indemnified against all future proceedings, losses, costs, claims, demands and expenses arising from any failure to do so.
	 	 	 	 
	 	 	4.1 A person who is not party to this Transfer shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this deed. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.
	 	 	 
	 	 	4.2 The Property is held by the Transferor, a non-exempt charity, and this transfer is not one falling within section 117(3) of the Charities Act 2011, so that the restrictions on disposition imposed by sections 117 to 121 of that Act apply to the land.
	 	 	 
	 	 	4.3 The charity trustees of the charity, Mr Jacob Schimmel and Mrs Verette Schimmel, being the persons who have the general control and management of its administration under section 333 of the Charities Act 2011 certify that:
	 	 	(a)	they have power under the provisions establishing the charity and regulating its purposes and administration to effect this transfer; and
	 	 	(b)	they have complied with the provisions of sections 117 to 121 of the Charities Act 2011 so far as applicable.
	 	 	4.4 The Transferor is a company limited by guarantee under the Companies Act 2006 and it is agreed that the members and the trustees for the time-being of the Transferor will not incur any personal liability under or by virtue of this transfer nor in relation to any related documents, matters or claims whether in contract, tort or otherwise.

 

 

    	 	4	 

     

    

 

	 	 	4.5 This Transfer shall be governed by and interpreted in accordance with English law.

 

	 	 	Schedule 1
	 	 	 
	 	 	Part 1. Occupational Lease
	 	 	 	 	 
	 	 	Date	Description	Parties
	 	 	 	 	 
	 	 	4 August 1999	Lease of Shinfield Park	Les Freres Charitable Trust (1)
	 	 	 	 	 
	 	 	 	 	Foster Wheeler Energy Limited (2)
	 	 	 	 	 
	 	 	Part 2. Interests deriving out of the Occupational Lease
	 	 	 	 	 
	 	 	Date	Description	Parties
	 	 	 	 	 
	 	 	3 August 1999	Court Application and Order made under s.38(4) Landlord Tenant Act 1954	
        Les Freres Charitable Trust (1)

         

        Foster Wheeler Energy Limited (2)

	 	 	 	 	 
	 	 	4 August 1999	Deed of Guarantee	
        Les Freres Charitable Trust (1)

         

        Foster Wheeler Energy Limited (2)

	 	 	 	 	 
	 	 	16 June 2006	Licence to carry out works	
        Les Freres Charitable Trust (1)

         

        Foster Wheeler Energy Limited (2)

 

    	 	5	 

     

    

 

	The transferor must execute this transfer as a deed using the space opposite. If there is more than one transferor, all must execute. Forms of execution are given in Schedule 9 to the Land Registration Rules 2003. If the transfer contains transferee’s covenants or declarations or contains an application by the transferee (such as for a restriction), it must also be executed by the transferee.	12.	Execution	 
	 	 	 
	 	Executed as a deed by 4 CHARITY	 
	 	FOUNDATION acting by Jacob	 
	 	Schimmel and Verette Schimmel:	Director
	 	 	 
	 	 	 
	 	 	Director
	 	 	 
	 	Signed as a deed on behalf of ARC	 
	 	FWREAUK001, LLC, a company	Authorised
	 	incorporated in Delaware, by:	Signatory
	 	 	 
	 	being persons who, in accordance	 
	 	with the laws of that territory, are	Authorised
	 	 	acting under the authority of the company.	Signatory 

 

WARNING

 

If you dishonestly enter information or make a statement
that you know is, or might be, untrue or misleading, and intend by doing so to make a gain for yourself or another person, or to
cause loss or the risk of loss to another person, you may commit the offence of fraud under section 1 of the Fraud Act 2006, the
maximum penalty for which is 10 years’ imprisonment or an unlimited fine, or both.

 

Failure to complete this form with proper care may
result in a loss of protection under the Land Registration Act 2002 if, as a result, a mistake is made in the register.

 

Under section 66 of the Land Registration Act 2002
most documents (including this form) kept by the registrar relating to an application to the registrar or referred to in the register
are open to public inspection and copying. If you believe a document contains prejudicial information, you may apply for that part
of the document to be made exempt using Form EX1, under rule 136 of the Land Registration Rules 2003.

 

© Crown copyright (ref: LR/HO) 07/08

 

    	 	6	 

     

    

 

Schedule 3 Agreed Form of Seller Legal
Opinion

 

    	 	19	 

     

    

 

SKJ
Draft Opinion Letter 5-15-15

Subject
to Opinion Committee Review and Comment

 

________ __, 2015

 

ARC FWREAUK001, LLC

[Address]

 

		Re:	Deed of Guarantee, dated August 4, 1999 by and
between 4 Charity Foundation (f/k/a Les Freres Charitable Trust) and Foster Wheeler Corporation (the “Guarantee”)

 

Ladies and Gentlemen:

 

We have acted as special Delaware
counsel to 4 Charity Foundation (formerly known as Les Freres Charitable Trust) (the “Trust”) solely for the
purpose of delivering this letter in connection with certain matters set forth herein. This letter is being provided to you
at the request of the Trust. We have been asked whether under the Delaware Limited Liability Company Act, 6 Del. C.
 §§ 18-101 - 18-1109 (the “Delaware LLC Act”), the obligations of Foster Wheeler Corporation,
formerly a New York corporation (“FWC NY”) under the Guarantee became the obligations of Foster Wheeler LLC, a
Delaware limited liability company (“FW LLC”) pursuant to merger of FWC NY with and into FW LLC with FW LLC as the
surviving entity (the “Merger”).

 

In connection with this letter, we have
been provided and we have reviewed copies of the following documents:

 

		(a)	the Guarantee;

 

		(b)	the Counterpart Lease of Shinfield Park, Reading, dated August 4, 1999 (the “Lease”),
by and between Foster Wheeler Energy Limited (“Tenant”) and the Trust, as landlord (the “Landlord”);

 

		(c)	the Certificate of Formation of the FW LLC filed with the Secretary of State of the State of Delaware
(the “Secretary of State”) on February 9, 2001, the Certificate of Merger of FWC NY into FW LLC filed with the Secretary
of State on May 22, 2001, and the Certificate of Amendment of FW LLC filed with the Secretary of State on December 19, 2002 (collectively,
the “FW LLC Certificate”), certified as of ____________ __, 2015 by the Secretary of State;

 

    	 	 	 

     

    

 

ARC FWREAUK001, LLC

______ __, 2015

Page 2

 

		(d)	certificates dated ____________ __, 2015 of the Secretary of State, as to the legal existence
                                                                                  and good standing of FW LLC; and

 

		(e)	a form of the Agreement and Plan of Merger between FWC NY, Foster Wheeler, Ltd., a Bermuda corporation
(“FW Ltd.”), and FW LLC (the “Merger Agreement”), attached as Annex I to Amendment No. 1 to Registration Statement
filed under the Securities Act of 1933 on Form S-4/A, filed with the Securities and Exchange Commission on March 9, 2001 (the “Registration
Statement”).

 

The Trust has advised us that the facts
giving rise to the request for the opinion set forth in this letter are as follows:

 

		·	The Trust is the landlord under the Lease
for land and buildings known as Shinfield Park, Reading identified on Plan 1 annexed to the Lease (the “Premises”).

 

		·	The Trust and FWC NY entered into the
Guarantee whereby FWC NY guaranteed the certain obligations of the Tenant subject to the terms and conditions set forth in the
Guarantee.

 

		·	The Lease between the Trust and the Tenant
remains in full force and effect and there has been no surrender of all or part of the Premises or waiver or release by the Trust
of any of the Tenant’s obligations or liability under the Lease.

 

		·	On or about May 22, 2001, FWC NY was merged
with and into FW LLC with FW LLC as the surviving entity of the merger. In connection with the Merger, the Trust did not agree
to any waiver or release of FWC NY with respect to its obligations under the Guarantee.

 

    	 	 	 

     

    

 

ARC FWREAUK001, LLC

______ __, 2015

Page 3

 

For purposes of the letter, we have also
assumed: (i) the due incorporation, due organization or due formation, as the case may be, and valid existence in good standing
of each party to the Lease, the Merger Agreement and the Guarantee and all other the documents examined by us under the laws of
the jurisdiction governing its organization or formation and the legal capacity of natural persons who are signatories to the documents
examined by us; (ii) that each of the parties to the Lease, the Guarantee, the Merger Agreement and all other documents examined
by us had and has the power and authority to execute and deliver, and to perform its obligations under, such documents, (iii) the
due authorization by all parties to the Merger Agreement, the Lease and the Guarantee and all other documents examined by us; (iv)
the Merger Agreement and the Guarantee were approved by each of the parties to such documents and their respective directors, stockholders,
members or other equity holders to the extent required by all applicable law; (v) the due execution and delivery by all parties
to the Lease, the Merger Agreement, the Guarantee and all other documents examined by us; (vi) the Merger Agreement was executed
and delivered by the parties thereto in the form set forth in the Registration Statement; (vii) that the Lease, the Merger Agreement
and Guarantee and each other document examined by us remains in full force and effect and constitutes the entire agreement among
the parties thereto with respect to the subject matter thereof; (viii) that the Lease, the Merger Agreement and the Guarantee and
each of other the documents examined by us constitutes a legal, valid and binding obligation of each of the parties thereto, enforceable
against each of such parties in accordance with its terms; (ix) there has been no transfer, assignment, delegation, conveyance
satisfaction or termination of any obligations of FWC NY or FW LLC under the Guarantee other than as effected by the Merger; (x)
all conditions precedent to the Merger set forth in Article V of the Merger Agreement were satisfied; (xi) the Merger became effective
upon the filing of all necessary certificates of merger or other filings required under the laws of Delaware, New York and Bermuda;
(xii) under the laws of the State of New York, the obligations of New York corporation that merges with and into a Delaware limited
liability company attach to the surviving Delaware limited liability company and may be enforced against it to the same extent
as if such obligations had been incurred and contracted by the Delaware limited liability company; and (xiii) there are no proceedings
pending or contemplated for the merger, consolidation, conversion, dissolution, liquidation or termination of FW LLC.

 

We have further assumed (i) the genuineness
of the signatures on all documents examined by us, (ii) the authenticity of all documents submitted to us as originals, (iii) all
documents furnished to us as copies or specimens conform to the originals thereof, (iv) the conformity to authentic originals of
all documents submitted to us as certified, conformed, photostatic, electronic or other copies, (v) that all documents furnished
to us have not been terminated, rescinded, altered, or amended, are in full force and effect, and do or shall conform to the final,
executed originals of such documents.

 

For purposes of letter, we have assumed
that there exists no provision in any document not reviewed by us that is inconsistent with our opinion stated below. We have conducted
no independent factual investigation of our own but have relied solely on the documents reviewed by us, the statements and information
set forth in those documents, the facts described to us as set forth above and on the additional matters recited or assumed herein,
all of which we have assumed to be true, complete and accurate in all material respects.

 

    	 	 	 

     

    

 

ARC FWREAUK001, LLC

______ __, 2015

Page 4

 

The opinions in this letter are limited
to the laws of the State of Delaware (excluding tax laws and securities laws of the State of Delaware, and rules, regulations,
orders, and decisions relating thereto) as enacted and currently in effect, and we have not considered and express no opinion on
the effect of, concerning matters involving, or otherwise with respect to, any other laws of any jurisdiction (including without
limitation, the federal laws of the United States of America), or rules, regulations, orders, or decisions relating thereto.

 

Based on the foregoing on our examination
of such Delaware statutory and case law as we have considered necessary or appropriate, and for the reasons discussed below, it
is our opinion that under Delaware law, pursuant to Section 18-209(g) of the Delaware LLC Act, that from and after the effective
time of the Merger, the obligations of FWC NYC under the Guarantee by operation of law became the obligations of FW LLC.

 

Section 18-209(g) of the Delaware LLC Act provides:

 

When any merger or consolidation
shall have become effective under this section, for all purposes of the laws of the State of Delaware, all of the rights, privileges
and powers of each of the domestic limited liability companies and other business entities that have merged or consolidated, and
all property, real, personal and mixed, and all debts due to any of said domestic limited liability companies and other business
entities, as well as all other things and causes of action belonging to each of such domestic limited liability companies and other
business entities, shall be vested in the surviving or resulting domestic limited liability company or other business entity, and
shall thereafter be the property of the surviving or resulting domestic limited liability company or other business entity as they
were of each of the domestic limited liability companies and other business entities that have merged or consolidated, and the
title to any real property vested by deed or otherwise, under the laws of the State of Delaware, in any of such domestic limited
liability companies and other business entities, shall not revert or be in any way impaired by reason of this chapter; but all
rights of creditors and all liens upon any property of any of said domestic limited liability companies and other business entities
shall be preserved unimpaired, and all debts, liabilities and duties of each of the said domestic limited liability companies and
other business entities that have merged or consolidated shall thenceforth attach to the surviving or resulting domestic limited
liability company or other business entity, and may be enforced against it to the same extent as if said debts, liabilities and
duties had been incurred or contracted by it.

 

    	 	 	 

     

    

 

ARC FWREAUK001, LLC

______ __, 2015

Page 5

 

Section 18-209(g) is substantially similar
to the Section 259(a) of the General Corporation Law of the State of Delaware (the “DGCL”). In interpreting Section 259(a)
of the DGCL, Delaware courts consistently have held that “[i]t is . . . a matter of statutory law that a Delaware corporation
may not avoid its contractual obligations by merger; those duties ‘attach’ to the surviving corporation and may be ‘enforced against
it.’ In short, the survivor must assume the obligations of the constituent.” Fitzsimmons v. W. Airlines, Inc., 290
A.2d 682,685 (Del. Ch. 1972). Section 259(a) has been applied to confirm the enforceability of a guarantee against the surviving
entity following the merger of two Delaware corporations. Universal Studios Inc. v. Viacom Inc., 705 A.2nd 579,
590 (Del Ch. 1997). Recently, the Delaware Supreme Court recently held that a Delaware limited liability company, as the successor
by merger to a Delaware corporation, was liable for unpaid rent under a lease originally entered into by the non-surviving corporation.
Bohle, Inc. v. Shore Investments, Inc., 67 A.3d 444, 452(Del. 2013).

 

Delaware courts have recognized that the
effect of Section 18-209(g) is identical the Section 259(g) of the DGCL. See Dawson v. Pitco Capital Partners, L.P., C.A.
No. 3148-VCN 2012 WL 1564805, at *17 n.223, (Del. Ch. April 12, 2012). At least one non-Delaware court has applied Section 18-209(g)
in holding a Delaware limited liability company was liable to the State of Illinois for unpaid franchise taxes owed by an Illinois
corporation prior to its merger into the Delaware LLC. NDC LLC v. Topinka, 871 N.E.2d 210, 230 (Ill. App. Ct. 2007).

 

As an exception to the general rule of
Section 18-209(g) of the Delaware LLC Act, the Courts have recognized that parties to a contract may agree that their contractual
rights and obligations will not survive a merger if they do so in clear and unambiguous terms. Dawson, 2012 WL 1564805,
at *17. The terms of the Guarantee do not provide for any waiver or termination of the obligations of FWC NY upon the occurrence
of a merger. Instead, clause 2.2 of the Guarantee provides that the liability of the Guarantor “shall not be negated by .
.. . any change in the constitution, structure or powers of the Guarantor.” Section 1.1 of the Merger Agreement also provides
that FW LLC was intended to succeed to all of the rights and obligations of FWC NY upon completion of the merger:

 

    	 	 	 

     

    

 

ARC FWREAUK001, LLC

______ __, 2015

Page 6

 

Upon the terms and subject to
the conditions set forth in this Agreement, and in accordance with the Delaware Limited Liability Company Act (the “DLLCA”)
and the New York Business Corporation Law (the “NYBCL”), [FWC NY] shall be merged with and into [FW LLC] at the Effective
Time of the Merger (as defined in Section 1.2). Following the Effective Time of the Merger, the separate corporate existence of
[FWC NY] shall cease and [FW LLC] shall continue as the surviving entity (the “Surviving Entity”) and shall succeed to
and assume all the rights and obligations of [FWC NY] in accordance with the DLLCA and the NYBCL.

 

Although the Merger Agreement provides
for the assumption of certain FWC Incentive Plans and Benefit Plans (as defined in the Merger Agreement) by a subsidiary of FW
LLC, no terms or provisions of the Merger Agreement that address the treatment of the Guarantee other than the assumption language
of Section 1.1 set forth above. Therefore, to the extent that the Trust and FWC NY have not otherwise separately agreed to the
termination of the Guarantee at the effective time of the Merger or at any other time (other than as set forth in the Guarantee),
the exception to the application of Section 18-209(g) should not apply.

 

The opinion in this letter is qualified
by and subject to the following: (a) bankruptcy, insolvency, receivership, reorganization, moratorium, fraudulent conveyance, fraudulent
transfer, preferential transfer, liquidation, and other laws of general application relating to or affecting the rights and remedies
of creditors, principles of equity, including, without limitation, applicable laws relating to fiduciary duties (regardless of
whether such enforceability is considered in a proceeding in equity or at law), principles of course of dealing and standards of
good faith, fair dealing, materiality and reasonableness that may be applied by a court, consideration of public policy, and the
exercise of judicial discretion

 

The opinion in this letter is given as
of the date hereof. We disclaim any obligation to notify you or any other person after the date hereof if any change in fact or
law should change our opinion with respect to any matter set forth herein. This letter and the opinion set forth herein are rendered
solely for the benefit of the addressee hereof and, except as provided below, shall not be relied on, circulated or quoted, in
whole or in part, by any other person and shall not be referred to in any report or document furnished to any other person without
our prior written consent.

 

    	 	 	 

     

    

 

ARC FWREAUK001, LLC

______ __, 2015

Page 7

 

Very truly yours,

 

	SMITH, KATZENSTEIN & JENKINS LLP	 
	 	 	 
	By:	 	 
	 	Roger D. Anderson	 

 

    	 	 	 

     

    

 

Schedule 4 Agreed Form of Deed of Covenant

 

    	 	20	 

     

    

 

DEED OF COVENANT

 

	THIS DEED is made on	2015 

 

BETWEEN

 

		(1)	FOSTER WHEELER ENERGY LIMITED incorporated and registered in England and Wales with company number 1361134 whose registered
office is at Shinfield Park, Reading, Berkshire, RG2 9FW (the “Owner”), and

 

		(2)	ARC FWREAUK001, LLC (incorporated
                                         in Delaware, USA) of 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, United
                                         States of America (the “Disponee”).

 

RECITALS

 

		(A)	By
a deed of grant dated 4 August 1999 and made between Foster Wheeler Energy Limited (1) and Les Freres Charitable Trust (2) (the
“Deed of Grant”) various covenants were given by the parties to that Deed.

 

		(B)	By
virtue of Clause 4 of the Deed of Grant on any disposal a disponee is required to enter into a deed of covenant in the form of
this Deed agreeing to be bound by the terms of the Deed of Grant.

 

		(C)	The
Disponee has agreed to enter into this Deed with the Owner.

 

OPERATIVE PART

 

		1	The
Disponee so as to bind the Site (as defined in the Deed of Grant) and each and every part thereof covenants with the Owner for
the benefit of the Brown Land, the Blue Land and the Green Land, (as defined in the Deed of Grant) and each and every part thereof
that from the date of this Deed it will at all times observe, perform and comply with the covenants on the part of the Purchaser
contained in the Deed of Grant in the same manner as if the same were repeated in full herein but only insofar as such obligations
and covenants directly relate to the Site (as defined in the Deed of Grant) or any part thereof and are still subsisting and in
effect.

 

    	 	 	 

     

    

 

IN WITNESS whereof the Disponee has executed
this Deed as a deed the day and year first before written.

 

	Signed as a Deed on behalf of ARC FWREAUK001, LLC, a company incorporated in Delaware, by:	 	
        _____________

        Authorised Signatory
	 
	 	 	 	 
	being persons who, in accordance with the laws of that territory, are acting under the authority of the company.	 	
        _____________

        Authorised Signatory 
	 

 

    	 	2	 

     

    

 

Schedule 5 Agreed Form of Buyer Legal
Opinion

 

    	 	21	 

     

    

 

		Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299

 

May [__], 2015

 

4 Charity Foundation (company number 03790215) (the “Seller”)

137 Devonshire House, 582 Honeypot Lane, Stanmore, HA7 1JS

 

		Re:	Shinfield Park, Reading RG2 9FW (the “Property”)

 

Ladies and Gentlemen:

 

We have acted as special United States
counsel to ARC FWREAUK001, LLC, a Delaware limited liability company (the “Company”), in connection with the
Company’s entry into: (i) that certain Agreement relating to the sale of the Property, dated on or around the date of this opinion,
between the Seller and the Company and (ii) the TR1 between the Seller as transferor and the Company as transferee in relation
to certain freehold property at Shinfield Park, Reading (together, the “Documents”).

 

In our capacity as special United States
counsel to the Company, we have examined and relied on the following:

 

(i)          the
Certificate of Formation of the Company, filed on April 24, 2015 and as in effect on the date hereof (the “Company Certificate
of Formation”):

 

(ii)         the
Limited Liability Company Agreement of the Company, dated as of April 24, 2015, entered into by ARC Global II International Holdco,
LLC, a Delaware limited liability company (“ARC Global Holdco”). and Andrew Winer, as special member;

 

(iii)        the
Certificate of Good Standing of the Company, dated as of May [_], 2015, certified by the Secretary of State of the State of Delaware
(the “Good Standing Certificate”):

 

(iv)        the
Certificate of Formation of ARC Global II International Holdco, filed on January 20, 2015 and as in effect on the date hereof;

 

(v)         the
Limited Liability Company Agreement of ARC Global II International Holdco, dated as of January 20, 2015, entered into by American
Realty Capital Global II Operating Partnership, L.P., a Delaware limited partnership (formerly known as American Realty Capital
Global II Operating Partnership, L.P.) (the “Operating Partnership”). and Jesse C. Galloway, as special member;

 

(vi)        the
Certificate of Limited Partnership of the Operating Partnership, filed on April 23, 2014 and as in effect on the date hereof;

 

(vii)       the
Agreement of Limited Partnership of the Operating Partnership, dated as of August 26, 2014, among the Operating Partnership, American
Realty Capital Global II Trust, Inc. (the “REIT”), as general partner, and the other parties thereto;

 

Boca Raton | Boston | Chicago | Hong Kong | London | Los Angeles
| New Orleans | New York | Newark | Paris | Sao Paulo  | Washington, D.C.

 

    	 	 	 

     

    

 

 Page 2

 

(viii)      the
Articles of Amendment and Restatement of the REIT, filed on August 22, 2014 and as in effect on the date hereof;

 

(ix)         the
Bylaws of the REIT, as in effect on the date hereof;

 

(x)          an
officer’s certificate containing the resolution duly adopted by the Board of Directors of the REIT on May [_], 2015,
authorizing, among other things, the REIT’s officers, attorneys-in-fact and certain other authorized signatories to take all
actions and execute all documents necessary in connection with the acquisition of the Property;

 

(xi)         pdf
copies of the Documents;

 

(xii)        the
Certificate of Fact of an authorized signatory of the REIT, the Operating Partnership, ARC Global Holdco and the Company, dated
May [_], 2015 (the “Certificate of Fact”); and

 

(xiii)       such
other certificates of public officials, corporate documents, and records and other certificates and instruments, and such other
investigations of law, as we have deemed necessary in connection with the opinions hereinafter set forth.

 

In giving this opinion, we have assumed,
with your permission, (i) the genuineness of all signatures; (ii) the legal capacity of natural persons and the authenticity of
all documents we have examined; (iii) the authenticity of all documents submitted to us as originals; (iv) the conformity to the
original of all copies of documents submitted to us; and (v) the authenticity of the originals of such copies.

 

As to questions of fact relevant to this
opinion, with your permission and without any independent investigation or verification, we have relied upon certificates of officers
of the Company (including, without limitation, the Certificate of Fact) and oral and written statements of certain public officials
and others (including the representations and warranties of each party in the Documents). In addition, we have assumed, with your
permission and without any independent verification:

 

(a)          that
the Documents have been duly authorized, executed and delivered by each party thereto (other than the Company);

 

(b)          compliance
by each party to the Documents with the agreements in such documents;

 

(c)          the
execution, delivery and performance by the Company of its obligations under the Documents do not and will not violate, breach or
constitute a default under, or require any consent under, (i) any agreement or instrument to which the Company or its assets or
properties are subject, (ii) any statute, rule, law or regulation to which the Company is subject (other than, with respect to
the execution and delivery of the Documents by the Company, any Applicable Laws (as defined below)), or (iii) any order, writ,
injunction or decree of any governmental authority or any arbitral award; and

 

    	 	 	 

     

    

 

 Page 3

 

(d)          except
as set forth in Paragraph 5 of our opinion below, no approval, authorization or other action by, or filing with, any governmental
authority is required to authorize or is required in connection with the execution, delivery or performance by the Company of the
Documents or the transactions contemplated by the Documents.

 

This opinion relates solely to the federal
statutes, rules and regulations of the United States of America, the statutes, rules and regulations of the State of New York
and the Limited Liability Company Act of the State of Delaware (the “Delaware LLC Act”), including case
law interpreting the Delaware LLC Act (collectively, the “Applicable Laws”), and we express no opinion with respect
to the effect or applicability of the laws in other areas or of other jurisdictions. Although the Documents provide that they
are governed by English law, for purposes of this opinion we assume that they will be interpreted in accordance with their plain
meaning under United States contract law.

 

For purposes of the matters addressed in
Paragraph 1 below relating to the valid existence and good standing of the Company under the laws of the State of Delaware, we
have relied solely upon our review of the Company Certificate of Formation and the Good Standing Certificate.

 

On the basis of our examination of the foregoing,
and subject to the qualifications and limitations set forth herein, we are of the opinion that:

 

1.          Status
and Power

 

The Company (a) has been duly formed and is validly
existing as a limited liability company in good standing under the laws of the State of Delaware and (b) has all requisite limited
liability company power and authority to (i) execute and deliver the Documents, (ii) enter into its obligations under the Documents
and (iii) hold land in England and Wales.

 

2.          Due
Execution 

 

The Documents have been validly authorized, executed
and delivered by the Company.

 

    	 	 	 

     

    

 

Page 4

 

3.          Application
of Proper Law 

 

The Documents provide that they will be governed
by English law (the “Choice of Law Clause”). In Welsback Electric Corp. v. MasTec North America, Inc., 7
N.Y.3d 624, 629 (2006), the New York Court of Appeals followed the rule of Restatement (Second) of Conflict of Laws (the
“Restatement”). section 187 and held that a New York court applying the law of contracts in a contractual
dispute will enforce a choice-of-law clause in an agreement if the chosen jurisdiction bears a “reasonable relationship”
to one or more of the parties to the transaction or the transaction itself. The Restatement similarly provides that a “substantial
relationship” to a chosen jurisdiction generally exists if at least one party is domiciled or has its principal place of
business in that jurisdiction or if that jurisdiction is the place of contracting. If the “substantial relationship”
or “reasonable basis” test is met, the court must then determine whether the application of the chosen jurisdiction’s
law violates “some fundamental principal of justice, some prevalent conception of good morals, some deep-rooted tradition
of the common weal” of the jurisdiction whose law would apply in the absence of a choice-of-law clause or of New York. See
Id., at 629, citing Cooney v. Osgood Machinery, Inc., 81 N.Y.2d 66, 78, quoting Loucks v. Standard Oil Co. of N.Y., 224 NY 99, 111; see generally Restatement, section 187, sub. (2). If there is a conflict with a fundamental public
policy of one of those jurisdictions’ laws, the court must then determine whether that jurisdiction has a “materially greater
interest than the chosen jurisdiction in the determination of the particular issue . . . .” Restatement, section 187,
sub. (2). Based on the facts that the Seller is a limited company organized under the laws of England and Wales, part of the negotiations
occurred in England, the Documents are to be performed in England and the Property is located in England, it is our opinion that
a New York court applying New York law should hold that the Choice of Law Clause is enforceable, except in circumstances in which
a court determines both that (A) enforcement of the Choice of Law Clause would violate a fundamental policy (including the types
of policies referred to in the New York decisions referred to above) of the jurisdiction whose law would apply in the absence
of an effective choice of law clause or of New York, and (B) the jurisdiction whose law would apply in the absence of an effective
choice of law clause or New York has a “materially greater interest” than England in the determination of the particular
issue.

 

4.          Legal
Validity

 

If a court were to hold that the laws of the State
of New York govern the interpretation and enforcement of the Documents instead of English law, the Documents have been validly
executed and delivered by the duly authorized representative of the Company and are valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms.

 

5.          Consents

 

Except as contemplated by the Documents, no authorizations,
approvals, consents, licences, exemptions, filings, registrations, notarizations or other requirements of any United States federal
or New York governmental, judicial or public bodies or authorities, or filing under the Limited Liability Company Act of the State
of Delaware, are required (i) in connection with the Company’s entry into or performance of the Documents or (ii) for the validity
or enforceability of the Documents against the Company.

 

    	 	 	 

     

    

 

Page 5

6.          Enforcement
of Foreign Judgments

 

Assuming that each of the foregoing requirements is
satisfied, a New York court or a U.S. federal court sitting in New York applying New York law should recognize and enforce any
judgment obtained in England against the Company and its assets with respect to the Documents.

 

7.          No
Immunity

 

The Company is subject to civil and commercial law
with respect to its obligations under the Documents, the entry into and performance of the Documents by the Company constitute
private and commercial acts and the Company does not enjoy any right of immunity from set-off, suit, attachment prior to judgment,
execution or other legal process in respect of its obligations under the Documents.

 

The foregoing opinions are subject to the following
comments and qualifications:

 

		A.	The enforceability of the Documents may be limited by bankruptcy,
insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law),
including, without limitation, principles regarding good faith and fair dealing. In addition, we express no opinion as to the
enforceability of (i) self-help provisions; (ii) provisions that purport to establish evidentiary standards; (iii) provisions
exculpating a party from, or indemnifying a party for (or entitling a party to contribution in a case involving), its own gross
negligence, willful misconduct or violation of securities or other laws; (iv) provisions relating to the availability of specific
remedies or relief, or the release or waiver of any remedies or rights or time periods in which claims are required to be asserted;
(v) provisions that allow cumulative remedies, late charges or default interest; (vi) provisions relating to the discharge of
defenses or disclaimers, liability limitations or limitations of the obligations of any person or entity under the Documents;
(vii) provisions relating to choice of forum or choice of law (except as explicitly stated in Paragraph 4 above); or (viii) provisions
for arbitration and similar provisions.

 

		B.	We express no opinion with respect to the effect of any
provision of the Documents that is intended to permit modification thereof only by means of an agreement signed in writing by
the parties thereto.

 

		C.	We express no opinion with respect to the effect of any
provision of the Documents imposing penalties or forfeitures.

 

		D.	We express no opinion with respect to the performance by
the Company of its obligations under the indemnification or contribution sections of the Documents, including limitations imposed
by United States federal and state securities laws and public policy considerations.

 

    	 	 	 

     

    

 

Page 6

 

		E.	We express no opinion with respect to the enforceability
of any provision of the Documents to the extent that such provision (i) constitutes a waiver of illegality as a defense to performance
of contract obligations, (ii) is determined by a court of competent jurisdiction to violate applicable public policy or (iii)
is authorized or approved by the Company in breach of applicable fiduciary duties of the officers or directors thereof.

 

		F.	The above opinions are based solely upon laws, rulings
and regulations in effect on the date hereof, and are subject to modification to the extent that such laws, rulings and regulations
may be changed in the future. We undertake no obligation to advise you of facts or changes in law occurring after the date of
this opinion letter which might affect the opinions expressed herein.

 

This opinion is solely for your benefit
in connection with the Documents and the related transactions contemplated thereby, and may not be relied upon by, nor may copies
be delivered to, any other person or entity for any purpose without our prior written consent in each instance, provided, however,
that (i) copies of this opinion may be delivered to your counsel (without reliance) or your successors or assigns and (ii)
this opinion may be relied upon your successors or assigns, provided, however, that any such reliance by any future assignee
must be actual and reasonable under the circumstances existing at the time of assignment, including any changes in law, facts or
other developments known to, or reasonably known by, the assignee at such time. Our opinion is expressly limited to the matters
set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company.
We assume no obligation to advise you of facts, circumstances, events or developments which hereafter may be brought to our attention
and which may alter, affect or modify the opinions expressed herein.

 

    	 	 	 

     

    

 

Page 7

 

This opinion is based on the
customary practice of lawyers who regularly give, and lawyers who regularly advise opinion recipients regarding, opinions of the
kind involved herein, including customary practice as described in bar association reports.

 

	 	Very truly yours,
	 	 
	 	PROSKAUER ROSE LLP

 

    	 	 	 

     

    

 

Schedule 6 Documents

 

	No.	 	Document Name	 	Parties	 	Date
	 	 	 	 	 	 	 
	1.	 	Court Application and Order	 	
        (1) Les Freres Charitable Trust

        (2) Foster Wheeler Energy Limited
	 	3 August 1999
	2.	 	Deed of Guarantee	 	
        (1) Les Freres Charitable Trust

        (2) Foster Wheeler Energy Limited
	 	4 August 1999
	3.	 	Legal Opinion (White & Case)	 	
        (1) Les Freres Charitable Trust

        (2) DG Bank Deutsche Genossenschaftsbank AG
	 	4 August 1999
	4.	 	Agreement relating to the development of Shinfield Park	 	
        (1) Les Freres Charitable Trust

        (2) Wokingham District Council

        (3) Foster Wheeler Energy Limited

        (4) DZ Bank AG Deutsche Zentral —Genossenschaftsbank
	 	15 June 2006
	5.	 	Licence to Carry Out Works	 	
        (1) Les Freres Charitable Trust

        (2) Foster Wheeler Energy Limited
	 	16 June 2006
	6.	 	S.106 Agreement	 	
        (1) The County Council of the Royal County of Berkshire

        (2) Wokingham District Council
	 	1 April 1997
	7.	 	Licence relating to highway verge at Shinfield Park	 	
        (1) Wokingham District Council

        (2) Foster Wheeler Energy Limited
	 	1 April 1998
	8.	 	
        Agreement in respect of

        Telecommunications Equipment at Shinfield Park
	 	
        (1) Foster Wheeler Energy Limited

        (2) Royal Berkshire Ambulance NHS
	 	1 April 1998
	 	 	Trust	 
	9.	 	
        Agreement in respect of

        Telecommunications Equipment at Shinfield Park
	 	
        (1) Foster Wheeler Energy Limited

        (2) Thames Valley Police Authority
	 	1 April 1998
	10.	 	Lease relating to office premises and storeroom, Shinfield Park	 	
        (1) Foster Wheeler Energy Limited

        (2) Babtie Group Limited
	 	3 April 1998
	11.	 	Lease relating to Shire Hall, 

Shinfield Park	 	
        (1) Foster Wheeler Energy Limited

        (2) West Berkshire District Council
	 	1 April 1998

 

    	 	22	 

     

    

 

	
        Signed by

        for and on behalf of

        4 CHARITY FOUNDATION
	 	 
	Director	 

 

	
        Signed by Jesse C. Galloway

        for and on behalf of

        ARC FWREAUK001, LLC
	/s/ Jesse C. Galloway	 
	Jesse C. Galloway 

Authorized Signatory	 

 

    	 	23

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